Budget 2010: Major tax implications for Realty Sector (See 'Budget Analysis');

Amendments to CST Act and possible delay in roll out of GST + Provisions of CST Act amended to provide for re-assessment and revision (See 'Budget Analysis');

Import duty exemption for road construction machinery - A sensible amendment in conditions (See 'Budget Analysis');

Goods manufactured by SEZ units exempted from M&TP Excise Duty;

The 'Lost' puff! ;

Rule 15 of CCRs, 2004 amended to harmonise penal provisions for wrong availment of Cenvat Credit of duty paid on inputs or capital goods or input services;

Scope of air passenger transport service expanded to include domestic and international journeys in all classes;

No more excise duty exemption for hard disk drive, flash drive, CD/DVD, Combo drive, floppy disk drive and microprocessor for computers;

Health services provided to employees of business organisations + also under health insurance schemes brought under Service Tax net ;

Income Tax changes in Budget 2010: A bird's eye view! (See 'Budget Analysis');

DG (Service Tax) K K Srivastava, IRS of 1976 Batch, passes away this morning in Mumbai ;

A half-baked attempt to overhaul Construction Service? Builders can brace for long battles in Courts (See 'Budget Analysis');

Budget Notifications at a glance (See 'Budget Analysis');

Late payment of TDS: Budget hikes interest rate to 1.5% per month + TDS on professional and technical services u/s 194J - threshold hiked to Rs 30,000/-;

Service tax on additional services provided by builder / real estate developer: Budget proposes no tax on vehicle parking space service;

Kolkata DRI seizes 2040 kg cannabis from a Truck in Murshidabad;

TIOL COMMENTARY

budget_news_34.pdf

Amendments to CST Act, 1956 and possible delay in roll out of GST;

budget_news_33.pdf

Budget Notifications at a glance;

budget_news_32.pdf

Why this intolerance towards the apex and High Courts?

budget_news_31.pdf

Bloomers & Bloopers!

budget_news_30.pdf

Budget 2010: Major tax implications for Realty Sector;

budget_news_29.pdf

Income Tax changes in Budget 2010: A bird's eye view!

budget_news_28.pdf

The 'Lost' puff!

budget_news_27.pdf

Service tax proposal - At a Glance!

budget_news_26.pdf

Service tax - A peep into key changes in Finance Bill 2010;

budget_news_25.pdf

Import duty exemption for road construction machinery - A sensible amendment in conditions;

budget_news_24.pdf

Ready mix problem;

budget_news_23.pdf

Middle Class Budget;

budget_news_22.pdf

A half-baked attempt to overhaul Construction Service? Builders can brace for long battles in Courts;

2010-TIOL-08-ARA-IT.pdf + singapore story.pdf

M/s Seagate Singapore International Headquarters Pvt Ltd (Dated : February 23, 2010)

Income tax - India-Singapore DTAA - Article 5, 7 - Applicant is a tax resident of Singapore - manufactures and sells hard disk drives - supplies such disks to Original Equipment Manufacturers (OEMs) in India - To cut delays in supply the applicant enters into contract with independent service providers who stock disks in India on behalf of the applicant and the deliver the same to the OEM on a 'just-in-time' basis - whether the applicant's income can be said to have accrued or arisen in India - whether the independent service providers (ISPs) can be treated as an Agency PE under Article 5 and its income be treated as business profits under Article 7 of the DTAA, taxable in the hands of its PE in India :ADVANCE RULING;

2010-TIOL-149-HC-DEL-IT.pdf

CIT Vs Sona Koyo Steering Systems Limited (Dated : February 10, 2010)

Income tax - Sec 80I, 80I(6) - assessee is an auto part manufacturer - has two units - one unit makes profits but other accumulates losses - claims Sec 80I benefits for the profit-making unit - AO for setting off the losses against the profit of the other unit - Tribunal takes the view that the two units are independent and only the profit-making unit is eligible for Sec 80I benefits - held, it is settled law that while computing the quantum of deduction under Section 80-I(6), the AO has to treat the profits derived from an industrial undertaking as the only source of income of the assessee in order to arrive at a deduction under Chapter VI-A. Under Section 80-I(6), for the purposes of calculating the deduction, the loss sustained in one of the units is not to be taken into account because sub-section (6) contemplates that only the profits shall be taken into account as if it was the only source of income. Revenue's appeal dismissed :DELHI HIGH COURT;

SERVICE TAX SECTION

2010-TIOL-331-CESTAT-BANG.pdf

M/s Gati Ltd Vs CCE, Hyderabad (Dated: October 21, 2009)

Service Tax – Services rendered in Nepal for Nepali customers and receipt of amounts accounted in Nepal itself, not liable for service tax in India – Full waiver of pre-deposit ordered and stay granted:BANGALORE CESTAT;