The Mahindra group and the various enforcement agencies appear to have different viewpoints on the treatment of the Rs 1,230-crore, which Mr Ramalinga Raju had personally invested in the erstwhile Satyam Computer Services between 2007 and 2009.
Till AY 1996-97 unabsorbed depreciation could be set off against income under any head. From AY 1997-98 to 2001-2002 unabsorbed depreciation could be set off only against business income. From AY 2002-2003 onwards unabsorbed depreciation could again be set off against income under any head of income.
The Depository Participants (DPs) have a system of collecting account maintenance charge (AMC) from beneficial owners (BOs) towards maintenance of demat accounts for varied periodicity of collection (viz. monthly, quarterly, half yearly and annually). It has been noticed that in cases where AMC is collected on an annual upfront basis, on closure/shifting of demat account, the AMC for the balance period for which no service has been provided by the DP, is not refunded to the BO.
Effective July 1, 2010, the Government of India has levied a Service Tax that will be applicable on domestic air travel. Kindly note, the applicable Service Tax will be INR 103 per passenger, per sector inclusive of cess.
Flawed incentive compensation practices in the financial sector were one of the important factors contributing to the recent global financial crisis. Employees were too often rewarded for increasing the short-term profit without adequate recognition of the risks the employees’ activities posed to the organizations.
The issue as regards pro rata allowance of benefits under the Package Scheme of Incentives was in dispute. A division Bench of Hon’ble Bombay High Court by its judgment dt. 13.12.2008 has decided the reference filed by the Commissioner of Sales Tax in case of M/s Pee Vee Textiles Ltd., against the department. Since the department had also initiated proceedings to challenge the ratio laid down in other similar cases decided by the Tribunal,
Citizens across the 28 states will be able to avail of all government services, including payment of utility bills and applying for a driving licence, through common Internet portals being developed as part of a Rs 2,000-crore state portal project, senior government officials told.
The tax structure is designed in a manner that the Russian government retains most of the revenues generated for crude prices above $30 resulting in low revenue for Imperial Energy, which is ONGC Videsh Ltd’s wholly-owned UK-based subsidiary.
From July 1 this year, no service tax will be levied on taxable service of commercial or industrial construction provided wholly within the airport. Similarly, the taxable service of commercial or industrial construction, when provided within the port or other ports for construction, repair, alteration and renovation of wharves, quays, docks, stages, jetties, piers and railways, will also not be levied a service tax from the beginning of July.
The Union finance ministry has agreed to states’ demand that tobacco be kept within the ambit of Goods and Services Tax (GST) and alcohol outside it. Besides GST, the Centre would levy an excise duty on tobacco. At present, states collect tax on alcohol, while the Centre levies duty on tobacco.
