Ahead of the Reserve Bank’s quarterly monetary policy, RBI is likely to signal interest rate hikes to suck out liquidity from the market and check prices from spiraling further. Reserve Bank may also raise the amount banks need to park with the apex bank (CRR) by up to 50 basis points. Reserve Bank could raise the short-term borrowing (reverse repo) rate by 25 basis points. Reserve bank is likely to hike cash reverse ratio by up to 50 basis points.
In order to make exports of services from India internationally competitive, the Government of India has zero rated such exports. Consequently, the services exporting community is entitled to obtain refunds of input tax credits or utilise such credits to offset domestic output service taxes. The IT and the ITES industry is a key part of the service exporting community and was expected to be a major beneficiary of such refunds in terms of being competitive in the global marketplace.
S. 153A provides that where a search is initiated u/s 132 the AO shall assess or reassess the total income of six assessment years immediately preceding the assessment year relevant to the previous year in which the search is conducted or requisition is made. The 1st Proviso states that the AO shall “assess or reassess the total income
Despite the fact that CBDT has made commendable effort to devise suitable annexures for electronic filing, in practical parlance, the taxpayers usually face serious problems primarily because there is no space to give any further information which is considered relevant by an assessee to be filed along with the return.
The Delhi Tribunal, in the case of Global Vantedge Pvt. Ltd. (Taxpayer) [2010-TIOL¬24-ITAT-DEL], has held that the total amount of adjustment made, along with the arms length price (ALP) already reported by the Taxpayer, cannot exceed the total amount of revenues earned by the Taxpayer and its associated enterprise (AE) from dealing with third party clients.
In a recent ruling Supreme Court (SC) [2010-TIOL-06- SC-IT-L13] in the case of Kelvinator of India Ltd. (Taxpayer) held that income cannot be reassessed on a mere change of opinion, as that would imply conferring arbitrary powers on the Tax Authority. It is only when there is a tangible material to believe that income has escaped assessment
ATM transactions may have become free for customers, but banks now have to pay Re 1 for every ATM transaction that is routed through the National Financial Switch — the backbone of ATM networks in the country. The charge has been introduced after RBI transferred ownership of NFS from its technology arm IDRBT to the newly-formed National Payments Corporation.
The Finance Bill (No.2), 2009 could be presented on Sixth of July, 2009 due to formation of new government but by that time many corporate assessees had already paid the first instalment under the belief that the Finance Bill has yet to be accorded consent by the President and is not final. The advance tax in respect of FBT which was payable for the quarter ending 30th of June, 2009 by 15th of July, 2009 was paid erroneously by many of them.
Elections to the Vasai branch of WIRC were conducted on 23-01-2010 to constitute a managing committee of 8 members. The voting was about 30%. The results were declared on the same days which are as under:-
Promoting Financial Inclusion can be made through Innovative Policies in partnership with efficient cost management and product designing using target costing keeping consumers purchasing parity. Cost management is an old term where the most common meaning derived from this is the saving cost only. But with changing times it has been modified and more modification resulted to higher research on cost management techniques and strategies.
