| Buying under construction flat will attract service tax on payment made before completion of construction Posted: 02 Mar 2010 07:45 PM PST The Budget proposals have thrown up a dampener for the housing industry. Construction services have now been brought under the ambit of the service tax in an unexpected move that would raise cost of apartments that are still under construction. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service tax on transportation of goods by railways will cost Railway dearly Posted: 02 Mar 2010 07:40 PM PST While the government stands to gain around Rs 1,000 crore from service tax on transportation of goods by railways, freight movement on the rail network may become unattractive in case of the tax being passed on to transporters. In the event of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Change in direct tax provisions which are expected to benefit us in coming year Posted: 02 Mar 2010 07:34 PM PST Tax slabs liberalized :-The most significant and far reaching change proposed is the amendment in the income tax slabs. This move is a definite step towards taking the tax slabs to the proposed Direct taxes code (DTC) to be implemented in next year. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Non tax breaks U/s. 80IA for telecom companies offering 3G services Posted: 02 Mar 2010 07:25 PM PST The Government has decided that telecom companies offering 3G services will not be allowed to claim tax breaks under Section 80 IA of the Income Tax Act. Benefits under Section 80 IA are extended to companies involved in infrastructure creation. In... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Fraudsters would soon find it difficult to raise multiple loans against the same property Posted: 02 Mar 2010 07:22 PM PST Fraudsters would soon find it difficult to raise multiple loans against the same property with the budget setting aside Rs 25 crore for a Central Electronic Registry. The Central Electronic Registry (CER) would be a database of all all mortgages and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010 and its Impact on Real Estate sector Posted: 02 Mar 2010 07:02 PM PST Real Estate sector which is slowly coming out of the Mid 2008 slump, has received good support from Union Budget 2010-11. While the budget has encouraged affordable housing below Rs 20 lakhs with 1% interest subvention for housing loan upto 10 lakhs... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Post budget 2010 medical treatment and medical insurance premium will cost more Posted: 02 Mar 2010 06:56 PM PST According to the Bill, tax will be levied on "a person covered by health insurance scheme, for any health check-up or treatment, where the payment for such health check-up or treatment is made by the insurance company directly to such hospital,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Domestic Air travel may cost more as airline companies may pass on service tax burden on customers Posted: 02 Mar 2010 06:51 PM PST Though levy of service tax on domestic air travel is negative, given the rebound in air travel, the players can fully pass on the impact to customers through hike in fares. The budget proposes to increase the scope of air passenger transport service... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBDT issued clarification on explanation to section 194A Posted: 02 Mar 2010 06:41 PM PST CBDT clarifies that Explanation to 194A is not meant to apply in cases of banks where credit is made to provisioning account on daily/monthly basis for the purposes of macro monitoring only by the use of CBS software [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Summary of Important Changes Proposed In Service Tax by Budget 2010 Posted: 02 Mar 2010 06:27 PM PST Following eight new services are proposed to be introduced: Services of promoting, marketing or organizing of games of chance, including lottery [Section 65 (105) (zzzzn)]. Health services, namely, health check up undertaken by hospitals or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Roll-over charges for foreign currency contracts have to be capitalized u/s 43A Posted: 02 Mar 2010 06:10 PM PST The assessee procured a foreign currency loan for expansion of its existing business. To ensure availability of foreign currency, the assessee booked forward contracts with a bank. The contract was for the entire amount and delivery of foreign... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Fees received by a foreign company for assigning contractual rights to an Indian entity is not taxable in India Posted: 02 Mar 2010 06:06 PM PST The Authority of Advance Rulings (AAR) has ruled that fees received by a foreign company for assigning contractual rights to an Indian entity is not taxable in India. The ruling of the AAR –– a quasi-judicial forum deciding queries on matters of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Two Custom officers in CBI net Posted: 02 Mar 2010 05:45 PM PST Two customs and central excise officers have been arrested by the CBI in connection with a tax evasion scam in Panaji that also saw arrest of Ahmadabad-based Adani Group MD Rajesh Adani. Both the senior officers were arrested on Monday from their... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| IT department alerts taxpayers against sharing personal details Posted: 02 Mar 2010 05:33 PM PST The IT department has alerted tax-payers against sharing personal financial information like PAN card number and credit cards details on the internet in the wake of a spurt in fake e-mails being sent to people. Concerned over fictitious and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI may announce norms to rationalise remuneration of CEOs and other key employees in private and foreign banks Posted: 02 Mar 2010 05:26 PM PST The Reserve Bank of India is likely to announce its draft guidelines on the compensation packages of private sector bank Chiefs by next month, a move aimed at aligning the salary structures with the business performance."The indications are that the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| NEW ICAI President Message to CA community Posted: 02 Mar 2010 05:22 PM PST The Institute today boasts of a very strong intellectual heritage and tradition of trust that our nation has in it, and it is my honour to be a part of this heritage and tradition. I understand the highest office, i.e.,the President's office, of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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