| Ex-Ernst & Young LLP partner sentenced to a year and a day in prison Posted: 15 Feb 2010 08:09 AM PST NEW YORK—A former Ernst & Young LLP partner was sentenced to a year and a day in prison on Monday after he was convicted last year of fraud charges in an insider-trading scheme where he allegedly tipped a Pennsylvania broker about pending... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Investment covered under section 80C of Income Tax Act, 1961 Posted: 15 Feb 2010 06:50 AM PST Provident Fund (PF) & Voluntary Provident Fund (VPF: PF is automatically deducted from your salary. Both you and your employer contribute to it. While employer's contribution is exempt from tax, your contribution (i.e., employee's contribution)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Taxability of Gift Posted: 15 Feb 2010 06:41 AM PST Sum of money:-As per the provisions of the I-T Act, 1961 (the Act), any sum of money received by an individual or a Hindu undivided family in a particular financial year, without consideration, the aggregate value of which exceeds Rs 50,000 is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CII demands simplification of tax procedures, rationalisation of direct taxes and reduction in Minimum Alternative Tax Posted: 15 Feb 2010 06:29 AM PST Ahead of Budget, an industry body has suggested government a slew of measures to boost industrial growth, including simplification of tax procedures, rationalisation of direct taxes and reduction in Minimum Alternative Tax (MAT). 'Rationalisation... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI will propose time line to dispose of the complaints that arise against its members Posted: 15 Feb 2010 06:24 AM PST The Institute of Chartered Accountants of India (ICAI), the apex regulator of accountancy profession in the country, will propose a time line to dispose of the complaints that arise against its members. The institute had recently recommended... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Issue of FCCBs and Ordinary shares (through Depository Receipt Mechanism) scheme, 1993 amended Posted: 15 Feb 2010 06:00 AM PST A scheme for issue of Foreign Currency Convertible Bonds and Ordinary shares (through Depository Receipts Mechanism) was notified in 1993 to allow the Indian Corporate sector to access global capital markets through issue of Foreign currency... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Things to do now for Income tax return of financial year 2009-2010 Posted: 15 Feb 2010 05:52 AM PST Financial year 2009-10 is coming to an end but this does not mean one can take things easy in the last few weeks. Several other essentials on the tax front have to be completed.Here are a few areas where one needs to pay attention to ensure that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBEC circular on Carriage of domestic cargo on international flights Posted: 15 Feb 2010 05:46 AM PST Reference is invited to the Board's Circular No.15/99-Customs dated 22.3.1999, whereby the facility of carriage of domestic cargo between domestic airports on international flights was extended to M/s. Air India. In this regard, the Board had... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Export of of CXL Concessions Sugar to European Union (EU) for the fiscal year 2009 -10 (October, 2009 to September, 2010) Posted: 15 Feb 2010 05:40 AM PST In exercise of the powers conferred under Paragraphs 2.1, 2.4 and 2.29 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby allocates a total quantity of 10,000 MTs (Ten thousand metric tonnes) of white Sugar for export... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| IGST – Innovative way of handling Inter State Transactions Posted: 15 Feb 2010 03:14 AM PST The Empowered Committee of State Finance Ministers unveiled the First Discussion paper on Goods and Service Tax in India on 10th November 2009. This discussion paper provides us with broad contours of dual GST to be implemented in India. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Can Tribunal take back what assessing officer has given? Posted: 15 Feb 2010 02:50 AM PST From the above, it can be clearly seen that there is no blanket restriction on the powers of the Tribunal to enhance the assessment but the restriction on enhancement is in light of the judge – made law, or to put it differently, in light of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| National policies alone cannot prevent a crisis Posted: 15 Feb 2010 12:02 AM PST Give the known challenges, every central bank has to move in the direction of taking right steps that it may feel as appropriate despite lack of consensus on many critical issues, without waiting for the global system to move. It would be wrong,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Rule 8D of the Income Tax Rules – Whether prospective or retrospective? Posted: 14 Feb 2010 11:54 PM PST Section 14A was introduced in the Income Tax Act, 1961 by the Finance Act 2001 with retrospective effect from 1st April 1962. The intent of introducing this section was reiteration of the well settled legal principle that when an assessee incurs any... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Section 14A of I.T.Act,: Certain critical issues Posted: 14 Feb 2010 10:56 PM PST As per well settled law and also according to canons of taxation only that expenditure which is relatable to taxable income should be deducted in computing the total income. Expenditure which has a bearing on exempt income should not be considered... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Statutory auditor of bank should be appointed by RBI: ICAI President Posted: 14 Feb 2010 10:45 PM PST Auditors in public sector banks (PSBs) must be appointed by the Reserve Bank of India (RBI) and the current practice of allowing bank managements to decide on such appointments must be done away with, the new President of the CA Institute, Mr... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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