Service tax has been levied on two newly carved services viz, air conditioned restaurants with license to serve alcoholic beverages and hotel accommodation. The restaurants may or may not be serving alcoholic beverages but it must be air conditioned and possess license to serve liquour. The restaurant need not be centrally air conditioned and as such all such restaurants where even one room air conditioner is installed would be taxed to service tax. So whether you consume food at home or at a restaurant, you are hit by inflation or an extra burden as service tax.
The telecom companies, under scruitny for having benefited in 2G spectrum scam, today told the Supreme Court that allocation of the air waves since 2003 should be scrapped if the first-come-first serve policy adopted during the tenure of former Telecom Minister A Raja is held illegal. In a clear reflection of the war among telecom players, senior advocate Harish Salve, appearing for Etisalat DB Telecom Pvt Ltd, submitted the government never followed the policy of auction for 2G spectrum allocation and many companies benefitted by getting additional radio waves without any charge since 2003.
The country’s highest court — the Supreme Court of India — on Tuesday mulled invoking terror and other stringent penal charges against Pune stud-farm owner Hassan Ali Khan who has been accused of massive money laundering and tax evasion and for his alleged links with arm dealers and people linked to terror activities.
The finance Bill 2011 has enacted Point of Taxation Rules, 2011 which cover the provisions of payment of service tax on accrual basis insted of the hitherto adopted cash basis system. The implication of this changeover has been examplified in the attached Excel File which contains practical examples of all the rules from 3 to 8 of the Point of Taxation Rules, 2011.
On and from 1 June 2011, any acquisition or merger or amalgamation that exceeds the monetary threshold specified in Section 5 of the Act will require approval of CCI. These provisions are aimed at ensuring that the proposed Combination is not anti-competitive. This may lengthen the time required to complete the Combination. If CCI is convinced that the Combination is not anti-competitive, it should not be difficult to obtain the approval. The CCI has also released draft rules for public comments on provisions relating to Regulations of Combinations. Once this is finalized and notified, it will facilitate implementation of the provisions relating to Combination.
The DTC is a game changer for insurance. Most Indians buy life insurance policies only to save tax. Under DTC, a policy should give a life cover of at least 20 times the annual premium to be eligible for tax deduction. If this condition is not met, you will not get any tax deduction on the premium and even the income from the policy will be taxable. Right now, the income received from insurance policies is tax-free.
The repayment of the principal of your home loan will not be eligible for tax deduction under the DTC. The people who are paying large home loan EMIs and claim benefits under Sec 80C may have to find the money for other tax-saving investments after the DTC comes into effect. But this setback is minor when compared with the gain from the removal of tax on notional rent.
The Textiles Ministry is seeking rollback of excise duty on branded apparel, following protest from retailers, including Shoppers Stop and Pantaloons , who have gone on strike today protesting the new levy.
Now you can check online the status of Form 24G filed by Pay and Accounts Office (PAO)/ District Treasury Office (DTO). To view the status we have to follow the following Procedure :-1. Visit the following link :- * Accounts Office Identification Number (AIN) * Provisional Receipt No.(PRN)
You kind attention is invited to the amendment made vide Notification No. 41/2010 dated 31 May 2010 and the notable features of the amended TDS Rules which are applicable to the month of March and to the Quartered ended 31st March 2011 are as under: (a) Time limit for deposit of TDS for the entire month of March will be 30th April instead of two separate time limits viz. 7th April for TDS up to 30th March and 31st May for TDS as of 31st March.
