New look Ministry portal being launched with effect from 03.04.2011
The Point of Taxation Rules, 2011 notified through Budget Notification No. 18/2011 ST dated 1st March, 2011 led to a number of issues which the Government assured would be looked into. Some relief has been extended and many of the areas of difficulty have been addressed. The important point is that the rules are applicable from 1.4.2011 itself unless the service provider opts to continue with the old system for 3 months. In that case there may be some accounting issues and requirement to maintain the parallel records.
Pre-tournament favourites India spectacularly broke the jinx of a host nation not winning the World Cup, by clinching the sport’s most treasured prize by vanquishing Sri Lanka in the summit clash at the Wankhede Stadium here tonight. When Mahendra Singh Dhoni and his men crossed the finish line after overhauling Sri Lanka’s stiff target of 275, it was the first-ever time in the tournament’s history that the nation hosting the grand finale had come out trumps.
Constitution (One Hundred and Fifteenth Amendment), Bill, 2011 (GST Bill) as introduced in the Parliament on 22 March 2011, deals with key transaction taxes in India. The proposed GST Bill, inter alia seeks to introduce articles effecting the introduction of the Goods and Services Tax (GST) and the introduction of the GST Council. As per the existing structure of indirect taxation, the Parliament has the power to make laws on the manufacture of goods and the provision of services (Union List) while the State Legislatures have the power to make laws on the sale and purchase of goods within their respective states (State List). The Parliament has retained the exclusivity to make laws pertaining to sale of goods in the course of inter-state trade or commerce.
The Finance Bill, 2011 contains some international tax proposals that are focused on anti-tax avoidance, transfer pricing (TP), tax enforcement and provisions to encourage Indian companies to repatriate profits back from their foreign subsidiaries. The Finance Minister also reinforced the intent of the Government of India (GOI) to enact the Direct Taxes Code, 2011 (DTC) with effect from 1 April 2012. Here we have highlighted the key international tax provisions contained in the Finance Bill, 2011.
CIT V. Govind Nagar Sugar Ltd. (ITA No. 164 of 2008) (Del)- Taxpayer filed its return of income for the assessment year 2001-02 on 31 March 2003 declaring a loss. The due date of filing the return of loss in terms of provisions of section 139(3) of the Income Tax Act,1 961 (the Act) was 31 October 2001. In the assessment order, the Assessing Officer (the AO) did not allow the carry forward of unabsorbed loss including the unabsorbed depreciation. The Commissioner (Appeals) confirmed the AO’s order and held that the taxpayer was not allowed to carry forward the losses by virtue of section 80 of the Act. On appeal, the Income Tax Appellate Tribunal (the Tribunal) allowed the carry forward of unabsorbed depreciation for the assessment years 2000-0 1 and 2001-02. Aggrieved by the order of the Tribunal, the tax authorities filed an appeal before the High Court.
Country’s largest lender State Bank of India on Friday revised interest rates for deposits by non-resident Indians (NRIs) across maturities and currencies. Under the revised rate structure, NRIs will get up to 26 basis points more for deposits in foreign currencies, while the rates for deposits in Indian rupee have gone down marginally, a release issued here by the bank said.
The Supreme Court will decide whether a listed entity can be exempted from the takeover code or not when the company allots shares on preferential basis to promoters under special circumstance for expansion. Admitting a petition by market regulator SEBI against appellate tribunal SAT’s order granting exemption to Arvind Remedies and its promoters from complying with the provisions of takeover norms, a three-judge bench headed by Chief Justice S H Kapadia today issued notices to parties concerned.
Mahindra Satyam today said it will submit to tax authorities about Rs 617 crore demanded by I-T Department under the foreign tax credit liability. “The company shall submit a banker’s cheque for Rs 350 crore and an unconditional bank guarantee for Rs 267 crore, upon which the Additional Commissioner of Income Tax shall withdraw the garnishee orders issued and defreeze the company bank accounts,” Satyam Computer Services (now Mahindra Satyam) informed the Bombay Stock Exchange.
Non-submission of detailed contingency (DC) bills worth Rs 11,854 crore, defalcation and loss to the tune of Rs 407.97 crore up to March 2010 are among the highlights of the CAG report on Bihar finances for 2009-10. Talking to reporters, Principal Accountant General (Audit), Bihar, P Dinaraj said that of Rs 14,272 crore drawn on 58,423 abstract contingent (AC) bills, only 7,435 DC bills for Rs 2,418 crore were submitted to the Accountant General (A and E), Bihar, up to March 2009.
