Income Tax department strategy to meet the Financial Year 2009-2010 Budget target Posted: 16 Mar 2010 04:37 AM PDT The regular assessment tax (RAT) is one of best tools available to the Department to collect taxes. The collection from RAT not only showcases the effort of the Department to collect taxes but can also have a great deterrent effect on the tax... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Assessee can ask the reason for delay in Income Tax Return under RTI : CIC Posted: 16 Mar 2010 02:49 AM PDT In a landmark ruling, the Central Information Commissioner has passed an order which says information on refunds is covered under the Right To Information (RTI) Act. L Lakshmi Narayanan, an assessee, had filed an RTI petition with the (I-T )... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Guideline for Public Issue of Insurance Companies likely in April 2010 Posted: 16 Mar 2010 02:43 AM PDT The initial public offer guidelines for the insurance sector is likely to announced next month, the Insurance Regulatory & Development Authority (Irda) said on Monday. "The guidelines could take a month time and Sebi will take the final call,"... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Must have components in your Salary, to minimise tax burden for financial year 2010-11 Posted: 16 Mar 2010 02:39 AM PDT What does, however, 'salary' include? Salary includes basic salary, bonus, wages, pension, fees, commission, gratuity, encashment of leave salary, advances and arrears, profits in lieu of salary, allowances and perquisites. An 'allowance' is a fixed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Difference between Insolvency and bankruptcy Posted: 16 Mar 2010 02:25 AM PDT A reference to the "Twilight Zone" to many readers may evoke associations with the classic television series and film about strange and bizarre events. he general connotation, that of a transitional or ambiguous condition, has more serious... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Putting you out of business is not a penalty, says Supreme Court Posted: 16 Mar 2010 02:14 AM PDT The Securities and Exchange Board of India (SEBI) has never been armed with stronger draconian powers over the fate of Indian citizens. A recent opinion of the Supreme Court has held SEBI to be a social welfare organisation, and its powers under... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Retrospective amendment in budget 2010 to provide that renting is a service Posted: 16 Mar 2010 02:10 AM PDT In this Budget a retrospective amendment has been introduced in respect of the service of renting out of property for commercial purposes. Amendment has been made in the definition of "Renting of immovable property service" to provide explicitly... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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More power to SEBI to monitor end use of IPO money Posted: 16 Mar 2010 02:04 AM PDT Market regulator Securities and Exchange Board of India (Sebi) could soon get more teeth to monitor the end-use of money raised through initial public offerings by companies. The ministry of corporate affairs (MCA), which currently performs this... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Custom Notification Amending Notification 21/2002 – Customs, dated 1st March, 2002 Posted: 16 Mar 2010 01:55 AM PDT In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Custom Notification Amending Notification 36/96 – Customs, dated the 23rd July, 1996 Posted: 16 Mar 2010 01:27 AM PDT In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments, ... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Income ceiling per month per household for purposes of housing loans revised Posted: 16 Mar 2010 01:22 AM PDT The income ceilings of Economically Weaker Section (EWS) and Low Income Group (LIG) presently defined as Rs. 3300 per month per household and Rs. 3301-7300 per month per household respectively for the purpose of housing loans were fixed on 2006... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Core banking services at post offices Posted: 16 Mar 2010 01:19 AM PDT There is a proposal to introduce Core Banking Solution (CBS) in 4,000 post offices for ensuring "anytime, anywhere and any branch banking" in these 4000 post offices. There is a financial outlay of Rs.106 crores for development of CBS software,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Tariff value of edible oils, brass scrap and Poppy seeds notified Posted: 16 Mar 2010 01:17 AM PDT Central Board of Excise and Customs (CBEC), Department of Revenue has issued Notification No.20/2010-Customs (N.T.) dated March 15, 2010 notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Consolidated list of default authorized operations which can be undertaken by the developer/approved co-developer by default from the date of notification Posted: 16 Mar 2010 12:57 AM PDT The DC's/UAC's may allow Developer/approved Co-developers duty free goods and services for these default authorized operations from the date of notification of the SEZ. These authorized operations will, however, continue to be subject to ... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Clarifications on FTWZ issues Posted: 16 Mar 2010 12:51 AM PDT Regarding Licencing requirement, it is clarified that in terms of Rule 27 of SEZ Rules, a unit in SEZ/FTWZ can import all types of goods except prohibited items. However, in terms of Rule 26 of SEZ Rules, if any permission is required for import... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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