Financial News The issues which this Revised DTC Discussion Paper addresses are: Minimum Alternate Tax (MAT) – Gross assets vis-a-vis book profit. • Tax treatment of savings – Exempt Exempt Tax (EET) vis-a-vis Exempt Exempt Exempt (EEE) basis. • Taxation of income from employment - Retirement benefits and Perquisites. • Taxation of income from house property. v. Taxation of capital gains • Taxation of non-profit organisations • Special Economic Zones – Taxation of existing units • Concept of Residence in the case of a company incorporated outsideIndia. • Double Taxation Avoidance Agreement (DTAA) vis-a-vis domestic law. • Wealth Tax. • General Anti Avoidance Rule (GAAR).

Direct Tax Code Bill deferred by a year

The Direct Tax Code Bill has been delayed by a year in Parliament. The Bill will come into effect from April 2012. The government tabled the Bill in the Lok Sabha. The Bill proposed to raise the exemption limit on income tax from the current Rs 1,60,000 to Rs 200,000.

GST Rollout GST Rollout

DTC a step towards taking Indian taxation to global standards

The decision to hike Minimum Alternate Tax (MAT) rate to 20% from 18% now is being seen as a retrograde step from the taxation system point of view. As per tax practioners, analysts and industrialists and all of them agreed that apart from the proposals on MAT, the Direct Tax Code (DTC) as a whole, that the government now plans to place before the Parliament , will be a step towards taking the Indian direct taxation system to global standards.

Indian Taxation Standards Indian Taxation Standards

Direct Tax Bill approved by cabinet

Cabinet on Thursday approved a bill to simplify the country’s archaic direct tax laws, law minister Veerappa Moily said. The direct tax code bill is a key reform aimed at widening the tax net and increasing revenues for the federal government.

Direct Tax Code DTC Direct Tax Code DTC

GST to miss rollout deadline of April 1, 2011

The much awaited new indirect tax regime Goods and Service Tax (GST) is unlikely to be implemented from the scheduled date of April 1, 2011, a top government official said. “In all probability it (the introduction of GST) will miss the deadline,” Revenue Secretary Sunil Mitra told.

GST Rollout GST Rollout

ITAT: No penalty for genuine delay in return filing

In an order that will help companies and individuals who face penalty proceedings on account of the delay in filing returns, a Delhi bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that penalty cannot be levied if there is a genuine reason for the delay.

Delay In Reuen Filing Delay In Reuen Filing

Though software is “goods”, its supply may be a “service” and not a “sale”

September 3rd, 2010

Infotech Software Dealers Association
vs.
UOI
(Madras High Court)

S. 65(105)(zzzze) of the Finance Act, 1995 inserted by the F (No. 2) Act, 2009 provides for the levy of service tax on “any service provided … to any person, by any other person in relation to information technology software for use in the course, or furtherance, of business or commerce, including … acquiring the right to use information technology software …”

The Petitioner, an association of software resellers, contented inter alia that as software had been held to be “goods” by the Supreme Court in Tata

Read More »

FM asks CBEC and CBDT to Set-Up Standing Committee at CCs Level for Litigation Management

September 3rd, 2010

The Finance Minister, Shri Pranab Mukherjee has asked the Central Board of Direct Taxes (CBDT) and Central Board of Customs and Excise (CBEC) to constitute Standing Committee at the level of Chief Commissioners to have a systematic bottom to top approach for litigation management.

Shri Mukherjee was speaking at a review meeting with the Chief Commissioners and Commissioners of Income Tax, Customs and Central Excise in Mumbai Asking both the Boards to improve human resource

Read More »

RBI study doubts efficacy of price data for monetary policy

September 3rd, 2010

Even as the Reserve Bank of India (RBI) has been tightening monetary policy to attack inflation, a study by the central bank says various measurements of the rate of price rise in India make it difficult to frame policies, as all of them are volatile in nature.

“In the Indian context, the alternative measures of inflation, such as month-over-month seasonally adjusted inflation and core inflation, do not exhibit the desirable properties for becoming the key reference indicators in monetary policy, as they are significantly volatile, like the headline inflation,” the study by the central bank said.

Read More »

FM seeks views on GST from Parliamentary wings of all parties

September 3rd, 2010

The government banks on the support of the Bharatiya Janata Party (BJP) to push the Insurance and LIC Bills in the next Parliament session, but it seems to have adopted different tactics on the Goods and Services Tax (GST) Bill.

To put BJP under pressure, Finance Minister Pranab Mukherjee has sent letters to the Parliamentary wings of all parties, seeking “views” on GST.

Read More »

IRDA to soon come up with new regulations on bancassurance

September 3rd, 2010

After months of intense focus on unit-linked insurance plans, which has resulted in a complete overhaul of norms, the insurance regulator is now looking at other areas.

One area is the distribution of products. “Product efficiency alone will not contribute to a healthier market,” said Irda chairman J Harinarayan. He added that the regulator was looking at the manner in which corporate agents, banks and telemarketers sold insurance policies.

Read More »

BSE Brokers’ forum submits white paper on unauthorised trades to SEBI

September 3rd, 2010

The BSE Brokers’ Forum has submitted a white paper on unauthorised trades in the securities market to market regulator, Securities and Exchange Board of India (Sebi).

The objective of the paper is to apprise the regulator of the difficulties faced by brokers - small and medium sized - while dealing with trading-related problems and to find a solution. The move is part of the forum’s efforts to create awareness about the menace of unauthorised trades, and to help investors take informed decisions while investing in the stock market.

Read More »
Page 1 of 7371234510...Last »
Forum4Finance Facebook Twitter Yahoo Group Google Group
Forum4Finance Email Updates

Forum4Finance ForumSSM Updates
Find VacanciesFinance JobsPost Vacancies

  • F4F Featured Video

Download Forms in Word, Excel and PDF formats
  • Fema Forms - Forms on Details of Remittances, Currency Declaration form, Issue of Shares, FTD Statement, Trade Credits and more...
  • Excise Forms - GAR Challan, Form A-1, A-2, A-3, Declaration FORM, Personal Ledger Account, Form ER – 7 and more...
  • Partnership Form - Model Partnership Deed , Modifying the Partnership Deed, Admitting New Partner, Retirement Deed, Forms Required for Formation / Dissolution and Change in Constitution of Partnership Firm and more...
  • Wealth Tax Forms - Return of Net Wealth, Warrant of authorisation under section 37A, Report of valuation of forests, Statement of valuation of jewellery, Report of valuation of works of art and more...
  • Service Tax Forms - Service Tax Payment Challan, Application for Registration, Service Tax Return, Application for Advance Ruling, Application for Permission to file ST3 Returns Electronically, Memorandum for Provisional Deposit & more...
  • Income Tax Forms - Declaration to be filed by the assessee claiming deduction under section 80GG , Claim for refund of tax, Challan form for depositing Income Tax, New amended Form No. 27D - TCS Certificate and more...
  • ITR Forms - ITR 1, 2, 3, 4, 5, 6, 7, 8, 9, Income Tax Return Utility for online filing, Income Tax Return Word Format, Income Tax Return Excel Format and more...

Important Financial News
Powered by WordPress | Find BlackBerry Phones for Sale Online. | Thanks to Top Bank CD Rates, Free MMORPG Games and Home Information Packs