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Archive for March, 2009

The right medicine?

The present crisis of confidence in the audit profession among users and stakeholders, arising from recent market events has to be addressed in a fair manner. The profession, regulators and all concerned have to determine – what is the right medicine? A professional issue requires a professional response. Thus, the fundamental point is that the […]

Disaster if VAT tariff is harmonised with HSN

It has come to be known from an official source during a recent seminar that the Empowered Committee of Finance Ministers of States has got the VAT tariff worked out and is on the way to finalising the details on the same pattern as in the Harmonized System of Nomenclature (HSN) also known as Brussels […]

Commerce department backs tax exemption for SEZ services

The finance ministry should exempt companies in special economic zones (SEZ) from paying tax on the services they consume instead of making them seek refunds, according to the commerce department. Earlier this month, the finance ministry had notified that instead of being exempt, companies within SEZs would have to claim refunds for the tax they […]

Relief for export units as CBDT untangles tax net

The Central Board of Direct Taxes (CBDT) has instructed income-tax officials to allow export-oriented units (EOUs) approved by development commissioners to claim tax exemption, ending the uncertainty over tax benefits to EOUs. β€œIt has been decided that an approval granted by the development commissioner in the case of an export-oriented unit set up in an […]

Personal Tax: 10 things to do before March 31

Indian financial year runs from 1 April to 31 March. Accordingly, the Income-Tax Return is to be prepared and filed for the relevant financial year. 31st March is an important date as it marks the end of a financial year. The last few weeks are when we rush for the documents/investment proofs, based on which […]

Clarification – What constitutes Export of Service

The Central Board of Excise and Customs (CBEC) has, in a far-reaching measure, clarified on interpretation of Export of Services Rules, 2005. In a Circular dated 24-Feb-09, the CBEC has examined in detail Rule 3(1) & 3(2) of Export of Services Rules, 2005 and laid down the principles as to what constitutes an `export of […]