Service tax Return Filing Due Date Extended to 20th January 2012

Service tax Return Filing Due Date Extended to 20th January 2012 Posted: 10 Jan 2012 04:52 PM PST ORDER NO 1 /2012 – Service Tax -In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] EPFO may lower the interest rate on deposits to 8.6 per cent Posted: 10 Jan 2012 04:32 PM PST Retirement fund body EPFO may lower the interest rate on deposits to 8.6 per cent for over 4.7 crore subscribers for 2011-12 to match it with the rate of public provident fund (PPF) scheme. The Employees' Provident Fund Organisation (EPFO) had... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 80CCF – Salient Features of L&T Infra Long Term Infrastructure Bonds 2012A Series Posted: 10 Jan 2012 03:49 AM PST The Indian economy is on a robust growth trajectory and the best way to be a part of India's growth story is to invest in its lifeline – its infrastructure. L&T Infrastructure Finance Company Ltd. has played an important role in financing... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Long term & short term Capital gains from PMS transactions taxable as business profits – ITAT' takes Contrary View Posted: 10 Jan 2012 03:32 AM PST Radials International Vs. ACIT (ITAT Delhi)- The assessee had made investment under PMS. The profit has not arisen directly from the deposits made, but from the securities purchased from such deposits, which were traded by the portfolio manager on... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Govt notifies 100 Per Cent FDI in Single Brand Retail Posted: 09 Jan 2012 10:55 PM PST Department of Industrial Policy and Promotion Ministry of Commerce and Industry notified the decision to allow 100 per cent FDI in Single brand retail today via Press Note No.1 (2012 Series). The Union Minister for Commerce Industry and Textiles... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Price Waterhouse files suit against former chairman of Satyam B Ramalinga Raju, demands 100 crore damages Posted: 09 Jan 2012 10:26 PM PST Audit firm Price Waterhouse has filed a suit against former chairman of Satyam B Ramalinga Raju and others claiming damages of Rs 100 crore for 'deliberately' concealing key information that led to the Rs 14,000-crore accounting fraud. A day after... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Profession Tax – States wants increase in Upper limit of Rs 2,500 Posted: 09 Jan 2012 10:07 PM PST The Empowered Committee of State Finance Ministers here today demanded that the upper limit on levying the professional tax be removed. The panel after deliberating on the issue of professional tax came to the conclusion that the upper limit of Rs... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI – Complain to Local Police/Cyber Crime Authorities against Fictitious Offers of Money from Abroad Posted: 09 Jan 2012 09:39 PM PST The Reserve Bank of India has today advised members of public to immediately register a complaint with the local police/cyber crime authorities when they receive fictitious offers of money from abroad or if they are victims of such offers. It has... [[ This is a content summary only. Visit www.taxguru.in for full article.]] The salient features of Draft National Competition Policy Posted: 09 Jan 2012 09:21 PM PST Government had constituted a Committee for drafting the National Competition Policy with a view to achieve highest sustainable levels of economic growth, entrepreneurship, employment, higher standards of living for citizens, protect economic rights... [[ This is a content summary only. Visit www.taxguru.in for full article.]] GST – State FMs agrees to concept of services tax based on the 'negative list' Posted: 09 Jan 2012 09:03 PM PST The Empowered Committee of State''s Finance Ministers on GST today agreed in principle to the concept of services tax based on the 'negative list' and suggested that the Centre could prepare such a list which would help widen the tax base. The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] India's Sovereign Credit Ratings- Fourth Upgrade by Moody's Investor Services Posted: 09 Jan 2012 08:53 PM PST On 20th December, 2011, Moody's Investor Services released a credit rating update for India. It upgraded the rating on long-term government bonds denominated in domestic currency from Bal to Baa3 (from speculative to investment grade). The long-term... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Indirect tax collection up by over 16 % to 2.85 lakh cr in April-December Posted: 09 Jan 2012 08:38 PM PST Indirect tax collections have increased by over 16 per cent to 2,85,787 crore rupees during April-December in the country. This is mainly driven by an uptick in service tax collection. Total collection of indirect tax in Customs, Central Excise and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI announces revision in Fee of Expert Advisory Committee Posted: 09 Jan 2012 08:36 PM PST The Council, at its 312th meeting held on 25th to 27th December, 2011, has approved an upward revision in fee charged by the Expert Advisory Committee for giving its opinion. The approved fee is given below: (i) Rs. 50,000/- per query where the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Govt. approves 20 Proposals of Foreign Direct Investment of Rs. 1935.24 crore approximately Posted: 09 Jan 2012 08:23 PM PST 20 Proposals of Foreign Direct Investment Approved Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 23, 2011, Government has approved 20 Proposals of Foreign Direct Investment amounting to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SEBI – Disclosure of Track Record of the public issues managed by Merchant Bankers Posted: 09 Jan 2012 08:20 PM PST SEBI regulations require that the offer document shall contain adequate disclosures so as to enable investors to take well informed investment decisions. Further, a merchant banker is required to exercise due diligence and satisfy himself about all... [[ This is a content summary only. Visit www.taxguru.in for full article.]] The Shrinking Money and RBI's Monetary Policy Posted: 08 Jan 2012 05:49 PM PST In the global context, shrinking money could possibly be related to advanced countries' fiscal excesses which have been fully accommodated by their respective central banks in conducting monetary policies. In other words, despite inflationary risks... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Evolving Customer friendly Payment Systems in India – a continuing agenda Posted: 08 Jan 2012 05:45 PM PST payment systems are continuously evolving, it is necessary that all the stakeholders including the regulators are continuously engaged in gearing up to provide safe, efficient, robust, accessible and affordable payment services to our citizens. The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Banking Sector – Maintaining Resilience to Risk and Shock and the role of the Accounting Profession Posted: 08 Jan 2012 05:41 PM PST The title of the current session Banking Sector: Resilience to Risk and Shock is also very topical. Maintaining resilience to risk and shock is an integral part of bank management and also bank regulation and supervision. However, the events of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]]