The Union Finance Minister, Shri Pranab Mukherjee has said that listing provides an opportunity to the people of India to become shareholders in Central Public Sector Enterprises(CPSEs); while Government retains management control and at least 51% shareholding in the Government companies.
The earlier Paper had given the definition of service to ‘mean anything which does not constitute supply of goods, money or immovable property’ A number of specific inclusions or exclusions were further elaborated. Suggestions have been made that the “service” should be confined to economic transactions or transactions for consideration
The Reserve Bank has been placing the main points of discussion of the Technical Advisory Committee (TAC) on Monetary Policy meeting in public domain with a lag of roughly four weeks after its meeting. The minutes of the twenty-fifth meeting of the TAC held on July 20, 2011 were placed in public domain on August […]
NEW DELHI: In a double whammy for investors who lost their money in the Rs 400 crore Citibank Gurgaon scam as the Income Tax department has initiated a re-assessment of tax returns of these people to ascertain whether the money invested was reflected in their annual returns. The department’s various tax assessment wings will undertake […]
ORDER NO. 03/2011 – Service Tax, dated 10-8-2011- In exercise of the powers conferred by Notification No. 16/2007 – Service Tax, dated 19th April, 2007, Central Board of Excise and Customs hereby assigns to the Commissioner of Service Tax, Delhi the case specified in the following Table, for the purpose of adjudication.
Applications are invited online from the firms of Chartered Accountants who intend to be empanelled with this office for appointment as auditors of Government Companies/Corporations the year 2012-2013. The format of application will be available on our website: www.cag.gov.in from 1st January to 15 th February 2012. Chartered Accountant firms can apply/update the data showing the status of their firm as on 1st January 2012 and generate online acknowledgement letter for the year.
Smt. Alka Agarwal Vs. ADIT (ITAT Delhi) – once the assessee has converted a capital asset into stock-in-trade, the capital gain arising on such transaction of transfer shall be deemed to be the income of the previous year in which transfer took effect. That was the ordinary position where the capital gain would have been liable to tax in the AY 2005-06 itself. Now, the provisions of Section 45(2) make an exception to the generality of provisions of Section 45(1).
Re -Ardex Investments Mauritius Ltd. (AAR) – Applicant was a tax resident of Mauritius and the Tax Residency Certificate produced in this behalf has to be accepted view of the decision in Azadi Bachao Andolan (263 ITR 706). The applicant, a company incorporated in Mauritius, was dealing with the shares it held in an Indian company and selling them to another company in Germany. Article 13 of the Treaty between India and Mauritius applied. According to paragraph 4 of the treaty, the capital gains derived by a resident of Mauritius from the alienation of shares would be taxable only in Mauritius and not in India in the absence of the applicant having a Permanent Establishment in India.
Admittedly, in the instant case the assessee had purchased the shares outside stock exchange directly from the broker in physical form though D-mat account was opened at a belated date with this explanation that at the time of purchase of shares, he was not having D-mat account and on opening of D-mat account, the shares were transferred.
The Central Information Commission has directed the Reserve Bank of India to make public the names and other details of top 100 industrialists of the country who have defaulted on loans from public sector banks. The Commission also directed the central bank to post on its website complete information on all such industrialists as part of suo motu disclosure mandated under section four of the RTI Act before December 31 and asked it to update it every year.
