| No Surcharge and Cess on TDS, in case of Non-Salaries Posted: 19 Nov 2009 08:05 PM PST Finance Act (2) of 2009 comes with major amendment in TDS provisions, where it withdraws additional deductions of surcharge and cess for Non-Salaried, Resident Payments. This would give a slight relax to the deductors in calculating the rate of tax.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Privatisation of tax administration Posted: 19 Nov 2009 08:00 PM PST In the present scenario, tax is a burden imposed by law. Since our present state rest on the Principles of Rule of Law, the tax administration does not remain a mere revenue collection exercise, it take the shape of administration of a branch of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Departmental Adjudication under excise laws Posted: 19 Nov 2009 07:55 PM PST Under Indian tax regime, disputed taxes amounting to hundreds of crores is collected by the state, goods worth crores of rupees is confiscated by the state, penalties worth hundred of crores are imposed on citizens by the state through the process... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Salary, corruption & accountability Posted: 19 Nov 2009 07:44 PM PST They are called "Public Servants", for they are expected to serve the public. But what is being done in the name of serving the public is not even an "open secret", it is available live on electronic media. Everyday we see some or the other so... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Waiver of the Principles of Natural Justice under excise laws Posted: 19 Nov 2009 07:42 PM PST Once it is found that "Right to Natural Justice" is a "personal & individual right", the person concerned can always waive such right. But the moot question is "whether principles of natural justice are personal individual rights?" This paper... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| 926 Branches of Public and Private sector bank authorised to receive advance income tax in Mumbai Posted: 19 Nov 2009 07:31 PM PST Reserve Bank of India (RBI) and 926 computerized branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai, apex bank said in a statement.These arrangements have been made for the convenience of the income... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Insurance Law Amendment Bill and Banking Regulation Amendment Bill unlikely to taken up in the winter session of Parliament Posted: 19 Nov 2009 07:27 PM PST Major financial sector bills such as the Insurance Law Amendment Bill seeking to increase the FDI cap in private insurance firms and the Banking Regulation Amendment Bill to raise the voting rights of foreign entities in private sector banks are... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Main attraction of the Direct Taxes Code 2009, simplicity of the provisions Posted: 19 Nov 2009 07:13 PM PST The main attraction of the Direct Taxes Code 2009 will be the simplicity of the provisions, Mr P.V. Bhide, Secretary-Department of Revenue, Ministry of Finance, said.The level of understating between the assessees and department will be higher, Mr... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Section 25 Companies, Charitable Trust, NGO, Societies under the purview of Prevention of Money Laundering Act (PMLA) 2002 Posted: 19 Nov 2009 07:10 PM PST Earlier, the entities that fell under the ambit of the law included only chit fund companies, banking companies, financial institutions and housing finance companies. The amendment now says any company registered under section 25 of the Indian... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SEBI looking to cut IPO listing process time to 7 days from existing 20 days Posted: 19 Nov 2009 07:02 PM PST Market regulator Securities and Exchange Board of India (SEBI) said it wants to bring down the time required for IPO processing to seven days from 20 days at present over the next one year. While pointing to the fact that the primary market issuance... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Income tax department unearthed undisclosed income of 35 crore in Rajasthan Posted: 19 Nov 2009 06:59 PM PST An Information Technology (IT) Education and Multilevel Marketing group has surrendered undisclosed income of more than Rs 35 crore, before the Income Tax Department for taxation. The disclosure, biggest ever in Rajasthan, was made during the course... