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Apr 29, 2010

Legal & Tax Updates 30.04.2010

TaxGuru.in : Legal & Tax Updates (in this message: 15 new items)

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Finance Bill 2010-11: Relaxation in Direct Taxes (Income Tax) announced by Finance Minister

Posted: 29 Apr 2010 08:43 PM PDT


Direct Taxes (Income Tax) - Relaxation announced by the Finance Minister in the Lok Sabha while replying to the debate on Finance Bill, 2010 onApril 29, 2010. While introducing the Finance Bill, 2010 in respect of Direct Taxes, emphasis has been on...

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Finance Bill 2010-11: Relaxation in Service Tax announced by Finance Minister

Posted: 29 Apr 2010 08:41 PM PDT


The construction sector has requested for a review of the changes in the service tax law proposed in this year's Budget. Several suggestions have been made by the trade associations. Considering all the inputs, I propose to provide tax relief to...

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Finance Bill 2010-11: Relaxation announced by FM in Indirect Taxes (Central Excise and Customs)

Posted: 29 Apr 2010 08:37 PM PDT


Full exemption from excise duty has been provided to betel nut product commonly known as 'supari'. This exemption is now being extended to scented supari. Central excise duty on corrugated boxes and cartons was reduced from 8% to 4% when they are...

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Finance Bill, 2010- FM announces 'Coffee Debt Relief Package 2010'

Posted: 29 Apr 2010 08:34 PM PDT


The Coffee growers in the country have been facing long standing financial problems ever since the coffee prices fell to very low levels during the period 2000-2004. Relief Packages in the form of Special Coffee Term Loan 2002 and Special Coffee...

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Major Highlight of Amendment to Finance Bill 2010-11 passed in Lok Sabha

Posted: 29 Apr 2010 08:14 PM PDT


Considering the pressing need for more hospitals all over the country, it is proposed to include the business of a new hospital anywhere in India, with at least one hundred beds for patients, as a 'specific business' for availing the benefit of...

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Service tax notices to IPL sponsors DLF, Adidas and Religare

Posted: 29 Apr 2010 08:04 PM PDT


The income-tax department has served service tax notices on IPL sponsors DLF, Adidas and Religare. Sources said the tax demand on DLF, the title sponsor which is supposed to pay Rs 40 crore a year as sponsorship fee for five years, was Rs 4.8 crore...

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Finance Bill, 2010 – Notice of Amendments – Bill passed by Lok Sabha on 29-4-2010

Posted: 29 Apr 2010 07:51 PM PDT


on or after the 1st day of April, 2010, where the specified business is in the nature of developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the...

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Finance Bill 2010-2011 passed in Lok Sabha with few amendments

Posted: 29 Apr 2010 07:51 PM PDT


The Lok Sabha on Thursday passed the Finance Bill for 2010-11, with a special relief package for coffee growers, and tax concessions for healthcare, auto and realty sectors, but without any change in the levies on petroleum products. Finance...

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CBI Conducts Searches at 36 Places in Daman, Mumbai, New Delhi and Offices of Distilleries at Daman

Posted: 29 Apr 2010 07:50 PM PDT


1. CBI Conducts Searches At 36 Places In Daman, Mumbai, New Delhi And Offices Of Distilleries At Daman In Connection With Evasion Of Rs. 340 Crore Excise Duties And Vat In The Union Territory Of Daman 2. CBI Registers a case against Joint...

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CBI arrested two senior officers of the Ministry of Home Affairs for corruption

Posted: 29 Apr 2010 07:31 PM PDT


The CBI today arrested two senior officers of the Ministry of Home Affairs in two separate cases — an alleged excise evasion racket in the Union Territory of Daman, and an alleged scam in the purchase of bulletproof jackets for use by central police...

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Government likely to introduce Bill on Direct Tax Code in monsoon session

Posted: 29 Apr 2010 07:26 PM PDT


The Government is likely to place in the public domain by next month a revised discussion paper on the proposed Direct Taxes Code (DTC). After a quick round of consultations with some of the major stakeholders, the draft legislation (Bill) on DTC...

