PAN to be linked with Unique Id Number New Delhi: Banking heavily on the use of biometrics, the ten-digit Permanent Account Number (PAN) and the 16-digit Unique Identification (UID) Number are set to be linked up Filling up of various Posts in Narcotics Control Bureau on Deputation basis Narcotics Control Bureau, Ministry of Home Affairs, intends 54 existing/anticipated vacancies in the grade of Intelligence Officer on transfer Land acquisition a problem: Nath THE process of land acquisition needs to be addressed to give a boost to the infrastructure sector as it is a major stumbling block in execution of several core projects Selection for the post of Members of the CBDT Some posts of Members in the Central Board of Direct Taxes in the Department of Revenue in the pay scale of Rs. 80,000/- Govt favours flexible tenure for CCI chief THE government has proposed a flexible term for Director General (DG) in the Competition Commission of India (CCI) to get the post filled quickly as backlog of cases is rising steadily because of inadequate manpower. GST regime to tax telcos circle-wise In a complete break from the existing tax administration for telecom services Rules for income-tax dispute resolution panels notified New Delhi: Over four months after the Budget announcement and a month after its October 1 deadline, Filling up of various Posts in Narcotics Control Bureau on Deputation basis Narcotics Control Bureau, Ministry of Home Affairs, intends 54 existing/anticipated vacancies in the grade of Intelligence Officer on transfer on Deputation basis in the Bureaus HQrs and Zonal Units/ Intelligence Cells. Finance, labour ministries differ on EPFO service tax issue NEW DELHI: The finance and labour ministries have locked horns over the issue of bringing retirement fund manager EPFO under the service tax net. Profitable firms may have to earmark funds for CSR NEW DELHI: The ministry of corporate affairs is working on the broad contours of a code that will require all profit-making companies to set aside an amount proportionate to their turnover or profits for corporate social responsibility (CSR) initiatives, a government official said. I-T notice to 6 Mumbai-based TPAs THE income-tax department last week sent notices to six Mumbai-based third party administrators (TPAs), who process insurance claims, asking them to cough up Rs 117 crore for two consecutive financial years beginning 2008-09. Goods and Services Tax will be advantageous for trade, says Cyriac Speaking at a seminar organised by the Bangalore Chamber of Industry and Commerce in the city Govt to tweak tax code The government may increase sops to low-income tax payers in the proposed Direct Tax Code (DTC). The details of the new tax system, which is scheduled to be implemented from April 1, 2011 RBI keeps borrowing plans in line with mkt expectation The indicative calendar for issuance of government securities for the second half of 2009-10 has been in line with the market expectations, clearly showing no change in the borrowing programme. Cost audit should be included in Clause 49: Panel A government-appointed committee has suggested expanding the ambit of Clause 49 on listing of companies specified by market regulator Securities and Exchange Borad of India to include cost audit report. Share brokers can claim irrecoverable money as bad debt The Delhi High Court has ruled that a share broker is eligible to claim the irrecoverable amount due from clients as bad debt under the provisions of the Income-Tax Act Notification No. 39/2009-Service Tax G.S.R. -(E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act).. Core logs 7% jump, excise 23% in Aug THE economy appears to be recovering bit by bit, with core infrastructure sectors growing a robust 7.1% and excise collections rising 22.7% in August. Tax on perks to be notified next month The finance ministry proposes to notify a system to tax employee perquisites by next month REPRESENTATION MADE FOR EXTENSION OF DUE DATE FOR FILING THE RETURN OF INCOME Due to the fact that most of the establishments are virtually closed on account of festivals of Defining a GST that scores HIGH ON INTEGRITY TO BE MERITORIOUS ENOUGH, THE proposed GST would need to cling tenaciously to the principle of being a transaction tax, rather than being a tax on goods and services. That is, the fact of being what the good/service is BACK IN POSITIVE ZONE SHOWING clear signs of economic recovery, advance tax collections have registered a positive growth in the second quarter after witnessing a negative growth in the first quarter. While sectors such as consumer durables Sebi amends takeover norms, offers anchor investor facility to IDR issues Capital market regulator Securities and Exchange Board of India (Sebi) on Tuesday amended the takeover regulations Insurance claims may be taxable under new code The Code has a section which says that maturity proceeds of an insurance policy shall be exempt only if the premium does not exceed 5 per cent of the capital sum assured. Third-party info may nab tax evaders The Central Board of Excise and Customs is examining a proposal to put in place a third party information system to tackle service tax evasion RBI to make public real time data The Reserve Bank of India has started putting in public domain real time data for money market and various capital market instruments FIIs fear higher tax outgo under new direct tax code Foreign institutional investors (FIIs) have approached the ministry of finance (MoF) seeking an extension of the ‘feedback window’ on the new direct tax code. People familiar with the issue told ET that the deadline for submitting feedback has lapsed Advance tax collections likely to surpass Rs 40,000-crore mark A year after the international financial crisis began, the Indian economy seems to be on the mend with advance tax payments made by companies showing a healthy rise OECD to revamp its transfer pricing norms Even as India tries to bring its direct tax regime in sync with global practices through the Direct Taxes Code, the Organisation of Economic Cooperation Pension rules for poor by Sept-end The Pension Fund Regulatory Development Authority (PFRDA) will unveil the framework for a new pension system for low-income workers by September 23 as the government seeks to foster inclusive growth I-T dept raids 12 HDIL premises The Income-tax department on Thursday raided 12 premises of HDIL, a Mumbai-based real estate developer, and questioned HDIL on three issues No capital gains tax exemption for IDRs The plan to encourage overseas firms to raise capital in India through Indian Depository Receipts, or IDRs, as they are popularly known, appears to have hit a road block, with the revenue department not in favour of granting long-term capital gains tax benefits for such issues CNG, natural gas retailing firms will now have to pay turnover tax Mumbai: Oil regulator Petroleum & Natural Gas Regulatory Board (PNGRB) has levied a ‘turnover’ tax Tax-free transport allowance may rise to Rs 3k NEW DELHI: The government is considering a proposal to raise the tax exemption limit on monthly transport allowance, a move that could enrich Non-taxable Incomes in India Ten ways to lower your tax bill Tax planning for self employed Direct tax code will lead to faster settlement of disputes The finance ministry, on July 6, 2009, introduced the direct tax code to moderate levels of taxation, reduce the scope of litigation etc.At present, the code is in the public domain for discussion and feedback and will replace the Income-Tax Act, 1961... Input credits under service tax law In a recent landmark judgement in Coca Cola India Pvt. Ltd. vs. Commissioner of Central Excise (2009-VIL-06-HC-BOM-ST), the Mumbai High Court has interpreted the relevant provisions of service tax law in a broad and inclusive manner in order Notification No. 24/2009-Service Tax Exempts the taxable service provided in relation to management, maintenance or repair of roads I-T department vets previous returns for commercial activity In a move that could lead to some charitable trusts losing their registration, the income-tax (I-T) department has started scrutinizing the returns they had filed earlier, two officials said. Service tax to add to woes of coastal and inland waterways If one go by the demands placed before the government by the shipping industry, which is trying to stay afloat in the financial downturn plaguing sea trade across the world... 10% public holding must to stay listed MUMBAI: PSUs may soon have to give up one of the listing norm exemptions they enjoy: That of remaining listed even if public shareholding is less than 10%. Following an instruction from the finance ministry... NEW RETURN FORMS FOR ASSESSMENT YEAR 2009-10 – MATTERS CONNECTED THERETO The Central Board of Direct Taxes have, vide notification S.O. No.866 (E) dated 27th, March, notified the following new forms for Assessment Year 2009-10...