Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: due date for vat payment :: TDS :: list of goods taxed at 4% :: form 3cd :: VAT Audit :: ACCOUNTING STANDARD :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company
 
 
« News Headlines »
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s
 10 things you should know about Form 26 AS
 How to file income tax return without Form 16
 How to rectify income tax returns
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year

Finmin in no hurry to notify CTT
May, 17th 2008

Even as the finance ministry has dismissed any prospect of a rollback of the commodities transaction tax (CTT) introduced in this years Budget, it is not averse to delaying its notification. The tax was discussed earlier this week at a high-level meeting between Prime Minister Manmohan Singh, finance minister P Chidambaram and agriculture minister Sharad Pawar.

If the tax had to be tinkered with in any way, it would have been done before the Finance Bill, 2008, was passed, an official source said. The finance ministry is of the view that there is not enough justification to either rework the tax structure or its rate as commodities exchanges have sufficient business to justify it.

Though the notification was initially to be issued by June, the Central Board of Direct Taxes (CBDT) is now expected to notify details of the tax at a much later date, the official said. The tax can only be levied after the notification comes into effect. It may be recalled that last year, the Budget announcement to levy fringe benefit tax on employees stock options was notified only in October 2007.

The CTT would be levied on all transactions on commodities exchanges, at rates ranging from 0.017% to 0.125%. Commodities exchanges have been up in arms against the tax as it would increase transaction costs. The PMs Economic Advisory Council recommended reducing the tax rate as it would hurt commodities trading and contribute to inflationary pressures.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions