Direct Tax, Service Tax, Customs, RBI, Other Laws and Financial Management

---------- Forwarded message ----------

From: CA Saiprasad Bagrecha <saiprasadbagrecha@gmail.com>
Date: Tue, Feb 21, 2012 at 9:38 AM
Subject: {jalgaoncas} Direct Tax, Service Tax, Customs, RBI, Other Laws and Financial Management
To:

Dear All,

 

Find enclosed the text as well as link to detailed text on the following topics.

 

http://www.indiantaxhome.com/2012/02/i-t-department-asks-for-over-rs-413.html

·         I-T department asks for over Rs 413 crore as tax from BCCI

The income tax department has demanded over Rs 413 crore as tax from the world's richest cricket body, the BCCI as per its income assessment for the year 2009-10 of which only Rs 41 crore have been paid, an RTI reply has said.

 

http://www.indiantaxhome.com/2012/02/offshore-supplies-are-tax-free.html

·         Offshore supplies are tax free

The issue of taxability of 'offshore supply price' was settled by the Apex Court in the case of Ishikawa [288 ITR 408] wherein it was held that 'the entire transaction having been completed on the high seas, the profit on sale did not arise in India'.

 

http://www.indiantaxhome.com/2012/02/sharp-increase-in-refunds-dents-tax.html

·         Sharp increase in refunds dents tax collection

A steep increase in tax refunds is as much a reason for the less-than-expected tax revenue collection this fiscal as the slowdown in economic growth. In April-January 2011-12, the income-tax department has given R78,000 crore in refunds, up by R4,000 crore in the whole of the previous fiscal.

 

http://www.indiantaxhome.com/2012/02/uttarakhand-himachal-pradesh.html

·         Uttarakhand, Himachal Pradesh manufacturing units to get tax breaks even if company is sold: CBEC

The finance ministry has said manufacturing units in Himachal Pradesh and Uttarakhand will continue to enjoy tax concessions even if its ownership changes, enabling mergers and acquisitions in such undertakings.

 

 

 

http://www.indiantaxhome.com/2012/02/assessing-officer-cant-be-part-of-tax.html

·         Assessing officer can't be part of tax appellate body deciding the appeal

An income-tax commissioner, responsible for an assessment order, cannot be a part of the body that decides the appeal against the same order, a tax tribunal has said.

 

http://www.indiantaxhome.com/2012/02/filmmakers-meet-fm-oppose-any-move-to.html

·         Filmmakers meet FM, oppose any move to impose service tax

Amid talk that service tax could be imposed on film tickets in the coming budget, a delegation of film makers along with Information and Broadcasting Minister Ambika Soni on Sunday met Finance Minister Pranab Mukherjee.

 

http://www.indiantaxhome.com/2012/02/sc-decides-on-taxability-of-sales-from.html

·         SC decides on taxability of sales from bonded warehouses

The sales taxability of transactions relating in the course of import and export has been the subject matter of intense judicial scrutiny, particularly due to exemption from the tax granted to transactions under the Central Sales Tax Act, 1956 ("CST Act").

 

http://www.indiantaxhome.com/2012/02/government-may-ease-harsh-rules-for.html

·         Government may ease harsh rules for NBFCs suggested by RBI panel

Amid intense lobbying by finance companies, the government has stepped in to water down the harsh, new rules prescribed by a Reserve Bank of India panel.

 

http://www.indiantaxhome.com/2012/02/government-to-set-up-specialised-body.html

·         Government to set up specialised body for auto sector growth by April

A specialised body for promoting sustainable development of the Indian auto sector, dubbed the National Automotive Board, is likely to be set up by April.

 

http://www.indiantaxhome.com/2012/02/govt-may-hire-ca-firms-to-vet.html

·         Govt may hire CA firms to vet broadcasters' data

Seeking more transparency in the wake of mounting workload, the information and broadcasting (I&B) ministry is planning to hire a panel of chartered accountancy firms which will scrutinise and evaluate the various financial and technical data provided by the broadcasters, FM radio companies and DTH operators.

 

http://www.indiantaxhome.com/2012/02/market-will-now-pick-up-signals-from.html

·         Market will now pick up signals from Eurozone

Investors will take a cue from global developments this week, with the focus now shifting from domestic earnings to developments in the Eurozone.

 

http://www.indiantaxhome.com/2012/02/budget-2012-food-security-bill-may-get.html

·         Budget 2012: Food Security Bill may get Rs 5,000 crore

Signalling its commitment to roll out the Food Security Bill in the next fiscal, finance minister Pranab Mukherjee is likely to announce a token allocation of Rs 5,000 crore in the forthcoming budget.

 

http://www.indiantaxhome.com/2012/02/gold-may-see-profit-taking-silver-crude.html

·         Gold may see profit taking; silver, crude oil look bullish

The European sovereign debt issue once again came to the fore last week with Greece – the centre of attention – while geopolitical tensions in West Asia continued unabated. Global commodity markets reacted to the developments.

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CA Saiprasad P. Bagrecha 

Mob:- +91- 98235 26824 / + 91-82750 32822