To avoid disputes like the Vodafone tax case in future, government is contemplating incorporation of provisions on taxation of overseas deals from the stalled Direct Taxes Code (DTC) Bill in the Budget for 2012-13.
With the Election Commission keeping a strict vigil on expenditure in the Assembly polls, many candidates have roped in tax experts like Chartered Accountants to ensure that their spending remains within the maximum limit.
An Income Tax official was today convicted for bribery charges in a case filed by the CBI. P K Chandrasekaran, Income Tax officer in the Office of Joint Commissioner of Income Tax, Tambaram range, was trapped in 2008 while demanding and accepting a bribe of Rs 1500 from one V Manikandan for releasing a refund of Rs 20,346.
Calling of Tender for Digitization of Manually filed Service – Tax Returns pertaining to Service Tax-I, Mumbai Commissionerate. The Service Tax-I, Mumbai Commissionerate is inviting quotations from experienced Service Providers/Contractors having vast experience in the field of data management for capturing below mentioned fields from the manually filed ST-3/ST-3A Returns in Excel format. The data will be submitted to the department in CD.
The Supreme Court judgement on Vodafone tax case seems to have opened a Pandora’s box with exporters too expressing reservation on tax deducted at source (TDS) for payment with regard to overseas transactions. Exporters’ body FIEO today questioned the applicability of Section 195 of the Income Tax Act, under which they are asked to pay TDS on payments made for foreign agency commissions, royalties and offshore professional services.
Muneesh Kapur1 This paper focuses on modelling and forecasting inflation in India using an augmented Phillips curve framework. Both demand and supply factors are seen as drivers of inflation. Demand conditions are found to have a stronger impact on non-food manufactured products inflation (NFMP) vis-a-vis headline WPI inflation; moreover, NFMP is found to be more […]
TRAI today exempted the machine to machine and person to machine messages from the limit of 200 SMS per day per SIM. All the provisions of “The Telecom Commercial Communications Customer Preference Regulations, 2010” issued by TRAI on 1.12.2010 have come into force from 27th September 2011. As per the provisions of such regulations, no Access Provider shall permit sending of more than two hundred SMS per day per SIM.
The Ministry of Corporate Affairs has established an added facility under MCA 21, integration with Trade Mark Authority recently. The added feature facilitates professional / public to cross verify Company name before applying for ROC approval.
A short while ago, we put out the monetary policy measures accompanying this Review. Based on an assessment of the current macroeconomic situation, we have decided to: Cut the cash reserve ratio (CRR) of scheduled banks by 50 basis points from 6.0 per cent to 5.5 per cent of their net demand and time liabilities (NDTL). This will be effective the fortnight beginning January 28, 2012. This reduction in the CRR will inject around ` 320 billion of primary liquidity into the system.
Since the Second Quarter Review (SQR) of Monetary Policy in October 2011, there have been significant changes in the global scenario. On the one hand, concerns over the sustainability of sovereign debt problem in the euro area have intensified. On the other, there are modest signs of improvement in the US. In the emerging and developing economies (EDEs), growth has been moderating, reflecting the sluggishness in the advanced economies and the impact of earlier monetary tightening. Overall, notwithstanding the signs of recovery in the US, global growth prospects have weakened since the SQR.
