| CA Dilip Vyas and four others fraudulently extracted over Rs 3 crore from Income Tax Department Posted: 20 Jan 2010 07:13 PM PST In a rare instance, a group of four—led by a chartered accountant (CA)—succeeded in extracting from the income tax (I-T) department fraudulent tax refunds, amounting to over Rs 3 crore, in the names of 30 people.The I-T officials on Tuesday managed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Small and medium enterprises will not have to prepare their accounts as per IFRS Posted: 20 Jan 2010 07:07 PM PST Small and medium enterprises (SMEs) in the country will not have to prepare their accounts as per the International Financial Reporting Standards (IFRS) from April 1, 2011, saving them significant cost of switching to the more rigorous accounting... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| New President and Vice President of ICSI for 2010 Posted: 20 Jan 2010 07:05 PM PST Shri Vinayak S. Khanvalkar has been elected as PRESIDENT of the Institute of Company Secretaries of India (ICSI) w.e.f 19th January 2010.Shri Anil Murarka has been elected as the VICE PRESIDENT of the Institute of Company Secretaries of India (ICSI)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Payment made for composite arrangement under franchises agreement not liable for TDS Posted: 20 Jan 2010 06:13 PM PST Delhi High Court (HC) in the case of CIT v NIIT Ltd. (Taxpayer) [2009-TIOL-533-HC-DEL-IT], on the issue of whether the amount paid by the Taxpayer to the franchisees, pursuant to a franchises agreement (Agreement), can be considered in the nature of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Property tax rates in capital all set to rise from April 2010 Posted: 20 Jan 2010 05:55 PM PST Property tax rates in the capital are all set to rise from April 2010. After rejecting the proposal for introducing professional tax, Municipal Corporation of Delhi's (MCD) standing committee on Monday cleared the proposal to hike property tax. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Maharashtra Government imposed entertainment tax on T-20, One Day International Posted: 20 Jan 2010 05:47 PM PST Cricket is now officially an entertainment sport. Forty-five years after it declared horse racing as entertainment, the state government has decided to add cricket to the list. Besides cricket, pubs, discotheques, internet protocol television (IPTV)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Income-Tax Department cannot re-open the assessment U/s. 147 of the Income Tax Act arbitrarily: SC Posted: 20 Jan 2010 05:38 PM PST In a reprieve to the assessees, the Supreme Court has ruled that the Income-Tax Department cannot re-open the assessment cases arbitrarily but on the basis of some 'tangible material'. If armed with unrestricted power to re-open the cases against... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| TDS on salary arrears will make government richer by Rs. 1400 Crore Posted: 20 Jan 2010 05:28 PM PST The government will mop up Rs 1,400 crore (Rs 14 billion) this fiscal by taxing the second installment of arrears due to central government employees, who were awarded increased salaries by the Sixth Pay Commission. The first installment of arrears... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Taxation of carbon credits under the proposed Goods and Services Tax regime? Posted: 20 Jan 2010 05:19 PM PST The Government should implement the GST regime with defined sharing arrangement between the State and the Centre, thereby protecting the interest of the State in generating revenue. How will carbon credits be taxed under the proposed Goods and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Announcement regarding last date for registration to the DIRM Course for November, 2010 DIRM Technical Examination Posted: 20 Jan 2010 05:10 PM PST Kind attention of the members (who intend to pursue DIRM Course) is invited to the last date of receipt of the application form to the Post Qualification Course on Diploma in Insurance Risk Management (DIRM) is 31st January, 2010 in order to be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI announced dates for Professional Education – II, Professional Competence Course (PCE), Integrated Professional Competence Course (IPCE) and Final Examinations to be held in -May-2010 Posted: 20 Jan 2010 09:36 AM PST Applications for admission to Professional Education –II, Professional Competence Course (PCE) Integrated Professional Competence Course (IPCE) and Final Examinations are required to be made in the prescribed forms. The application forms are priced... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI finally announced dates for Common Proficiency Test (CPT Examination) to be held in -June-2010 Posted: 20 Jan 2010 09:28 AM PST Common Proficiency Test application forms duly filled in may be sent so as to reach the Additional Secretary (Examinations) at New Delhi not later than 27th April,2010. Applications received after 27th April,2010 shall not be entertained under any... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Revision in Course Fee for ERP Courses on SAP Financials Posted: 20 Jan 2010 09:23 AM PST Revision in Course Fee for (a) SAP Financials - Financial Accounting and (b) SAP Financials - Management Accounting. M/s. SAP India Pvt. Ltd. has revised its course fee for (a) SAP Financials - Financial Accounting and (b) SAP Financials -... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom duty notification amending notification No. 146/94-Customs, dated 13th July, 1994 Posted: 20 Jan 2010 09:15 AM PST In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom duty notification amending Notification No.152/2009-Customs, dated the 31st December, 2009 Posted: 20 Jan 2010 09:09 AM PST In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| TDS at a higher rate on all transactions not having pan to come into effect from 1st April 2010 Posted: 20 Jan 2010 08:57 AM PST A new provision relating to tax deduction at source (TDS) under the Income Tax Act 1961 will become applicable with effect from 1st April 2010. Tax at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SEBI Circular on Currency Futures on Additional Currency Pairs Posted: 20 Jan 2010 08:35 AM PST It has now been decided to permit eligible Stock Exchanges to introduce currency futures on Euro-INR, Pound Sterling-INR and Japanese Yen-INR. The details in terms of product design, margins and position limits for the three additional currency... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Certification by Practising Company Secretary regarding Internal Audit for Credit Rating Agencies Posted: 20 Jan 2010 08:21 AM PST The circular states that audit envisaged under Regulation 22 of the SEBI (Credit Rating Agencies) Regulations, 1999 shall include an internal audit to be conducted on a half yearly basis by Chartered Accountants, Company Secretaries or Cost and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Delhi VAT Rate increased from 4% TO 5% w.e.f. 13-01-2010 Posted: 20 Jan 2010 08:03 AM PST In the principal Act, in Section 10, after sub-section (4), the following subsection shall be inserted, namely:- "(5) Where the goods which have been purchased by a dealer are sold at a price lower than the price at which it was purchased by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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