Revenue neutral cases cannot attract Penalty
CLR Editorial Note: Assessee was a 100% EOU and had disputed the service tax related to import of services from an overseas commission agent. As per the terms of Section 66A of Finance Act, the assessee was required to pay taxes as a deemed service provider. The Revenue charged them with evasion of Service Tax and a… Read More
AP Government clarifications with respect to instructions on generation of TDS certificates from Commercial Taxes Department website
GOVERNMENT OF ANDHRA PRADESH COMMERCIAL TAXES DEPARTMENT Office of the Commissioner of Commercial Taxes Andhra Pradesh :: Hyderabad. CC No. 4 CCT™s Ref. No. A II(2 )/291 /2012. Dated : 07-02-2013 CIRCULAR Sri Suresh Chanda, I.A.S., Commissioner of Commercial Taxes *** Sub:- Tax Deduction at Source Generation of certificates in Form 501A and Form 501B… Read More
Clarification on Revised VAT Return under AP VAT
Date: February 8, 2013 In the month of April 2012, department has launched the facility of filing Revise VAT Return online. Latest Guidelines are as follows: Dealer can file Revise VAT Return within 6 months from the end of relevant tax period. However Dealer cannot change OB from previous month. This will remain same as… Read More
SEZ Board of Approval considers proposals for setting up Special Economic Zones – Minutes of meeting held on 18th Jan 2013
Minutes of the 56th meeting of the SEZ Board of Approval held on18th January 2013 to consider proposals for setting up Special Economic Zones and other miscellaneous proposals The fifty sixth (56th) meeting of the SEZ Board of Approval (BoA) was held on 18.01.2013 under the chairmanship of Shri S.R. Rao, Secretary, Department of Commerce,… Read More
SC letter in response to FM’s concern on drafting of ‘Substantial Question of Law’ in the proposals to file SLP
Section 261 of the income tax act, 1961 - supreme court - appeals to - Finance Minister's directions on filing of SLP in Supreme Court - Drafting of SLP & framing proper substantial question of law Letter No. DGIT(L&R)/FM Meeting/2012-13, dated 11-2-2013 Please refer to the above. 2. I am directed to convey that the Hon'ble… Read More
IRDA introduces New regulations (2013) for Reinsurance – replaces similar Regulations of 2000
IRDA (General Insurance - Reinsurance) Regulations, 2013 Notification F. No. IRDA/Reg./5/63/2013, dated 7-2-2013 In exercise of the powers conferred by section 114A of the Insurance Act, 1938, sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999, the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations, namely:… Read More
CBDT makes amendments to Income-tax Rules, 1962
INCOME-TAX (SECOND AMENDMENT) RULES, 2013 - AMENDMENT IN RULES 31A & 31AA; SUBSTITUTION OF RULES 31ACB, 37J AND FORM NOS.15G, 15H, 16, 16A, 24Q, 26Q, 27C, 27D, 27Q & 27EQ AND INSERTION OF FORM NO. 26B NOTIFICATION NO. 11/2013[F.NO.142/31/2012-SO(TPL)]/SO 410(E), DATED 19-2-2013 In exercise of the powers conferred by section 295 of the Income-tax Act,… Read More
CCEA approves non-plan budgetary support for Payment of statutory dues and wages in sick/loss making CPSEs under the Department of Heavy Industry
Payment of statutory dues, salary and wages in sick/loss making CPSEs under the Department of Heavy Industry The Cabinet Committee on Economic Affairs today approved the proposal for providing non-plan budgetary support of Rs.122.65 crore for liquidation of statutory dues (Provident Fund, Gratuity, Pension, Employees State Insurance and Bonus) and salary and wages from 1.4.2012… Read More
Rationalisation of pay and allowance to licensed category of employees of Air India as per Industry practices and DPE guidelines
Rationalisation of pay and allowance to licensed category of employees of Air India in line with Industry practice and standard over and above the DPE guidelines The Cabinet Committee on Economic Affairs has approved that in addition to pay and allowances admissible under Department of Public Enterprises (DPE) Guidelines as recommended by Dharmadhikari Committee, flying… Read More
Merger of Bharat Heavy Plate & Vessels Limited with Bharat Heavy Electricals Limited
The Union Cabinet today gave its approval for merger of Bharat Heavy Plate & Vessels Ltd. (BHPV) Vishakhapatnam with Bharat Heavy Electricals Limited (BHEL), New Delhi. The merger will facilitate BHPV to become a unit of BHEL. BHPV would be able to participate in tenders, obtain orders and attract best vendors for procuring materials /… Read More
PM™s statement to the media at Parliament House on the start of the Budget session
Ladies and gentlemen, we are looking forward to a very productive, constructive session of Parliament. That is what our country™s people expect Parliament to do. We are meeting against the background of global slowdown of economic activity which has also affected us. It is now a challenge for all of us to take credible action… Read More
TRAI Releases Pre-Consultation Paper on ˜Full Mobile Number Portability™
Telecom Regulatory Authority of India (TRAI) has released a Pre-consultation Paper on ˜Full Mobile Number Portability (Pan-India Number Portability)™. In accordance with the provisions contained in the National Telecom Policy-2012 regarding One Nation- Full Mobile Number Portability, TRAI received a reference from DoT vide its letter dated 27th Dec 2012, seeking the recommendations of TRAI… Read More
Current Dispensation on Cotton to Continue
The inter-Ministerial Committee comprising of Commerce Secretary, Agriculture Secretary and Textiles Secretary had met on 19th February, 2013 to take stock of the cotton scenario including production, arrivals, registration and exports. The Committee noted that the situation with respect to cotton availability, prices and export is satisfactory and decided that the current dispensation may continue.… Read More
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