Interest Rate Increased for late payment of Service tax

Posted: 04 Mar 2011 08:02 PM PST

The Interest liability is amplified in all the sections of custom, excise and service tax to 18% as from earlier of 13% per annum from this budget. This is one of highest increase in the rates of interest ever. In Central Excise the notification no. No. 6/2011-Central Excise (N.T.) dt. 01.03.2011 has brought an amendment for the purpose of the section 11AB of the Central Excise Act, 1944 by...

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Private PF trusts allowed one more year for licences

Posted: 04 Mar 2011 07:50 PM PST

Companies managing the retirement savings of their employees through own provident fund trusts have been given more time to seek licences that make them eligible for tax exemption on contributions. Rule 4 in Part A of the Fourth Schedule to the Income-tax Act provides for conditions which are required to be satisfied by a Provident Fund for receiving or retaining recognition under the...

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