| No TDS on discount on sale of SIM card by telecom companies to prepaid distributors Posted: 23 Mar 2010 07:55 PM PDT TELECOM giant Vodafone has told the Delhi high court that the discount offered by it to the prepaid distributors is not commission and hence the company is not liable to deduct tax at source on the sale of talk time by the company. It has challenged... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| High Court stays requirement of Furnishing PAN with Form 15G for claiming exemption from tax deduction at source Posted: 23 Mar 2010 07:51 PM PDT The Madras High Court has stayed the operation of an Income Tax Act provision, which requires debenture-holders to furnish the Permanent Account Number along with Form 15G to claim exemption from tax deduction at source. Justice KN Basha granted the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Final result of Tax Assistant ( Income Tax & Central Excise) Examination 2009 announced Posted: 23 Mar 2010 07:37 PM PDT The Staff Section Commission has announced the final result of Tax Assistant (Income Tax & Central Excise) Examination 2009 held on 13th December, 2009 except Andhra Pradesh and one centre in Allahabad (UP) and Tax Assistant (Income Tax &... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom duty Notification No. 36 /2010 amending Notification 107/2008 – Customs, dated 6th October, 2008 Posted: 23 Mar 2010 07:18 PM 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 amendments in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Guidelines for Accounting of Repo / Reverse Repo Transactions: RBI circular RBI/2009-2010/356 Posted: 23 Mar 2010 07:08 PM PDT The Reserve Bank of India (Amendment) Act, 2006 (Act No. 26 of 2006) provides a legal definition of 'repo' and 'reverse repo' (vide sub-sections (c) and (d) of section 45 U of Chapter III D of the Act) as an instrument for borrowing (lending) funds... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI circular RBI/2009-10/353- Standing Liquidity Facilities for Banks and Primary Dealers Posted: 23 Mar 2010 07:01 PM PDT Please refer to the Reserve Bank's Press Release 2009-10/1263 dated March 19, 2010, in terms of which the fixed repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 25 basis points from 4.75 per cent to 5.0 per cent with... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Procedure for electronic filing of Central Excise and Service Tax returns and for electronic payment of excise duty and service tax Posted: 23 Mar 2010 06:55 PM PDT Attention is also invited to Notification No. 04/2010-Central Excise (NT) and No. 01/2010-ST both dated 19.02.2010 providing for mandatory electronic filing of Excise and Service Tax returns and payment of excise duty and service tax by all the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Central Excise Notification No 13/2010 CE(NT) -Amending Notification No.14/2002-Central Excise (N.T.), dated the 8th March, 2002 Posted: 23 Mar 2010 06:39 PM PDT In exercise of the powers conferred by sub-rule (2) of rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Queries and answers on statutory bank Audit Posted: 23 Mar 2010 06:25 PM PDT The file attached below contains some of the queries raised by the members in relation to the audits of banks and bank branches for the year ended 31.March 2008. The queries were responded by an expert panel comprising senior members from the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Compilation of Suggested Answers Professional Competence Course (PCC) – Paper 1: Advanced Accounting Posted: 23 Mar 2010 06:18 PM PDT Compilation of Suggested Answers is a subject-wise compilation of answers to questions set in the Institute's examinations over a number of years. The compilation in the subject of "Advanced Accounting" covers a period of three years – May, 2007 to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Empanelment with Delhi Pollution Control Committee for Accounting Services Posted: 23 Mar 2010 06:14 PM PDT Proposals are invited by Delhi Pollution Control Committee for Accounting Services. Scope of work: Writing of Accounts Books on day to day basis.The approximate annual expenditure of Delhi Pollution Control Committee for the year 2007-08 and 2008-09... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Empanelment with Delhi Pollution Control Committee for Internal and Concurrent audit Posted: 23 Mar 2010 06:12 PM PDT Proposals are invited by Delhi Pollution Control Committee for Internal and Concurrent audit for the period 2007-08 and 2008-09. Scope of work: Internal audit on monthly basis. The approximate annual expenditure of Delhi Pollution Control Committee... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Sale of CPT June 2010 Examination Application Forms at Selected Branches of Axis Bank in Delhi Posted: 23 Mar 2010 06:07 PM PDT The next Common Proficiency Test (CPT) of the Institute will be held on 20th June, 2010. The sale of Information Brochure cum Examination Application forms for the said test would commence from 6th April, 2010. The last date for sale and receipt of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Increase in amount of weighted deduction for scientific research: Budget 2010 Posted: 23 Mar 2010 10:44 AM PDT Under the provisions of section 35, a person carrying on business or profession, is entitled to the deduction of the expenditure (revenue as well as capital) incurred by it on scientific research. In specified cases, the weighted deduction is given... