| Service tax on Management, Maintenance or Repair Services for Goods, Equipments or Properties Posted: 21 Mar 2011 08:44 PM PDT 
"Management, Maintenance or Repair" means any service provided by— (i) any person under a contract or an agreement; or (ii) a manufacturer or any person authorised by him, in relation to,— (a) management of properties, whether immovable or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Benefit of weighted deduction on in-house Research and Development expenditure is allowed from the year in which the taxpayer has filed an application and not when it is approved by DSIR Posted: 21 Mar 2011 07:19 PM PDT 
Delhi High Court in the case of CIT v. Sandan Vikas (India) Ltd. (ITA No. 348 of 2011) (Judgement date: 24 February 2011, Assessment Year: 2005-06) held that the taxpayer was eligible to claim weighted deduction on in-house Research and Development... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Payments received for leasing of transponder capacity and bandwidth cannot be taxed as 'royalty' under the Section 9(1)(vi) of the Act Posted: 21 Mar 2011 07:12 PM PDT 
Delhi bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Intelsat Corporation (ITA No.5443/D/2010) (Judgment Date: 4 March 2011, Assessment Year: 2007-08) held that income received by the non-resident taxpayer from leasing of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Notional brought forward losses and depreciation should be set off in the current year while calculating the deduction u/s. 80-IA even though they have been set off against other income in earlier years Posted: 21 Mar 2011 07:10 PM PDT 
Hyderabad bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Hyderabad Chemicals Supplies Limited v. ACIT (ITA No. 352/Hyd/2005) (Judgment date: 21 January 2011) held that as per the provision of Section 80-IA(5) of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Mumbai ITAT rules that transfer of an undertaking under slump exchange is not liable to capital gains tax Posted: 21 Mar 2011 07:01 PM PDT 
Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal), in the case of Bharat Bijlee Limited v. ACIT (ITA NO.6410/MUM/2008) (Judgment Date: 11 March 2011, Assessment Year: 2005-06) , held that where a business undertaking is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Govt slaps Rs 700 cr fine on telcos for violation of laws Posted: 21 Mar 2011 06:57 PM PDT 
Acting tough, the government has imposed fines worth Rs 700 crore on various telecom operators for carrying out illegal and clandestine activities in their services, particularly for non-compliance of the subscriber verification process. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Patel for making CSR spends by private companies mandatory Posted: 21 Mar 2011 06:55 PM PDT 
Union Heavy Industries Minister Praful Patel today batted in favour of making CSR (corporate social responsibility) spends mandatory for private companies , saying it is necessary for the upliftment of people. "I think the corporate sector cannot... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Admission to CS Foundation Programme for 10+2 Pass Students Posted: 21 Mar 2011 06:51 PM PDT 
Admission to Company Secretaries (CS) Foundation Programme is on. 10+2 pass/ appearing students seeking admission till 31st March, 2011 will be eligible for Examination in December, 2011. Students of any stream- Arts / Science / Commerce (... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Reduce stamp duty to limit black money inflows in real estate- PM Posted: 21 Mar 2011 06:35 PM PDT 
In order to check flow of black money into real estate sector, Prime Minister Manmohan Singh today said stamp duty needs to be reduced, a step that realty players welcomed, stating it will bring in more transparency. [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Consider Special Investigation Team (SIT) on black money- SC to govt Posted: 21 Mar 2011 06:33 PM PDT 
The Supreme Court Friday asked the government to consider the option of setting up a Special Investigation Team (SIT) to probe the black money stashed away by Indian citizens in foreign banks. An apex court bench of Justice B Sudershan Reddy and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Conversion of Shipping Bill – Nothing is simpler in this country Posted: 21 Mar 2011 06:12 PM PDT 
Circular no. 36/2010-Cus dt. 23.09.2010 was issued for simplifying the procedure related to conversion of shipping bills. It was issued as a consequence of series of Tribunal judgments which held that the conversion of free shipping bills to export... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Vat on Fabric with reference to the Maharashtra Value Added Tax Act-2002 Posted: 21 Mar 2011 05:45 PM PDT 
What do the words ROTI & MAKAN mean to a common man is very well known. These two basic needs of a common man are today very uncommon, thanks to the very high rate of food inflation and extra super inflation in the prices of need based House.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Workshop on Indirect Tax Proposals of Union Budget – 2011-12 Posted: 21 Mar 2011 05:38 PM PDT 
The Institute of Chartered Accountants of India organized a Workshop on Indirect Proposals of the Union Budget 2011-12 at its Headquarter in New Delhi on March 17,2011. The Workshop was addressed by Shri S. Dutt Majumder, Chairman, Central Board of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| National interest paramount, not MNCs contractual rights – SC Posted: 21 Mar 2011 05:26 PM PDT 
The Supreme Court has ruled that private companies cannot complain about violation of their contractual rights by government when national interest is involved in awarding contracts for public projects involving taxpayers' massive money. A bench of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Inflation Impact – Companies hike salaries by 40 pc Posted: 21 Mar 2011 05:23 PM PDT 
With day-to-day living turning costlier, companies have raised salaries to as high as 40 per cent especially at the junior levels, say experts. In recent times, inflation has been at high levels due to soaring prices of essential commodities.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Message 'Unhappy' to resolve complaints with SBI Posted: 21 Mar 2011 05:20 PM PDT 