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Website Names in Indian Languages Soon

Posted: 29 Apr 2010 06:43 PM PDT


If everything goes well as planned, India will be ready to have internationalised domain names on the Internet in seven Indian languages -- Hindi, Bangla, Punjabi, Urdu, Tamil, Telugu and Gujarati -- by next year.

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ICAI sought info from 150 CA firms and multi-national corporations

Posted: 29 Apr 2010 06:38 PM PDT


Against the backdrop of multi-crore Satyam fraud, the accounting regulator ICAI has sought information from 150 chartered accountant firms, including multi-national corporations, to see whether they circumvented laws while providing auditing...

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Make Income Tax procedures people-friendly: Opposition

Posted: 29 Apr 2010 06:24 PM PDT


Opposition on Thursday sought changes in the present income tax procedures to make it people-friendly and said it would help check tax evasion. Participating in the resumed debate on the Finance Bill in the Lok Sabha, Anant Geete (Shiv Sena) said...

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Receipts with no nexus to exports have to be excluded for while computing 80HHC deduction

Posted: 29 Apr 2010 06:15 PM PDT


Explanation (baa) to s. 80HHC defines the term "profits of the business" to mean business profits as reduced by 90% of .. "receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature". The Tribunal took...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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Apr 28, 2010

Legal & Tax Updates 29.04.2010

TaxGuru.in : Legal & Tax Updates (in this message: 18 new items)

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Pricing norms for issue of shares to person resident outside India

Posted: 28 Apr 2010 08:49 PM PDT


The Reserve Bank of India (RBI) has issued Notification no. FEMA 205/2010-RB dated 7 April 2010 (Notification), which has amended the regulation in connection with pricing norms for issue of shares by an Indian company to a person resident outside...

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Proposed Regulatory Framework for Core Investment Companies (CICs) – Draft guidelines

Posted: 28 Apr 2010 08:32 PM PDT


The Reserve Bank of India Act, 1934 (RBI Act) requires a Non-banking Financial Company (NBFC) undertaking inter-alia, the business of acquisition of shares, stock, bonds, debentures or other marketable securities to obtain a Certificate of...

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CBDT Clarification on Interception of Telephonic Conversations

Posted: 28 Apr 2010 08:21 PM PDT


A section of the media has reported communication between the Income Tax department and the Central Bureau of Investigation regarding records of telephonic conversations between a person by the name of Nira Radia and others. It is also reported,...

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Finance Act, 1994 need to be amended to clear the doubts about allowability of Input Tax credit to Software and BPO Companies

Posted: 28 Apr 2010 08:19 PM PDT


The Custom Excise & Service Tax Appellate Tribunal said in a recent ruling that the wording of the Act is such that exporters of services such as software and business process outsourcing companies cannot claim credit for taxes paid on inputs...

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No proposal with Government of India for e-registration of FIRs through Public Kiosks

Posted: 28 Apr 2010 08:14 PM PDT


A review Committee on Police Reforms, constituted by the Ministry of Home Affairs, made a recommendation for 'Free Registration of Crime'. The Recommendation was sent to all States/UTs for implementation as 'Police' is a State subject. There is no...

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IRDA asked insurance companies to disclose commission on ULIPs

Posted: 28 Apr 2010 08:11 PM PDT


Insurance regulator IRDA has asked life insurers to disclose the commission paid to agents for unit-linked products amid a debate over huge pay-outs given to them vis-a-vis mutual funds.

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Shri Salman Khurshid Asks His Ministry's Field Officers to Reach Out to the Corporates and Help Them Make Their Compliances upto-Date

Posted: 28 Apr 2010 08:10 PM PDT


All India Conference of Regional Directors of Ministry of Corporate Affairs, Registrars of Companies and Official Liquidators Begin. Shri Salman Khurshid, Minister for Corporate Affairs, has said that the focus of his Ministry as well as the field...

