| 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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 ... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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 [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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