| SC asked Samsung to reply why it is not liable to deduct tax in respect of goods outsourced for manufacturing Posted: 04 Mar 2010 07:53 PM PST The Supreme Court has sought a reply from Samsung India Electronics on the I-T department plea that the firm is liable to deduct tax in respect of goods outsourced for manufacturing. The issue has been raised by the income-tax department saying... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Section 56 amended to cover property received without or inadequate consideration by closely held companies Posted: 04 Mar 2010 07:44 PM PST In a move expected to make family settlements and transfer of shares more taxing, the government plans to tighten anti-abuse provisions in the Income Tax Act, by including share sales in unlisted companies below fair market value under the ambit of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Income tax slabs may be further raised in direct tax code: Finance Ministry Posted: 04 Mar 2010 07:39 PM PST Having altered the income tax slabs in the Budget, the Finance Ministry on Thursday said the next round of widening of the tax slabs is possible when the direct taxes code comes into effect, likely from 2011-12. "A further widening (of tax slabs)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Brief note on Income Tax Survey Provisions under the Income Tax Act, 1961 Posted: 04 Mar 2010 07:34 PM PST Survey means to inspect or in a wider sense to scrutinize. The object of a survey is to find out, gather information, verify and collate information so as to apprehend a tax dodger or a tax evader. Survey is basically a surprise inspection carried... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Model questions and answers which may be asked during the course of search operations Posted: 04 Mar 2010 07:21 PM PST The sources of income should be stated irrespective of whether the income there from is taxable or not. The answer be given with regard to the sources as exist on the date of recording of the statement including the source which might have come into... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBI arrested auditor and DCIT for accepting bribe Posted: 04 Mar 2010 06:44 PM PST CBI has arrested a Deputy Commissioner of Income Tax and an auditor in Guntur in Andhra Pradesh for allegedly demanding and accepting a bribe of Rs four lakh from a man. The two arrested are A V Srinivasa Rao and Koteswara Rao, DC, Income Tax,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Some tips on how to be a good auditor Posted: 04 Mar 2010 06:31 PM PST An auditor has to keep himself abreast of the latest developments in the audit field by constant upgradition of his skills and knowledge through Internet, seminars, self-study and correspondence course. The Satyam multi-crore scam is still fresh in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Insurer as consumer Posted: 04 Mar 2010 06:29 PM PST One recurring point of dispute in consumer law has been the standing of the person who makes the complaint. The Consumer Protection Act allows only persons who buy goods or services for their own purpose to approach a consumer forum. The law was... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Direct tax collections register 7.5 per cent growth upto February Posted: 04 Mar 2010 05:04 PM PST Net direct tax collections during first eleven months of the present fiscal (up to February 2010) stood at Rs.2,78,373 crore, up from Rs.2,58,902 crore in the same period last fiscal, registering a growth of 7.52 percent. Growth in Corporate Taxes... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI circular on Provisioning Requirement by Regional Rural bank for Standard Assets Posted: 04 Mar 2010 04:59 PM PST It was proposed to increase the provisioning requirement for advances to the Commercial Real Estate (CRE) sector classified as 'standard assets' to 1.00 per cent with a view to building cushion against likely non-performing assets (NPAs).... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Banks may ask more time for implementation of base rate Posted: 04 Mar 2010 04:49 PM PST With the April 1 deadline to migrate to the base rate model fast approaching, bank chiefs are likely to raise concerns about the new system and seek an extension of the deadline during their scheduled meeting with top RBI officials on Friday.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Under COTP Act, 2003 excise department is empowered to enter, search and seizure only at the premises registered under the Central Excise and Customs Posted: 04 Mar 2010 04:44 PM PST The effect of the Notification is that the officers at the level of Superintendents and above of the Customs & Central Excise department are empowered for entry, search and seizure only at the premises registered under the Central Excise &... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Interest Rate started going up, ICICI bank raised Interest rate on Home and Auto Loan Posted: 04 Mar 2010 04:38 PM PST In a clear signal of a rising interest rate regime, country's largest private sector lender, ICICI Bank, on Thursday said it has hiked its auto loan rates by up to 0.5 percent and withdrawn its 8.25 percent special home loan scheme. "Auto loans rack... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| UCBs – Payment of Interest on Savings Bank Account on Daily Product Basis from 01st April 2010 Posted: 04 Mar 2010 04:25 PM PST Please refer to our circular UBD (PCB) BPD.Cir.No. 7/13.01.000/2009-10 dated September 1, 2009 advising banks to put in place requisite infrastructure so that transition to the revised procedure of calculating interest on balances in savings bank... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Company Liquidation – Winding-Up – Preferential Payments- Official Liquidator – Indian Company Law Posted: 04 Mar 2010 04:21 PM PST Winding-up – a brief: The Companies Act, 1956 contain elaborate provisions as to when a Company is to be wound-up, the procedure for initiating winding-up proceedings, the role of the managerial personal if the company is wound-up by the Company... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| StCBs/DCCBs – Prevention of Money-laundering – Amendment Rules, 2009 – Obligation of banks / Financial institutions Posted: 04 Mar 2010 02:22 AM PST Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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