| MCA's early warning system detects fraud in 160 companies Posted: 28 Feb 2010 06:56 PM PST The government has found financial irregularities in 160 companies — a whopping 30 of them owned by it — thanks to the early warning system (EWS) put in place last year. After the nearly Rs 10,000-crore Satyam fraud last year, the Ministry of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| How to Write a Resume That Shouts 'Hire Me' Posted: 28 Feb 2010 06:51 PM PST A resume is a marketing document that "can serve as a magnet to draw job opportunities to you," said Susan Ireland, author of "The Complete Idiot's Guide to the Perfect Résumé." That's largely because more résumés are now on job boards and social... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Comprehensive Note on gifts, deemed gifts and deemed under-valuations incorporating proposals by the Finance Bill, 2010 Posted: 28 Feb 2010 09:02 AM PST Section 56(2) of the Income Tax Act, 1961 inter alia deals with receipts without considerations. Since most of such receipts tantamount to gifts, the provisions are popularly named as those of gifts and deemed gifts. Till 30 09 2009 only sum of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| To avoid penalty for late payment, pay excise duty with interest Posted: 28 Feb 2010 08:36 AM PST WHEN section 11A(2B) of the CEA, 1944 made its appearance in the statute by the Finance Act, 2001 it came as a whiff of fresh air for assessees who had not paid, short paid, short levied/paid any duty of excise. The provision allowed a manufacturer... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Penalty can't be levied, if service tax is paid before issuance of show cause notice under Section 73(3) Posted: 28 Feb 2010 08:30 AM PST SECTION73 (3) of Finance Act, 1994, provides for non-serving of notice under Section 73(1) by department in such cases where service tax has been paid before issuance of notice. However, there is no clarity whether department can still initiate... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Commercial Training or Coaching Services – Most Affected by finance Bill 2010 Posted: 28 Feb 2010 08:23 AM PST "vocational training institute" means a commercial training or coaching centre which provides vocational training or coaching that impart skills to enable the trainee to seek employment or undertake self-employment, directly after such training or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Excise duty notifications dated 27.02.2010 related to Union budget 2010-11 amendments and provisions Posted: 28 Feb 2010 07:53 AM PST All the Excise duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provisions in Union Budget 2010-11. Read our earlier Post on Major Amendment in Excise Duty made in Budget 2010-11 at the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom duty notifications dated 27.02.2010 related to Union budget 2010-11 amendments and provisions Posted: 28 Feb 2010 07:08 AM PST All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provisions in Union Budget 2010-11. Read our earlier Post on Major Amendment in Custom Duty made in Budget 2010-11 at the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Notification exempting the right to use packaged or canned software from whole of service tax subject to certain conditions Posted: 28 Feb 2010 03:06 AM PST document providing the right to use such software, by whatever name called, if any, is packed along with the software;(ii) the importer has paid the appropriate duties of customs on the entire amount received from the buyer; and(iii) the benefit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ST Notification amending rules related to taxation of service Provided from outside India and Received in India Posted: 28 Feb 2010 03:04 AM PST Seeks to amend rule 2, for clause (e) of the Taxation of Services (Provided from outside India and Received in India) Rules, 2006, so as to amend the definition of India to explain certain activities in the continental shelf and exclusive economic... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Notification amending the Service Tax (Determination of Value) Rules, 2006 to insert one clause under sub-rule (2) in Rule 6 Posted: 28 Feb 2010 02:52 AM PST . In the Service Tax (Determination of Value) Rules, 2006, in rule 6, in sub-rule (2), after clause (iv), the following clause shall be inserted, namely:-"(v) the taxes levied by any Government on any passenger travelling by air, if shown separately... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service tax notification amending Notification No. 1/2002- Service Tax, dated 1st March, 2002 Posted: 28 Feb 2010 02:46 AM PST 153(E), dated the 1st March, 2002, except as respects things done or omitted to be done before such supersession, the Central Government hereby extends the provisions of Chapter V of the Finance Act, 1994 (32 of 1994), to the areas specified in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Notification exempting taxable service provided by Indian news agency Posted: 28 Feb 2010 02:41 AM PST Seeks to exempt the taxable service provided in relation to on-line information and database access or retrieval services and business auxiliary services by any Indian news agency subject to the fulfilment of certain conditions. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service tax notification exempting service provided in relation to erection, commissioning or installation Posted: 28 Feb 2010 02:34 AM PST Seeks to exempt the taxable service provided in relation to erection, commissioning or installation of mechanised food grain handling systems, equipment for setting up or substantial expansion of cold storage, and expansion of units for processing... