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Apr 1, 2010

Updates from TaxGuru 02.04.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 35 new items)



Reintroduction of the erstwhile Income-tax Rules with regard to the TDS/ TCS provisions

Posted: 01 Apr 2010 08:56 PM PDT

Background :-The Central Board of Direct Taxes (CBDT) had made certain amendments vide Notification No. 31/2009 dated 25th March, 2009 in respect of –the Tax Deduction at Source (TDS)/ Tax Collection at Source (TCS) payments; and Compliance...

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Indian Economic Survey 2009-10 – Key Highlights

Posted: 01 Apr 2010 07:56 PM PDT

The Finance Minister presented the Economic Survey 2009-10 before the Parliament. It is a report card of India's economic performance which gives the current and expected direction of the Government Policies. The key highlights of the same are given...

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Summary of Circular 1 of 2010 for consolidating the Foreign Direct Investment (FDI) Policy Framework

Posted: 01 Apr 2010 07:48 PM PDT

The Circular is a convenient compendium of the FDI Policy of the Government of India. Some of the salient features highlighted in this alert reflect changes in interpretation of FDI Policy which have now been clarified. Also clearer guidance has...

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Income tax department sought SC's direction on taxability of sales tax incentives in RIL case

Posted: 01 Apr 2010 07:22 PM PDT

The income tax department has sought the Supreme Court's direction to decide if Reliance Industries Ltd should pay tax on sales tax incentives given to them by the governments of Maharashtra and Gujarat. A bench headed by Justice S H Kapadia has...

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MVAT Notification for Amendment to Notification VAT-1505/CR-105/Taxation-1 Dt.01.06.2005

Posted: 01 Apr 2010 06:52 PM PDT

No. VAT-1509/CR- 121/Taxation- l. - In exercise of the powers conferred by section 42 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005) the Government of Maharashtra, hereby amends with effect from the 1st April 2010 the Government...

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MVAT Notification for Goods notified under sub-entry (a) & (b) of entry 101 of Schedule C

Posted: 01 Apr 2010 06:49 PM PDT

No. VAT. 1510/CR. 47A/Taxation- l.—In exercise of the powers conferred by sub-entry (a) of-entry 101 of Schedule C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby, with effect from the...

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MVAT Notification for Amendment in Notification No.VAT.1505/CR-120/Taxation-1 dated 01/06/2005

Posted: 01 Apr 2010 06:44 PM PDT

In exercise of the powers conferred by sub-entry (6) of entry 101 of Schedule C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra, hereby, amends with effect from the 1st April 2010, the...

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Notification for Amendment to Schedule A, C & D of MVAT Act, 2002

Posted: 01 Apr 2010 06:37 PM PDT

in entry 9A, in column (2), for the figures, letters and word " 31st March 2010 " the figures, letters and words "31st March 2011 or the date on which the Goods and Services Tax Act comes into force, whichever is earlier " shall be substituted.(2)...

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Amendment to MVAT Notification CR-118 dated 01/06/2005

Posted: 01 Apr 2010 06:26 PM PDT

In exercise of the powers conferred by clause (b) of entry 81 of SCHEDULE C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends with effect from the 1st April 2010, the Government...

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ICAI Announcement for Extension of Date of CPT Registration

Posted: 01 Apr 2010 09:53 AM PDT

The next CPT Examination (Paper- Pencil Mode) is scheduled to be held on 20th June, 2010. To be eligible to appear in June, 2010 Examination, an applicant is required to be registered for the CPT Course on or before 1st April, 2010.

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Committee constituted to review the acquisition procedure of the security features for currency notes submits its report to the finance minister

Posted: 01 Apr 2010 09:48 AM PDT

The committee constituted to review the acquisition procedure of the security features for currency notes; review the relevant procurement manuals and suggest a roadmap for progressive indigenization of various inputs including high end machinery...

