The Supreme Court today directed Mahindra Satyam to make its presentation before the Central Board of Direct Taxes (CBDT) relating to its tax dispute within two weeks, and also asked it to furnish a bank guarantee of Rs 617 crore by April 25. “Within two weeks the petitioner company (Mahindra Satyam) would file a comprehensive petition making its representation before CBDT giving all requisite information for re-assessment of income for year 2003-2004 to 2008-09,”, the bench said.
Ministry of Communications and Information Technology, Government of India had put up during draft rules under section 43A and 79 of Information Technology Act, 2000. Section 43A provides for compensation for failure to protect senry sitive personal data by body corporates, who are expected to implement and maintain reasonable security practices and procedures as prescribed by Central Government. In this regard, the draft rules lay down for compulsory Privacy Policy by body corporates and also provide for restriction on disclosure of information to third party, which cannot be made except with prior permission of the information providers.
The Telecom Regulatory Authority of India (Trai) has recommended that telecom infrastructure be considered as general infrastructure and make tax benefits available to the sector. “In view of the growing importance of the telecom infrastructure in the development of the country, the need for creating a conducive environment for the development of the infrastructure in the country cannot be overemphasised,” Trai said in its Telecommunications Infrastructure Policy recommendations.
The Supreme Court today directed UK-based telecom major Vodafone to appear before the Income Tax Department which had instructed the company to pay penalty in the USD 2 billion tax case relating to the telecom major’s stake purchase in Hutchison-Essar. A three-judge bench headed by Chief Justice S H Kapadia asked the company to file its representation before the IT department.
The Reserve Bank of India (RBI) today fixed the reference rate for the US dollar at Rs 44.52 per dollar and the euro at Rs 64.41 per euro, as against Rs 44.48 per dollar and Rs 64.42 per euro on April 13. In a press release issued by the RBI, the exchange rates for the pound and yen against the rupee were quoted at Rs 72.7167 per pound and Rs 53.48 per 100 yen, based on reference rates for the US dollar and cross-currency quotes at noon.
Section 65(53a) of the Finance Act, 1994, read with section 4 of the Karnataka VAT Act, 2003 – Information Technology Service – April, 2009 to March, 2010 – Assessee entered into agreements with its clients for development of software – Asses see provided its staff who were well-trained in field and who would develop software according to specification of customer – In terms of agreement even before development of software assessee had given up all rights and claims of software to be developed and had expressly agreed that such a software which may come into existence at end of contract period was absolute property of customer
The Centre on Friday declined before the Supreme Court to make public names of the people who have stashed black money in foreign banks. It informed that it is not possible to disclose information received from foreign governments under the Double Taxation Avoidance Agreement (DTAT). The Centre, however, agreed to reveal the names of six persons who had deposited money with the Liechtenstein Bank in Germany and who are being prosecuted by the government authorities.
Notification No.35/2011-Customs – Central Government hereby exempts all goods, other than those which are clearly not to be used as fertilisers, falling under chapter 31 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India, from so much of the additional duty of customs leviable thereon under sub-section (1) of section 3 of the said Customs Tariff Act as is in excess of 1% ad valorem.
Notification No. 34 /2011 – Customs – Central Government makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 118(E) dated the 1st March, 2002,
The Supreme Court would hear tomorrow a plea by Vodafone challenging the I-T Department initiating penalty proceedings in the $ 2 billion tax case relating to the company’s stake purchase in Hutchison-Essar. Voadfone’s application would be mentioned before a three judge bench headed by the Chief Justice S H Kapadia. Earlier, the I-T department had issued notice to Vodafone in March saying penal action would be initiated against the British telecom major in the tax case.
