| It department looking to reopen Assessment of companies paying MAT Posted: 24 Mar 2010 06:34 PM PDT The Income Tax Department has decided to reopen assessments for three years, up to 2006-07, for companies paying the minimum alternate tax (MAT)., for companies paying the minimum alternate tax (MAT). MAT, inserted in the Income Tax Act in 1996-97,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Investigation in Satyam case by ICAI at final stage Posted: 24 Mar 2010 06:22 PM PDT The government today allayed apprehensions that accounting regulator ICAI was not working speedily against auditors involved in the accounting fraud in erstwhile Satyam Computers, even as the US counterpart has already banned two such auditors. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Circular on Procedure for electronic filing of Service Tax returns and for electronic payment of service tax Posted: 24 Mar 2010 06:12 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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| Govt. plans to introduce unique document id number for Income Tax communications Posted: 24 Mar 2010 06:01 PM PDT After introducing unique account numbers for taxpayers (PAN) and those for tax deductors (TAN), the government will this fiscal introduce a unique document identification number (DIN) to be quoted on "every" income tax related communication. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government may not roll back 10 per cent service tax on air travel proposed in budget 2010 Posted: 24 Mar 2010 05:57 PM PDT he Budget proposal to charge 10 per cent service tax on air travel may not be rolled back, as the government expects to raise between Rs 600 and Rs 1,000 crore annually through the measure. Maintaining that the government plans to explore new... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| More then two-fold rise in Income Tax department appeals in Supreme Court Posted: 24 Mar 2010 05:53 PM PDT In spite of having various appellate tribunals and commissions within its establishment, the Income Tax Department has registered a more than two-fold rise in appeals in Supreme Court in cases involving crores of rupees of the exchequer. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Making unsustainable claims do not amount to furnishing inaccurate particulars and Penalty u/s. 271 (1) (c) cannot be imposed Posted: 24 Mar 2010 05:40 PM PDT The assessee claimed deduction u/s 36 (1) (iii) for interest paid on loan taken for purchase of shares. The interest was disallowed u/s 14A. Penalty u/s 271 (1) (c) was levied on the ground that the claim was unsustainable which was deleted by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| The obligation to deduct the TDS u/s 195 (1) arises only when the payment is chargeable to tax Posted: 24 Mar 2010 05:26 PM PDT The assessee, an Indian company remitted mobilization & demobilization charges of Rs. 8.65 crs by way of reimbursement to its parent company, a company based in Netherlands. The assessee applied to the AO u/s 195 (2) for a Nil withholding rate... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Corrigenda to TDS Rules – Amendment in IT (First Amendment) Rules, 2010 Posted: 24 Mar 2010 09:49 AM PDT In the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct taxes), number 9/2010 dated 18-02-2010 bearing S.O. 424(E) and published in the Gazette of India, Extraordinary, Part II, Section 3,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Initial Public offer – Issues, Pricing and Capital Market Posted: 24 Mar 2010 12:26 AM PDT Issue Price - Final Price at which Equity Shares are issued and allotted in terms of the Red Herring Prospectus. Issue Price is decided by the Company in consultation with the Book Running Lead Manager on the Pricing Date. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010 provided Special Incentive to Hotel Industry U/s. 35AD of Income Tax Act, 1961 Posted: 23 Mar 2010 09:35 PM PDT The Finance Act, 2009 inserted Section 35AD to allow deduction of capital expenditure (other than land, goodwill and financial instrument) incurred by the assessee engaged in the business of setting up and operating cold chain facility, warehousing... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Amendment to VAT act by ordinance is Legal Posted: 23 Mar 2010 09:32 PM PDT In a significant development, Speaker of Maharashtra Assembly Mr Dilip Walse-Patil allowed the government to table an ordinance seeking to amend the Value Added Tax Bill. On March 18, when the bill was first presented, the Opposition protested the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government may soon ban FDI in cigarette manufacturing and allied products Posted: 23 Mar 2010 09:28 PM PDT The commerce and industry ministry has recommended a ban on foreign direct investment in cigarette manufacturing and allied products involving tobacco, an official said. "We have sent the note to ban FDI in cigarette manufacturing and allied... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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