Cooperative sugar factories in Maharashtra have heaved a sigh of relief as the Supreme Court, in its recent order, has asked the Commissioner of Income Tax (Appeals) to re-look on the issue of income-tax claims of Rs 2,500 crore made on the mills since 1992-93. In view of the apex court order, the mills have got further time to argue their cases before the Commissioner of Income Tax (Appeals).
Officials of Indian PSUs like BHEL and NTPC appear to be the beneficiaries of bribes that were doled out by a California-based valve company to bag lucrative contracts, mostly for tools used in the construction of power plants.
No.LTA.2009/ CR-98/Taxation-2. – In exercise of the powers conferred by sub-section (7) of section 22 of the Maharashtra Tax on Luxuries Act, 1987 (Mah. XLI of 1987), the Government of Maharashtra hereby amends the Government Notification, Finance Department,- No. LTA.2007/CR- 25/Taxation- 2, dated the 8th May 2007, as follows, namely:—
The Hindu Civil Code, based on earlier religious practice, selected for the purpose, gives women to whom it applies various financial rights. This has been done through legal recognition of the ancient Hindu concept of stridhana. There is also an equal right to inheritance, under a separate law. Stridhana (woman’s wealth) consists of all the gifts a woman receives before, during and after her marriage from her family, friends and relatives, as well as from her husband and his family. It may be in the form of immovable property, jewellery or cash.
Ministry of Finance (Department of Revenue) , Government of India has issued as much as 43 notifications, viz Notification Nos 1 to 43 in 2010 so far , highest ever in just half year. Of these, 20 notifications have been issued on 22.6.2010 and afterwords. These pertain to the date of applicability of service tax on new services introduced by Finance Act, 2010 and certain exemptions to various taxable services. In three notifications , corrigendum have also been issued.
Going by the notification, a person who arrives in India in a transit flight is exempted from paying this additional levy, “provided he does not pass through immigration, does not leave the customs area and continues his journey to a place outside India.”
Taxpayers who claim exemption from tax on capital gains by furnishing a residency certificate of Mauritius had better watch out. Now, income-tax (IT) authorities can ask for evidence from Mauritius government to examine the authenticity of a taxpayer who claims exemption on capital gains tax provided under the Indo-Mauritius Double Taxation Avoidance Agreement( DTAA).
Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent. Growth in Corporate Taxes was 21.65 percent (Rs.43,439 crore as against Rs.35,709 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 1.24 percent (Rs.24,075 crore as against Rs.23,780 crore).
The Institute of Chartered Accountants of India (ICAI), said it will not initiate proceedings against S Gopalakrishnan, ex-partner of PricewaterhouseCoopers (PwC), for his alleged involvement in the multi-crore Satyam accounting scandal until the Delhi High Court’s stay on Srinivas Talluri, ex-partner, PwC, is lifted.
In a move that will make it difficult for large companies to have a pyramid-like holding structure, the Ministry of Corporate Affairs plans to prohibit a subsidiary company from floating a 100 per cent owned company of its own.In a string of new changes proposed to the Companies Bill, 2009, the Ministry has told the Parliamentary Standing Committee on Finance that a company would be permitted to have only one investment company.
