| VRS application can be withdrawn before employer accepts it : Bombay High Court Posted: 24 Feb 2010 08:09 PM PST The Bombay High Court has held that an application under Voluntary Retirement Scheme (VRS) can be withdrawn before the employer accepts it. Division bench of Justices S A Bobade and Vasanti Naik held in the recent judgement that even though the VRS... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBEC recommended widening the scope of levying service tax on the entertainment business Posted: 24 Feb 2010 08:06 PM PST Central Board of Excise and Customs (CBEC) has recommended amending the rules to widen the scope of levying service tax on the entertainment business.This recommendation has been made for the coming Budget (2010-11). Entertainment is currently taxed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Fresh guidelines for switch to IFRS expected by the end of this month Posted: 24 Feb 2010 07:54 PM PST The Centre-appointed core committee, dealing with the transition from the Indian Generally Accepted Accounting Practices (IGAAP) to International Financial Reporting Standards (IFRS), is expected to come out with fresh guidelines for implementing... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI recommended setting up of a whistleblower system within all audit firms Posted: 24 Feb 2010 07:49 PM PST A YEAR after the Satyam scandal, the accounting regulatory body, the Institute of Chartered Accountants of India (ICAI), has recommended setting up of a whistleblower system within all audit firms. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Mahindra Satyam moved US court over the tax liabilities of the settlement amount Posted: 24 Feb 2010 07:47 PM PST Barely two months after Mahindra Satyam agreed to pay $70 million to the UK-based mobile payment services firm Upaid in an out-of-court settlement, a fresh row has erupted between the two firms over a tax dispute. Seeking legal help this time,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Mandatory electronic payment and filing of return for Central Excise Assessees Posted: 24 Feb 2010 07:28 PM PST Electronic payment of duty has been made mandatory for assessees whose total duty payment including utilization of CENVAT credit for the preceding financial year is Rs. 10 lakh or more as against the existing threshold of Rs. 50 lakh or more without... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Notification on Mandatory electronic payment and filing of return for Service Tax Posted: 24 Feb 2010 07:25 PM PST Electronic payment of Service Tax has been made mandatory for assessees whose total Service Tax payment including utilization of CENVAT credit for the preceding financial year is Rs. 10 lakh or more as against the existing threshold of Rs. 50 lakh... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Summary of UPVAT notification enhancing the rates of additional tax and exempting certain goods from tax Posted: 24 Feb 2010 07:19 PM PST The Uttar Pradesh Government has issued a notification (Notification No. KA.NI.-2-246/XI-9(10)/08-U.P. Act-30-07-Order-(56)-2010 dated 19 February 2010 ) enhancing the rates of additional tax as mentioned below. The new rates are effective 19... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Rail Budget 2010-11 : New Trains /services , New Duronto trains, Bharat Teerth Trains, Extension of trains , Railway Budget and Maharashtra Posted: 24 Feb 2010 07:10 PM PST 1 Sultanpur-Mumbai Express (via Nihalgarh) (Weekly), 2. Sultanpur-Ajmer Express (via Nihalgarh) (Weekly), 3 Asansol-Digha Express (Weekly), 4. Howrah-Katpadi(Vellore)-Puducherry Express via Bhubaneswar, 5. Kishanganj-Ajmer Express (Weekly), 6... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Overseas Investment Application – Online Reporting of Overseas Direct Investment in Form ODI Posted: 24 Feb 2010 06:49 PM PST Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 68 dated June 1, 2007, revising the reporting package on Overseas Direct Investment (ODI) by the Indian Parties. Further, it was also... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Guidelines for transfer of assets and liabilities of Urban Cooperative Banks to commercial banks Posted: 24 Feb 2010 06:46 PM PST the Reserve Bank may consider scheme of amalgamation that provides for payment to depositors under Section 16(2) of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, financial contribution by the transferee bank and sacrifice by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Even if there is no assessment u/s 143 (3), reopening u/s 147 is bad if there are no proper "reasons to believe". AO cannot go beyond the recorded reasons Posted: 24 Feb 2010 06:40 PM PST The assessee was a partner in a firm. Upon retirement, he received an amount of Rs. 50 lakhs in addition to the balance lying to his credit in the books of the firm in full and final settlement of his dues. The assessee filed a return in which the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Soon new costing norms for service tax and excise duty likely Posted: 24 Feb 2010 06:34 PM PST Government proposes to come out with standard input and output norms for service tax and excise Official sources said such norms form the benchmark of costing, which helps in working out the price of inputs required for manufacturing or producing a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2009-10: Expectations for a Rebounding Economy – challenges ahead Posted: 24 Feb 2010 06:09 PM PST There is a ground-swell of expectations for the Union Budget for2010/11, the second since UPA returned to power in May 2009, to be presented to Parliament by Finance Minister Shri Pranab Mukherjee on February 26. Unlike last year, when the country... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI releases Study on State Finances 2009-10 Posted: 24 Feb 2010 06:03 PM PST To address the overall macroeconomic slowdown, the Central Government allowed the States to raise additional market borrowings to the extent of 0.5 per cent of GSDP during 2008-09 and increase the limit of fiscal deficit to 3.5 per cent of GSDP for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| FM's Speech at Central Excise Day Celebrations Posted: 24 Feb 2010 05:58 PM PST "At the outset, let me congratulate the 33 officers, who have been selected for the Presidential Certificate of Appreciation for the year, 2009. An award such as this recognizes the exceptional diligence, dedication, and abiding faith of officers in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Important Announcement for Student who desires to register for CPC and to become eligible for appearing in the June, 2010 CPT to be held on 20th June, 2010 Posted: 24 Feb 2010 05:49 PM PST Student who are desires to register for Common Proficiency Course (CPC) and become eligible for appearing in the ensuing Common Proficiency Test (CPT) to be held on 20th June, 2010 are hereby advised to have the CPT registration application... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| IPCC Examination, May, 2010 – Relaxation and Eligibility Posted: 24 Feb 2010 05:13 PM PST relaxation for submission of Information Technology Training (ITT) and Orientation Programme completion certificate and relaxation of nine months study course period for converted students of Intermediate/ Professional Education (Course – II)/... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Penalties under PVAT Act or CST Act can be adjusted against Excess ITC Posted: 24 Feb 2010 04:56 PM PST Section 15 of PVAT Act 2005 deals with the Net Tax Payable by a taxable person. Sub section 1 of Section 15 provides that the output tax under PVAT Act shall be adjusted from the Input Tax Credit for determining Net Tax Payable by a taxable Person.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Highlights of Railway Budget -2010-11 Posted: 24 Feb 2010 02:28 AM PST * No hikes in passenger fares and freight tariff. 52 new train services to meet increasing demand of passengers, increase in frequency of 12 train services, extension of 21 trains and introduction of some special trains. Railways will not be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Summary of Railway Budget 2010-11 Posted: 24 Feb 2010 02:22 AM PST There will be no increase in the passenger fares of any class or category of trains. Freight tariffs will also remain the same for 2010-11. Service charges for e-tickets and freight charges for food-grains will be reduced. This was announced by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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