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Apr 16, 2010

Legal & Tax Updates 17.04.2010

TaxGuru.in : Legal & Tax Updates (in this message: 25 new items)

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Central Excise Notification No 19/2010 CE(NT), Amending Notification No. 16/2010-Central Excise, dated the 27th February, 2010

Posted: 16 Apr 2010 08:09 PM PDT

In the said notification, A. In the opening paragraph, -(a) in clause (i), the word "and" wherever it occurs shall be omitted;(b) for clause (ii), the following shall be substituted, namely:-"(ii) chewing tobacco falling under tariff item 2403 99 10...

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CBDT panel may retain MAT on Gross Assets concept; Capital WIP may not be taxed

Posted: 16 Apr 2010 07:59 PM PDT

The committee set up by the Central Board of Direct Taxes (CBDT) is considering various options to retain minimum alternate tax (MAT) with the new proposed base of gross assets. The Direct Taxes code, proposed last year, had recommended shifting the...

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Indian Premier League (IPL) teams under the income tax (I-T) department's scanner

Posted: 16 Apr 2010 07:54 PM PDT

A day after conducting a search operation at the Indian Premier League (IPL) headquarters in Mumbai, the income tax (I-T) department has decided to expand the net and bring all 10 IPL teams under its scanner. The department will now examine who...

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Mystery woman left hotel room of Lalit Modi 30 Minute before Income Tax Raid

Posted: 16 Apr 2010 07:50 PM PDT

The team of income tax (I-T) officials who, on Thursday, had gone to the office of Indian Premier League (IPL) commissioner Lalit Modi on the 33rd floor of the Four Seasons luxury hotel at Worli were in for a shock. They did not find relevant...

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Department tighten rules related issue of Lower Rate/Zero rate TDS deduction certificate

Posted: 16 Apr 2010 07:44 PM PDT

Entities are awarded a certificate of lower deduction or non-deduction of tax at source on receivables under Section 197 of the Income-tax Act, 1961. "This is generally for cases where the tax payee is not profitable or there is likely to be no tax...

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NSE comes under the purview of RTI : Delhi High Court

Posted: 16 Apr 2010 07:14 PM PDT

Delhi High Court on Thursday said the National Stock Exchange was a public authority and was bound to reveal information under the Right to Information Act. Justice Sanjiv Khanna dismissed NSE's plea that it could not be forced to disclose...

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SEBI and IRDA will work together to resolve the issue of ban on ULIP

Posted: 16 Apr 2010 07:12 PM PDT

Capital Market regulator Securities and Exchange Board of India said on Friday that it was working together with the insurance watch dog to expeditiously find a "legally binding" resolution to who controls unit linked products and there are no...

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Himachal Pradesh imposed Entry tax on Entry of specified Goods into Local Area

Posted: 16 Apr 2010 07:08 PM PDT

The Government of Himachal Pradesh has introduced a new Entry tax legislation wef 7 April 2010. The new Entry tax legislation (The Himachal Pradesh Tax on Entry of Goods into Local Area Act, 2010) seeks to levy Entry tax on specified goods brought...

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Custom Notification No 47/2010 – Regarding anti dumping duty on nylon filament yarn

Posted: 16 Apr 2010 07:00 PM PDT

Regarding anti dumping duty on nylon filament yarn of specification 'synthetic filament yarn including synthetic monofilament of less than 67 decitex, of nylon or other polyamides originating in, or exported from, People's Republic of China, Chinese...

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Custom Notification No 46/2010 – Regarding continuation of anti dumping duty on imports of narrow woven fabrics

Posted: 16 Apr 2010 06:49 PM PDT

Peoples Republic of China and Chinese Taipei, imposed vide notification of the Government of India, in the Ministry of Finance (Department of Revenue),No. 76/2005-Customs, dated the 25th July, 2005, published in the Gazette of India, Extraordinary,...

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Custom Notification No 45/2010 – Regarding anti dumping duty on Acetone originating in, or exported from Thailand and Japan

Posted: 16 Apr 2010 06:45 PM PDT

Whereas in the matter of imports of Acetone (hereinafter referred to as the subject goods), falling under sub heading 2914 11 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred as the said Customs Tariff...

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Custom Notification No 44/2010 – Regarding exemption to Cotton waste, all sorts from customs duty

Posted: 16 Apr 2010 06:41 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 exempts Cotton waste, all sorts,...

