PAYMENT made in kind too is liable to be taxed in India, said the Supreme Court in a ruling last month. The apex court in July dismissed an appeal filed by Kanchanganga Sea Foods, an Andhra Pradesh-based company, which was asked to pay tax on the payment it made to a Hong Kong-based firm Eastwide Shipping.
On the run from the law for one year and now out on bail, fake doctor Munir Khan managed to monitor the production of his younger son Munish’s debut film. Titled Payback (any reflection of the victims’ sentiments is purely coincidental), the film, produced by his elder son Sarosh, is slated to release in November.
The Institute of Chartered Accountants of India soon proposes to start coaching classes for students through virtual classrooms, the Institute’s Vice-President, Mr G Ramaswamy, told journalists here on Sunday. “We will facilitate more virtual classrooms where students can access lectures and also download revisionary test papers, supplementary study material and suggested answers to prepare for exams,” he said.
The Delhi High Court today said People of Indian Origin (PIO) and Overseas Citizen of India (OCI) cannot represent India in international sports events saying they owe their allegiance to their adopted countries. Upholding the Centre”s policy of not allowing people of Indian origin holding foreign passport to represent the country in a sports event, Justice S Muralidhar said that as long as governemnt does not recognise dual citizenship in all aspects, foreign passport holders should not be permitted to play for India in international events.
“I have no intention of becoming the Super Finance Minister to interfere with the State GST…They (states) will have their rights as I shall have my right,” he said while replying to the discussion on the supplementary demand for grants.
The results of the Chartered Accountants Professional Education Examination-II (PEE-II), Professional Competence (PCE) and Integrated Professional Competence Examinations (IPCE) held in May 2010 were declared recently.
The purpose of these rules is to introduce clarity and certainty in the matter of levy and collection of Service Tax particularly in situations of change of rate of service tax or imposition of service tax on new services. At present there is lack of clarity as to the date from which the changed rate or a new levy of service tax become payable and tax payers as well as tax officials face uncertainty in this regard as the provisions are not explicit.
Noting that public disclosure of names of bank loan defaulters could harm investors’ interests, Government today ruled out a legislation to recover non-performing assets. “Government’s interest is to reduce NPAs and recover outstanding loans from big, medium and small defaulters,” Finance Minister Pranab Mukherjee said in the Lok Sabha.
In yet another blow to the Centre’s plans on the proposed GST, the states today categorically stated that petroleum products will be out of the proposed indirect tax regime, even as the Centre pressed for the same saying such a move can check wild volatility in fuel prices.
The Securities and Exchange Board of India (Sebi) today asked companies to categorically state whether shares of the custodians, against which depository receipts (DRs) are issued, belong to the promoter or non-promoter entity, a move that will have repercussion for the 25 per cent public holding norms issued recently.
