| DGFT public notice -Appendix 11B for Value addition in terms of paragraph 4.1.6 of FTP Posted: 16 Feb 2010 08:02 PM PST A new Appendix i.e., Appendix 11B related to "Value addition Norms (below 15%) for specific product(s) under Advance Authorisation Scheme" stands added in the Appendices and Aayat Niryat Forms in the HBP, v1, as per the Appendix attached to this... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| FM to inaugurate International seminar on transfer pricing Posted: 16 Feb 2010 07:56 PM PST The CBDT and OECD are jointly holding an International seminar on transfer pricing at Vigyan Bhawan, New Delhi, India from 17th to 19th February 2010. Shri Pranab Mukherjee, Finance Minister of India, will inaugurate the seminar. Shri. S.S.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| All directors of a company cannot be prosecuted for offence in cheque bouncing cases Posted: 16 Feb 2010 07:16 PM PST As per section 141 of Negotiable Instruments Act, If the person committing an offence under section 138 of the Negotiable Instruments Act is a company, every person who, at the time the offence was committed, was in charge of and was responsible to,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI committee recommended stringent action against the Indian arm of global audit firm PricewaterhouseCoopers Posted: 16 Feb 2010 07:08 PM PST A high-powered committee of the Institute of Chartered Accountants of India (ICAI) has recommended stringent action against the Indian arm of global audit firm PricewaterhouseCoopers (PwC) for delegating audit work in erstwhile Satyam Computer... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CVC advised imposition of major penalty against 66 Government Employees including six officials from Central Board of Excise and Custom Posted: 16 Feb 2010 07:04 PM PST THE CVC had disposed off 468 cases during December 2009 referred to it for advice. The Commission advised initiations of major penalty proceedings against 70 officers. Of these, 20 were from public sector banks, 17 from M/o Railways, 11 from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Calcutta HC asks Suchitra Sen to deposit rupees 5 lakh for opening up hearing in wealth tax penalty case Posted: 16 Feb 2010 06:52 PM PST Calcutta High Court asked film actress Suchitra Sen to deposit Rs five lakh before opening up a hearing of her appeal challenging the income tax (I-T) department directive to pay hefty taxes for her flat in the city's southern part. This is for the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government expect lenient verdict from SEC on scam-hit Satyam Computers Posted: 16 Feb 2010 06:48 PM PST The Union government on Monday indicated it was hopeful of a favourable reply from the US Securities and Exchange Commission to a request for being lenient on scam-hit Satyam Computers, thereby allowing it to remain on the rehabilitation track. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Income-Tax raids on Soren's secretary, officials, in connection with Koda scam Posted: 16 Feb 2010 06:40 PM PST Income-Tax officials on Tuesday conducted raids at the residents of senior state officials, including that of Chief Minister Shibu Soren's personal secretary M L Pal, in connection with a multi-crore money laundering scam involving former chief... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI may have to pay income tax penalty of Rs. 16 Crore, IT department may freeze bank account to recover penalty Posted: 16 Feb 2010 06:32 PM PST Accounting watchdog Institute of Chartered Accountants of India (ICAI), which regulates auditors, is currently facing the prospect of meeting an income tax penalty of Rs 16 crore, after the Income-Tax department withdrew tax exemptions on the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Excise circular on Beedi cess payable under the provisions of Section 3 of Beedi Workmen Welfare Cess Act Posted: 16 Feb 2010 06:10 PM PST References have been received from Trade & Industry as well as field formations, regarding leviability of beedi cess on labelled as well as unlabelled beedis. It has been stated that Notification No. S-23011/1/79-M.V. dated 19.12.1981[G.S.R.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Notification No 11/2010 (NT), Amending Principal Notification No. 36/2001 – Customs (N.T.), dated, the 3-08-2001 Posted: 16 Feb 2010 06:03 PM PST S. O… (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Notification No 09/2010, Amends notification No.21/2002-Customs, dated 1st March, 2002 Posted: 16 Feb 2010 06:00 PM 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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| Bombay high court to hear petition challenging Constitutional validity of Rule 8D Posted: 16 Feb 2010 05:46 PM PST As earlier intimated to you, Writ Petition bearing No. 50 of 2010 (Indian Exporters Grievances Forum & Other vs. CIT) challenging the constitutional validity of Rule 8D has been admitted on 12.1.2010 by Hon'ble Shri Justice Dr. D.Y. Chandrachud... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Validity of Section 80IA (4) of income Tax Act, 1961 challenged in the Bombay High Court Posted: 16 Feb 2010 05:39 PM PST A writ Petition challenging the constitutional validity of the Explanation inserted by the Finance No.2 Act 2009 to section 80IA (4) of the Act with retrospective effect from 1.4.2000 has been admitted today (16.2.2010) by the Bombay High Court in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SEBI in favour of allowing companies five years to increase their public shareholding to 25 per cent Posted: 16 Feb 2010 05:31 PM PST Securities and Exchange Board of India has told the government that it favours giving companies five years to increase their public shareholding to 25 per cent. Sebi's letter to the finance ministry follows a proposal by Finance Minister Pranab... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| FIEO want stimulus to continue for another one and half year Posted: 16 Feb 2010 05:22 PM PST FIEO said that sectors like tobacco, man-made yarns, tea and coffee have shown growth due to stimulus provided by the government and 'in case of abrupt withdrawal of stimulus these sectors may again enter into negative territory'. In the wake of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| FM should simplify custom tariff and unify the central excise and service tax rates in coming budget Posted: 16 Feb 2010 05:17 PM PST Budget 2010-11, to be presented on 26th of this month, Finance Minister Pranab Mukherjee should aim for rationalisation of the Customs tariff, unification of the central excise and service tax rates and simplification of the indirect tax laws. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Base Rate System and Its role in transparency Posted: 16 Feb 2010 05:07 PM PST RBI guidelines describe base rate as follows: 'The Base Rate system will replace the BPLR system with effect from April 1, 2010. Banks may determine their actual lending rates on loans and advances with reference to the Base Rate. Base Rate shall... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Students from SAARC countries to pay lesser fee in Indian universities Posted: 16 Feb 2010 04:57 PM PST In a major step to attract students from the SAARC countries, Indian universities will now slash their fee to level them with that of Indian students. The University Grants Commission(UGC) has taken a decision in this regard and asked the Central... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Haryana VAT notification enhancing the basic rate of tax from 4% to 5% Posted: 16 Feb 2010 03:50 AM PST In exercise of the powers conferred by sub-clause (iii) of clause (a) sub-section (1) of section 7 of the Haryana Value Added Tax Act, 2003 (Act 6 of 2003), the Governor of Haryana hereby directs that tax payable by a Value Added Tax dealer on sale... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Extension of last date for online submission of form with the office of C&AG Posted: 16 Feb 2010 03:37 AM PST We would like to inform that the last date for online submission of form with the O/o C&AG of India for getting empanelled for appointment as auditors of Government Companies/Corporati ons for the year 2010-2011 has been extended upto 18th... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Mismanagement of Company Properties – Company Law in India – A Case Study Posted: 16 Feb 2010 02:10 AM PST Company Law is very interesting and complicated. A shareholder having a substantial stake in the Company should be very careful as to how the Company functions and as to whether there is any chance for oppression and mismanagement. A substantial... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Some views on Penal Provisions u/s 29(8) of MVAT Act Posted: 15 Feb 2010 10:14 PM PST It is well esteblished principle that the power to levy penality under taxation laws is incidental and ancillary to the power of collection of tax and is provided to make sure the compliance of tax deposits by the assessees. Taxation laws are... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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