STI NEWS;PRIVATE PF TRUSTS TOO WILL HAVE TO PAY 9. 5% INTEREST” plus 2 more

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STI NEWS;PRIVATE PF TRUSTS TOO WILL HAVE TO PAY 9. 5% INTEREST” plus 2 more

PRIVATE PF TRUSTS TOO WILL HAVE TO PAY 9. 5% INTEREST

Posted: 03 Apr 2011 07:00 PM PDT


The labour ministry has said that all private provident fund trusts have to compulsorily match the interest rate of 9. 5% declared by the employees provident fund organisation (EPFO ) for the ongoing fiscal as it was one of the conditions for the exemption given to them.  "They have no option. They have to give 9. 5% interest this year, "labour secretary P C Chaturvedi told . If they cannot...

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SERVICE TAX LIABILITY TOO FIXED AT INVOICE STAGE

Posted: 03 Apr 2011 06:56 PM PDT


The Central Board of Excise and Customs has tweaked service tax rules, making service providers liable to pay tax as soon as they issue an invoice to their clients. Under the earlier rules, service tax became due only when a provider received payment for the service. This was at variance with the taxation of goods. States levy sales tax (value-added tax) on goods when the invoice is issued....

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LOW PREMIUM RATES CONTINUE TO AFFLICT NON-LIFE INSURANCE INDUSTRY

Posted: 03 Apr 2011 06:53 PM PDT


The non-life insurance industry rues that four full financial years after the "de-tariffing", the premium rates are yet to come up to reasonable levels. Till January 1, 2007, insurance companies did not have the freedom to price their products based on their risk perceptions. The Tariff Advisory Committee (TAC) of the Insurance Regulatory and Development Authority set the premiums. Today, only...

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