What changes have been effected by the Finance Bill, 2010 with respect to construction of commercial / industrial premises and residential complexes?Following changes have been carried out by the Finance Bill, 2010.
In a bid to plug the tax loophole foreign investors use by routing their money to India through Mauritius, the government has sought amendments in its bilateral treaty with the island nation and offered cash compensation for revenue loss on account of the changes.
The securities transaction tax (STT) is here to stay even under the proposed new regime for direct taxes slated to come into force from April 1 next year. But the rate of STT now hinges on the firming up of a revised taxation regime for capital gains and the flow of funds to the capital market, a senior Finance Ministry official said.
Price Waterhouse auditor S. Gopalakrishnan and Satyam’s former internal audit head V.S. Prabhakar Gupta are accused of conniving with B. Ramalinga Raju, the software company’s founder, in the Rs7,136 crore fraud that came to light in January 2008.
In what is seen as a bid to prevent further inflation spiral in the economy, the Finance Ministry has once again deferred the implementation of service tax levy on transport of goods by rail. The levy will now come into effect from January 1 next year.
The Finance Ministry has specified July 1 as the date from which service tax levy would be applicable on the eight new services brought under the tax net in Budget 2010-11. The eight new services include services of promoting, marketing or organising of games of chance, including lottery, health services undertaken by hospitals for employees of business organisation and health services provided under health insurance schemes offered by insurance schemes, services provided for maintenance of medical records of employees of a business entity and promoting a ‘brand’ of goods, services, events and business entity etc.
Corporate earnings from trading in certified emission reduction or carbon credits has caught the eyes of income-tax department. Tax authorities plan to closely look at companies found active in carbon trading after finding non-payment of taxes on such earnings.
ITR 5 is applicable to firms, Association of Firms (AOPs) and Body of Individuals ( BOIs). Income Tax department on Friday releases the online return filing software utility in respect of ITR-5 for A.Y. 2010-11 which can be downloaded from the link given below:-Download ITR-5 E-filing Return Preparation Software For A.Y. 2010-11
The tug of regulatory war over unit linked insurance plans (ULIPs) has ended with regulatory regime to be retained with insurance regulatory body (IRDA). The Central Government has promulgated an Ordinance (legislation) to the effect that ULIPs shall be regulated by IRDA only, thus ending the ongoing claims by both regulators- SEBI and IRDA to regulate the ULIP schemes.
Introduction:The issue involved in this piece was dealt by us in an earlier article titled “Controversy on Education Cess and Secondary & Higher Education Cess in SS cold rolled Patta/Patti Industries”. Now we are writing another piece discussing the continuing controversy on the issue of inclusion of or non inclusion of Education cess and SHE cess in excise duty under compound levy on SS Patta/patti & Aluminium circles.
