"23 March 2012" Archive - Page 3

Motor Vehicle Tax and base of tax structure

Motor Vehicle Tax (MVT) is being levied in all States and Union Territories (UT) except in the UT of Lakshadweep. There are different bases for computation and different rates, leading to differing incidence of taxes for different categories of vehicles in different States/UTs. Existing tax structures show wide variations among States/UTs...

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Posted Under: Finance |

Govt approves 7% additional instalment of Dearness Allowance (DA) to central government employees

The Union Cabinet today gave its approval to release an additional instalment of Dearness Allowance (DA) to central government employees and Dearness Relief (DR) to pensioners w.e.f. 1.1.2012 representing an increase of 7% over the existing rate of 58% of the Basic Pay/Pension, to compensate for price rise. The increase is in accordance w...

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Posted Under: Finance |

Service Tax on Renting- Retrospective amendment are within power of Parliament

Purshottam Das Malpani Vs Union of India (Rajasthan High Court)

In view of various decision of Supreme Court it cannot be accepted that Union of India has no authority or power to levy service tax on renting of immovable property. The imposition of service tax on renting of immovable property was within the legislative competence of the Parliament and it does not fall within the legislative competence...

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Statutory Bank Branch Audit for advances above & Below Rs. 6 Crore

It is learnt from reliable sources that as a result of number of representation and hard efforts by ‘ICAI’ before various concerned authorities, Reserve Bank of India has agreed to decrease the proposed limit of 20 crores of advances to 6 crores for compulsory statutory bank branch audit, however branches having advances below 6 c...

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Posted Under: Finance |

Regarding Pre-Shipment Inspection Agencies (PSIA) – Public Notice No.104 (RE-2010)/2009-2014

Public Notice No.104 (RE-2010)/2009-2014 23/03/2012

Public Notice No.104 (RE-2010)/2009-2014 In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-14, the Director General of Foreign Trade hereby amends para 2.32.2 A of Handbook of Procedure, Vol. I relating to Pre-Shipment Inspection Agencies (PSIA) for Import of Metallic Waste and Scrap and inserts a new pa...

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Recruitment of Sports Persons to the posts of Tax Assistants, Notice Servers & Multi Tasking Staff

The Income Tax Department, Applications are invited from meritorious sports persons satisfying the requirements as mentioned in Annexure-1 for appointment to the posts of Tax Assistants, Notice Servers & Multi Tasking Staff....

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Posted Under: Finance |

In remand, s.14A disallowance cannot exceed original disallowance

CIT Vs Machino Plastic Ltd. (Delhi High Court)

Lld. counsel for the assessee, has submitted that there is no need to remit the matter to the Assessing Officer as the Assessing Officer had not made any disallowance under Section 14A, except in respect of interest expenditure. He further says that the contention now raised by the revenue does not emanate from the order of the Tribunal. ...

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Impact of Budget on Common Public

The union budget has increased in Tax exemption limit of Rs.20000 for general category male giving Tax Relief of Rs. 2000 & Rs.10000 for female giving Rs.1000 tax Relief for the individuals having an income upto Rs. 8lacs. Rs. 5000 deduction will be allowed for preventive Health check up u/s 80D but the same is within the total limit of R...

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Posted Under: Finance |

ITAT denies exemption U/s. 80P to Co-operative Bank as his area of operation not confined to a Taluk

Kekri Sahakari Bhumi Vikas Bank Ltd., Vs The ITO, Ward - 2 (ITAT Jaipur)

We may without prejudice also examine the assessee's claim of being a primary co- operative agricultural and rural development bank. The Revenue has rejected the assessee's claim on the ground that it does not meet the definition thereof inasmuch as its area of operation is not confined to a Taluk (Explanation (b) of section 80P (4)). In ...

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Monitoring Committee for Vanishing Companies

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that The term ‘Vanishing Companies’ is applied both to the Companies which cease to file their statements of return or where, after raising capital, the whereabouts of their Registered Office or their Directors are not known. A Ce...

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Posted Under: Finance |

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