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CVC Disposed of 541 Cases in January 2010 Major Penalty Proceedings Recommened Against 135 Officers

Posted: 01 Apr 2010 09:43 AM PDT

The Central Vigilance Commission disposed of 541 cases during December 2010 referred to it for advice. The Commission advised imposition of major penalty against 135 officers including 33 from M/o Railways, 30 from MCD, 25 from Public Sector Banks,...

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Custom Notification No 40/2010- Amending Notification 21/2002 – Customs, dated 1st March, 2002

Posted: 01 Apr 2010 09:36 AM PDT

bulk consumer is a person, establishment or industrial unit using or consuming more than ten quintals of sugar per month as a raw material for production or consumption or use in any manner other than sale. (ii) the said certificate shall be ...

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Custom's Notification No 27/2010 (NT)- Amending Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001

Posted: 01 Apr 2010 09:29 AM PDT

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of...

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DGFT Public Notice No 51/2009-14- Amendment of para 2.37 A of HBP Vol.1

Posted: 01 Apr 2010 09:25 AM PDT

Import authorizations for a restricted item, if so directed by the competent authority, shall be issued for import through one of the sea ports or air ports or ICDs or LCS, as per the option indicated, in writing, by the applicant. However, for...

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Circular No. 920/10/2010-CX- Items used in Ceramic Tiles Industry – whether capital goods or input

Posted: 01 Apr 2010 09:20 AM PDT

Similarly, bolting cloth/ screens/silicon cylinders which carry designs and which are fitted on the machines used for printing of designs are also essential for operating of the machines. Therefore, these items would also be considered as capital...

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Himachal Pradesh VAT notification enhancing the basic rate of tax Contacts

Posted: 01 Apr 2010 09:07 AM PDT

The Himachal Pradesh Government has, vide a notification, moved most goods falling under „Part II? of the erstwhile Schedule A and liable to tax at 4% to a newly introduced 'Part II-A' of the said Schedule A. Effective from 29 March, 2010, these...

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Taxpayers can expect faster refunds from the I-T department this year

Posted: 01 Apr 2010 09:06 AM PDT

Taxpayers can expect faster refunds from the I-T department this year as the ambitious centralised processing centre of the department will start functioning to full capacity.The Bangalore based processing centre of the income tax department has...

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Reconstitution of Group for identifying Direct Taxes issues arising from convergence of Indian Accounting Standards (ASs) with International Financial Reporting Standards (IFRSs)

Posted: 01 Apr 2010 08:10 AM PDT

In supersession of our earlier communication regarding constitution of the said Group for the year 2009-10, the President, in terms of the authority given to him by the Council at its meeting held on 12th February, 2010, has reconstituted the said...

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SEBI allowed mutual funds more time to comply with KYC norms

Posted: 01 Apr 2010 08:02 AM PDT

The Securities and Exchange Board of India (Sebi) has given mutual fund (MF) distributors some more time to comply with its latest rules on the know-your-client (KYC) requirement. The regulator has also verbally directed registrars and transfer...

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Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs)- A.P. (DIR Series) Circular No. 44

Posted: 01 Apr 2010 06:29 AM PDT

In terms of A.P. (DIR Series) Circular No. 58 dated March 13, 2009, Indian companies were allowed ] to buyback their Foreign Currency Convertible Bonds (FCCBs) both under the automatic route and approval route until December 31, 2009. The Scheme was...

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List of Statutory Branch Auditors recommended for appointment in Public Sector Banks – 2009-10

Posted: 01 Apr 2010 06:18 AM PDT

"During the year 2009-10, the following 15 PSBs have exercised managerial autonomy in regard to selection and appointment of SBAs, viz. State Bank of India, Allahabad Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central...

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Indian companies allowed participating in consortium with other international operators to construct and maintain submarine cable systems on co-ownership basis under the automatic route

Posted: 01 Apr 2010 06:15 AM PDT

I banks may allow remittances by Indian companies for overseas direct investment, after ensuring that the Indian company has obtained necessary licence from the Department of Telecommunication, Ministry of Telecommunication & Information...

