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By admin at 8 October, 2009, 8:19 am
There have been two recent developments in regard to interest liability in cases of erroneously availed CENVAT credits on inputs. The question of law is whether in terms of the CENVAT Credit Rules 2004 (the Rules), the liability to interest is triggered upon the erroneous or incorrect availment of input tax credits or whether such liability is only applicable where such erroneously availed CENVAT credits are utilis [...]
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By admin at 7 October, 2009, 9:49 pm
Press Information Bureau
Government of India
Tuesday, October 06, 2009
Ministry of Finance
NO MAILS FOR REFUNDS ISSUED FROM INCOME TAX DEPARTMENT
____________ _________ _________ __
18:14 IST
Information has been received from several quarters that people are receiving electronic mails informing them of their income-tax refunds and seeking their credit card details. The e-mail is sent from the [...]
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By admin at 7 October, 2009, 8:16 am
The Government is planning to strengthen the National Advisory Committee on Accounting Standards (NACAS), a move that will make the Institute of Chartered Accountants of India (ICAI) report to NACAS. For this, it will hand over the supervisory role of both accounting and auditing standards to NACAS. NACAS was constituted in 2001 to examine only ICAI’s accounting standards for companies in the country, but not for [...]
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By admin at 7 October, 2009, 7:31 am
Anticipating an adverse impact of the new Direct Tax Code, life insurance companies have demand amendments in the proposed code. The draft code had recommended a maturity tax on all life insurance products, if the term was less than 20 years and the premium exceeded 5 per cent of the sum assured. At present, there is no tax if the sum assured is five times the premium on all maturities.
In a presentation to the [...]
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By admin at 1 October, 2009, 2:32 pm
Businesses will benefit from using the Unique Identification Number that the Unique Identification Authority of India (UIDAI) hopes to issue to all residents of India, the Chairman of the Authority, Mr Nandan Nilekani, said on Wednesday. For example, a telecom company could save costs of verification of the identity of each new mobile subscriber, Mr Nilekani said. Another example: the State governments typically sp [...]
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By admin at 26 September, 2009, 11:49 am
THE Karnataka High Court has ruled that technology firms are subject to withholding taxdeduction of tax at sourceon purchase of software from global vendors such as Microsoft. This would push technology firms and branded software distributors into a corner as they will be required to withhold 10-20 % of their software purchase payments in the future. The division bench of Justice DV Shylendra Kumar and Justice Arvi [...]
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By admin at 25 September, 2009, 9:33 pm
The Securities and Exchange Board of India (Sebi) is trying to ensure that mutual fund (MF) investors get the best deal from distributors. The regulator, in a circular on Wednesday amending the code of conduct for MF intermediaries, directed distributors to disclose to clients all information, involving commissions received for competing schemes of various MFs, of which the scheme was recommended. The move is an ex [...]
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