Any association granted prior permission or registered with the Central Government under Section 6 or under the repealed FCRA, 1976, shall be deemed to have been granted prior permission or registered, as the case may be, under FCRA, 2010 and such registration shall be valid for a period of five years from the date on which the new Act has come into force.
A Ficci Committee recently said it will suggest ideas to the aviation industry on how the proposed Goods & Services Tax (GST) would affect them, along with other recommendations to give the sector a boost. The Ficci Civil Aviation Committee has also set for itself a wide-ranging agenda to give the civil aviation industry a fillip and make air travel safer, secure, cheaper and hassle-free.
At present, the information regarding goods being brought into and moving out of the state of Punjab (Inter-state transactions) is furnished at the Information Collection Centers (I.C.Cs)/ Check Posts by the dealers and consumers. Now, this process of collection of information from dealers will be extended to intra-state transactions also (within Punjab) i.e. goods moving from one part of the State to other part. Hence, all the dealers making intra-state transactions shall compulsorily upload the information about the goods on the department’s website i.e. www.pextax.com before leaving the vehicle from the premises of a dealer. It shall be in the form of a self-declaration format/Performa; which shall be prescribed shortly by the department.
The United Commercial Bank has moved the Delhi High Court challenging an Income Tax notice that slapped a penalty of over Rs 54 lakh on its branch for not making tax deduction at source on a fixed deposit account worth Rs 7.7 crore opened by the HC. A bench of Chief Justice Dipak Misra and Justice Sanjiv Khanna, before whom the bank’s plea came up for hearing recently, has referred the matter to a larger bench and fixed July 15 for further hearing.
The Supreme Court will tomorrow hear Sahara Group’s petition against the orders of the Allahabad High Court, which directed the company to share with market regulator Sebi details of investors participating in its fund raising exercise. The matter will be heard by a 3-judge bench, headed by Chief Justice S H Kapadia.
The chartered accountant, cost accountants and company secretaries enjoyed exemption from levy of service tax on representational services and lawyers were not taxed on such services. Now with legal fraternity coming into tax net, exemption to representational services (ie, appearing before any statutory authority in pursuance of any notice) has been withdrawn from May 1, 2011. Thus, both CAs etc and legal consultants have a similar scope of taxation except that in case of legal services, representation for individuals is not yet taxable.
No. 13-CA (EXAM)/M/2011/III: – In continuation to the Institute’s Notification No. 13-CA (EXAM)/M/2011 dated 12th January, 2011, it is notified for the general information that Group – 1, Paper – 3 – Law, Ethics and Communication of Professional Competence Examination and Group – 1, Paper – 2 – Business Laws, Ethics and Communications of Integrated Professional Competence Examination held on 5th May-2011 in respect of candidates who had opted for Hindi medium stands cancelled. The said examination for the candidates who had opted for Hindi medium will now be held again on 17th May – 2011 (Tuesday) from 2.00 PM to 5.00 PM. The venues of the examinations will remain unchanged. Admit Cards already issued would remain valid.
Effective May 1, 2011, service tax @ 5 percent shall be levied on all hotel rooms where the tariff of hotel rooms is @ Rs 1000 per day or more so much so that hotel rooms will become costlier by 5 percent. The rate of tax is 10 percent but 50 percent abetment has been provided which makes the effective rate of tax to 5 percent. Service tax would not be payable by hotels where room tariff is less than Rs 1000 a day. In hotels where rooms are provided with different tariffs, say a set of rooms having tariff of less than Rs 1000 and another set of rooms with tariff of more than Rs 1000, service tax will be attached on rooms with higher tariff only. For the purpose of service tax, declared tariff (published rates) shall be considered and not the discounted or negotiated tariff. It would cover all charges payable for amenities such as air conditioner, furniture, refrigerator etc and any electronic gadgets installed in the room(eg, internet connection). However, cost of extra bed will not be taxed. Also, if cost of meals is included in tariff, it will be taxable but rooms service charges may not be taxed.
Sahara Group of companies are under CBI and Enforcement Directorate’s scanner not only in relation to 2G spectrum scam but also in at least three other cases including monely laundering scam allegedly involving former Jharkhand chief minister Madhu Koda and Jet Airways’ takeover of Sahara Airlines, the Supreme Court was told today.
The Supreme Court will tomorrow hear a petition seeking directions to market regulator Sebi to take action on the report of a high-powered committee, which had probed the IPO scam of 2006 and NSDL’s role in it. The matter would be heard by a bench comprising justices RV Raveendran and AK Patnaik.