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service tax notification exempting taxable service provided in relation to transmission of electricity Posted: 28 Feb 2010 02:24 AM PST In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ST notification seeing to exempt the taxable service provided by a Central or State Seed Testing Laboratory and Central or State Seed Certification Agency notified under Seeds Act, 1966 Posted: 28 Feb 2010 02:21 AM PST Seeks to exempt the taxable service provided by a Central or State Seed Testing Laboratory and Central or State Seed Certification Agency notified under Seeds Act, 1966 from technical testing and analysis services and technical inspection and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service Tax notification: Seeks to amend Notification No. 01/2006 dated 01.03.2006 to provide abatement for transport of goods by rail Posted: 28 Feb 2010 02:17 AM PST In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service tax notification exempting taxable service provided in relation to transport of specified goods by rail Posted: 28 Feb 2010 02:13 AM PST In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service tax notification rescinding Notification No. 33/2009 dated 01.09.2009 Posted: 28 Feb 2010 02:01 AM PST In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service tax circular amending rule 3 of Export of Services Rules, 2005 to change the category of certain services from one to the other Posted: 28 Feb 2010 01:57 AM PST For the purposes of this rule "India" includes the installations structures and vessels located in the continental shelf of India and the exclusive economic zone of India, for the purposes of prospecting or extraction or production of mineral oil... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service Tax notification seeking to rescind Notification No. 01/2000 dated 09.02.2000 Posted: 28 Feb 2010 01:54 AM PST In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service tax notification expanding list of items eligible for exemption when transported by road Posted: 28 Feb 2010 01:52 AM PST In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service tax notification: Modify the meaning of vocational training institute Posted: 28 Feb 2010 01:48 AM PST Seeks to amend Notification No. 24/2004 dated 10.09.2004 so as to substitute Explanation (i) to modify the meaning of vocational training institute as those institutes or centres affiliated to the National Council for Vocational Training notified... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ST notification: Seeks to exempt the right to use packaged or canned software from whole of service tax subject to certain conditions Posted: 28 Feb 2010 01:45 AM PST In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable service as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom duty relief for importing digital films: Budget 2010-2011 Posted: 28 Feb 2010 01:00 AM PST The Union Budget 2010-11 proposes to rationalize the differential custom duty structure for importing digital masters of films for duplication or distribution in electronic medium and in cinematographic film. Henceforth custom duty would be charged... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Micro-wave ovens, pre-packaged imported goods, mobile phones, watches, readymade garments, toy baloons, long pepper, replaceable household water filters to be cheaper Posted: 28 Feb 2010 12:55 AM PST Outright exemption from special additional duty provided to goods imported in a pre-packaged form for retail sale. This would also cover mobile phones, watches and ready-made garments even when they are not imported in pre-packaged form. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Infotainment sector to benefit from concessional customs duty: Budget 2010-11 Posted: 28 Feb 2010 12:42 AM PST The Union Budget 2010-11 seeks to address the needs of multi-service operators to invest in 'Digital Head End' equipment to adopt digital technology and keep pace with on-going transformation in infotainment sector. Shri Pranab Mukherjee, the Union... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Major tax relief to agriculture & related sectors: Budget 2010-11 Posted: 28 Feb 2010 12:39 AM PST Project import status at a concessional customs duty of 5 per cent with full exemption from service tax to the initial setting up and expansion of Cold storage, cold room including farm pre-coolers for preservation or storage of agriculture and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| New tax incentives announced for Infrastructure Sector Budget 2010-11 Posted: 28 Feb 2010 12:22 AM PST Shri Pranab Mukherjee, the Finance Minister while presenting the Union Budget in Lok Sabha today announced grant of project import status to 'Monorail projects for urban transport' at a concessional basic duty of 5 per cent. This would strengthen... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Uniform basic duty of 5 per cent and cvd of 4 per cent on import of medical equipment : Budget 2010-11 Posted: 28 Feb 2010 12:19 AM PST A uniform concessional basic duty of 5 per cent, CVD of 4 per cent with full exemption from special additional duty on all medial equipment are proposed doing away with a very complex import duty regime. The Finance Minister, Shri Pranab... