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Archive for April, 2013

FATCA is a `fatka’ for NRIs

US may soon get a leash on Indian financial institutions Imagine this: Having moved to the US on a work visa, you have become a taxpayer there. But you have not closed your savings account with State Bank of India and a demat account with its subsidiary. Both you and your bank/broker would soon be […]

Service Tax Return for Oct-Mar 2013–Due Date Extended

The Central Board of Excise & Customs vide Order No. 03/2013-Service Tax dated 23.04.2013 has extended the date of submission of the Form ST-3 for the period from 1st October 2012 to 31st March 2013, from 25th April 2013 to 31st August 2013. The Form ST – 3, for the period from 1st October 2012 […]

Recent Service Tax Updates

Due date for filing ST-3 Return for the period July- Sept’12 extended till 30th April, 2013 Considering the difficulties in filing returns, causing inconvenience to the assessee, the CBEC has revised the due date of filing ST-3 Return. [Order No. 02/2013 ST dated 12.04.2013] Erection of pandal or shamiana is liable to service tax The […]

Income Tax department to ‘name and shame’ habitual tax evaders

The Income Tax department has decided to name and shame "chronic" tax defaulters by publicising their names and addresses. It is in the process of finalising the procedures of compiling the names and cases pertaining to habitual tax dodgers and subsequently uploading them on its website. "The department would upload the names of such defaulters […]

Gujarat Budget 2013-14 proposals enacted

[By Shaleen Shah (Partner), VNCA] Gujarat Value Added Tax (Amendment) Act, 2013 enacted through Gujarat Act No.9 of 2013 VAT Amendments proposed in Gujarat Budget 2013-14 presented on 24-Feb-2013, was enacted & received the assent of the Governor on 30-Mar-2013. The tax amendments made in the budget and notified vide Notification No. (GHN-4) will be […]

Consolidated FDI Policy Circular effective April 5, 2013 – Policy or a mere consolidation???

[By CA Tirthesh Bagadia (Partner), Bagadiya & Jain] The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, Government of India has come out with a FDI policy that is in tandem with its name – only a mere consolidation of the already issued press notes/ press releases/ circulars/ notifications…Our Hon’ble Finance […]