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Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances – Projects under Implementation

Posted: 01 Apr 2010 06:10 AM PDT

these guidelines will, however, not be applicable to restructuring of advances covered under the paragraph 14.1 of the Master Circular on IRAC Norms (Advances classified as Commercial Real Estate exposures; Advances classified as Capital Market...

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Under Sec 260A of Income Tax Act High Court has no power to condone delay in filing appeal

Posted: 01 Apr 2010 06:00 AM PDT

No provision similar to the provision enabling both the CIT(A) and the Tribunal to admit appeals presented beyond the period of limitation if they are satisfied that there was sufficient cause on the part of the appellant for not preferring the...

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Gifts- Genuineness of NRE gifts

Posted: 01 Apr 2010 05:56 AM PDT

Assessee having failed to prove the identity of the non-resident donors who are said to have gifted substantial amounts to him from their NRE accounts by producing them personally or copies of their passports and also failed to prove the...

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Interest under s. 220(2) is leviable for default in payment of tax from the date of default till the date of admission of application for settlement by Settlement Commission

Posted: 01 Apr 2010 05:54 AM PDT

This has been made clear in the proviso to s. 220(2) as per which where as a result of order under ss. 154, 155 and 245D etc. amount on which interest is payable is reduced the interest would be reduced accordingly. Therefore the interest under s....

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TDS – sec 194J – Hospital merely acted as conduit -Doctors did not provide prof service to hospitals

Posted: 01 Apr 2010 05:50 AM PDT

Where a hospital engaged consulting doctors and provided them with consulting chambers with secretaries assistance and the fees collected from out-patients and paid to the consultants each day after deducting certain amount towards rent and...

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MVAT circular 14T of 2010 related to changes in rate of tax

Posted: 01 Apr 2010 05:41 AM PDT

While presenting the budget for the year 2010-11, Hon. Finance Minister announced that the exemption granted to some essential commodities up to 31-3-2010 would be extended till 31-3-2011 or till the date of implementation of Goods and Services Tax,...

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High Court fumes at Income Tax Department's recovery mania- Strictures against dept for disposing stay applications without proper reasons

Posted: 31 Mar 2010 09:40 PM PDT

Of the three years, the CIT granted stay for two years and directed the AO to realize the demand for AY 2010-11 amounting to Rs. 7.69 crores. No reasons were given for the decision. Despite the stay granted by the CIT, the AO issued garnishee...

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MCA approved five more professions who can form LLP firms

Posted: 31 Mar 2010 09:37 PM PDT

The Ministry of Corporate Affairs has specified five new categories of professions that are eligible for forming firms under the new limited liability partnership Act. Already approved by the Cabinet, these professions are over and above the earlier...

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NO Pan -Get ready to TDS deduction at the rate of 20 Percent from today i.e. 1st April 2010

Posted: 31 Mar 2010 09:32 PM PDT

Get ready to shell out more tax up front on any income received if you are unable to provide your permanent account number from April 1. The tax deducted at source, or TDS, on payments could be as high as 20% for those not quoting PAN against the...

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Due date for submission of MVAT Audit report in form 704 extended to 30th April 2010

Posted: 31 Mar 2010 09:21 PM PDT

Due date for submission of MVAT Audit report in form 704 extended to 30th April 2010

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Tax saving tips for financial year 2010-11 to maximise your wealth

Posted: 31 Mar 2010 09:14 PM PDT

Importantly, it is an astronomical financial stress if the entire investment process has to be completed within a couple of months. Let's understand this with a few numbers: Relief under Section 80C -- Rs 100,000.Relief under Section 80CCF (for...

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File your Income Tax return in time to avoid penalty and fine

Posted: 31 Mar 2010 09:10 PM PDT

Yesterday was the last day for filing income tax returns. Most take comfort from the fact that since tax has been deducted by their companies, filing returns can be delayed. But, the latter is equally important. Income Tax returns for financial year...

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