The Central Board of Excise and Customs (CBEC) today said that tax rates under the proposed Goods and Services Tax (GST) regime in India is likely to be between 16% and 20%.
The Supreme Court will hear on July 4 a Sahara group firm’s plea challenging a SEBI order directing the company to return money collected from investors through a scheme along with 15% interest.
Notification No.41/2011-Customs (N.T.) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.36/2011-CUSTOMS (N.T.), dated the 27th May, 2011 vide number S.O.1223 (E), dated the 27th May, 2011, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st July, 2011 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
Montage Enterprises Pvt. Ltd versus Employees Provident Fund – 1. Conveyance allowance is included in the definition of basic wages because it is universally, necessarily and ordinarily paid to all across the board. 2. Special allowance is included in the basic wages since it is paid to all the workers and there are no specific criteria to determine the amount of special allowance.
HOW TO GET REGISTERED AS A MUTUAL FUND -SEBI will guide the applicant step by step after getting application for registration as a mutual fund. Normally, all replies are sent within 21 working days from the date of getting each communication from the applicant during the process of registration. Thus, the total time period for registration depends on how fast the requirements are complied with by the applicant.
In a major relief in this year’s budget, Finance Minister had proposed to exempt salaried class assessees from filing tax returns provided they do not have income from other sources. It was proposed that salary earners having an income of less than Rs. 5 lack will not have to file income tax returns from this year. However, a notification was to be issued to give effect to this. That dream day has just arrived as the Central Board of Direct Taxes (CBDT), has very recently issued a notification No. 36/2011 last week on 23 June 2011only which has come into effect with immediate effect.
India has come under criticism for imposing fresh taxes on international air travellers in the current budget, with global aviation experts terming it as an easy “financial grab” that would affect the economy in the long run. While taxes provide a tangible short-term revenue boost to the government coffers, increased taxes in the long term can be outweighed by the cost to the underlying economy”, said an aviation finance specialist, Charles Tyler.
Qatar’s Supreme Council for Health (SCH) has warned against the use of Dr Ming’s Herbal Tea, produced by Chinese Angel Export and Import Company Ltd and used for slimming and weight reduction. SCH’s pharmacy and medicine monitoring department said the product contained the chemical element Sibutramine, an appetite suppressant found in weight-loss drug Reductil, which is banned all over the world on the grounds it can cause cardiovascular problems and strokes, Qatari daily Gulf Times has reported.
Union Finance Minister Shri Pranab Mukherjee has urged State Governments to reduce levies on Diesel, Kerosene and Domestic LPG in line with the duty cuts undertaken by Government of India, so as to provide some relief to the common man. In a letter to the Chief Ministers of States , Shri Mukherjee has sought the co-operation of States in this regard.
Added In Income Tax Case Laws CIT v Heera Construction Co Pvt Ltd (High Court of Kerala) – In view of the application of the 2nd proviso, the assessee is not entitled to complete immunity from payment of penalty on the undisclosed income returned by them under clause (a) of section 158BC, not only because of their failure to comply with the provisions of clauses (i) to (iv) of the 1st proviso but by virtue of the addition made in the assessment of substantial amount of undisclosed income by which the assessee forfeits the benefit of the 1st proviso in regard to immunity from penalty on the tax payable on undisclosed income returned.
