| MVAT circular on Issuing of Tax Clearance Certificates Posted: 06 Jan 2010 07:54 PM PST Background: Certain dealers/persons approach the departmental authorities for the issue of "Tax Clearance Certificates" in respect of various taxes. At present, the tax clearance certificates are being issued by the VAT Recovery officers at most of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Notification on Scheme for Filing of Statutory documents and other transactions by companies in Electronic mode Posted: 06 Jan 2010 07:48 PM PST S.O. 3314 (E) – In exercise of the powers conferred by sub-section (2) of section 610B of the Companies Act, 1956, the Central Government hereby makes the following Scheme to amend the Scheme for Filing of Statutory Documents and other Transactions... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Polls: Aggrieved ICAI members move court, seek stay following their disqualification as contestants Posted: 06 Jan 2010 07:35 PM PST The election of the Pune branch of the Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India (ICAI) has run into problems after some members filed a petition in the Shivajinagar civil court demanding a stay on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Section 194A of the Income-tax Act, 1961- Deduction of tax at source – Interest other than interest on securities – Notified institution Posted: 06 Jan 2010 07:27 PM PST In exercise of the powers conferred by sub-clause (f) of clause (iii) of sub-section (3) of Section 194A of the Income Tax Act, the Central Government hereby notifies the Rural Electrification Corporation Ltd., New Delhi for the purpose of said... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Supreme Court dismissed plea challenging takeover of Satyam by Mahindra group Posted: 06 Jan 2010 07:22 PM PST The Supreme Court on Monday dismissed a petition challenging the Company Law Board's order facilitating takeover of the scam-tainted Satyam Computers by the Mahindra group and allowed the IT firm to go ahead with the process to rope in a strategic... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Five sitting members of the apex council of ICAI defeated in election Posted: 06 Jan 2010 07:16 PM PST Five sitting members of the apex council of the Institute of Chartered Accountants of India (Icai) have been defeated in elections held on 4-5 December to elect a new team in 2010. Among the losers is Shanti Lal Daga, who was vice-chairman of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Raw deal for Chartered Accountants in Companies Bill 2009 Posted: 06 Jan 2010 07:09 PM PST One of the unkindest cuts is that the auditor of a company, necessarily a CA, shall not render such services as accounting and book-keeping, internal audit, design and implementation of any financial information system, actuarial, investment... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Indian Inc requested early implementation of Goods and service Tax Posted: 06 Jan 2010 06:59 PM PST India Inc on Tuesday asked Finance Minister Pranab Mukherjee to introduce Goods and Services Tax "as early as possible", amid speculations that the indirect tax reform may not be implemented from the scheduled date of April 1. "We want that the GST... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Commerce minister proposed changes in SEZ rules to facilitate easier exit for struggling SEZ developers Posted: 06 Jan 2010 06:45 PM PST The commerce ministry has proposed measures to make it easier for developers to exit special economic zones (SEZs) that have been struggling with a contraction in global demand for goods produced at the tax-free enclaves. Specific provisions for the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government may introduce DTC in the forthcoming budget session Posted: 06 Jan 2010 06:38 PM PST The government looks all set to introduce the new Direct Taxes Code in the forthcoming budget session , a government official said. Finance minister Pranab Mukherjee met Prime Minister Manmohan Singh on Tuesday to discuss the contours of the new... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Rajasthan High Court stayed declaration of results of 21st ICAI council Posted: 06 Jan 2010 06:34 PM PST The Notification of the declaration of results under Rule 36 of the Chartered Accountants (Election to the Council) Rules, 2006 was to be published in the Gazette of India dated 6th January, 2010. While the Notification on the declaration of results... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| List of members elected to the Twentieth Regional Councils of the ICAI Posted: 06 Jan 2010 06:30 PM PST No.54-EL(1)/20/2010: In pursuance of provisions of Regulation 134(10) of the Chartered Accountants Regulations, 1988 read with Rule 36 of the Chartered Accountants (Election to the Council) Rules, 2006, the Council of the Institute of Chartered... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Consultation on DTC over, new structure may be finalised soon Posted: 06 Jan 2010 06:20 PM PST The government is through with the consultation process on the proposed direct taxes code and the contours of the new tax structure could be finalised soon, a top government official said on Wednesday. The process of consultation is almost... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Court adjourned Satyam case hearing to January 20 Posted: 06 Jan 2010 06:16 PM PST A local court in Hyderabad adjourned on Wednesday framing of charges against multi-crore Satyam case accused, including IT firm's former chairman B Ramalinga Raju ,to January 20. The case relating to hearing of framing of charges was pending in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Bankers may meet RBI on 14th to discuss relaxation in lending norms Posted: 06 Jan 2010 06:11 PM PST Relaxation in the norms relating to infrastructure lending and 70 per cent loan loss coverage ratio are likely to top the agenda when bankers meet Reserve Bank of India on January 14, ahead of the quarterly policy review. "Banks will press their... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Meetings – implications of procedural irregularity – Indian company law Posted: 06 Jan 2010 06:04 PM PST Various kind of meetings are conducted in a Company as required under the provisions of Companies Act, 1956 and other corporate regulations, and it is also not a difficult issue to deal with the various kinds of meetings too. A new Company may have... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| 2009 gets the award of QIP Posted: 06 Jan 2010 05:58 PM PST The ice freezing waves of recession had frozen the prospects of Indian industrial growth after September 2008.Indian industries have to cut short production, rescheduling the production, stopped investments in new projects and finally followed the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Union Budget may be presented in Lok Sabha on 27th February Posted: 06 Jan 2010 05:48 PM PST After a gap of more than a decade, the union Budget may be presented in the Lok Sabha on Saturday which happens to be February 27. "In view of holidays for three consecutive days from February 26 onwards, we can have it (Budget presentation) on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Where to go in 3rd quarterly results Posted: 06 Jan 2010 05:43 PM PST The 3rd quarter results are all set to get out from the second week of January. Lot of predications and calculations as well as bets are being held on different sectors prospects. In this article I will like to dig out the invisible facts, trends... