DEPB Scheme Extended Till May 2009. Income Tax Benefit To 100% EOUs Under Section 10-B Of It Act Being Extended For One Year Beyond 31stmarch 2009. New Export Promotion Council For Telecom Sector . 5% Additional Duty Credit For Export Of Toys And Sports Goods
Though the rulings of the Authority are binding only on the applicant and the service tax department; but since the issue has been settled in favour of service tax department; all the Builders and Real Estate Developers who are not paying service tax on construction of residential flats and units are going to be slapped the demands of service tax. Majority of the Builders are neither charging nor paying any service tax on construction and sale of residential flats. The costs of residential flats and units is also going to witness a hike due to service tax liability. This may lead to a further slowdown in Real Estate market.
It has been held in the aforesaid judgements that it is not open to a person making payments to a non-resident to take a unilateral decision that the payments made by him are not sums chargeable to tax. To take that view, concurrence of the Assessing Officer as provided in section 195(2) is sine qua non. For reaching the aforesaid conclusion, the judgement of the Supreme Court in Transmission Corporation of A.P. Ltd. Vs. CIT [1999] 239 ITR 587 (S.C.) has also been invoked.
Investments overseas by an Indian company – Indian company” is defined to mean a company incorporated in India. It is permitted to undertake agricultural operations overseas including purchase of land incidental to such activity either directly or indirectly through its overseas offices vide Regulation 6A of FEM (Transfer or issue of any Foreign Security) (Amendment) Regulations 2004. An Indian company is not permitted to own or possess an agricultural land or carry out any agricultural activities in Karnataka as per the provisions of Section 79A and B of the Karnataka Land Reforms Act, 1961.
A writ, direction or order may be issued by the High Court under Article 226 to a person or authority amenable to the Court’s jurisdiction either by residence or location within the State, even if the petitioner and other parties are from other States. This power can be exercised, under Article 226(2) of the Constitution, though the person or authority is outside the territories in relation to which the High Court has jurisdiction, provided the cause of action arises, wholly or in part, within such territories.
The Securities Transaction Tax (STT) was introduced into the income-tax code by the Finance (No. 2) Act, 2004, taking effect from April 1, 2005. It was expected to give a major boost to both the income-tax department in terms of revenue and the equity market. When STT was paid on share transactions, no liability for long-term capital gains tax arose. Short-term capital gains were taxed at 10 per cent if STT was paid. This was the position till March 31, 2008.
The Attestor attesting witness must sign the deed or document concerned in the presence of the Executant.One of the factors which is not considered to be important in the course of execution and registration of deeds is attestation of deeds. In respect of deeds which are being registered, many parties regard this as a formality. The general approach is that any person who can sign the deed as a witness is good enough to attest the deed. However, this is an important matter and is not to be treated casually. It is desirable to have an understanding of the issues concerned.
There is no change in the peak rate of the custom duty in the current budget. Exemption from 4% additional duty of customs has been withdrawn :- The exemption from 4% additional duty of custom leviable under section 3(5) of the Custom Tariff Act has been withdrawn from Power generation projects, (Other than mega power projects) transmission, sub-transmission and distribution projects, and goods for high voltage transmission projects.
The cenvat rate is reduced from 16% to 14% from 1.3.2008. Consequently, the education cess will be computed on 14% and the rate including the education cess will be 14.42%. · In some products like medicaments, the duty rate has been reduced to 8%. The cenvat credit availed by the manufacturer is not dependent on the duty rate of the final product. Therefore, whatever duty is paid by the manufacturer of the inputs, the credit of the same would be available to the manufacturer of the final product even if the rate of duty for such product is 8%. Thus, if a manufacturer of medicament buys bulk drug which attracts duty @ 14%, the credit of entire amount of duty would be available to the manufacturer. There will be no reduction in the quantum of credit available to the manufacturer.
CIT vs. Bilahari Investments (Supreme Court) – In the case of a chit fund following the ‘completed contract method of accounting’ and offering income at the end of the chit, held, approving the method: (i) Recognition/identification of income under the Act is attainable by several methods of accounting including the completed contract method or the percentage of completion method.