What is evident in the CSO data for GDP growth and fiscal deficit forecast for the current year, it appears certain fiscal deficit management and measures to push growth beyond 7% will be on top of the agenda. This could mean policy makers shall take a hard look at concessions, an impact thereof on the macroeconomy and of course, strategies for greater tax revenue mobilization.
Notification No. 01/2010 – Service Tax In the Service Tax Rules 1994 (hereinafter referred to as the said rules), in rule 6, in sub-rule (2), for the proviso, the following proviso, shall be substituted, namely:-“Provided that where an assessee has paid a total service tax of rupees ten lakh or more including the amount paid by utilisation of CENVAT credit, in the preceding financial year, he shall deposit the service tax liable to be paid by him electronically, through internet banking.”
This is to inform that owing to delay in making available Application Forms for May-2010 Chartered Accountants Examinations at some branches/Regional offices , the Competent Authority has decided to extend the last date for receipt of filled in Examination Forms ( without late fee of Rs.500/-) till 5th March,2010.
The students of PE II who have joined the course on the basis of their degree examination and switched over to PCC after discontinuance of PE II may apply for May 2010 subject to completion of their articled training period before 30th of April 2010 (including excess leave, any).
The CBI on Sunday arrested three income tax (I-T) officials and two of their accomplices in connection with a Rs 3-crore fraudulent tax refund scam. The arrested I-T officials are inspector Pramod Prabhakar, tax assistant Raju Nagpure and senior tax assistant Rajesh Pillai. Another I-T official Shrikant is on the run. The others who have been arrested are Dilip Vyas and Manoj Sangtiyani, a little known television actor.
Class 8 and 9 students at 26 schools all over the country are taking lessons in investor education these days, courtesy the capital market regulator. The optional three-month course teaches these students the importance of money, how to manage it and concepts of budgeting and saving.
S. 10 (38) inserted w.e.f. 1.10.2004 provides that long-term capital gains (LTCG) on which security transaction tax (STT) is paid shall not be included in total income. The assessee earned long term capital gain (LTCG) of Rs. 33,01,57,200 on sale of shares after 1.10.2004 in respect of which STT was paid. The LTCG was exempt u/s 10 (38).
In the case of TRF Limited vs. CIT (Supreme Court) Supreme Court had to consider whether after the amendment to s. 36 (1) (vii) w.e.f. 1.4.1989, an assessee had to establish, as a matter of fact, that the debt advanced by the assessee had, in fact, become irrecoverable or whether writing off the debt as irrecoverable in the accounts was sufficient. HELD deciding in favour of the assessee:
The Income-Tax (I-T) department in Mumbai is summoning CEOs and CFOs of mid-size companies with the objective to communicate to them that anything less than the full payment of advance taxes will not be acceptable. I-T department sources said a face-to-face interaction helps in gauging the exact amount of tax payable by companies.
The Income Tax (IT) department’s decision to collect IT from the land losers getting compensation above Rs one lakh from Essar Steel for the company’s pelletisation project at Paradeep has paralyzed the land acquisition process. Land losers have threatened not to concede even an inch of land if the collection of IT is not stopped.
