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 under section 88 is given deduction, by way of rebate, under section 87 of the Act. This is the legislative intent. That is a promise to give deduction of the tax already paid. This is the mode in which tax already paid is handed back at the time of final computation.
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 Mukherjee for all his support to Nepal and invited him to visit Kathmandu at the earliest.
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 resources through higher FAR for public utilities such as hospitals etc.
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 Parliament, and thereafter we would seek to get the legislation passed during the Budget session. By amalgamating several taxes levied by the Centre and the States at different stages of the value chain, the GST would mitigate cascading and make Indian industry competitive in domestic as well as international markets. It would also improve compliance and make the level of taxation transparent to the end consumers.
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.
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 occasion of the 81st […]
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, […]
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 provided by the organization, to set norms for each service, to ensure delivery as per norms, to assess quality of delivery on a continuous basis and to proactively redress public grievances.
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 happen that the main infrastructure projects of execution of works contract in respect of roads, airports, railways, transport terminals, bridges tunnels and dams, is sub-divided into several sub-projects and each such sub-project is assigned by the main contractor to the various sub-contractors. In such cases, if the sub-contractors are providing works contract service to the main contractor for completion of the main contract, then service tax is obviously not leviable on the works contract service provided by such sub-contractor.
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 October 2011, before the allocation is made to eligible applicants. Hard copies of complete application not received by 1700 hours in DGFT office on 28th October 2011 will not be considered for allocation.
