ORDER NO. 48, 49, 50 OF 2011 The following transfers / postings of officers in the grade of Deputy I Assistant Commissioner of Income Tax are hereby ordered with effect from 1″ April, 2011 and until further orders:-
Direct Tax- Suggestions of ICAI in its Post Budget Memorandum-2011 considered in the amendments to Finance Bill, 2011 as passed in the Lok Sabha Indirect Tax- Suggestions of ICAI in its Post Budget Memorandum-2011 considered in the amendments to Finance Bill, 2011 as passed in the Lok Sabha
Parliament’s Public Accounts Committee chairperson M M Joshi on Thursday indicated that overlapping of functions of the panel and the JPC into 2G spectrum scam was not a matter of concern and his powers went beyond the CAG report. In an interaction with the media, Joshi said the Public Accounts Committee has a “constitutional mandate” and its functions extend to areas other than CAG reports.
As you are aware, the Ministry of Corporate Affairs (MCA) had earlier announced on its website that the revised Schedule VI is applicable from the financial year 2010-11 onwards. On 25 March 2011, the MCA has changed this note on the website to state that the revised Schedule VI will apply from 1 April 2011. […]
Before making an attempt to understand provisions of Point of Taxation Rules, 2011 (PoTR), it will be necessary to explore the meaning of certain terminology used. In the process of taxation, the first step is levy of tax. Levy is linked with certain event. On triggering of the certain event, the transaction becomes taxable. It is known as Taxable Event. In the second stage, once an event has become taxable, the question of collection of tax will arise. The statute will provide for the event or time whereat it will become point of taxation. In the third step, the statute will provide for the time period or another event on occurring of which tax will have to be paid. Thus, as can be seen, the concept of levy, collection and payment of tax are fundamental aspects of any fiscal law. For example, in case of CE, under the Central Excise Act, 1944 duty is levied on excisable goods produced or manufactured in India. Under Central Excise Rule, 2002 CE duty is required to be paid on removal of goods from factory or warehouse. Thus, levy of duty is on manufacture or production of goods which is the taxable event and point of taxation is the removal of goods. Actual payment of duty is governed by the Excise Rules which is generally the 5th or 6th date of the month following the month in which goods are removed.
Though the Goods and Services Tax (GST) bill has been tabled in the Lok Sabha, the Gujarat government today said in the state Assembly that it was not ready to implement it. Minister of State for Industries, Saurabh Patel, told the House that state government was not prepared to implement GST as it would take away state’s autonomy in taxation and inflict revenue-loss of over Rs 3,000 crore.
Prime Minister’s Economic Advisory Council (PMEAC) Chairman C Rangarajan today said the RBI will have to continue with its monetary tightening policy to tame inflation, which stood at over 8 per cent in February. “The inflation rate continues to remain high and therefore, monetary policy will have to remain tight in order to ensure that the inflation rate is brought down,” Rangarajan told reporters on the sidelines of the Skoch summit here.
It has been stated in Para 31 of the Budget Speech 2011-12 that to make the FDI policy more user-friendly, all prior regulations and guidelines have been consolidated into one comprehensive document, which is reviewed every six months. The last review has been released in September 2010. This has been done with the specific intent of enhancing clarity and predictability of our FDI policy to foreign investors. Discussions are underway to further liberalize the FDI policy. The status of FDI Policy in respect of Multi-Brand Retail Trading is as under
Government auditor CAG today recommended tighter tax norms, including mandatory TDS, for the Indian cinema and television industry, which is estimated at over Rs 36,000 crore. Concerned over tax evasion and the need to widen tax base, the Comptroller and Auditor General (CAG) in its report tabled in Parliament, suggested that payments for sale of distribution rights of films and time slots to television channels should be subject to the provisions of Tax Deduction at Source (TDS).
A report says number of PAN cards far exceeds the number of tax payers. This raises concern that tax dodgers may be using multiple cards to hide income. The Income Tax ( I- T) department has issued close to 10 crore permanent account number ( PAN) cards but the number of taxpayers in the country is only one- third of this number, giving rise to serious concern that many tax dodgers are using two or more cards to conceal income.
