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).

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

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

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

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

RBI study doubts efficacy of price data for monetary policy

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.

FM seeks views on GST from Parliamentary wings of all parties

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.

IRDA to soon come up with new regulations on bancassurance

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.

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