| Taxpayer not required to demonstrate that the debt has become bad debt once it is written off in the books of account: SC Posted: 23 Feb 2010 07:48 PM PST In order to claim a bad debt as a deduction under section 36(1)(vii) of the Income tax Act (Act) it has been a long drawn controversy between the Taxpayer and the Revenue whether in addition to write-off the debt in the books of account, it is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Frequently Asked questions related to Employees Provident Fund Posted: 23 Feb 2010 07:35 PM PST What is the Contribution for Provident Fund both by the Employer & Employee?: The Employee contributes 12% of his /her Basic Salary & the same amount is contributed by the Employer.Is it Compulsory for the all the employees to contribute... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Expectations from the Union Budget 2010 -2011 on personal taxation front Posted: 23 Feb 2010 07:16 PM PST Personal income tax exemption limit should be further increased by Rs 50000 and slab limits should be revised accordingly. Currently, the threshold tax exemption limit for all assessees - for women is Rs 1,90,000, for senior citizen is Rs 2,40,000... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| 397/398 – Oppression and Mismanagement – private companies – need of adhering to corporate regulations – a case study Posted: 23 Feb 2010 07:02 PM PST When there exist serious disputes between groups, one group tends to approach Company Law Board or the Company Court. Usually, when there are serious disputes, one group approaches the Company Law Board under section 397/398 of the Companies Act,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Shifting in and out of China Posted: 23 Feb 2010 06:52 PM PST When the developed economies were in busy in formulating policies for catching up the falling hand of economies in to the well of recession, emerging economies were making a paradigm shifts in its domiciles of production plants. China is again the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Beware of fraud email related to Income Tax refund Posted: 23 Feb 2010 06:42 PM PST Nowadays I am receiving one or more email daily with subject 'Tax Refund Notification'. With mail I receive a attached form in which they ask bank account details. This is the trap Once you enter your bank account detail which includes your... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government will not defer plans to sell stakes in PSUs Posted: 23 Feb 2010 06:12 PM PST The government will not defer plans to sell stakes in public sector undertakings (PSUs), required to bridge its yawning fiscal deficit, despite a poor response to two of its recent sales, a finance ministry official said. The government has raised... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government considering liberalizing M&A norms which require ratification by the Competition Commission of India Posted: 23 Feb 2010 06:06 PM PST India is looking to recast provisions relating to mergers and acquisitions (M&As) that require ratification by the Competition Commission of India (CCI). Currently, under the Competition Act, any M&A that results in combined revenue above... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Fiscal deficit management and measures to push growth beyond 7% are likely to be top priority in Budget 2010-11 Posted: 23 Feb 2010 05:33 PM PST What is evident in the CSO data for GDP growth and fiscal deficit forecast for the current year, it appears certain fiscal deficit management and measures to push growth beyond 7% will be on top of the agenda. This could mean policy makers shall... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Export of CXL Concessions Sugar to European Union (EU): DGFT public notice Posted: 23 Feb 2010 05:23 PM PST Accordingly, allocation of 10,000 MT of white sugar for export of CXL Concessions Sugar to European Union (EU) for the fiscal year 2009 -10 made vide Public Notice No. 41/2009-2014 dated 15th February, 2010 stands withdrawn. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Amendment of Para 2.63 (iii) of HBP Vol.I regarding RCMC: DGFT public notice Posted: 23 Feb 2010 05:19 PM PST Para 2.63 (iii) In case an export product is not covered by any Export Promotion Council/Commodity Board, etc. RCMC in respect thereof is to be obtained from FIEO. Further, in case of multi product exporters, not registered with any EPC, where... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Amendment/modification in SION Sl.No.C180 : DGFT public notice Posted: 23 Feb 2010 05:16 PM PST In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2009-2014, as amended from time to time, amendments/corrections/modification at appropriate places as mentioned in ANNEXURE "A" to this... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Amendment in Policy Circular No. 94 dated 16.6.2009 – Verification of new IEC Posted: 23 Feb 2010 05:10 PM PST The physical verification shall be carried out by a team of two officials which shall be led by an officer not below the rank of FTDO. However in exceptional circumstances, and with specific orders of the HOO in RA's a two member team comprising of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service Tax Liability more then 10 lakh Pay Tax online and File Return Electronically Posted: 23 Feb 2010 05:02 PM PST In the Service Tax Rules 1994 (hereinafter referred to as the said rules), in rule 6, in sub-rule (2), for the proviso, the following proviso, shall be substituted, namely:-"Provided that where an assessee has paid a total service tax of rupees ten... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Notification No 11/2010, Rescinds Notification No. 114/2009-Customs, dated the 1st October, 2009 Posted: 23 Feb 2010 04:57 PM PST the Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 114/2009-Customs, dated the 1st October, 2009, published in the Gazette of India, Extraordinary, Part II,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Notification No 10/2010, Regarding anti dumping duty on Melamine, originating in, or exported from China Posted: 23 Feb 2010 04:53 PM PST Whereas, the designated authority vide notification No. 15/29/2008-DGAD, dated the 21st November, 2008, published in Part I, section 1 of the Gazette of India, Extraordinary, dated the 21st November, 2008, had initiated review, in terms of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI extended last date for receipt of May-2010 CA Exam Forms Posted: 23 Feb 2010 04:35 PM PST This is to inform that owing to delay in making available Application Forms for May-2010 Chartered Accountants Examinations at some branches/Regional offices , the Competent Authority has decided to extend the last date for receipt of filled in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Important information for students filling up Final May 2010 Exam Form conducted by ICAI Posted: 23 Feb 2010 04:28 PM PST The students of PE II who have joined the course on the basis of their degree examination and switched over to PCC after discontinuance of PE II may apply for May 2010 subject to completion of their articled training period before 30th of April 2010... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Income Tax refund scam: TV actors, IT officials are in CBI net Posted: 22 Feb 2010 10:06 PM PST The CBI on Sunday arrested three income tax (I-T) officials and two of their accomplices in connection with a Rs 3-crore fraudulent tax refund scam. The arrested I-T officials are inspector Pramod Prabhakar, tax assistant Raju Nagpure and senior... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SEBI imparting investor education in schools Posted: 22 Feb 2010 10:00 PM PST Class 8 and 9 students at 26 schools all over the country are taking lessons in investor education these days, courtesy the capital market regulator. The optional three-month course teaches these students the importance of money, how to manage it... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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