CIRCULAR NO. 11
The prevalence of divergent practices in field formations with respect to the determination of assessable value of imported goods that are warehoused US 58/59 of the Customs Act, 1962 and sold before being cleared for home consumption has been brought to the notice of the Board.
The high court has once again put a stay order on the authorities’ move to collect service tax on rentals paid since July 2007.
A bench headed by Chief Justice SH Kapadia recently issued a notice to UTV Software Communications Ltd on the petition filed by the finance ministry. The HC ruling last April was on a petition filed by Home Solutions Retail India Ltd. This petition too comes up for hearing in the Supreme Court on July 13.
The first installment of advance tax for the financial year 2010-11 is due this month. The deadline for payment of this installment of the advance tax is Tuesday 15th.
According to the Income Tax Act, assessees are required to pay tax in advance in a previous year if their tax liability for the year is likely to be Rs 10,000 or more.
Four retailers will be approaching various High Courts across the country to seek a stay order on the service tax on commercial rentals that was imposed in this year’s Budget by FM.
The Delhi High Court had granted a stay in April 2010 in favour of Home Solutions Retail India Ltd on recovery of service tax under the newly amended Section 65 (105) (zzzz) under “Renting of Immovable Property Service”.
A complaint has been filed with market regulator SEBI, seeking to prevent Gujarat government owned blue chip company GSPC from going to the market to mop up over Rs 3500 crore to fund its various projects.
City-based Amarsing Chavda who has moved Sebi has charged that “the company has hidden some facts from the regulator.”
With the Income Tax Authorities raising a demand for Rs 12,000 crore tax, telecom giant Vodafone today asserted that no tax was payable on the $11.1 billion deal it did with Hutchison in 2007.
The mobile operator also said it is considering to appeal to the Bombay High Court to legally challenge the claims of the IT department.
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