The income tax authorities have asked Rajasthan Royals, Kolkata Knight Riders and Kings XI Punjab-the three IPL teams co-owned by cine stars Shilpa Shetty, Shahrukh Khan and Preity Zinta, respectively-for information on the sources of their funding and ownership details.
Costs rise from 1st July 2010 for buyers of under-construction properties due to the imposition of a service tax on builders. Last week, the Central Board of Excise and Customs notified that a service tax of 10 per cent would be levied on the gross value (Excluding abatement) of a housing property under construction from July 1. Only properties built under the Jawaharlal Nehru National Urban Renewal Mission and the Rajiv Awaas Yojana would not be taxed.
Reserve Bank of India (RBI) has raised Repo and Reverse Repo rates by 25 basis points each to 5.50 percent and 4.0 percent respectively. At the same time, some liquidity management measures have been extended.These measures are expected to contain inflation and anchor inflationary expectations without hurting recovery process.
The dreaded extortion call from a bhai is unsettling for any construction tsar, but Mumbai’s builders are now quivering before far lesser mortals. The violations they indulge in, they gripe, are being ferreted out by a bunch of “professional complainants’’ with the help of the RTI Act, not to expose corruption, but to blackmail them.
The controversy surrounding the regulation of unit-linked insurance policies (Ulips) has failed to deter investors from holding on to their products or even getting new ones. At least the service tax collections from the product during April-May this fiscal bears testimony to the Ulip’s undeniable popularity. Service tax collections during the April-May is almost double the amount realised during the same period last year.
As corporate India comes to terms with the complex new system of accounting standards, which it will have to adopt beginning April 1, it is vexed with two related issues that it has no control over — taxation and the companies law.
Every year 1st of July is celebrated as the Foundation Day of ICAI as it was on this day in 1949 that the Parliament passed the Chartered Accountants Bill. Deputy Chairman of Rajya Sabha and the Guest of Honour at the celebration, Shri K. Rehman Khan said that the Chartered Accountancy profession has played a very important role in the economic growth of India during last 60 years. He expressed the view that the profession should not be restricted to audit the accounts of only the corporates or the business but should also be allowed to audit the public finance or the Government spending.
The Corporate Affairs Minister, Mr Salman Khurshid, has called for higher representation of women in the chartered accountancy profession, similar to the 33 per cent reservation for women in Parliament. “If there can be 33 per cent representation for women in Parliament, then why not something like that in the chartered accountancy profession too?,” Mr Khurshid said at the Chartered Accountants’ Day celebrations organised by the Institute of Chartered Accountants of India (ICAI) held here.
Exporters are demanding refund of taxes on diesel as they fear that subjecting the fuel to global rates would create problems for a power-starved industry, which depends on it for daily operations. Any decision to decontrol diesel prices, even in a phased manner, would affect exporters as they are dependent on diesel due to erratic electricity supply, apex exporters’ body FIEO said.
The Customs, Excise & Service Tax Appellate Tribunal has directed JetLite (formerly Sahara Airlines Ltd) to pay Rs 100 crore (Rs 1 billion) as a pre-deposit on a service tax dispute, pending final settlement.Of the amount, Rs 64 crore (Rs 640 million) is towards service tax arrears and the rest is penalty for non-payment. The amount in dispute, of alleged service tax arrears, is Rs 128 crore (Rs 1.28 billion). It is a tax demand based on the operations of the earlier Air Sahara, before its takeover by Jet.
