"24 October 2011" Archive

Benefit of rebate u/s 88E is available to assessee in MAT Assessment on book profits u/s 115JB

CIT Vs. M/s Horizon Capital Ltd. (Karnataka High Court)

The contention that this benefit is not available to assessee whose total income is assessed u/s 115JB has no substance. In other words, when the total income is assessed u/s 115JB has no substance. In other words when the total income is assessed and the tax chargeable is computed, it is from that tax which is chargeable, the tax paid un...

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India-Nepal DTAA to be expedited – FM

The Finance Minister of Nepal Mr Pun assured Shri Mukherjee about the safety and security of Indian businessmen visiting Nepal. He sought support of the Finance Minister Shri Mukherjee in completing various projects in Nepal. He also assured that finalization of DTAA between two countries would also be got expedited. He thanked Shri Mukhe...

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Posted Under: Income Tax |

Kamal Nath directs DDA to examine latest SC order on General Power of Attorney issue

The other issues discussed at the meeting included, guidelines for Use conversion charges from residential to commercial on upper floor of markets, conversion to freehold without charging UEI (unearned Increase) in cases of transfer through will, gift deed, share of transfer etc., need for land monetization and better use of scarce land r...

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Posted Under: Income Tax |

Union Finance Minister Shri Pranab Mukherjee’s Address at the National Development Council Meeting

We have initiated two major steps in the area of tax reforms. The first pertains to the DTC and the second to the Goods and Services Tax (GST). The DTC Bill was introduced in August, 2011 and has been referred to the Parliamentary Standing Committee. I am hopeful that the Committee will submit its report by the Winter Session of the Parli...

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Posted Under: Income Tax |

CBI arrests ITO and CA in Bribery Case

The Central Bureau of Investigation (CBI) on Wednesday arrested income-tax officer Ranjan Prakash and chartered accountant Vimal Patangia on the allegation that Mr Prakash demanded Rs. 1.5 lacs from the complainant through the CA concerned for getting favourable order in A.Y. 2009-2010 pending with the ITO....

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Posted Under: Income Tax |

Need for Better Co-Ordination Between Monetary and Fiscal Policies for Improving Overall Economic Stability and Growth – FM

The Finance Minister Shri Pranab Mukherjee has said that the present global economic developments and more particularly the sovereign debt crisis of Europe has once again brought into focus the need for better co-ordination between monetary and fiscal policies towards improving overall economic stability and growth. He was speaking on the...

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Posted Under: Income Tax |

Service Tax – Revenue Department takes notice of 9 lakh entities stop filing returns

The Revenue Department has decided to cross check service tax returns in order to locate 9 lakh entities that have stopped filing returns. E -filing has been made mandatory from this year and the exercise of cross checking is likely to start after December 26, the last date for e-filing. According to the official sources, […]...

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Posted Under: Income Tax |

Address delivered by the Chairman, CBEC at the valedictory function for workshop on capacity building for 'SEVOTTAM'

SEVOTTAM symbolizes the Government’s intent to move from ‘administration’ mind set to ‘service orientation’ in delivery of public services. It emphasizes the relationship between service provider and service receivers. It is a standardized Services Delivery Excellence Model whose main features are to identify the services provid...

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Posted Under: Income Tax |

Regarding Commercial construction/infrastructure development projects of road, airports, dams, tunnels etc, – levy of service tax on various service providers engaged / associated with such construction work

Circular No. 147/16/2011 - Service Tax 21/10/2011

Circular No. 147/16/2011 – Service Tax , it apparent that in case the services provided by the sub-contractors to the main contractor are independently classifiable under Work Contract Service, then they too will get the benefit of exemption so long as they are in relation to the infrastructure projects mentioned above. Thus, it may h...

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Conditions for issue of import licenses of Rough Marble Blocks for the balance quantity for Financial year 2011-12

Notification No. 81(RE-2010)/2009-2014 21/10/2011

The only change from the earlier notification no 64 of 4th August 2011 is that documents are to be submitted at HQ office of DGFT. Therefore hard copy of the application alongwith documents as prescribed in Notification number 64 of 4th August 2011 will need to be submitted to DGFT office at Udyog Bhavan, New Delhi by 1700 hours on 28th O...

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