[aurangabad_ca] F4F Updates - 04th February 2010
Updates from F4F
• MVAT Trade Circular on Penalty Under Section 29(8)
• Allahabad HC: State can Collect Toll from Bridge on NH
• RBI Opposes Penalty on Loan Prepayment
• Budget may not allow Banks to issue Tax-Free Infra Bonds
• Ministeries disappointed with modest increase in Budgetary support
• 16 New Sporting Disciplines added Under Sec 80G of IT Act
• Arun Jaitley: New Tax Code will Raises Middle Class Liability
• Bombay HC admits writ challenging taxing of expenses U/s 14 A
• Industries objects rise in VAT Rates
• Banks may not Raise Rates but can Re-Price Sub-PLR
• SEBI fixes valuation norms for Mutual Fund
• Anti-Cancer & HIV Drugs likely to be Exempt from Customs Duty
• Commerce Ministry Pushing for Cheaper Forex Loans for Exporters
• Stimulus Exit may be Delayed
• Delhi HC defers Gayatri Devi's Petition seeking release of Deposit
• RBI Reference Rate for US $ and Euro – 03rd February 2010
MVAT Trade Circular on Penalty Under Section 29(8)
It is provided that if the periodicity determined by the department and peridiocity at which the dealer has filed returns is different, then the said dealer shall file revised returns by 31st Jan '10. If the dealer files the revised returns by 31st Jan '10, then such dealer shall not be subjected to the penalty under section 29(8) of MVAT Act, 2002. It is provided that the date of filing revised returns for the purpose mentioned above is extended from 31st Jan '10 to 15th Mar '10.
(This is a just a summary, read the full article at www.forum4finance.
Allahabad HC: State can Collect Toll from Bridge on NH
A division bench of the Allahabad High Court said the state government can collect toll from a bridge on the National Highway. Chief Justice C K Prasad and Justice Arun Tandon in their judgement said the state agency has full authority to collect toll tax from a bridge even if it is on the NH and the National Highway Authority of India (NHAI) maintains it.
(This is a just a summary, read the full article at www.forum4finance.
RBI Opposes Penalty on Loan Prepayment
The Reserve Bank of India (RBI) does not approve of penalties on foreclosure of loans and admits there is no uniformity among banks on such matters, but appears to have done little to address the problem. This is reflected in two separate sets of replies to a query under the Right to Information (RTI) Act on the issue of high rates of penalties charged on the prepayment of loans, in a practice followed by private, foreign and state-run banks alike.
(This is a just a summary, read the full article at www.forum4finance.
Budget may not allow Banks to issue Tax-Free Infra Bonds
The long-standing demand of banks that they be allowed to issue tax-free bonds to fund long-term infrastructure projects may not be accepted by the government and included in the Budget. The government has not found any reason to accept the demand, especially at a time when the state of its finances has gone awry.
(This is a just a summary, read the full article at www.forum4finance.
Ministeries disappointed with modest increase in Budgetary support
Ministeries and departments disappointed with the modest increase in budgetary support to the annual plan for the coming fiscal will be able to access additional funds if they manage to 'satisfactorily' spend the proportionate part of the sanctioned amount in the first quarter. The Planning Commission and the finance ministry will review the expenditure by the ministries over this period and decide if more funds needed to be allocated, a government official has said.
(This is a just a summary, read the full article at www.forum4finance.
16 New Sporting Disciplines added Under Sec 80G of IT Act
Sixteen new sporting disciplines have been brought under the ambit of Section 80G of the Income Tax Act-- which defines charitable and benevolent purposes and allows tax benefits to donors if donations are made to institutions or funds under its ambit. The Central Board of Direct Taxes (CBDT) has "added" baseball, fencing, handball, ice hockey, karate, kayaking and canoing, netball, sepak takraw, snooker, soft tennis, taekwondo, triathlon, skiing ...
(This is a just a summary, read the full article at www.forum4finance.
Arun Jaitley: New Tax Code will Raises Middle Class Liability
BJP Rajya Sabha leader Arun Jaitley says the direct tax code increases the tax liability of the middle-class. The Finance Minister, he added, assured that the tax proposal would be implemented post discussion. The 256 page draft, which will replace India's antiquated Income Tax Act of 1961, hopes to create a modern progressive regime of taxation. It is likely to become law only in 2011 and is currently open to public scrutiny and comment.
