"08 May 2012" Archive - Page 5

Retrospective amendment to Sec. 9 not applicable where assessment order already passed

The retrospective clarificatory amendments now under consideration of Parliament will not be used to reopen any cases where assessment orders have already been finalized. I have asked the Central Board of Direct taxes to issue a policy circular to clearly state this position after the passage of the Finance Bill....

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Posted Under: Income Tax |

No TCS on Cash purchase of Jewellery upto Rs. 5 lakhs

To curb the flow of unaccounted money in the bullion & jewellery trade, the Finance Bill proposes the collection of tax at source (TCS) by the seller at the rate of 1 per cent of the sale amount from the buyer for all cash transactions exceeding Rs.2 lakh. Responding to the representations made by the jewellery industry that this would ca...

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Posted Under: Income Tax | ,

Exemption from service tax for specified service in the negative list extends to Agricultural produce

Exemption for specified services relating to agriculture in the Negative List has also been extended to agricultural produce enlarging the scope of the entry....

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Posted Under: Income Tax |

Work Contracts definition enlarged to include movable properties

The negative list has been drawn keeping in view the federal nature of the polity. Some of the States, through the Empowered Committee of State Finance Ministers, have expressed their concerns. I have decided to address their concerns by making changes in the definition of “service” which will exclude the activities specified in the C...

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Posted Under: Income Tax |

Withdrawal of TDS on purchase of Immovable Property

The Finance Bill proposes that every transferee of immovable property (other than agricultural land), at the time of making payment for transfer of the property, shall deduct tax at the rate of 1% of such sum. I have received a number of representations pointing out the additional compliance burden this measure would impose. I, therefore,...

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Posted Under: Income Tax | ,

LTCG from sale of unlisted securities in case of NR / Private Equity Investors, to be taxed at 10%

Currently, long term capital gain arising from sale of unlisted securities in the case of Foreign Institutional Investors is taxed at the rate of 10% while other non-resident investors, including Private Equity investors are taxed at the rate of 20%. In order to give parity to such investors, I propose to reduce the rate in their case fro...

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Posted Under: Income Tax |

Lower rate of withholding tax of 5% on fund augmented from foreign borrowings extends to all businesses

In order to augment long-term low cost funds from abroad for the infrastructure sector, Finance Bill proposes a lower rate of withholding tax of 5% for funding specific sectors through foreign borrowings. To further facilitate access to such borrowings, I propose to extend the lower rate of withholding tax to all businesses. This lower ra...

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Posted Under: Income Tax |

FM Budget speech on Finance Bill, 2012

I presented the Budget for the year 2012-13 on 16th of March, 2012. Since then I have received a large number of suggestions both from within the House and outside. Most of these pertain to tax proposals and range from seeking modification of some proposals to reconsideration or review of certain others. Requests have also been received f...

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Posted Under: Income Tax |

DVAT – Notification dated 23.03.2012 applicable only for movement of goods in pursuance of interstate sale, stock transfer & export

Notification No. F.7(433)/Policy-II/VAT/2012 07/05/2012

I, Rajendra Kumar, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section (1) read with sub-section (3) of Section 70 of Delhi Value Added Tax Act, 2004, hereby order that notification No.F.7(433)/Policy-IINAT/2012/1464, dated 23.03.2012 shall be applicabl...

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ICAI found irregularities in operations of MNC Audit firms

The government today said accounting regulator ICAI has found irregularities in the operations of certain multinational audit firms in the country. The high-power committee appointed by the Institute of Chartered Accountants of India for examining the operation of Multinational Network Accounting Firms (MAFs) has found the irregularities,...

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Posted Under: Income Tax |

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