Not satisfied with the services you get from the nation's largest lender SBI and want to get back to the bank on the same? Forget the pen and paper to write it down or even email the same; just message "Unhappy" and your issue will be resolved... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Second Meeting of Inter Ministerial Group(IMG) on Inflation Held Posted: 21 Mar 2011 05:01 PM PDT 
The second meeting of the Inter-Ministerial Group (IMG) on inflation was held today under the Chairmanship of Dr Kaushik Basu, Chief Economic Advisor (CEA), Ministry of Finance. The IMG was set-up at the suggestion of the Prime Minister on 2nd... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| India to open income tax offices in 8 countries Posted: 21 Mar 2011 04:59 PM PDT 
India plans to open income tax offices in eight countries including United States, Britain, Germany and the UAE to trace tax evaders, parliament was told Friday. The government has taken steps to operationalise eight new Income Tax Overseas Units... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Over Rs 3 lakh cr of direct taxes locked up in litigation- CAG Posted: 21 Mar 2011 06:47 AM PDT 
Over Rs 3 lakh crore in direct taxes, which is more than the annual corporate tax collection, is locked up in litigation at various levels. While Rs 2.2 lakh crore of revenue was locked up in appeal cases with Commissioner of Income Tax (Appeals)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Online transmission of DES (Advance Authorization), EPCG and DEPB at 7 new port locations w.e.f. 21.3.2011 – reg Posted: 21 Mar 2011 06:42 AM PDT 
Policy Circular No. 26 (RE-2010)/2009-14- As and when Customs (CBEC) have conveyed their readiness to implement on-line message exchange between Customs and DGFT, Policy Circulars have been issued from time to time by DGFT indicating the names... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Invitation to collaborate in the activities of Committee for Members in Entrepreneurship and Public Services Posted: 21 Mar 2011 06:31 AM PDT 
The ICAI is proud to acknowledge various professional achievements which its members in Entrepreneurship or Public Service have achieved during the course of their professional career or otherwise. In order to encourage and enhance their... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Bigger tax sops for big corporates – CAG Posted: 21 Mar 2011 06:27 AM PDT 
Bigger corporate you are, the lesser tax you pay as more exemptions are available to you, the Comptroller and Auditor General (CAG) has found. As against the statutory 33.9%, 179 top companies with profit before tax (PBT) of Rs 500 crore and above... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Complete diminution investment Value to be added to book profits while computing MAT Posted: 20 Mar 2011 10:24 PM PDT 
Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of ITO v. TCFC Finance Limited (ITA No.1299/Mum/2009) (Judgement date- 9 March 2011 Assessment Year 2004-05) held that the provisions of Minimum Alternate Tax (MAT) deals... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Service tax on Mailing List Compilation and Mailing Services Posted: 20 Mar 2011 10:20 PM PDT 
Mailing List Compilation and Mailing Services means any service provided or to be provided to any person, by any other person, in relation to mailing list compilation and mailing; "Mailing List Compilation and Mailing" means any service in relation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Service tax on Real Estate Agent's Services Posted: 20 Mar 2011 10:15 PM PDT 
Real Estate Agent's Services means any service provided or to be provided to any person, by a real estate agent in relation to real estate. "Real estate agent" means a person who is engaged in rendering any service in relation to sale, purchase,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Service tax on Security Agency's Services Posted: 20 Mar 2011 10:11 PM PDT 
Security Agency Services means any service provided or to be provided to any person, by a security agency in relation to the security of any property or person, by providing security personnel or otherwise and includes the provision of services of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Service Tax on Management or Business Consultant's Services Posted: 20 Mar 2011 10:10 PM PDT 
Management or Business Consultant's Services means any service provided or to be provided to any person, by a management or business consultant in connection with the management of any organization or business in any manner; "Management or business... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Service tax on Rail Travel Agent's Services Posted: 20 Mar 2011 10:05 PM PDT 
Rail Travel Agent's Services means any service provided or to be provided to any person, by a rail travel agent in relation to booking of passage for travel by rail. "Rail travel agent" means any person engaged in providing any service connected... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Service tax on Medical Records Maintenance Service Posted: 20 Mar 2011 10:00 PM PDT 
Medical Records Maintenance Service means any service provided or to be provided to any business entity, by any other person, in relation to storing, keeping or maintaining of medical records of employees of a business entity. [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Service tax on Recovery Agent's Services Posted: 20 Mar 2011 09:55 PM PDT 
Recovery Agent's Services means any service provided or to be provided to a banking company or a financial institution including a non banking financial company or any other body corporate or a firm, by any person, in relation to recovery of any... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Service tax on Public Relation Service Posted: 20 Mar 2011 09:50 PM PDT 
Public Relation Service means any service provided or to be provided to any person, by any other person, in relation to managing the public relations of such person, in any manner. "Public relations" includes strategic counseling based on industry,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Service tax on Insurance Business Services (General Insurance) Posted: 20 Mar 2011 09:45 PM PDT 
Insurance Business Services (General Insurance) Service means any service provided or to be provided to a policy holder or any person, by an insurer, including re-insurer carrying on general insurance business in relation to general insurance... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
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