In this regard, please find enclosed for necessary action, a copy of Ad hoc Exemption Order No. 2/2/2011, dated 8-8-2011, whereby Government has granted exemption to the taxable service of outdoor catering referred to in sub-clause (zzt) of clause (105) of section 65 of the Finance Act, if the same has been provided by a Non Government Organisation registered under any Central Act or State Act, under the Centrally assisted Mid-Day Meal Scheme, from the whole of service tax leviable thereon under section 66 of the Finance Act, during the period 10-9-2004 to 2-9-2010
Whereas a Non Government Organization registered under any Central Act or State Act, under the Centrally assisted Mid-Day Meal Scheme, has been granted exemption from service tax vide Notification No. 47/2010 – Service Tax, dated 3-9-2010 for providing the taxable service of outdoor catering referred to in sub-clause (zzt) of clause (105) of section 65 of the Finance Act 1994;
Attention is drawn to the Hon’ble Supreme Court’s order dated 14.10.2011 in the matter of Civil Appeal No. 8391-8393 of 2011 arising out of Bombay High Court’s order in Writ Petition No. 1474 of 2010 before Hon’ble High Court of Bombay challenging provisions of Section 65 (90a) read with Section 65 (105)(zzzz) of the Finance Act, 1994 as amended by Section 75 and 76 of the finance Act, 2010, which levied service tax on “Renting/leasing of immovable property” from 01.06.2007 which provisions were upheld by the Hon’ble High Court of Bombay by order dated 04.08.2011 and dismissed the Writ Petition No. 1474 of 2010. (Copy of Supreme Court Order dated 14/10/2011 enclosed).
The Government proposes to set up National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) which will replace Company Law Board, Board for Industrial and Financial Reconstruction and Appellate Authority for Industrial and Financial Reconstruction.
Finance Minister Pranab Mukherjee on Wednesday attributed the stock market crash to withdrawal of funds by foreign investors and depreciation of the rupee. Mr. Mukherjee told reporters in Delhi that, Markets have crashed because of continuous withdrawal of funds by Foreign Institutional Investors.
Your credit score plays a critical role in the loan approval process. Your credit score gives loan providers an indication of your capability to pay back a loan, based on your Credit Information Report (CIR). However, it is important to note that every loan provider, that uses the CIBIL TransUnion Score, has its own benchmark […]
The Authority proposes to issue the Regulations on Bancassurance Agents to be called as IRDA (Licensing of Bancassurance Agents) Regulations, 2011. Accordingly, the Authority has prepared the Draft Regulations for the same. In this regard, comments/suggestions of all stake holders on the Exposure Draft are invited.
PR No. 145/2011 SEBI Board meeting The Board met today in Mumbai and took the following decisions: 1. Business Responsibility Reports In order to assess fulfillment of the environmental, social and governance responsibilities of listed entities, it has been decided to mandate listed entities to submit Business Responsibility Reports, as a part of their Annual […]
The Insurance Regulatory and Development Authority has introduced a mobile application that enables one to compare insurance products and premium rates. The application currently lets users of mobile phones/devices with internet connectivity check and compare features of Unit Linked Insurance Policies (ULIPs) introduced on or after 1st September, 2010.
The following is the Exposure Draft of the limited revisions to Accounting Standard (AS) 10, Accounting for Fixed Assets, which are proposed primarily to (i) improve accounting for fixed assets during their construction period; (ii) incorporate changes consequential to the requirements contained in Accounting Standard 29, Provisions, Contingent Liabilities and Contingent Assets,
