The CBI has asked the revenue department of the finance ministry to conduct an inquiry to determine if orders issued by income tax appellate authorities in 75 cases, where private parties benefited at the expense of the government, were in accordance with law.
The Board of Control for Cricket in India (BCCI) may have to stump up more than Rs 500 crore in taxes, with tax authorities not in favour of granting exemption requests sought by the board for the past two tax years. The board, widely regarded as one of the richest sporting bodies on the planet, has claimed exemption of Rs 421 crore and Rs 145 crore for assessment years 2008-09 and 2009-10 , respectively, under Section 11 of the Income-Tax Act.
The next Professional Competence Examination (PCE), Integrated Professional Competence Examination (IPCE) and Final Examinations of the Institute will be held from 8th November-2010 to 22nd November-2010 at the following centres :
in the matter of continuation of anti-dumping duty on imports of Pentaerythritol, falling under tariff item 2905 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, the People’s Republic of China and Sweden, imposed vide notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 37/2006-CUSTOMS, dated the 20th April, 2006 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 235(E), dated the 20th April, 2006, and has requested for extension of anti-dumping duty upto 28th March, 2011 in terms of sub-section (5) of section 9A of the said Customs Tariff Act;
Prime Minister Manmohan Singh today ruled out imposition of Tobin tax on capital inflows in the country, saying the situation in India has not not reached a problem stage.
Subsuming purchase tax—a tax levied by some states on the sale of agricultural products—in GST is next on the Centre’s agenda. The finance ministry is hopeful that states will agree to subsume purchase tax in GST after a long drawn battle to keep it out of the purview of the proposed indirect tax regime.
Entities required to deduct tax while making payments could face a close scrutiny of their returns by the income-tax department as it gears to check payment defaults and boost collections.The I-T department is contemplating scrutinising TDS returns on the lines of income tax and corporate tax returns to ensure that those required to deduct tax at source are complying with the rules and depositing due taxes.
Introduction:IRDA has, from time to time, taken various initiatives for protecting the interests of policyholders by bringing out Regulations, Guidelines, Circulars etc applicable to insurers and intermediaries covering the various stages in the lifecycle of an insurance product, commencing from solicitation, sale, policy servicing, to claims servicing and grievance redressal.
Indian has become a full-fledged member of Financial Action Task Force (FATF), an inter-governmental body, responsible for setting global standards on anti-money laundering (AML) and combating the financing of terrorism (CFT).
Section 44AD of the Act was inserted by Finance Act, 1994 w.e.f. 1.4.1994. Sub-section (1) of Section 44AD clearly provides that where an assessee is engaged in the business of civil construction or supply of labour for civil construction, income shall be estimated at 8% of the gross receipts paid or payable to the assessee in the previous year on account of such business or a sum higher than the aforesaid sum as may be declared by the assessee in his return of income notwithstanding anything to the contrary contained in Sections 28 to 43C of the Act. This income is to be deemed to be the profits and gains of said business chargeable of tax under the head “profits and gains” of business. However, the said provisions are applicable where the gross receipts paid or payable does not exceed Rs.40 lacs.