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| First thing that will strike you in 2010 Posted: 06 Jan 2010 12:46 AM PST Most likely, Monday, January 4th 2010 is when you would have recovered from the new year celebrations and the weekend that follows. It will also be the day when Indian stock markets first open at 9 am. The leading association of brokers, Association... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| A public prosecutor need not reveal opinion given to government under the RTI: Madras HC Posted: 05 Jan 2010 07:31 PM PST A public prosecutor representing the state in criminal cases need not divulge details of the legal opinion given to the government as it is privileged communication, the Madras High Court has ruled. In a similar case Supreme Court said that a judge... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Judge can't be asked the basis of his judgment under the RTI: SC Posted: 05 Jan 2010 07:24 PM PST Can a judge be asked under the Right to Information (RTI) Act as to why and how he came to a particular conclusion in a judgment? No, says the Supreme Court. The apex court saw the mischief potential of queries under the RTI Act in relation to a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Finance ministry asked DIPP to review of foreign investment policy to shut loopholes in the FDI policy Posted: 05 Jan 2010 07:14 PM PST The finance ministry, upset with the new rules for calculating foreign direct investment (FDI) in Indian companies, has sought to overhaul the entire policy to shut 'loopholes' that allow investors to breach sectoral FDI caps through investments via... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11 may tax undistributed dividend of foreign corporations Posted: 05 Jan 2010 07:08 PM PST The forthcoming budget may contain provisions for taxing the undistributed dividend of foreign corporations that are controlled or owned by Indian companies. Controlled Foreign Corporations (CFCs) laws enable the authorities to tax the income of a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Orissa government launched online registration of Land records, reduced stamp duty to 5% Posted: 05 Jan 2010 07:05 PM PST In line with the Orissa government's commitment to usher a new era of e-governance, the state on Monday introduced hassle-free e-registration of sale and purchase of land through the public private partnership . Inaugurating the e-registration... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Life insurance companies want withdrawal of service tax on fund management charges Posted: 05 Jan 2010 06:55 PM PST The life insurance industry wants service tax on fund management charges to be withdrawn, as is the case with mutual funds. The Life Insurance Council-the representative body of life insurers-will shortly make a presentation to the finance ministry... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| The AO cannot convert the part of liability transferred as loan by the proprietorship concern into consideration or part thereof Posted: 05 Jan 2010 06:37 PM PST We have heard the rival submissions and perused the material available on record. In terms of provisions of section 47 (xiv) of the Act I any transfer of a capital asset will not be regarded as transfer liable to capital gains tax, if the conditions... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Any bona fide measures taken by revenue to prevent circulation of black money, cannot be objected as interference with personal liberty or freedom of a citizen Posted: 05 Jan 2010 06:34 PM PST The carrying of a huge sum itself gives rise to a legitimate suspicion; the intelligence officers of revenue are, therefore, entitled to satisfy themselves, not only that the money is from a legitimate source, but also satisfy themselves that such a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Income from Cultivation of parent hybrid seed is non agricultural Income and taxable as business income Posted: 05 Jan 2010 06:31 PM PST The income attributable to the operations of developing/producing breeder seeds or hybrid germplasm or parent hybrid seed containing desired traits cannot be treated as agricultural income and should be treated as business income. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| If letting out could be demonstrated as part of complex commercial activity then rental income is to be assessed as income from business Posted: 05 Jan 2010 06:28 PM PST It depends on the facts of each transactions, whether the letting out of the property is incidental and subservient dominant object of selling the property or not. If the property has merely been let out b> the assessee then the same cannot be held... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Rate of depreciation applicable to bridges and flyovers constructed and owned by an infrastructure company Posted: 05 Jan 2010 06:26 PM PST Roads, flyovers bridges etc., constructed and owned by an infrastructure company and utilised in its business of providing infrastructure is the tool of its trade and an essential adjunct to its business and not merely a setting in which the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2011: The FM has his task cut out Posted: 05 Jan 2010 06:10 PM PST Preparations for Finance Minister Pranab Mukherjee's second full Budget under the Manmohan Singh government should be an area of interest for a variety of reasons. His first Budget was presented in July 2009 under trying circumstances, with the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CUSTOMS Notification No 189/2009 (NT), Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between ASEAN and India Posted: 05 Jan 2010 05:55 PM PST . Short title and commencement.-(1) These rules may be called the Customs? Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations (ASEAN)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Tariff (Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of the Republic of India and the Republic of Korea) Rules, 2009 (PART – II) Posted: 05 Jan 2010 05:25 PM PST In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government hereby makes the following rules, namely:-1. Short title and commencement.- (1) These rules may be called the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Notification No. 185 / 2009-Customs (N.T.) appointing Appoints Common Adjudicating Authority Posted: 05 Jan 2010 05:08 PM PST In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Deputy / Assistant Commissioner of Customs (Air... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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