Service tax liability can be shifted – SC

Earning capacity of deceased should be taken in account while calculating loss of income to family Posted: 05 May 2012 08:50 PM PDT The Supreme Court has enhanced the compensation to the widow and dependents of a person who was killed in a road accident, ruling that the future earning capacity of the deceased should also be taken into account while calculating the loss of income to the family. In this case, Santosh Devi vs... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax liability can be shifted – SC Posted: 05 May 2012 08:12 PM PDT As far as the submission of shifting of tax liability is concerned, as observed in paragraph 9 of Laghu Udyog Bharati (Supra), service tax is an indirect tax, and it is possible that it may be passed on. Therefore, an assessee can certainly enter into a contract to shift its liability of service... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Irregularities in Sesa Goa Firm Posted: 05 May 2012 07:36 PM PDT M/s Sesa Goa Ltd (SGL) was ordered to be investigated by the SFIO on 23.10.2009 u/s 235 of the Companies Act, 1956. Based on the recommendations made by the SFIO in its investigation report prosecutions under Sections 147 and 395 of the Companies Act, 1956 have been filed in Court while prosecution... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Custom Duty Exemption to Cut & polished diamonds sent abroad & re-imported Posted: 05 May 2012 07:31 PM PDT Cut and polished diamonds sent abroad and re-imported after certification/ grading by the laboratories/ agencies as notified in the Foreign trade Policy have been exempted from two percent basic customs duty with effect from 9.3.2012. The exemption is a facilitation measure to ensure that the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI – No Change in Schedule of Paper 4 of PCE Exam Posted: 05 May 2012 07:27 PM PDT Enquires are being received as to whether the examination for the Paper - 4 of Professional Competence Examination (PCE) and Paper - 3 of Integrated Professional Competence Examination (IPCE) Cost Accounting and Financial Management which is scheduled to be held on 8th May, 2012 has been postponed... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Policy Rate Reversal After 3 Years to help in Investment Revival – FM Posted: 05 May 2012 07:19 PM PDT The Union Finance Minister Shri Pranab Mukherjee said that the monetary authority in India has on 17th April 2012 reversed the policy rates for the first time, after a gap of nearly three years. He said that he hopes this will help in investment revival and contribute to strengthening of business... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Future Implementation of XBRL Posted: 05 May 2012 07:16 PM PDT The Ministry of Corporate Affairs has set up a Committee to develop the roadmap for future implementation of Extensible Business Reporting Language (XBRL). This Committee comprises of XBRL experts and representatives from the corporate sector as well as the Institute of Chartered Accountants of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Lesser Known tax saving tips Posted: 04 May 2012 10:10 PM PDT For most of the people 'tax savings' brings to mind life insurance, PPF, NSC, and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80 C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1 lakh under 80C. and upto Rs. 20,000 under...