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Indian Rupee to get a symbol, join the select club of currencies Posted: 28 Feb 2010 12:09 AM PST The Finance Minister, Shri Pranab Mukherjee announced in his Budget speech in Lok Sabha on friday that it is proposed to formalize a symbol for the Indian Rupee in the ensuing years. The proposed symbol will appropriately reflect and capture the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service Tax retained at 10%: Budget 2010-11 Posted: 28 Feb 2010 12:07 AM PST Certain New Services to be brought within Service Tax Purview.Legislative Changes to Plug Revenue Leakages to Remove Distortions and to Clarify Certain Doubts.Process Of Refund of Accumulated Credit to Exporters of Services to Be Made Easy.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Rate reduction in Central Excise duties partially rolled back: Budget 2010-11 Posted: 28 Feb 2010 12:01 AM PST AD-VALOREM ON NON PETRO PRODUCTS & CARS INCREASED BY 2 PERCENT. CENTRAL EXCISE ON PETROL & DIESEL RAISED BY RE. ONE PER LITRE.In the Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Special duty concessions to promote clean environment, Clean Energy Cess @ Rs. 50 per Tonne on Coal: Budget 2010-11 Posted: 27 Feb 2010 11:41 PM PST The Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, provides relief measures to promote clean environment. Clean energy cess on coal produced in India as well as on the imported, will be levied at... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| P. Chidambaram welcomed the General Budget for 2010-11 Posted: 27 Feb 2010 11:35 PM PST The Union Home Minister, Shri P. Chidambaram has welcomed the General Budget for 2010-11 presented in Parliament on friday. In a statement issued here today, he described the budget as a very balanced effort . Following is the text of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Reforms process in tax administration taken forward Posted: 27 Feb 2010 11:31 PM PST The General Budget 2010-11 has carried forward the process of reforms in tax administration in the country. The citizen-centric initiative "Sevottam" which was launched as a pilot project at Pune, Kochi and Chandigarh, will be extended to four more... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Report of the High Level Committee to Review Lead Bank Scheme-Implementation of the recommendations Posted: 27 Feb 2010 11:13 PM PST Over a period of four decades, since the inception of the Lead Bank Scheme (LBS), several changes have taken place necessitating a relook at the scheme to make it more effective in the changed economic scenario with sharper focus on financial... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Indian judiciary – Executive – Sorry state of affairs Posted: 27 Feb 2010 10:58 PM PST The people of this country are facing the problem of enormous delay in justice delivery before the lower courts and they have heard the problems like lack of infrastructure, increase in litigation etc. The problem of delay in justice delivery before... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| The 3 big things in Union Budget 2010-11, according to the PM Posted: 27 Feb 2010 08:02 PM PST On the question of fiscal consolidation, the much-awaited roll-back of the stimulus measures was announced in the Budget. There were expectations that this roll-back would be either calibrated or selective. But we saw an across-the-board increase in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Made life Saral for salaried taxpayer Posted: 27 Feb 2010 07:57 PM PST In the next financial year, the salaried will not only have more money to spend but also can look forward to easy tax filings. One of the income tax reforms that the finance minister announced on Friday was the introduction of Saral II form, which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Amendment in CST Act by finance Bill 2010 Posted: 27 Feb 2010 07:32 PM PST Provide that for making an order under that sub section the assessing officer shall, in addition to satisfying himself about the truthfulness of particulars furnished by a dealer , shall also satisfy himself that no interstate sale have been... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Summary of Important Income tax provisions: Union Budget 2010-11 Posted: 27 Feb 2010 03:04 PM PST Finance Minister Pranab Mukherjee took the first step towards implementation of the Direct Taxes Code (DTC) on Friday. While retaining the basic exemption limits for all income levels (as in the DTC), he increased the other slabs. For instance,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Law governing Political Contributions in India Posted: 27 Feb 2010 02:52 PM PST In India, elections are always round the corner. In some or the other state, there are elections waiting to happen. Companies are though creatures of law but are run by individuals and due to varied reasons, these individual would like to make... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Union Budget 2010-11: Grasim superseded, High Court got the power to condone delay in filing of appeal Posted: 27 Feb 2010 06:36 AM PST The question whether courts have the power to condone delay in filing of appeals under section 260A of the Income-tax Act arose because of careless drafting. While all other provisions of the Act provide that the authority therein can condone a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICWAI welcomes the union Budget 2010 proposals Posted: 27 Feb 2010 06:21 AM PST The Budget 2010-11 has been presented at the turbulent time when the inflation is rising and economic growth has to grow overcoming the economic slow down. Every one had great expectations from the Finance Minister. The common man is worried about... