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Jan 31, 2010

Tax Updates from TaxGuru 01.02.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 7 new items)

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Rescinds the Notification No. 83/2009- Customs, dated the 30-07-2009 – Regarding anti dumping duty on imports of Carbon Black used in rubber applications, originating in, or exported from, Australia, China PR, Russia and Thailand, and imported into India

Posted: 31 Jan 2010 07:58 PM PST

In exercise of the powers conferred by sub-sections (1) and (2) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rule 13 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped...

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Section 42(1) of the Reserve Bank of India Act, 1934 – Maintenance of CRR

Posted: 31 Jan 2010 07:54 PM PST

On the basis of the current macroeconomic assessment, as set out in the Third Quarter Review of Monetary Policy 2009-10 issued on January 29, 2010, it has been decided to increase the Cash Reserve Ratio (CRR) for Scheduled Commercial Banks by 75...

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Third Quarter Review of RBI Monetary Policy 2009-10

Posted: 31 Jan 2010 07:50 PM PST

This Policy Review statement should be read and understood together with the detailed review in Macroeconomic and Monetary Developments released yesterday by the Reserve Bank. The statement is organised in four sections. Section I provides an...

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Direct tax code lack the focus on development

Posted: 31 Jan 2010 07:35 PM PST

The tax code comes in the economic background of over 400 million people being below the poverty line; with many areas disturbed due to underdevelopment; sustained policies of inclusive growth having reduced the poverty ratio but not absolute...

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Apex court ask government to take action against official for delays in filing appeals for recovery of tax dues

Posted: 31 Jan 2010 07:27 PM PST

Inordinate delays in filing appeals for recovery of tax dues by the government have often attracted the attention of the apex court. These delays caused by lapses on the part of revenue officials at Centre and states, however, also represent a...

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MNC can now appeal with CIT (A) too in respect of transfer pricing related disputes

Posted: 31 Jan 2010 07:09 PM PST

This is good news for Multi-national companies (MNCs) operating in India. Over 1,600 such companies, who were asked to pay additional corporate taxes on account of their overseas transactions, now, have the option to appeal before the conventional...

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Service Tax on Renting of Immovable Property – Board promises Delhi HC to revise instructions

Posted: 29 Jan 2010 09:15 PM PST

The Delhi High Court in the Home Solution Retail India case had held that renting of immovable property is not a taxable service. The Government as usual filed an appeal in the Supreme Court and the whole Department is under the impression that by...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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Jan 29, 2010

Updates from TaxGuru 30.01.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 18 new items)

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Section 4 of Securities Contracts (Regulation) Act, 1956 does not require publication of pre-recognition Rules and Bye-laws of a Stock

Posted: 29 Jan 2010 07:30 PM PST

As would be evident from the pleadings and submissions made on behalf of the respective arties, the main question which we are called upon to consider is whether in the absence of publication of the Rules and Bye-laws of the Bombay Stock Exchange,...

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Department of Telecommunication given ultimatum to the auditors of three telecom majors

Posted: 29 Jan 2010 06:45 PM PST

The Department of Telecommunication (DoT) has given an ultimatum to the auditors of three telecom majors — Vodafone Essar, Idea Cellular and Bharti Airtel — to submit their final reports to the government by February 7. They are conducting a special...

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Section 80G of the Income-tax Act, 1961 – Deductions – Donations to certain funds, charitable institutions, etc. – Amendment in Notification No. S.O. 1246(E), dated 29-11-2002

Posted: 29 Jan 2010 06:40 PM PST

In exercise of the powers conferred by Explanation 4 to section 80G of the Income-tax Act, 1961(43 of 1961), the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance,...

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Rajasthan announced VAT exemption on sugar imported in state till 30th June

Posted: 29 Jan 2010 05:55 PM PST

The Rajasthan government has announced VAT exemption on imported sugar in the state till June 30, in a bid to control the spiraling sweetener prices."The decision to exempt four per cent VAT was taken by Chief Minister Ashok Gehlot following which...

