| Delhi government withdrawn four-per-cent value-added tax (VAT) on cooking gas Posted: 30 Mar 2010 08:48 PM PDT Following criticism and pressure from the Opposition, Sheila Dikshit-led Delhi government today withdrew a four-per-cent value-added tax (VAT) on cooking gas, resulting in a Rs 12-13 relief to consumers. The Delhi government, however, did not roll... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| IRDA come to know about fraud insurance racket, planning to file criminal cases Posted: 30 Mar 2010 08:46 PM PDT Cases of fraudulent companies selling insurance products in India without a licence from the sector regulator, Insurance Regulatory and Development Authority (Irda), are on the rise. Several such incidents have come to Irda's attention in the last... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Now you can withdraw money from Paypal to you local bank account Posted: 30 Mar 2010 08:41 PM PDT Internet-based money transfer service Paypal has resumed remittances to small-time exporters who will now have to report them as export revenue to Indian authorities. "Customers who rely on PayPal are now able to sell their goods and services... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Amendment in Appendices and Aayat Niryat Form in the Hand Book of Procedure (Vol.I) 2009-14 by DGFT Public notice No. 50/2009-14 Posted: 30 Mar 2010 08:31 PM PDT An application for entering into an arrangement or understanding involving site visit, on-site verification or access to records/documentation by a foreign government or a foreign third party either acting directly or through an Indian party as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| DGFT notification no. 35/2009-2014- Prohibition on export of Pulses Posted: 30 Mar 2010 08:24 PM PDT In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014 (as amended from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Income Tax Department appeal to penalise Reliance Petroproducts dismissed Posted: 30 Mar 2010 08:02 PM PDT The Supreme Court has dismissed the appeal of the income tax authorities who had insisted on imposing penalty on Reliance Petroproducts Ltd for alleged concealment of income and furnishing inaccurate particulars. The firm had claimed expenditure... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Circular No.8/2010-Customs on Import of Cosmetics under the Drugs and Cosmetics Act, 1940 and Rules made thereunder Posted: 30 Mar 2010 07:56 PM PDT In terms of Rule 133 of the Drugs and Cosmetics Rules, 1945, no cosmetics shall be imported into India except through the points of entry specified in Rule 43A of the said Rules. Further, under Schedule "D" to the said Rules read with Rule 43, an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Agricultural Debt Waiver and Debt Relief Scheme, 2008 – Prudential Norms on Income Recognition, Asset Classification, Provisioning and Capital Adequacy Posted: 30 Mar 2010 07:48 PM PDT In view of the recent drought in some States and the severe floods in some other parts of the country, the Government of India, as announced in the Union Budget 2010-11, has now decided to extend the last date of payment of 75% of overdue portion by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI Announcement on other Issues Related to Direct Tax Posted: 30 Mar 2010 07:45 PM PDT However, there may be several other issues over which you would like the Committee to make a suitable representation to the CBDT/ITAT etc. The Committee proposes to submit a separate memorandum to the government addressing the various hardships... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI circular on Classification of Capital Instruments in Balance Sheet Posted: 30 Mar 2010 07:43 PM PDT Under Schedule 1-Capital- (1) Perpetual Non-Cumulative Preference Share (PNCPS), Under Schedule 4 – Borrowings, (2) Innovative Perpetual Debt Instruments (IPDI), (3) Hybrid debt capital instruments issued as bonds/debentures, (4) Perpetual... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI President's Message- April 2010 Posted: 30 Mar 2010 07:33 PM PDT "We are what we repeatedly do. Excellence, then, is not an act, but a habit, " says the ancient Greek philosopher Aristotle, which aptly fits our profession. Following a glorious tradition of excellence for more than six decades, our profession... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Income Tax department technically equipped to detect fraud or hidden information Posted: 30 Mar 2010 09:18 AM PDT To outsmart tax evaders who resort to delete their financial data or hide it in password-protected devices during search operations, the I-T department has started including portable forensic labs and experts in its team. The department has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Revision- A possible view not unsustainable in law cannot be revised Posted: 30 Mar 2010 09:10 AM PDT assessee therefore, cannot be subjected to the exercise of the jurisdiction under s. 263. Therefore, the Tribunal was not justified in upholding the order of the CIT, passed under s. 263, directing the AO to include the sum of Rs. 1,75,32,600 in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Incorrect assumption of facts, or incorrect application of law can only satisfy the