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Taxation of income of non-life insurance business Posted: 27 Feb 2010 06:15 AM PST Section 44 read with the First Schedule to the Income-tax Act provides the scheme of computation of income of insurance companies. According to Rule 5 of the said Schedule, the income of non-life insurance business is taken as 'profit before tax and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Document Identification Number Posted: 27 Feb 2010 06:12 AM PST Section 282B (Allotment of Document Identification Number) is a new section inserted by the Finance (No. 2) Act, 2009 in the Income-tax Act with effect from 1st October, 2010. Under the provisions of this section, an income-tax authority is required... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Power of the High Court to condone delay in filing of appeals Posted: 27 Feb 2010 06:06 AM PST A. The existing provisions of section 260A(2) provide that an appeal against the order of Income-tax Appellate Tribunal can be filed before the High Court within a period of one hundred and twenty days from the date of the receipt of the order by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Amendments related to Settlement Commission provisions Posted: 27 Feb 2010 06:02 AM PST Under the existing provisions of section 245A(b), the term "case", in relation to which an application can be made is defined as any proceeding for assessment, of any person in respect of any assessment year or assessment years which may be pending... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Deductor needs to issue TDS and TCS certificate even after 1st April, 2010 Posted: 27 Feb 2010 05:55 AM PST The existing provisions of section 203(3) of the Income-tax Act dispense with the requirement of furnishing of TDS certificates by the deductor to the deductee on or after 1st April, 2010. Similarly, under section 206C(5) of the Act, a collector of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Centralised Processing of Returns Posted: 27 Feb 2010 05:49 AM PST Under the existing provisions of section 143(1 B), the Central Government may, for the purposes of giving effect to the scheme of centralised processing of returns under section 143(1A), issue a notification relating to such processing of returns.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Minimum Alternate Tax (MAT) under Section 115JB increased to 18% Posted: 27 Feb 2010 05:45 AM PST Under the existing provisions of section 115JB of the Income Tax Act, a company is required to pay a Minimum Alternate Tax (MAT) on its book profit, if the income-tax payable on the total income, as computed under the Act in respect of any previous... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Deduction of profits of a hotel or a convention centre in the National Capital Territory Posted: 27 Feb 2010 05:38 AM PST Section 80-ID of the Income-tax Act provides for 100 per cent deduction for five years, of profits derived by an undertaking from the business of a two-star, three-star or four-star category hotel or from the business of building, owning and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Deduction for developing and building housing projects Posted: 27 Feb 2010 05:22 AM PST Under the existing provisions of section 80-IB(10), 100 per cent deduction is available in respect of profits derived by an undertaking from developing and building housing projects approved by a local authority before 31.3.2008. This benefit is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Unfolding the levy on Umbrella Posted: 27 Feb 2010 04:41 AM PST As the budget, 2010-11 has brought many changes in Excise Law. It varies from areas like applicable rate of excise duty, their Cenvat Credit allowable, exemption from excise duty and so many. The duty on umbrella and umbrella parts are closely... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Union Budget 2010: Old Wine in New Bottle Posted: 27 Feb 2010 04:35 AM PST Month of February is the shortest month of the year and this shortest month gets the highest importance other than any month of the year. For Indian economy it is the month where all expectation and desires followed with wishes and prayers are... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| 3 Smarts of Budget 2010-11 Posted: 27 Feb 2010 04:27 AM PST Yesterday the Parliament of India have created a history by making a walkout even before the budget was yet to be finished. The opposition parties made the walkout once it was declared in the budget that petrol prices to go up. To levy excise duty... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI welcomes Union Budget 2010 Posted: 27 Feb 2010 04:07 AM PST ICAI welcomes the Union Budget presented by the Hon'ble Finance Minister Shri Pranab Mukherjee, which can be termed as a relief oriented budget. The Budget skillfully balances the need to step up the economic growth on one side, check inflation on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Retrospective amendment to service tax- Renting of immovable property provided in budget 2010 Posted: 27 Feb 2010 03:45 AM PST Finance Bill 2010 has made an amendment in the definition of the taxable service 'Renting of immovable property' [section 65 (105) (zzzz)] to provide explicitly that the activity of 'renting' itself is a taxable service. This change is being given... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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