Maharashtra Vat On Fabric – Fresh Confusion from 1st May 2011

Maharashtra Vat On Fabric – Fresh Confusion from 1st May 2011 Posted: 19 May 2011 07:29 PM PDT Ever Since the rate of excise duty on fabric under Additional Duties of Excise (Goods of Special Importance)(AED-GSI) Act, 1957 was lowered to NIL % w.e.f._01-03-2006 it was widely perceived by the Textile Industry (Fabric) that the levy of state... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Service Tax- Sub-contractors for the infrastructure sector Posted: 19 May 2011 06:55 PM PDT CBEC vide Circular No. 138/07/2011-ST dated 6 May 2011 has yet again clarified that a Sub-contractor providing its services has to be classified under the taxable service category which gives the most specific description and not to the taxable... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Understanding Transfer Pricing With Latest Case Laws Posted: 19 May 2011 06:50 PM PDT Data of the rate charged to unrelated parties should be available. 01. Transfer Pricing provisions are not attracted in the case of transfer of the shares of the company when due to DTAA provisions, capital gain on such shares are not taxable. 02.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Service tax applicable on maintenance, repair and overhauling (MRO) services to airlines by GMR Venture in SEZ – AAR Posted: 19 May 2011 06:40 PM PDT A tax tribunal has ruled that service tax will apply on the proposed GMR-led joint venture in Special Economic Zone to provide maintenance, repair and overhauling (MRO) facilities to domestic and foreign airlines. The ruling was given by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] ROC to probe market research agency Speak Asia Posted: 19 May 2011 06:40 PM PDT The Ministry of Corporate Affairs (MCA) has ordered a probe into market research agency Speak Asia after media reports unearthed shady workings of the firm. Speak Asia has been under the scanner for alleged using false high profile client names to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] SEZ unit and developers requires sanction of Unit Approval Committee for availing service tax refund Posted: 19 May 2011 06:39 PM PDT The government today vide circular no. Circular No.142/11/2011 – ST dated 18th May 2011, said that SEZ unit and developers would require the sanction of Unit Approval Committee for availing benefits of service tax refund. Besides, developers and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Mutual Funds to provide option to investors to receive allotment of Mutual Fund units in their demat account for all schemes Posted: 19 May 2011 06:30 AM PDT In order to facilitate investors, Mutual Funds should provide an option to the investors to receive allotment of Mutual Fund units in their demat account while subscribing to any scheme (open ended/close ended/Interval). Therefore Mutual Funds/AMCs... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Excise, service tax evasion of Rs 5,000 crore in FY'11 Posted: 19 May 2011 06:21 AM PDT Tax sleuths unearthed central excise and service tax evasion amounting to over Rs 5,500 crore in the 2010-11 financial year, even as pressure mounted on the government to crack down on black money. [[ This is a content summary only. Visit www.taxguru.in for full article ]] Andhra Pradesh High Court stays Service Tax On Lawyers Posted: 19 May 2011 04:41 AM PDT Pursuant to a Writ Petition challenging the imposition of service tax on lawyers and the prayer seeking interim relief by way of 'restraining the Respondents from giving effect to directly or indirectly or acting upon the impugned provisions or... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Powers of phone tapping continue to remain with us – CBDT Posted: 19 May 2011 01:06 AM PDT The Central Board of Direct Taxes (CBDT) on Tuesday said the power of phone tapping of suspected tax evaders continued to remain with it and there has been no change in the government policy in this regard. [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI raises NPA provisioning for bad loans Posted: 19 May 2011 12:59 AM PDT The Reserve Bank of India (RBI) today tightened the prudential norms for banks and raised provisioning requirement for bad loans by up to 10%, a development that would impact bottom lines of banks. [[ This is a content summary only. Visit www.taxguru.in for full article ]] IASB issues four new standards (IFRS) Posted: 19 May 2011 12:25 AM PDT IFRS 10 Consolidated Financial Statements includes a new definition of control, which is used to determine which entities are consolidated, and describes consolidation procedures. IFRS 11 Joint Arrangements describes the accounting for joint... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Industry condemns Move to end DEPB scheme Posted: 18 May 2011 11:47 PM PDT Taxmen have seized black money to the tune of a whopping Rs 30,000 crore (Rs 300 billion) in the country in the past two years, said the Central Board of Direct Taxes which is set to get investigative powers to boost its drive against wrong-doers. [[ This is a content summary only. Visit www.taxguru.in for full article ]] Benefit of Central Excise duty exemption on pipes against S. No. 7 in column (3) of the Notification No. 6/2006 (CE) dated 1-03/06 as further amended vide No. 6/2007 dated 1-3-07 & 26/2009 dated 4/12/09 Posted: 18 May 2011 10:33 PM PDT Circular No. 945/6/2011-CX Exemption is limited to pipes needed for delivery of water from its source to the water treatment plant and from there to the first storage point and that the duty concession was not available for pipes required to supply... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 2G Scam – CBI shielding Tatas, Balwa tells court Posted: 18 May 2011 10:32 PM PDT The CBI's heart beats for the Tatas, 2G scam accused Shahid Usman Balwa alleged in court today, questioning the agency's portrayal of the group as a victim of A. Raja's spectrum allocations. Tatas never had any strained relations with Raja. In fact,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] DEPB scheme to end on June 30 – Mitra Posted: 18 May 2011 10:23 PM PDT Rejecting exporters' repeated pleas, the Finance Ministry today said the popular DEPB tax rebate scheme will come to an end from June 30, saving revenue for the government. [[ This is a content summary only. Visit www.taxguru.in for full article ]] Rupee my depreciate upto 20 Percent in next two years Posted: 18 May 2011 10:06 PM PDT According to a report by financial and business reserach firm Evalueserve, there will be pressure on the Rupee unless steps are taken to fix certain structural issues like high current account deficit and dwindling investments.The Indian Rupee may... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Exchange 25 paise coins before June 30 Posted: 18 May 2011 10:04 PM PDT Reserve Bank on Wednesday asked public to exchange 25 paise coins and those with lower denominations with banks before June 30, the day from which they would be demonetised or cease to be a legal tender for payment. [[ This is a content summary only. Visit www.taxguru.in for full article ]] No immunity to IMF chief, says US Posted: 18 May 2011 10:01 PM PDT The managing director of International Monetary Fund Dominique Strauss-Kahn, who has been arrested in New York on alleged rape charges, does not enjoy any diplomatic immunity, the US has said. Simultaneously, the White House said it has full faith... [[ This is a content summary only. Visit www.taxguru.in for full article ]] IMF chief jailed without bail in NY hotel-sex case Posted: 18 May 2011 09:53 PM PDT Haggard and unshaven after a weekend in jail, the chief of the IMF was denied release on bail Monday on charges of trying to rape a hotel maid as allegations of other, similar attacks by Dominique Strauss-Kahn began to emerge. [[ This is a content summary only. Visit www.taxguru.in for full article ]] IASB flays India for postponing over IFRS Posted: 18 May 2011 09:39 PM PDT The International Accounting Standards Board (IASB) on Wednesday flayed India's dilly-dallying on implementing global accounting norms IFRS and said that it is undermining the country's global standing. New Delhi needs to curb its anxiety to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]