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Excess insurance and transportation charges collected and includability of same in assessable value Posted: 19 Nov 2009 06:55 PM PST Many a times the manufacturer of goods (Central Excise assessee) provides other services to the buyer and charges an amount for those services provided. The services may be like transportation of goods to the buyer premises, transit insurance of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Karnataka High Court rules on withholding tax obligation for non-resident payments Posted: 19 Nov 2009 06:16 PM PST This article summarizes a recent ruling of the Karnataka High Court (HC) [ITA No. 2808 of 2005] in the case of Samsung Electronics and others (Taxpayers). The HC held that any payment resulting in any income in the hands of a non-resident would be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Branded Goods & SSI Exemption Posted: 19 Nov 2009 10:35 AM PST Under Central Excise law a Small Scale Industries (SSI) have been given some benefits in duty payments. However these benefits are not available when the SSI unit is manufacturing goods bearing Brand name or Trade name of another person. It has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service tax on foreign commission agent Posted: 19 Nov 2009 10:31 AM PST The foreign agents provide service to the exporters. However the services are provided outside India. They meet the prospective buyer outside India, they promote the products of the exporter outside India. For Service Tax to be leviable and payable,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Right to information Act, 2005 and its applicability in Excise & Customs Posted: 19 Nov 2009 10:24 AM PST The right to Information Act, 2005 declares that the purpose of the Act is to " promote openness, transparency and accountability in administration and in relation to matters connected therewith". Thus the Act is fundamental in making the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Right to consult an advocate during interrogation Posted: 19 Nov 2009 10:19 AM PST Section 14 of the Central Excise Act and Section 108 of the Customs Act empower officers to summon person, ask questions from persons summoned and record their statement. These statements are legally admissible as evidence in various judicial and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Right of an assessee when summoned Posted: 19 Nov 2009 10:15 AM PST The Supreme Court held in Poolpandi that a person being interrogated under Section 14 of the Central Excise Act or under Section 108 of the Customs Act is not an accused nor can he plead that there is a possibility of being made an accused in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Refund of Duty Deposited During Investigation Posted: 19 Nov 2009 10:06 AM PST The Central Excise law prescribes a time and procedure to pay the duty. When some amount is paid not as per that procedure or at time different from the time of payment of duty, such payment cannot be treated as duty paid under Central Excise. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Recovery of cenvat credit If the Process Does Not Amount to Manufacture Posted: 19 Nov 2009 10:00 AM PST It may be noted that rod/bar and wire falls under different heading of CETA. It means that the legislature have treated these two products as two distinct and different products. When the legislative intent of the Parliament is clear about treating... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Rajesh Kumar Sharma V. UOI [2007 (209) ELT 3 (SC)] (Miscarriage of justice) Posted: 19 Nov 2009 09:54 AM PST The petitioner was being prosecuted for an offence under Customs Act for the last 12 years. The value of the offending goods was Rs. Eight lakhs (approx). 20% of the value of goods comes out to be approx 1.6 lakhs. The compounding authority comes to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| S. 195 / 201 liability cannot be avoided on ground of non-taxability of recipient Posted: 19 Nov 2009 09:50 AM PST The assessee made payments to a foreign company for purchase of 'shrink-wrapped'/ready-made software without deduction of tax at source u/s 195 (1). The AO held that the payments were chargeable to tax in the hands of the foreign company as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Radhakrishna Synthetics [2007 (214) ELT 213 (Tri.)] (Judicial "License, Quota, Permit Raj") Posted: 19 Nov 2009 08:44 AM PST There was a demand against the company. The duty demand was confirmed against which the assessee filed appeal before the Commissioner (Appeal). In the meantime, the assessee deposited the amount vide debit entry in RG23A part-II. When the appeal was... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Taxguru.in Mourns The Sad And Sudden Demise Of ICAI Past President, CA Rahul Roy Posted: 19 Nov 2009 08:30 AM PST CA. Roy was born on 4th October, 1963 and became the youngest President of the ICAI in the year 1998-99 at the age of 34. He was elected to the Central Council for the first time for the term 1995-98 and was elected as the Vice President in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| TDS on purchase of software from non-residents – An unguided missile Posted: 19 Nov 2009 08:27 AM PST THE much-awaited order of the Karnataka High Court on the question of liability to deduct tax at source on payments made to non-residents for the purchase of software to be used in business is finally out. The order passed on 24th September, 2009... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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