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DGFT Public Notice No: 58/2009-2014- Fixation of new SION C 2047

Posted: 28 Apr 2010 07:42 PM PDT


In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.II), 2009-2014, as amended from time to time, addition of new SION C2047 at appropriate places, as mentioned in ANNEXURE "A" to this Public...

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Announcement for students appearing in May 2010 and November 2010 examinations PE-II [Income-tax and Central Sales Tax] and PCC/IPCC [Taxation]

Posted: 28 Apr 2010 07:38 PM PDT


For students appearing in May 2010 and November 2010 examinations, the amendments made by the Finance (No.2) Act, 2009, as applicable for assessment year 2010-11 are relevant. Therefore, the amendments made by the Finance (No.2) Act, 2009 which are...

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Announcement for students appearing in May 2010 and November 2010 examinations Final (Old) Course [Direct Taxes] and Final (New) Course [Direct Tax Laws]

Posted: 28 Apr 2010 07:31 PM PDT


For students appearing in May 2010 and November 2010 examinations, the amendments made by the Finance (No.2) Act, 2009, as applicable for assessment year 2010-11, are relevant. Therefore, the amendments made by the Finance (No.2) Act, 2009 which are...

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Notification No. 26/2010, 27/2010, 28/2010- Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions

Posted: 28 Apr 2010 07:26 PM PDT


It is hereby notified for general information that the organization M.P Birla Instiute of Fundamental Research, Kolkata has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax...

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SEBI circular on Margining of institutional trades in the cash market

Posted: 28 Apr 2010 07:16 PM PDT


Reserve Bank of India (RBI) vide A. P. (DIR Series) Circular no. 47 dated April 12, 2010 has permitted FIIs to offer domestic Government Securities (acquired by the FIIs in accordance with the provisions of Schedule 5 to Notification No. FEMA...

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FM's opening speech at consideration of Finance Bill-2010

Posted: 28 Apr 2010 07:03 PM PDT


I have already informed the House that the Government is firmly committed to the goal of comprehensive tax reform through the introduction of the Direct Taxes Code (DTC) as well as the Goods and Services Tax (GST). I am happy to inform the Hon'ble...

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1.50 Crore Bribe case: Court extended custody of Sumitra Banerjee, Family members of Anirudh Rai applied for anticipatory bail

Posted: 28 Apr 2010 06:57 PM PDT


A special court on Tuesday extended the judicial custody of income tax official Sumitra Banerjee and her husband, Subrato, to May 11. Sumitra, an additional IT commissioner, was nabbed by CBI officers on April 17 for demanding a bribe of Rs 1.5...

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RoC issued show-cause notice to KKR for inadequate regulatory filing, May Issue notice to other IPL Franchisees too

Posted: 28 Apr 2010 06:43 PM PDT


The Registrar of Companies (RoC) on Tuesday issued a show-cause notice to Kolkata Knight Riders (KKR) for inadequate regulatory filing, as it prepares to shoot off similar letters to some other franchisees. The registrar found that Red Chillies...

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NYSE allowed Satyam to remain listed till 15th October

Posted: 28 Apr 2010 06:25 PM PDT


The New York Stock Exchange (NYSE) has given Satyam Computer time till October 15, 2010, to file its annual report and allowed it to remain listed on the US bourse till then. ED records statements of Satyam accused. Satyam had sought more time...

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Income tax department keeping tight vigil on Indians visiting tax heavens

Posted: 28 Apr 2010 06:18 PM PDT


The income tax department is keeping a tight vigil on Indians, notably the ones suspected of owning bank accounts, visiting tax paradises such as Switzerland, Cayman Islands, Mauritius and the Bahamas, as it amplifies efforts to trace tax evasion...

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IPL franchises failed to submit their annual returns with ROC

Posted: 28 Apr 2010 06:01 PM PDT


The initial probe of the corporate affairs ministry into the affairs of the IPL franchises has revealed that some of them had failed to submit their annual reports , including balance sheets, for different years for which they have now been issued...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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