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Written by P.T. GOVINDARAJAN
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Thursday, 14 May 2009 12:27 |
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Service tax is not a value added tax. It is just a tax on the act of providing service. VAT is just a mechanism or design for imposing an indirect tax in a particular manner. Service tax can be a value-added tax and it can as well be a turnover tax. Similarly, excise is also not a value added tax by itself. It can be designed as a value-added tax or as a turnover tax. It depends on whether the credit for the input duty is allowed or not.
The issue has now come to the fore because of the latest landmark judgement by the Delhi High Court in the case of Home Solution Retail India Ltd vs UOI. This has held that the service of renting of immovable property for commercial use is not service under Section 65(105)(zzzz) of the Finance Act 2007 though any service connected with such immovable property is service.
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Written by P.T. GOVINDARAJAN
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Monday, 11 May 2009 12:40 |
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Indian IT firms would not be impacted by the tax reform proposal of US President Barak Obama, Infosys Technologies chairman and chief mentor N.R. Narayana Murthy told President Pratibha Devisinh Patil on Friday."Obama's tax proposal will not impact Indian firms as they already pay taxes in the US. It is only American firms operating in India who would have to repatriate taxes on profit earned outside the US when it becomes a law," Murthy told Patil at an interactive session at the Infosys campus.
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Written by P.T. GOVINDARAJAN
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Thursday, 07 May 2009 12:06 |
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The time tested 'TDS certificate' in form 16A is being abolished. But it is being replaced by on-line creditas evidenced by form an annual statement in electronic form 26AS.
Your PANcard entitles you to a number of facilities, which may be unknown to you. Two important features applicable to all PAN card holders are mentioned below:
The first point to remember is that even if you have a PAN card, you need not file your IT return automatically unless you have a taxable income or a refund claim. [Section 139(1)] It is possible that tax has been deducted at source from salary, professional income and other sources such as interest, rent etc. But, the Income tax Department, on its part will reconcile the data received from banks and deductors through NSDL and send an annual statement (26AS) in electronic form to the deductees before 31st July,2009. (IT Rule 31AB).
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Written by P.T. GOVINDARAJAN
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Friday, 08 May 2009 12:37 |
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The Confederation of Indian Industry (CII) suggested further easing of indirect taxes, lowering of personal income tax and additional investment in infrastructure to revive the Indian economy in the wake of the economic downturn.
"Some of the fiscal and monetary recommendations for immediate action will be easing of excise and service taxes for specific sectors," CII National President Venu Srinivasan told reporters here.
The Indian market would revive in the next six to eight months as some sectors, like automobiles, had been registering impressive sales figures in April, he said.
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Written by P.T. GOVINDARAJAN
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Wednesday, 06 May 2009 13:57 |
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The Institute of Chartered Accountants of India (ICAI) set-up by an Act of Parliament viz. The Chartered Accountant Act, 1949 to regulate the profession of Chartered Accountancy is the second largest and prominent accounting body in the world. It has been taking various proactive measures from time to time, aligned with the changing facets of the Indian economy, for continuously raising the standard of quality of accounting and financial reporting.
The Institute, being a statutory body, is administered by a Council which is the highest policy making body of the Chartered Accountancy profession. The Council is comprised of 40 members of whom 32 are elected from among its members spread all over the country. The remaining eight members are nominated by the Central Government representing such authorities as the Comptroller and Auditor General of India, Ministry of Finance, Ministry of Corporate Affairs and persons of eminence from the fields of law, banking, economics, business, finance, industry, management, public affairs, etc.
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