Finally ending the political controversy over losses suffered on Indian Premier League (IPL) matches, the Maharashtra government has decided to tax the lucrative cricket tournament, according to an affidavit filed before the Bombay High Court on Monday.
The process of drafting a new Vision document – Vision 2020 is nearing completion. An important component of the Vision 2020 document is the Citizens’ Charter 2010. As a part of Vision 2020, the Citizens’ Charter 2007 was revisited by a Working Group constituted by the CBDT.
Shri Deora calls upon state Governments to bring down High rates of VAT on Petrol Diesel ; replace Ad-valorem Levies by Specific one. High VAT rates by some states ON PDS Kerosene needs review in view of lighting and cooking usage by the common man.
The government on Tuesday proposed to retain the income tax exemption for up to Rs 1.5 lakh paid as interest on housing loans in a year, a step that brings cheers back to home loan borrowers. The revised discussion paper on Direct Taxes Code (DTC), which would replace the decades old Income Tax Act, has retained the tax exemption for up to Rs 1.5 lakh paid as interest on housing loans. The revised draft is put up for public comments till June 30.
The Delhi High Court has held that an entity seeking tax deduction cannot be penalised just because it has not supported the claim with documents in its annual return. The judgement was passed on a petition filed by the Income Tax Department, seeking imposition of penalty on the Industrial Finance Corporation of India Limited (IFCI) because it had allegedly furnished “inaccurate particulars” of income to claim tax deduction.
THE Institute of Chartered Accountants of India (ICAI) has opposed State Bank of India’s (SBI) decision to appoint a single audit firm for its tax audit for the current fiscal, a move which it says could compromise its quality of audit as opposed to the bank’s present practice of getting the work done by multiple firms. The ICAI, which earlier approached SBI’s top management raising its objection on the issue but did not got a favourable response, is now planning to approach the Reserve Bank of India as it fears that the move could see other banks following suit. “
The Direct Taxes Code is unlikely to give much relief to income tax payers as the finance ministry today said the higher slabs, proposed earlier, may be altered in the Bill. The move is aimed at offsetting the revenue losses arising from the new proposal to drop the earlier plan to tax provident and pension funds at the time of withdrawal and levy MAT on gross assets and not profits.
A parliamentary panel of experts studying the new Companies Bill is likely to come up with suggestions in this regard, said a corporate affairs ministry official, requesting anonymity. The development assumes significance in the wake of the government’s renewed efforts to quicken the share sales of many state-owned firms that are hamstrung by the lack of a requisite number of independent directors on boards. Market regulator Sebi’s guidelines require that 50% of a company board should be stuffed with independent directors.
Reserve Bank Governor D Subbarao today said the central bank is in favour of deregulating interest rates on savings accounts as part of financial sector reforms. “Deregulation of interest rates (including savings rates) is an important way forward for reforms. The base rate system that would come in to affect from July 1 is also an important reform method,” he said here.
The Government of India (GOI) had released a draft Direct Taxes Code (DTC) along with a Discussion Paper in August 2009 for public comments. Since then, a number of inputs on the proposals outlined in these documents have been received from a large number of organizations and individuals. These inputs have been examined and major issues on which various stakeholders have given their views have been identified.
