| Budget 2010- Expansion of the Presumptive Tax Scheme u/s. 44AD Posted: 09 Mar 2010 07:40 PM PST Under the existing provisions of section 44AD of the Act, a person carrying on any business is entitled to opt for a scheme of presumptive tax scheme, provided its turnover or gross receipts do not exceed Rs. 40.00 lacs. In such type of assessees,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010- Amendment in Section 271 B related to penalty for Tax Audit non-compliance Posted: 09 Mar 2010 07:38 PM PST The existing provisions contained in the aforesaid section provide that if any person fails to get his accounts audited in respect of any previous year relevant to an assessment year or furnish a report of such audit as required under section 44AB,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-Enhancement in Limit for Tax Audit u/s 44AB and its effect Posted: 09 Mar 2010 07:15 PM PST Persons carrying on business / profession are required to get their accounts audited, if their turnover exceeded the threshold limit of Rs. 40.00 lacs for business and Rs. 10.00 lacs for profession. These limits were fixed w.e.f A.Y. 85-86. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Amended provisions related to disallowance on account of non-deduction / non-payment of TDS for A.Y. 2011-12 Posted: 09 Mar 2010 07:11 PM PST "Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in subsection (1) of section 139, such sum shall be allowed as a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| 49 lakh cases of income tax refunds are pending with the revenue department Posted: 09 Mar 2010 06:32 PM PST "Total number of pending refund returns (up to January 2010 is 49 lakh. The statutory time limit to process the return and issue refund in financial year 2009-10 is March, 31, 2011," minister of state for finance SS Palanimanickam informed the Rajya... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Despite so many exemption Budget 2010 failed to cheer taxpayers Posted: 09 Mar 2010 06:30 PM PST The Budget 2010-11 has not done away with most excise or customs exemption notifications but, contrary to the need of the hour, added more exemptions, each with its own set of conditions that entail more paperwork and transaction costs. However, a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010 simplified Export of Service Rules (Export Rules) Posted: 09 Mar 2010 06:23 PM PST The primary reason is the simplification of the Export of Service Rules (Export Rules). The Export Rules prescribe the conditions to determine when a service qualifies as exports. When the Export Rules were initially introduced in March 2005, they... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI will put strict rules and regulations for conversion of NBFC into LLP Posted: 09 Mar 2010 06:18 PM PST The Reserve Bank of India (RBI) plans to amend its rules to pre-empt non banking finance companies (NBFCs) from misusing the liberal rules governing limited liability partnership (LLP) firms. In the interim, NBFCs that want to convert themselves to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SC accepted appeal filed against Delhi HC ruling covering CJI under RTI Posted: 09 Mar 2010 06:03 PM PST The Supreme Court on Monday filed an appeal before itself challenging a Delhi high court ruling that the Chief Justice of India (CJI) was covered by the Right to Information (RTI) Act. By doing so, the apex court has raised the broader issues of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SEBI rejected PW plea on Satyam probe Posted: 09 Mar 2010 05:56 PM PST Price Waterhouse (PW), an Indian arm of the global consultancy firm PricewaterhouseCoopers, whose partners got embroiled in the Satyam accounting fraud, failed to get a reprieve from the stock market regulator, the Securities and Exchanges Board of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| 50 Percent Tax rate will make London most highly taxed financial centre in the world Posted: 09 Mar 2010 05:52 PM PST London will become the most highly taxed financial centre in the world when the new 50 per cent income tax rate for those earning £150,000 or more comes into force next month. Taxes will be higher than for financial workers living in the other key... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Despite Satyam Scandal more student choosing CA as a Profession Posted: 09 Mar 2010 04:59 PM PST Last year's revelation of an accounting scandal in Satyam Computer Services has not dented the charm of accounting as a career, it seems. Between February 2009 and 2010, the number of candidates registering with the Institute of Chartered... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ROC revised form No. 32 Posted: 09 Mar 2010 04:48 PM PST In exercise of the powers conferred by sub-section (1) of section 642 read with sub-section (1) of 610B of the Companies Act, 1956, the Central Government hereby makes the Companies (Central Government's) General Rules and Forms (Amendment), 2010... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Now you have to Pay for rectification of mistakes in Form No. 1, IA and 44 filed with ROC Posted: 09 Mar 2010 04:43 PM PST In exercise of the powers conferred by sub-section (1) of section 642 read with sub-section (1) of 610B of the Companies Act, 1956, the Central Government hereby makes the Companies (Central Government's) General Rules and Forms (Second Amendment),... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Bye-Laws of co-ops crucial in income tax liability Posted: 09 Mar 2010 09:10 AM PST The answer to the question whether a member of a primary cooperative society will automatically become a member of the apex society will determine the income tax liability of the apex body, the Supreme Court stated in the case, Commissioner of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| IFRS will change accounting practice for Financial Assets Posted: 09 Mar 2010 09:00 AM PST A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial asset is cash, equity shares issued by another entity, and a contractual right to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Grant of 'Certificate of Registration' – For commencing business of credit information – Experian Credit Information Company of India Private Ltd Posted: 09 Mar 2010 08:38 AM PST As you are aware, Credit Information Bureau of India Ltd.(CIBIL) has been functioning as a Credit Information Company (CIC) from January 2001 onwards and banks and Financial Institutions have been reporting data to CIBIL as per our letters DBOD No.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Investment Portfolio of Primary Dealers – Extension of HTM Category for PDs Posted: 09 Mar 2010 08:32 AM PST Banks undertaking PD activities departmentally may continue to follow the extant guidelines applicable to banks in regard to the classification and valuation of the investment portfolio issued by our Department of Banking Operations and Development. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| "Eligible" covers Non-eligible also Posted: 09 Mar 2010 04:59 AM PST :This year the Budget 2010 announced on 26.02.2010 has given benefits to Small Scale Units. These benefits have been given not only to those units which are availing the small scale exemption under Notification No. 8/2003-CE dated 01.03.2003 but... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Need Cautious Real Estate Posted: 09 Mar 2010 04:52 AM PST Recessions have affected mostly the real estate business. Slowing demand and sudden evaporation of liquidity position made the situation become so tough for the real estate sector that companies who were engaged in massive long term projects have to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Other side of Merger and Acquisition in India Posted: 09 Mar 2010 04:45 AM PST Recessions have taught lessons to many even to the favorite pet at your home. Among all these many of the lessons are positive and where as many are on the way to become positive. Recessions have educated us in many ways. Among them emerging... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service Tax: Budget Highlights 2010 Posted: 08 Mar 2010 08:17 PM PST Addition or reduction of exemptions in various services. Renting Service – Retrospective amendment to supersede decision of Delhi High Court in case of Home Solutions Retail India Ltd. Now activity of 'Renting' made taxable. Construction Service –... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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