The national body for jewellery trade the All India Gems & Jewellery Trade Federation (GJF) and apex industry body Gems and Jewellery Industry (GJI) have opposed the proposed Direct Taxes Code.
Both the industry bodies have also made representations to the Finance Ministry to seek modifications in the DTC.
The International Accounting Standards Board (IASB) has issued Exposure Draft on proposed amendments to IAS 1 Presentation of Financial Statements to improve the presentation of items of other comprehensive income (OCI).
At present entities have an option in IAS 1 to present either a statement of comprehensive income or two separate statements of profit or loss and other comprehensive income.
Individuals who like to do their bit for religion through donations could now face some serious tax trouble. The revised direct taxes code (DTC), if implemented, proposes to tax these donations in the hands of the donor. The logic: The income of these institutions is going to be tax-free.
At present, if you make donations to religious institutions, you get tax relief for 50 per cent of the amount. That is, if you donate Rs 5,000 to a registered regional institution, you can claim a deduction of Rs 2,500 under Section 80G (for companies, it is Section 35AC).
The Reserve Bank of India has offered to buy bonds through its electronic trading platform, a source with direct knowledge.
There are two bids worth Rs 250 crore each for the 6.57 per cent 2011 bond at 5.32 per cent and 11.30 per cent 2010 bond at 5.22 per cent, three dealers confirmed.
A service tax levy on railway freight would have a cascading impact on coal, cement and steel prices, a section of industry has contended.
In what is seen as a bid to prevent further inflation spiral in the economy, the Finance Ministry has once again deferred the implementation of service tax levy on transport of goods by rail. The levy will now come into effect from January 1 next year.
Corporate earnings from trading in certified emission reduction or carbon credits has caught the eyes of income-tax department. Tax authorities plan to closely look at companies found active in carbon trading after finding non-payment of taxes on such earnings.
The issue was flagged at the recent conference of the chief commissioners and director generals of income-tax, a department official said.
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