(This is a just a summary, read the full article at www.forum4finance.
Bombay HC admits writ challenging taxing of expenses U/s 14 A
The Bombay High Court has recently admitted a writ petition that challenges an Income-Tax rule allowing the taxation of expenditure incurred on earning tax-free income like dividends and long-term capital gains. The writ petition was filed by Technocraft Industries India, a Mumbai-based exporter, along with Indian Exporters' Grievance Forum, a body under FIEO. The final hearing of the matter is slated for February 15.
(This is a just a summary, read the full article at www.forum4finance.
Industries objects rise in VAT Rates
Facing competition from industries located in Himachal Pradesh, where special incentives are offered to them, Mohali businessmen are feeling the pinch as after power cuts, now increased VAT rate will cause further business loss to around 12,00 units located here. The state government has decided to increase VAT from existing 4% to 5% on scheduled-B goods. Though a delegation had met the chief minister on the issue, no final word has come from him.
(This is a just a summary, read the full article at www.forum4finance.
Banks may not Raise Rates but can Re-Price Sub-PLR
Bankers said they might not raise rates in the near future despite a 75 basis points (bps) increase in the cash reserve ratio (CRR) as credit demand was low and liquidity was expected to be sufficient. There will, however, be an element of repricing of sub-prime lending rate (PLR) corporate loans, which is a focus area for the Reserve Bank of India (RBI).
(This is a just a summary, read the full article at www.forum4finance.
SEBI fixes valuation norms for Mutual Fund
In a move to bring in standardised practices in the mutual fund industry, especially in the debt market segment, Securities & Exchange Board of India (SEBI) asked mutual funds to value all money market and debt securities with residual maturity of up to 91 days at the weighted average price at which they are traded on the particular valuation day. If the valuations with residual maturity of over 91 days then, it will be valued at weighted average price at which they are traded on the ...
(This is a just a summary, read the full article at www.forum4finance.
Anti-Cancer & HIV Drugs likely to be Exempt from Customs Duty
All anti-cancer and HIV drugs are likely to become cheaper for patients, as the forthcoming budget is likely to fully exempt these from customs duty/CVD, but on the condition that the benefits are passed on to patients. The finance ministry is understood to be also considering hiking the weighted deduction on expenditure on research and development (R&D) by drug companies to 200% from 150%, and also extending the benefit by five years to March 2017.The deduction to drug companies under ...
(This is a just a summary, read the full article at www.forum4finance.
Commerce Ministry Pushing for Cheaper Forex Loans for Exporters
In a bid to consolidate the nascent export recovery, the commerce & industry ministry is pushing for Cheaper Forex Loans for Exporters. Since liquidity has improved significantly since the financial sector meltdown, the ministry feels that there is a strong case for reducing the interest charged on foreign exchange loans.
(This is a just a summary, read the full article at www.forum4finance.
Stimulus Exit may be Delayed
India may defer taking a call on exiting stimulus measures and the finance minister could take appropriate steps later in the next fiscal year said chief statistician. Pronab Sen said data suggested industrial recovery in Asia's third largest economy was on track, but the government would wait for the March quarter economic data before taking a call.
(This is a just a summary, read the full article at www.forum4finance.
Delhi HC defers Gayatri Devi's Petition seeking release of Deposit
The Delhi High Court deferred the hearing of a petition filed by legal heirs of Maharani Gayatri Devi seeking release of Rs 80 lakh deposited by them in the Government vault as taxes for contravention of the Gold Control Act in 1975. The petition was filed stating that fine was collected illegally as her husband had died in 1970 and the raid was conducted under the Gold Declaration Act in 1975 - five years after his death.
(This is a just a summary, read the full article at www.forum4finance.
RBI Reference Rate for US $ and Euro – 03rd February 2010
The Reserve Bank of India's Reference Rate on February 03, 2010 for the US Dollar is Rs. 46.04 for Euro is Rs. 64.33 The corresponding rates for the previous day (February 2, 2010) were Rs. 46.25 and Rs. 64.39 respectively.
(This is a just a summary, read the full article at www.forum4finance.
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