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Tariff value of edible oils, brass scrap and poppy seeds notified

Posted: 29 Jan 2010 05:43 PM PST

Central Board of Excise and Customs (CBEC), Department of Revenue has issued Notification No.10/2010-Customs (N.T.) dated January 29, 2010 notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below.

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IRDA issued new disclosure norms- mandating insurance companies publish accounts on half-yearly basis

Posted: 29 Jan 2010 05:17 PM PST

The Insurance Regulatory and Development Authority (Irda) has issued disclosure norms for insurance companies, mandating them to publish accounts on a half-yearly basis. The disclosure norms are seen as a precursor to allowing insurance companies to...

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Exchange Rate notification for Import / Export of goods with effect from 1st February, 2010

Posted: 29 Jan 2010 09:09 AM PST

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in suppression of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 186/2009-Customs (N. T.), dated the...

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RBI Circular on Exim Bank's Line of Credit to Government of the United Republic of Tanzania

Posted: 29 Jan 2010 09:02 AM PST

Export-Import Bank of India (Exim Bank) has concluded an Agreement dated May 28, 2009 with the Government of the United Republic of Tanzania making available to the latter, a Line of Credit (LOC) of USD 40 million (USD forty million only) for...

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Adjustment of Advance FBT with Advance Tax for A.Y. 2010-11

Posted: 29 Jan 2010 08:57 AM PST

The Central Board of Direct Taxes have decided that any instalment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11. The assessee can adjust...

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Aal is well

Posted: 29 Jan 2010 08:39 AM PST

The phrase aal is well is catching up fast with one and all- thanks to the recent film '3 Idiots' which has made this phrase popular amongst the gen next and other factions of the society. The film, 3 idiots sends the message to the present society...

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Integrity and Ethics are Basic to Good Governance in Banking

Posted: 29 Jan 2010 08:35 AM PST

One may govern life in accordance with the revealed truth as one sees it or natural law or a simple precept of not treating others as ends, or in pursuit of the good life of contemplation prized by Aristole . One may believe that morality lies in...

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Government likely to scrap DEPB scheme

Posted: 29 Jan 2010 08:22 AM PST

One of the most favoured duty reimbursement schemes among exporters - the Duty Entitlement Passbook (DEPB) scheme - is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which...

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Mauritius Vice Prime Minister claimed his country is not a tax haven

Posted: 29 Jan 2010 08:19 AM PST

Dismissing the notion that Mauritius is a tax haven, the island nation's Vice Prime Minister Ramakrishna Sithanen on Tuesday said he has not received any complaints from India about routing investments via his country to evade taxes. However,...

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12 per cent service tax likely to return

Posted: 29 Jan 2010 08:11 AM PST

The government may take the first step towards fiscal consolidation in Budget 2010-11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased...

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Circular on adjustment of Advance FBT Paid for Assessment Year 2010-11

Posted: 29 Jan 2010 01:19 AM PST

The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII H (Sections 115 W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115 WM...

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Clarification regarding filing of Objections before Dispute Resolution Panel (DRP)

Posted: 28 Jan 2010 10:53 PM PST

A new section 144C was inserted in the Income-tax Act, 1961 vide Finance (No. 2) Act of 2009. Section 144C provides for constitution of a Dispute Resolution Panel (DRP) to decide cases of an eligible assessee as defined in sub-section (15) of...

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RBI hikes CRR by 75 bps, No Change in Reverse Repo Rate and Repo rate

Posted: 28 Jan 2010 10:35 PM PST

RBI has increased cash reserve ratio by 75 bps to 5.75 Percent , the hike would happen in two stages, the first stage of hike of 50 bps will be effective from February 13 and the next 25 bps from February 27. RBI has not touched the the reverse repo...

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Meaning, Formation, Taxation, Membership and Partition of HUF

Posted: 28 Jan 2010 08:12 PM PST

The Hindu Undivided Family can best be defined as a family that consists of a common ancestor and all his lineal male descendants and their wives and unmarried daughters. The Hindu Undivided Family (HUF) cannot be created by acts of any party. The...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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