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Filing of returns by Research Association and associations carrying out statistical research: Budget 2010 Posted: 23 Mar 2010 10:42 AM PDT Extensive provisions have been made in the Finance Bill, 2010, for expanding the scope of benefits given to the research so as to embrace non-scientific research (social science) and statistical research. Parity has been provided for the social... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI seek more legal power to initiate stringent disciplinary measures against erring auditors/CAs on fast track basis Posted: 23 Mar 2010 10:37 AM PDT Institute of Chartered Accountants of India (ICAI), the statutory body regulating chartered accountants in India, has now demanded amendment of some section of the law, which guides them. The whole idea is to seek more legal power to initiate... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| India-Mauritius treaty benefits cannot be denied on the ground that assessee is a subsidiary of a USA Corp Posted: 23 Mar 2010 10:31 AM PDT The applicant, a resident of Mauritius, was a subsidiary of a USA company. It received capital contribution and loans from the USA parent which were used to purchase shares in ILFS, an Indian company. On sale of the shares, the applicant earned... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Automation of Central Excise and Service Tax (ACES) Posted: 23 Mar 2010 10:20 AM PDT Central Board of Excise and Customs has introduced "Automation of Central Excise and Service Tax" (ACES) to improve tax-payer services. ACES is a centralized web based application which enables the assesses to electronically interface with the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Empanelment of Schools/ Educational Institutions for holding Chartered Accountants Examinations Posted: 23 Mar 2010 10:16 AM PDT The ICAI requires additional Schools/ Educational Institutions with good infrastructure and facilities in addition to the existing Examination Centres to hold Chartered Accountants Examinations. Interested parties may see the terms & conditions... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Announcement for the Attention of the members-Bank Audits for the FY ended 31.03.2010 Posted: 23 Mar 2010 10:09 AM PDT Bank Audits for the FY ended 31.03.2010:-The bank audit season is around the corner. Banking being an industry typical in terms of its geographical and customer spread, volume of transactions as well as the types of products and services offered... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Online Empanelment as concurrent auditor with Dena Bank from 25/03/2010 to 15/04/2010 Posted: 23 Mar 2010 10:02 AM PDT We have pleasure in informing you that Dena Bank has invited online applications for empanelment for Concurrent Audit assignment for the year 2010 - 11. The registration for the same will be open on our there website www.denabank.com from 25.03.10... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Tax planning – Its need and ways to do at different stages of life Posted: 23 Mar 2010 09:43 AM PDT Direct tax collections is one of the easiest and safest ways of collecting revenues by the Government. In spite of our greatest reluctance all of us are in the tax net and contribute a sizeable portion of the revenue of the exchequer. The law... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Periodicity of meetings of Committees of Write off of irrecoverable demands and raising of monetary ceiling – Modification of Instruction No. 16/2003, dated, 18-11-2003 Posted: 23 Mar 2010 12:33 AM PDT The Committees will meet at least once a quarter. The Committees would discuss not only the cases which are ripe for write off/scaling down but also the cases which are being processed for write off and cases which have recommended to the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government will rethink key change to the definition of 'vanishing company' Posted: 23 Mar 2010 12:20 AM PDT A regulatory co-ordination committee of the government will rethink a key change to the definition of 'vanishing company', which could have watered down the law in respect of such companies. According to the new rule, an entity cannot be called a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| VAT Cir – 12T of 2010 – Tax treatment of Goods sent to other States. Posted: 22 Mar 2010 11:40 PM PDT The above referred Trade Circulars were issued explaining scope of section 6A of C.S.T. Act, 1956. In the Trade circular No. 2T of 2010 dated 11th January 2010 it was clarified that F-Forms are mandatory for all transactions of inter-State transfers... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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