| CBI arrested ESIC inspector for demanding and accepting the bribe Posted: 09 Apr 2010 08:56 PM PDT An insurance inspector posted at the Employees State Insurance Corporation (ESIC) here has been arrested for allegedly accepting a bribe of Rs 15,000 from a complainant. "The CBI laid a trap and the accused inspector Om Prakash was caught red-handed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Private telecom operators not providing their account books: CAG Posted: 09 Apr 2010 08:53 PM PDT Apex auditor CAG today lamented that private telecom operators are not providing their account books to it, despite request from the government. "In the telecom sector, we have still not got access to records of private service providers despite the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| BOA of SEZs Grants six Formal Approvals Posted: 09 Apr 2010 08:37 PM PDT The Board of Approval of the Special Economic Zones (SEZs) met here today to consider proposals for setting up of Special Economic Zones and also to approve other miscellaneous requests pertaining to SEZs. Addressing the Board of Approval members,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| IPO Scam: Investors will receive compensation from money recovered from scamsters Posted: 09 Apr 2010 08:33 PM PDT For the first time in the history of the stock market, investors who lost out on allotment of shares due to a scam will receive compensation from money recovered from scamsters. Finance Minister Pranab Mukherjee will on Monday hand over the cheques... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RRBs – Know your Customer (KYC) guidelines – accounts of proprietary concerns Posted: 09 Apr 2010 08:22 PM PDT A reference is invited to Para 3 of the guidelines on 'Know Your Customer' norms and anti-money laundering measures enclosed to our circular RPCD.RRB.BC.No.81/03.05.33(E)/2004-05 dated February 18,2005. It has been advised to RRBs that internal... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI Guidelines on the Base Rate Posted: 09 Apr 2010 08:20 PM PDT The BPLR system, introduced in 2003, fell short of its original objective of bringing transparency to lending rates. This was mainly because under the BPLR system, banks could lend below BPLR. For the same reason, it was also difficult to assess the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Investment in SLR Securities by Regional Rural Banks (RRBs) Posted: 09 Apr 2010 08:15 PM PDT On a review of the issue it has been decided that the exemption granted to RRBs up to the financial year 2008-09 from 'mark to market' norms in respect of their investments in SLR securities be extended by one more year i.e. for the financial year... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Priority Sector Lending – Advances to Micro and Small Enterprises engaged in exports Posted: 09 Apr 2010 08:10 PM PDT Please refer to our Master Circular dated July 1, 2009 on Lending to Priority Sector, in terms of which finance granted by banks to micro and small enterprises as defined under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom Notification No. 41 / 2010-Customs- Amending Notification 21/2002 dated 1st March, 2002 Posted: 09 Apr 2010 08:03 PM PDT In exercise of the powers conferred by sub-section (2A) 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 makes the following further... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Notification No 30/2010 (NT), makes Customs House Agents Licensing (Amendment) Regulations, 2010 Posted: 09 Apr 2010 07:58 PM PDT Notwithstanding anything contained in these regulations, any person who had passed the examination conducted in regulation 9 of the Customs House Agents Licensing Regulation, 1984, and has not yet been granted license under these regulations, upon... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Circular No 09/2010, regarding issue of Custom House Agent License Posted: 09 Apr 2010 07:52 PM PDT It has been brought to the notice of the Board by certain field formations that they are facing difficulties in issuance of Custom House Agents (CHA) License for eligible persons and in implementation of the Custom House Agents Licensing Regulations... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| DGFT Public Notice 55/2009-14- Opening of Extension Counter of Jt.DGFT Bhopal at Indore (Amendment in Appendix-I) Posted: 09 Apr 2010 07:47 PM PDT In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby notifies the following amendments/additions in Appendix 1 (List of Regional Authorities and their jurisdiction)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| DGFT Public Notice 54/2009-14- Amendment in Hand Book of Procedure Vol.I – Addition of Para 3.10.2, 3.10.3, 3.10.4, 3.10.5, 3.10.6 and Para 3.10.7 after Para 3.10.1 in the Handbook of Procedure Vol.I Posted: 09 Apr 2010 07:42 PM PDT PUBLIC NOTICE No.54/ 2009-14. NEW DELHI: the 08 April, 2010 In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in HBPv1: [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| DGFT notification 38/2009-2014- Regarding Compulsory registration of cotton yarn export contracts Posted: 09 Apr 2010 07:27 PM PDT In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and 2.1 of the Foreign Trade Policy, 2009-14, and also read with Notification No. 26 (RE... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| DGFT notification 37/2009-2014- Amendment in the ITC(HS) Classification of Export and Import items Posted: 09 Apr 2010 07:25 PM PDT In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBT may fix Interest rate at 8.50% on Employee Provident Fund for financial year 2010-11 Posted: 09 Apr 2010 07:20 PM PDT Over 4.7 crore (47 million) employees are likely to get an interest of 8.5 per cent in 2010-11 on their provident fund deposits of about Rs 2.5 lakh crore (Rs 2.5 trillion), a return authorities have been giving for the past five years. The decision... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Highlights Of e- Filing Season A.Y. 09-10 (up to 31/03/2010) Posted: 09 Apr 2010 07:14 PM PDT Please find below the details of Online Income Tax return filed during the period from 01.04.2009 to 31.03.2010. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries – Specified territories notified under section 90, Explanation 2 Posted: 09 Apr 2010 06:56 AM PDT Section 90 of the Income-tax Act, 1961 - Double taxation agreement - Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries - Specified territories notified under section 90, Explanation 2 [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| New IT Valuation rules for Jewellery , Shares and securities, archeological collections, drawings, paintings, sculptures or any work of art Posted: 09 Apr 2010 06:53 AM PDT valuation of shares and securities.-(a) the fair market value of quoted shares and securities shall be determined in the following manner, namely;-(i) if the quoted shares and securities are received by way of transaction carried out through any... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI asked for exclusion of land value from the proposed service tax on the realty sector Posted: 09 Apr 2010 06:36 AM PDT Accounting regulator ICAI has called for excluding land value from the proposed service tax on the realty sector, saying land is a state subject. "When a prospective buyer makes an advance payment to the builder against booking of a specified unit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Tax planning is valid. As McDowell (5 judges) has been explained in Azadi Bachao (2 judges), the latter is binding Posted: 09 Apr 2010 06:24 AM PDT The assessee purchased US-64 Units of the UTI in May 1990 for Rs. 3.75 crs, received dividend thereon of Rs. 45 lakhs and sold the units in July 1990 for Rs. 3.25 crs. The assessee claimed that deduction u/s 80M was available on the dividend and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Penalty: Welcome judgement from Hon'ble Supreme Court Posted: 09 Apr 2010 06:07 AM PDT If the Assessing officer or Commissioner (Appeals) in the course of any proceedings under the Act is satisfied that any person has concealed the particulars of his income or furnished inaccurate particulars of such income, then he can direct that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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