requirement of the order being erroneous Posted: 30 Mar 2010 09:06 AM PDT Thus, the view taken by AO cannot be said to be erroneous which will render the assessment order as erroneous. Neither the AO has drawn incorrect assumption of facts nor AO has rendered incorrect application of law when he accepted the claim of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Block assessment has to be based on evidences and not best judgment Posted: 30 Mar 2010 09:02 AM PDT Under s. 158BB, the procedure for computing the undisclosed income of the block period has been given. It provides that the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Dual Audit may be a reality soon Posted: 30 Mar 2010 08:59 AM PDT Will we see a company audited by two audit firms at the same time? That looks a possibility from what the Union Minister of State for Corporate Affairs and Minority Affairs, Mr Salman Khurshid, said on 29.03.2009 while Addressing a meeting of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Salaried taxpayer received notice for payment of tax despite no dues because of system error Posted: 30 Mar 2010 08:41 AM PDT A "computer error" in the office of the income tax department is causing anxiety to scores of taxpayers across the Mumbai city. Several salaried employees have received notices from the department demanding up to a few thousand rupees as penalty... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| New Companies Bill to facilitate, guide generation next joining family business Posted: 30 Mar 2010 07:46 AM PDT THE new companies bill 2009 will take a special approach to second and third generation family members joining the family run companies after their studies, the union minister of state for corporate affairs, Salman Khurshid said here on Saturday. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Benefit of section 10(23C)(v) cannot be denied merely because there are profits. In computing the profits, capital expenditure has to be deducted Posted: 30 Mar 2010 07:21 AM PDT S. 10(23C)(vi) provides that the income of any university or other educational institution existing solely for educational purposes and not for purposes of profit shall be exempt. The assessee was running a school solely for educational purposes and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Corporate affair ministry may soon launch 'Investor education protection fund' website in regional languages Posted: 30 Mar 2010 07:13 AM PDT The Ministry of Corporate Affairs will launch the regional version of its just-launched investor education protection fund (IEPF) website in the next six months to educate investors about the stock markets, ministry secretary R Bandyopadhay said. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government policies man hurdle in implementation of corporate governance by PSUs Posted: 30 Mar 2010 07:09 AM PDT Even as the Union Cabinet on Thursday made it mandatory for public sector undertakings (PSUs) to follow corporate governance norms, senior executives of blue chip PSUs point out that it is the government itself that has been posing hurdles in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Real Estate Developers' Associations may move court if land cost is not exempted form levy of service tax Posted: 30 Mar 2010 06:51 AM PDT An eye on compensation for revenue losses and tough posturing have marked positions taken by some states as they buckle down for another round of negotiations on the transition to a goods and services tax (GST). The fear of losing autonomy over levy... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| PWC case will be heard by SEBI in Satyam Scam Posted: 30 Mar 2010 06:32 AM PDT SEBI is again taking up for hearing the case relating to the role of audit firm PriceWaterhouse in the multi-core Satyam fraud. This follows the rejection by SEBI of the audit firm's application for a consent settlement earlier this month, a source... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom law Amendments need to be reviewed by CBEC Posted: 30 Mar 2010 06:21 AM PDT The Central Board of Excise and Customs (CBEC) has issued a very useful Circular (number 6/2010-Cus dated March 19, 2010) re-iterating its earlier instructions that rebate of excise duty paid on goods supplied from domestic tariff area (DTA) to a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government planning to give ICAI more power so that it can exercise more control on Audit Firms Posted: 30 Mar 2010 06:10 AM PDT To reinforce control over auditors, the government is planning to give the regulator-Institute of Chartered Accountants of India-more teeth. Among the options being considered by the ministry of corporate affairs is to make it mandatory for a firm-... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| One Bench cannot differ from the view of another co-ordinate Bench but must refer to a larger Bench Posted: 30 Mar 2010 06:06 AM PDT One Bench of the Tribunal decided an appeal in favour of the assessee. However, another Bench refused to follow that decision even though the facts were the same on the ground that the earlier decision did not address the grievance of the Revenue... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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