Today, Fitch Ratings have issued a press release on India’s sovereign credit rating. Fitch has reaffirmed India’s long-term Foreign and Local Currency Issuer Default Rating (IDR) at BBB(-). It has, however, revised India’s outlook to Negative from Stable.
Upto 30.06.2012, the charging Section for the purpose of Service tax is Section 66 of the Finance Act, 1994 according to which service tax is levied at the rate of 12% on all taxable services. With effect from 01.07.0212, Section 66 will no longer be in force and a new charging section 66B will take its place. Section 68 stipulates that service tax is payable by the service providers at the rate specified under Section 66 in such manner as may be prescribed. This Section is continued in the Finance Act, 1994 even from 01.07.2012. Government has now realised its mistake and come with a order specifying the charging section for service tax w.e.f 01.07.2012 to 66B.
TDS on Salary Calculator for Central & State Govt employees for Financial Year 2012-13 / Assessment year 2013-14. Calculator Automatically Calculates your tax liability. It Generates From 16 and Form 10E with Annexure. Calculator also Calculate House Rent Exemption and have inbuilt HRA Calculator.
The Council of the Institute recently considered the issue regarding status of intervening holidays during CA Examinations and decided that the break in between examination days, though not holidays, be treated as period actually served under articles.
The Competition Commission of India (CCI) has found Chemist & Druggist Association, Goa (CDAG) in violation of the provisions of the Competition Act, 2002 which deals with anticompetitive agreements. The Commission has imposed penalty of Rs. 2 Lakhs @10% on the average of the receipts for financial year 2008-09, & 2009-10 on CDAG.
This Government has made a firm commitment to tackling tax avoidance. As part of our new approach to tax policy-making, we set out proposals to take a more strategic approach to the risk of avoidance by building in sustainable defences against avoidance opportunities. Through collaborative consultation and well-designed legislation, our aim is to prevent avoidance at the outset, reducing the need for counteraction.
Statutory Auditor’s Reporting Responsibilities in Respect of Depositing of Cess Pursuant to Clause 4(ix)(a) of the Companies (Auditor’s Report) Order, 2003and Section 227(3)(g) of the Companies Act, 1956. The Council of the Institute has decided to modify the auditor’s reporting responsibilities in respect of the cess payable by a company under section 441A of the Companies Act, 1956. Pursuant to this decision, paragraph 63(g) of the Statement on Companies (Auditor’s Report) Order, 2003 stands amended as follows:
The term of office of Smt. Pratibha Devisingh Patil, President of India, ends on 24th July, 2012. An election to fill the vacancy caused by the expiration of the term of office of the outgoing President shall need to be completed before the expiration of her term. The law provides that the notification for election shall be issued on, or as soon as conveniently may be after, the sixtieth day before the expiry of term of office of the out going President.
Statement of Value of Votes of Elected Members of the State Legislative Assemblies and Both Houses of Parliament as Per Provisions of Article 55(2) of the Constitution of India & Facts at Glance- Presidential Elections from 1952 to 2007
Gross Direct Tax collections during April-May of the F.Y. 2012-13 was up by 3.62 percent at Rs. 52,232 Crore as against Rs. 50,407 Crore in the same period in F.Y.2011-12. While Gross Collection of Corporate Taxes showed a decline of (-) 2.82 percent during April-May of the F.Y. 2012-13 and stood at Rs. 24,329 Crore as against Rs. 25,035 Crore in the same period in F.Y. 2011-12. Gross collection of Personal Income Tax was up by 10.02 percent and stood at Rs.27,884 Crore as against Rs.25,344 Crore in the same period in F.Y. 2011-12.
