| Summary of Valuation rules for Jewellery, Artistic Work, Shares and securities Posted: 14 Apr 2010 08:42 PM PDT Recent Notification No. 23/2010 dated 8 April 2010 (Notification) issued by the Central Board of Direct Taxes (CBDT) prescribed the rules (Rules) for determining the fair market value (FMV), for the purposes of taxation, of certain specified... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Special Bench chosen not to follow the Karnataka High Court's judgement in the case of Samsung Electronics Posted: 14 Apr 2010 07:55 PM PDT Special Bench Tribunal Ruling: If the Payer is of the bona fide belief that no part of the payment is chargeable to tax, he need not undergo the procedure of section 195 at all. The Tribunal has chosen not to follow the Karnataka High Court's... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBDT valuation rules for Gift seems to be fair Posted: 14 Apr 2010 07:12 PM PDT The Central Board of Direct Taxes has notified the valuation rules for gifts over Rs 50,000 which includes gift in kind too, and these will come into effect retrospectively from October 1, 2009. The transaction value of warrants, preference shares... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| GST will have significant impact on working capital requirement Posted: 14 Apr 2010 07:05 PM PDT GST will also replace abevy of other levies like excise, sales tax, value added tax, entertainment tax and luxury tax. Under GST, there will be no distinction among manufacturers, traders and service providers. At present, traders don't get credit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Builders Association submitted its concern over imposition of service tax Posted: 14 Apr 2010 06:47 PM PDT The Confederation of Real Estate Developers' Associations of India (CREDAI) further questioned the issue of service tax being brought out at a time when the goods and service tax is expected to be introduced in 10-12 months and has submitted to the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Deduction u/s. 80E for educational loan extended to loan for vocational courses and studies in all streams including commerce and art Posted: 14 Apr 2010 06:34 PM PDT The Government has extended tax concession on interest paid for educational loan to all streams of studies including vocational courses, benefiting students from all economic strata opting for higher studies, from this academic session onwards. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| LIC may benefit from fight between SEBI and IRDA Posted: 14 Apr 2010 05:55 PM PDT LIFE Insurance Corporation is likely to gain market share if the dispute between Sebi and Irda over Ulip regulation is not resolved. Insurers say the finance minister's decision asking both regulators to refer the dispute to a court would turn... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SEBI commenced sending cheques to victim of IPO irregularities Posted: 14 Apr 2010 05:50 PM PDT The disbursement of reallocation amount to 12.75 lac investors from the amount disgorged in the matter of IPO irregularities commenced today. The first set of cheques were handed over by Shri Pranab Mukherjee, Hon'ble Finance Minister of India at a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Press Release and Salient features of MOU signed by ICWAI with CBEC on 13.4.2010 Posted: 14 Apr 2010 05:42 PM PDT The Institute of Cost and Works Accountants of India (ICWAI) and Central Board of Excise & Customs have signed a Memorandum of Understanding (MOU) on 13th April, 2010 to set up ACES Certified Filing Centres (CFCs) across the country. These CFCs... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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