The Rajasthan government has announced VAT exemption on imported sugar in the state till June 30, in a bid to control the spiraling sweetener prices.“The decision to exempt four per cent VAT was taken by Chief Minister Ashok Gehlot following which sugar price will decrease by Rs 1.6 to 1.8,” an official said.
Central Board of Excise and Customs (CBEC), Department of Revenue has issued Notification No.10/2010-Customs (N.T.) dated January 29, 2010 notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below.
The Insurance Regulatory and Development Authority (Irda) has issued disclosure norms for insurance companies, mandating them to publish accounts on a half-yearly basis. The disclosure norms are seen as a precursor to allowing insurance companies to hit the primary market.
The Central Board of Direct Taxes have decided that any instalment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for Financial Year (FY) 2009-10. The unadjusted amount, if any, may be claimed as refund in the return of income for AY 2010-11 to be filed later this year.
The phrase aal is well is catching up fast with one and all- thanks to the recent film ‘3 Idiots’ which has made this phrase popular amongst the gen next and other factions of the society. The film, 3 idiots sends the message to the present society of our country –be it student, young citizens or people of our or our parent’s age that one ought to be optimistic, calm and hopeful – at least in times of difficulties , desperation and helplessness and a simple believe that ‘ aal is well’ seem to help in over coming the crisis.
One may govern life in accordance with the revealed truth as one sees it or natural law or a simple precept of not treating others as ends, or in pursuit of the good life of contemplation prized by Aristole . One may believe that morality lies in doing the best one can for oneself and one’s children and giving something back to the society, when one can buy money or time.
One of the most favoured duty reimbursement schemes among exporters – the Duty Entitlement Passbook (DEPB) scheme – is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which was extended till December 31 in the Foreign Trade Policy 2009-2014, is widely viewed as one of the best incentive schemes by exporters.
Dismissing the notion that Mauritius is a tax haven, the island nation’s Vice Prime Minister Ramakrishna Sithanen on Tuesday said he has not received any complaints from India about routing investments via his country to evade taxes. However, Sithanen, who is also the finance and economic development minister, promised to cooperate with Indian authorities to check tax evasion in case of complaints, but added his country would not welcome ‘fishing expeditions’.
We have prefaced the discussion on provisos with the object of putting the real controversy in its true perspective. The orders passed by the Chief Commissioner are identical in all these cases and after hearing the learned counsel for the parties we are of the view that the following substantive questions of law would arise for determination of this Court:
Circular No. 2/2010-Income Tax The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII H (Sections 115 W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115 WM was inserted to abolish the FBT with effect from Assessment Year (A.Y.) 2010-11. Consequently, benefits given to employees are taxed as perquisites in the hands of employees in terms of amendments to Clause 2 of Section 17 of Income Tax Act, 1961.