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Custom Notification No 43/2010 – Amending Notification No.100/89-Customs, dated 1st March, 1989

Posted: 16 Apr 2010 06:39 PM PDT

The principal notification No.100/89-Customs, dated the 1st March, 1989 was published in the Gazette of India, Extraordinary, vide number G.S.R. 315(E), dated the 1st March, 1989 and was last amended vide notification No.25/2007-Customs, dated the...

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Custom Notification No 42/2010, Regarding anti dumping duty on Polytetrafluoroethylene (PTFE) originating in, or exported from China

Posted: 16 Apr 2010 06:38 PM PDT

Now, therefore, in exercise of the powers conferred by sub sections (1) and (5) of section 9A of the said Customs Tariff Act, read with rules 18 and 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped...

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Supreme Court decided to refer to a larger bench the issue of imposition of entry tax

Posted: 16 Apr 2010 06:16 PM PDT

A five-judge Bench of the Supreme Court decided on Friday to refer to a larger bench the issue of imposition of entry tax on goods coming into jurisdiction of the respective states, involving financial implications to the tune of Rs 30,000 crore (Rs...

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SEBI may soon introduce more currency derivatives products

Posted: 16 Apr 2010 06:10 PM PDT

SEBI chairman C B Bhave on Friday said the market watchdog is planning to introduce more currency derivatives products, beginning with options, to give a wider choice to investors. "We will look into other kinds of derivatives (in currency trading),...

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Conferences and events are the new mantra of brand building for law firms

Posted: 16 Apr 2010 05:34 PM PDT

Cyril Shroff, Zia Mody and Nisith Desai are big names in India's legal profession. They are among the most-in-demand corporate lawyers in the country for their experience, expertise as well as their image. Branding has become crucial for law firms...

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Government may propose safer exit route to private equities (PEs) and Venture Capitalists (VCs)

Posted: 16 Apr 2010 05:29 PM PDT

Inter-departmental consultations between Ministries of Finance and Corporate Affairs including Securities and Exchange Board of India (SEBI) are at advance stage of maturity for rolling out "relaxed and enlightened" regulations for private equities...

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Real estate companies reluctant to switch to IFRS

Posted: 16 Apr 2010 05:26 PM PDT

Some of India's large real estate firms are seeking exemption from adopting the proposed International Financial Reporting Standards (IFRS) from the next fiscal year. All real estate companies that form part of the NSE's Nifty-50 or BSE's Sensex-30,...

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IPL may create accounting issues in future

Posted: 16 Apr 2010 05:22 PM PDT

The Indian Premier League (IPL), which began a trend of auctioning cricketing talents by its franchises, seems to have signaled the beginning of a possible accounting issue in future. At least, the country's apex accounting standards setting body,...

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Government allowed MVAT refund of financial year 2009-10 to be set off against liabilities of financial year 2010-11

Posted: 16 Apr 2010 05:18 PM PDT

It has been represented before us by various organizations of the refund claiming dealers that there are huge amounts of refunds generated every year and the same dealers who claim refunds in one year have to pay dues the very next year. Sometimes...

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Over 1,100 CBI cases on corruption pending

Posted: 16 Apr 2010 09:57 AM PDT

Government on Friday said as many as 1,120 cases pertinent to corruption and economic offences are pending probe by Central Bureau of Investigation (CBI). In a written reply to Rajya Sabha, Minister of State in the Ministry of Personnel, Public...

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Announcement – For Mandatory Compliance by Indian CA Firms having Affiliation with International Entities/Network

Posted: 16 Apr 2010 09:53 AM PDT

Agreement/contract with the multinational entity; (2) Terms and conditions for usage of name of multinational entity; (3) Arrangement for sharing of fees/profit with other Indian CA firms with similar/identical name and with the multinational...

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Dual Listing

Posted: 16 Apr 2010 09:42 AM PDT

Dual Listing has been in the news in recent times due to the proposed alliance between Asia's leading telecommunications provider Bharti Airtel and South Africa-based MTN Group that would help create the third largest mobile phone group in the...

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Competition Act, 2002 & impact on industry in the years ahead

Posted: 16 Apr 2010 09:32 AM PDT

Notification dated 28th August, 2009 issued by the Ministry of Corporate Affairs (`MCA') repealed the Monopolies and Restrictive Trade Practices Act, 1969(`MRTP ACT') with effect from 1st September, 2009. The repealed Act was replaced by the...

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