All about XBRL Applicable to Listed Companies and companies having a paid up capital of Rs. 5 Crore and above or a turnover of Rs. 100 crore or above – eXtensible Business Reporting Language (XBRL) is an open technology standard which makes it possible to store business and financial information in a computer-readable format. Many countries and/or financial regulators have approved, or are in the process of implementing, requirements around XBRL as the electronic financial reporting standard. These include the US, Japan, UK, Netherlands, Australia & China to name a few.
Due date for payment of TDS in respect of payments/Credit Related to March 2011 (Including the Expenses/Provisions/ Credits on 31St March) is April 30. So those who have not made TDS payment by 7th April can relax and pay the same by 30th April without any late payment Interest and without worrying for disallowance of expenses. The amendment in due date is made vide Notification No. 41/2010 dated 31 May 2010 (new Notification), notified Income-tax (Sixth Amendment) Rules, 2010 which amends the Rules. The Notification is effective from 1 April 2010 and applies to tax deducted/collected on or after 1 April 2010.
Amendments in Point of Taxation Rules- The Point of Taxation Rules (POTR) which shall come into effect from April 1, 2011 have been amended as under: The point of taxation in terms of Rule 3 of POTR would be the date of invoice or payment, whichever is earlier. In cases where invoice is not issued within 14 days of completion of the provision of service, the point of taxation shall be the date of such completion or receipt of payment whichever is earlier.
There are three types of employment. There are jobs with no work where one gets a salary without working. There are jobs where one can work for certain hours and get paid accordingly, and there are jobs where one can create and fulfil one’s dreams, create employment for others, and that is self-employment or entrepreneurship. You belong to this class. It is a rare privilege to share this special day with the future businesses and social entrepreneurs of the country.
It is my pleasure to speak at FICCI’s National Executive Committee Meeting this year. As many observers have been highlighting, after a relatively long phase of benign, growth-friendly macroeconomic conditions, things have begun to look somewhat hostile on the macroeconomic front. The most significant manifestation of this is the acceleration of inflation, a trend that was visible even before the impact of the financial crisis was felt in late 2008, but which very quickly and strongly re-emerged as the economy began to recover in the second half of 2009-10. Despite significant actions on both policy rates and liquidity by the Reserve Bank, inflation remains high, giving rise to some very fundamental questions: is this high rate of inflation, previously believed to be unacceptable, now the new normal? Is it an unavoidable price to pay for sustaining the current growth trend? Or, will it actually work to undermine the sustainability of the current trend?
Levy of service tax on railway freight which was supposed to be effective from April 1 has been deferred once again by three more months to July 1, 2011- thanks to our Railways Minister. The historic amendment in levy of service tax by moving from cash basis of taxing services to accrual basis has come into force from April 1, 2011 against all hopes of it getting deferred by three months to July 2011, as announced by the Finance Minister. However , it has come into force but some flexibility has now been provided to taxpayers. All tax payers have been given an option to switch over to accrual basis either form April or July this year, thus offering three months of breathing time to adjust to such system, understand it and make suitable modification in software and accounting methods. It will become mandatory for all taxpayers from July, 2011. Under the new system, service tax would be payable on earliest happening of the three events- completion of provision of service or date of invoicing or date of payment. Till 31st March, it was date of payment which was reckoned to be the date on which service tax became due.
Point of taxation- Transition rule- The Point of Taxation Rules effective from 1 April 2011 determining point of tax will not apply where- provision of service is complete prior to 1 April 2011; Or invoice is issued prior to 1 April 2011 An option has been provided to the tax payer to continue to pay service tax on receipt of payment where – provision of service is complete on or before 30 June 2011; or invoice is issued on or before 30 June 2011
The Government of Maharashtra has issued Notification No. VAT 1510/CR-165/Taxation-1 dated 20 December 2010 in pursuance of the powers conferred under rule 45A of the Maharashtra Value Added Tax Rules, 2005. As per the said notification, the dealers liable to file six-monthly returns under Maharashtra Value Added Tax (‘MVAT’) laws shall make payments electronically with effect from 31 March 2011 of any amount under Maharashtra Value Added Tax Act, 2002.
No NBFC shall contribute to the capital of a partnership firm or become a partner of such firm. A NBFC, which has already contributed to the capital of a partnership firm or was a partner of a partnership firm, shall seek early retirement from the partnership firm.
Select Holiday Resorts Pvt. Ltd. [52 DTR 14] – Section 79 (Section) which contains provisions restricting carry forward of past year losses under the Income Tax Laws (ITL) ruled that the Section has no applicability to a case of amalgamation of 98% shareholder company with the Taxpayer where the amalgamated and the amalgamating companies are held by the same set of shareholders with whom control of the taxpayer continues to remain. The ITAT further held that since the amalgamating company ceased to exist post amalgamation, a change in shareholding upon amalgamation can be regarded as a change arising in a situation akin to death of a shareholder which is specifically excluded from applicability of the Section.
