| Clarification regarding availment of CENVAT Credit on input services Posted: 05 May 2010 08:49 PM PDT 
Further, section 67(4) of the Finance Act, 1994 provides that the expression "gross amount charged" includes payment made by way of issue of credit! debit notes or by entries in the books of account, where the transaction is with any Associate... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| MCA may come up with amnesty scheme for those who defaulted in filing annual returns with ROC Posted: 05 May 2010 08:44 PM PDT 
The ministry of corporate affairs, or MCA, is drawing up an amnesty scheme for companies that haven't been able to file their annual returns and balance sheets in the 2008-09 fiscal and before that with the Registrar of Companies (RoC) and liable to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| IPL tax evader have nothing much to worry considering IT department prosecution rate Posted: 05 May 2010 08:38 PM PDT 
Although the Income Tax Department is going all out to nab tax evaders in the high profile IPL-related cases, its past record shows that the agency managed to secure prosecution in barely 15 per cent of the cases. Going by this low prosecution... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Gratuity Limit increased to 10 Lakh as per Income Tax Act and Gratuity Act in Rajay Sabha Posted: 05 May 2010 08:20 PM PDT 
Parliament on Wednesday approved enhancing the gratuity limit for employees from Rs3.5 lakh to Rs10 lakh as also the exemption threshold from income tax on it. Parliament on Wednesday approved enhancing the gratuity limit for employees from Rs3.5... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| High Court asks to make Sharad Pawar respondent to PIL filed against non levy of entertainment tax on IPL Posted: 05 May 2010 08:06 PM PDT 
Did National Congress Party (NCP) chief Sharad Pawar influence the government not to levy entertainment tax on the Indian Premier League (IPL) T20 cricket matches played in the state? Shiv Sena MLA Subhash Desai has so alleged in a public interest... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Anti-corruption bureau found gold and cash worth Rs 1.78 crore, in PWD engineer's house Posted: 05 May 2010 08:02 PM PDT 
Officials of the anti-corruption bureau (ACB) on Tuesday night recovered unaccounted cash to the tune of Rs 1.68 crore, gold ornaments worth Rs 9.70 lakh and silver ornaments worth Rs 44,462 from the house of PWD executive engineer Vikram Parshuram... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI may disclose the name of auditors found guilty in scams: President Posted: 05 May 2010 07:46 PM PDT 
ICAI wants the government to bring in a provision to bar tainted firms from taking up new assignments for a fixed period, in case any of its partners has been held responsible in a fraud. Currently, if a partner of any firm is held responsible in a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI suggests three methods for calculation of service tax on construction activities Posted: 05 May 2010 07:41 PM PDT 
The Institute of Chartered Accountants of India (ICAI), the accounting regulator, is looking to consult with the finance ministry to simplify the structure of service tax on construction activities and push three methods of calculating the tax. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| FM justifies retrospective change in tax laws Posted: 05 May 2010 07:31 PM PDT 
Finance Minister Pranab Mukherjee on Wednesday justified legislative changes in taxation law with retrospective effect, saying this was required in order to protect "the interests of the (tax) department". "Sometimes, retrospective effect is to be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| FM meets SEBI, IRDA on Ulip row Posted: 05 May 2010 07:20 PM PDT 
The finance ministry has held a meeting with the officials of the two warring regulators, Sebi and Irda, over the issue of control of Ulips and is understood to have impressed upon them the need to sort out the differences amicably. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Custom department demands duty of Rs. 1450 crore from Hewlett Packard India Posted: 05 May 2010 07:12 PM PDT 
"The Directorate of Revenue Intelligence (DRI) has slapped a demand of Rs 1,450 crore on HP India Sales Pvt Ltd...The company undervalued components and spare parts imported from countries like Singapore and the US and thus evaded Customs duty," an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| File Noting under RTI Exemption Posted: 05 May 2010 07:05 PM PDT 
The Government has clarified vide Department of Personnel and Training OM No. 1/20/2009-IR dated 23rd June, 2009 that file notings, except file notings containing information exempt from disclosure under section 8 of the Act, can be disclosed. No... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| IRDA Guidelines on Unit Linked Products (ULIPs) Posted: 05 May 2010 07:02 PM PDT 
Based upon the insurance related data as of year ending March 31, 2010 and related discussions, the Authority issues the following clarifications in continuation of the ULIP guidelines "Guidelines on Unit Linked Products" issued vide Circular No.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Conversion of term deposits, daily deposits or recurring deposits for reinvestment in term deposits by Primary (Urban) Co-operative Banks (UCBs) Posted: 05 May 2010 06:53 PM PDT 
As per instructions contained in paragraph 12 of circular UBD.DC.102/V.1-86/87 dated June 25, 1987 on Interest Rates on Deposits and paragraphs 9.1 and 9.2 of Master Circular UBD.No.BPD.MC.No.11/13.01.000/2009-10 dated July 01, 2009 on Interest... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Release of Foreign Exchange for Visits Abroad – Currency Component Posted: 05 May 2010 06:51 PM PDT 
Attention of Authorised Persons in foreign exchange is invited to A.P.(DIR Series) Circular No. 19 dated October 30, 2000 and A.P. (DIR Series) Circular No.11 [A.P. (F.L. Series) Circular No.1] dated November 13, 2001, in terms of which Authorised ... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| FDI in India – Revised Pricing Guidelines for Transfer of Shares by way of Sale Posted: 05 May 2010 06:48 PM PDT 
Attention of the Authorised Dealer Category – I (AD Category - I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, notified vide Notification No. FEMA... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Investment in unlisted Non-SLR securities by Primary (Urban) Co-operative Banks Posted: 05 May 2010 06:41 PM PDT 
In this connection, please refer to paragraph 2 (iii) (b) of our Circular UBD.(PCB) BPD.Cir.No. 46/16.20.000/2008-09 dated January 30, 2009 on investments in Non-SLR securities by Primary (Urban) Co-operative Banks (UCBs), in terms of which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Annual Policy Statement for the year 2010-11 – Opening of Off-site ATMs by Primary (Urban) Cooperative banks-Liberalisation Posted: 05 May 2010 06:36 PM PDT 
Accordingly, the instructions/guidelines contained in Master circular UBD.BL(PCB)MC.No.14/07.01.000/2009-10 dated July 1, 2009 and circular UBD.CO.LS.Cir.No.52/07.01.000/2009-10 dated June 16, 2008 have been reviewed and it has been decided that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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