The Hindu Business Line : Commodity Transaction Tax to be notified soon

“Parliament has passed the CTT, although it has not yet been notified. There are procedural issues and it is taking the normal processing time,” the official added.

The CTT was introduced in the Budget and proposes to levy commodity futures transactions put through a commodity exchange.

He, however, refrained to specify a date from when the tax would come into force.

IT refunds

The Government also plans to increase the number of cities where people will be able to receive Income Tax refunds directly into their bank accounts.

At the moment, the scheme is available in six cities, including Patna, Delhi, Bangalore, Kolkata and Chennai.

“No time frame has been fixed for extending the scheme,” the official said.

PAN cards issue

Meanwhile, the Finance Ministry on Friday denied that the alleged delay in issue of Permanent Account Number cards was a reason for decline in investments by Foreign Institutional Investors (FIIs).

“During 2007-08, UTITSL received 100 applications from FIIs for new PAN cards and all these were issued to them within 15 days.

As on end of March this year, there were no pending applications for new PAN cards,” a Finance Ministry official said.

During this period, NSDL received 558 applications for new PAN cards of which 81 per cent were issued within 15 days and 13 per cent were issued between 16 and 30 days, the spokesman said.

“At the end of March this year, there were only 2 applications pending,” the spokesman said.

Related Stories:
Chidambaram sticks to CTT, disappoints investors
Opposition to commodity transaction tax unwarranted

More Stories on : Taxation | Commodities | Budget

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Wheat buying hits record 20.71 million tonnes

Westerlies force a reset of cyclone watch

Shrimp farm industry seeks introduction of new variety

Inflation – tough, uncertain times ahead

Inflation rate unchanged at 7.82% for week ended May 10

Inflation topped 8% in March

Bihar special

Arecanut area expanding in north, south Karnataka, Kerala

Spot rubber flares up; touches all-time high

Commodity Transaction Tax to be notified soon

Tobacco price rises to Rs 140 a kg in AP

Tea output may remain stable at 945 mkg