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NEWS FLASH

S&P reiterates Negative credit rating; India protests

Usher in Tax & Allied Reforms in tourism-transport field to create jobs (See 'TIOL Edit')

ST - Rate of tax applicable is one prevailing at time of providing service, not receipt of payment: Delhi HC (See 'Breaking News')

Karnataka CM expands Cabinet with 28 more Ministers

I-T - Whether penalty u/s 271B is not warranted even if there is delay in getting auditor's report, which was due to change of auditor (See '2013-TIOL-369-ITAT')

UN Debate: Experts weigh clean energy, water strategies to halt 'Runaway' climate change (See 'Breaking News')

Govt stiches scheme for Financial Restructuring of DISCOMS (See 'Mixed Buzz')

Another round of India-EU BTIA concluded

Sahar Airport Customs seizes 3000 euros and gold jewellery worth Rs.58 lakhs in different cases

Various notifications amended in relation to changes made in FTP (See 'What's New')

GoM working towards granting 'functional autonomy' with accountability to CBI: P Chidambaram

CBEC extends anti-dumping duty on Persulphates imported from China and Japan for five years (See 'What's New')

China, India to be biggest investors by 2030: WB Report

I-T - Whether foreclosure charges paid to bank on housing loan can be said to be covered under definition of Interest u/s 24(b) - YES: ITAT (See 'Breaking News')

Oil Exploration Sector - Exemption Explained (See 'DDT' Column)

Notfn 41/2012-ST - Refund procedure of ST paid on Input Service (See 'ST se GST tak' Column)

Quota benefits extended to income earners upto Rs 6 lakh annually (See 'Mixed Buzz')

SAIL & RINL allowed direct import instead of going through Transchart (See 'Mixed Buzz')

Common order passed by Commr(A) - Five separate appeals to be filed before CESTAT (See 'DDT')

Whether amount belonging to Govt. exchequer can be allowed on accrual basis (See '2013-TIOL-364-ITAT-MUM')

Health gap between countries is narrowing: UN Report (See 'Mixed Buzz')

Union Cabinet amends income threshold to exclude socially advanced persons from list of other Backward Classes + okays proposal to allow SAIL & RINL to charter ships for direct import instead of going through Transchart

Malaysian Cabinet includes six Indian-origin Ministers

CBI inks MoU with FIU-India on exchange of information relating to economic offences

CBEC clarifies on difficulties being faced in availing exemption relating to Oil Exploration Sector (See Cir 21 in 'What's New')

CBEC notifies Customs exchange rates w.e.f May 17 (See NT 54 in 'What's New')

President appoints Lt Gen (Retd) Nirbhay Sharma as Governor of Arunachal Pradesh

Local Body Tax: Much Ado About Nothing! (See 'The Cob(Web) Column)

VCES, 2013 - The carrot and guillotine policy? (See 'DDT' Column)

National Pension System schemes earn double-digit returns (See 'Mixed Buzz')

DDT (Daily Dose of Taxation)

With VIJAY KUMAR

Oil Exploration Sector - Exemption Explained
Published: May 17, 2013

View previous DDTs »

WHAT'S NEW

CUS	:	Not 28-29	NT 53-54	Cir 21
ADD	:	11	SG:	01
EX	:	Not 17	NT 06	Cir 969
S.TAX	:	Not 10	Order 03	Cir 169
I-T	:	Not 34	Cir 04	ORDER
DGFT	:	Not 13	PN 12	Cir 16
RBI	:	Cir 104

<< More>>

BREAKING NEWS

New York, May 18
UN Debate: Experts weigh clean energy, water strategies to halt 'Runaway' climate change

New Delhi, May 18
ST – Rate of tax applicable is one prevailing at time of providing service, not receipt of payment: Delhi HC

Mumbai, May 17
I-T - Whether foreclosure charges paid to bank on housing loan can be said to be covered under definition of Interest u/s 24(b) - YES: ITAT

Mumbai, May 17
ST - Appellant placing ad for machinery in mag published in UK - Revenue demanding ST under Sale of space or time for ad - s. 65(105)(zzzm) excludes sale of space for ad in newspaper which includes periodicals - stay granted: CESTAT

Allahabad, May 17
I-T - Whether when a notice issued u/s 226(3), is not pursued further by Revenue in terms of any show cause notice, assessee can still be treated as deemed assessee in default - NO: HC

MIXED BUZZ

New Delhi, May 18
Govt stiches scheme for Financial Restructuring of DISCOMS

New York, May 18
UN calls for harnessing IT power to reduce road fatalities

New Delhi, May 17
SAIL & RINL allowed direct import instead of going through Transchart

New Delhi, May 17
Quota benefits extended to income earners upto Rs 6 lakh annually

New Delhi, May 17
CBI inks MoU with FIU-India on exchange of information relating to economic offences

<< More News >>

<< More Buzz >>

PUZZLE TO DAZZLE

by PUNIT PAVAN VED CA Equity share of Rs. 10 was issued by a private ltd. company at premium of Rs. 1 lakhs per share. There is absolutely no justification for such huge premium. It is taxable u/s 56(2) of IT Act; or under any other section? Published: May 13, 2013
Post Answer »	View previous Puzzles »

THE COB (WEB)

by SHAILENDRA KUMAR

Local Body Tax: Much Ado About Nothing!
Published: May 16, 2013

View previous 'The COB(Web)s'»

TIOL EDITORIAL

by TIOL EDIT TEAM

Usher in Tax & Allied Reforms in tourism-transport field to create jobs
Published: May 18, 2013

View previous Editorials»

ICE CUBES

by NARESH MINOCHA

Reinvent fiscal federalism to usher in economic efficiency & good governance
Published: May 15, 2013

View previous ICE CUBEs »

GUEST COLUMN

by Dr P SRI SUDHA

Changing Facets of Tax Residency Certificate
Published: May 13, 2013

View previous Guest Column(s)»

ST se GST tak

by ANKIT KANODIA

Notfn 41/2012-ST - Refund procedure of ST paid on Input Service
Published: May 17, 2013

View previous ST se GST tak(s)»

View 'ST - New Law +VE or -VE' Articles»

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