| Goa VAT rate change with effect from 4 May, 2010 Posted: 06 May 2010 08:39 PM PDT 
A new entry in Schedule C has been inserted to cover the declared goods, as specified under the Central Sales Tax Act, 1956 which will continue to attract tax at 4%. Notification No. 4/5/2005-Fin(R&C)(78) dated 4 May, 2010 read with... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Regulation to Check Exploitation of Labour Abroad and for Indian Women Working Abroad Posted: 06 May 2010 08:32 PM PDT 
The rules and regulations made to check exploitation of emigrants have largely proved effective. Despite the existing framework to enable legal migration and the efforts made by the Government to prevent irregular migration, complaints regarding... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Investigating Corruption, Financial Irregularities and Corporate Governance Standards in PSUs Posted: 06 May 2010 08:17 PM PDT 
Complaints against Chief Executives and Functional Directors of the :Public Sector Enterprises and CMDs and Functional Directors of Public Sector Banks and Financial Institutions whether pseudonymous or otherwise, received by the Cabinet Secretariat... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Parliament Passes Employees' State Insurance (Amendment Bill) 2009 Posted: 06 May 2010 08:14 PM PDT 
The Parliament today passed the Employees' State Insurance (Amendment) Bill, 2009. The Employees' State Insurance Scheme is a welfare scheme framed for workers covered under the Employees' State Insurance Act, 1948 providing for medical benefits... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| RBI increases cash limit to $3000 from $2000 for Indians travelling abroad Posted: 06 May 2010 08:05 PM PDT 
Foreign travellers can carry 50% more foreign exchange in cash than they could earlier. In a move towards further liberalisation of its foreign exchange policy, the Reserve Bank of India said it has increased the cash limit for foreign travel from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Fm rejected tax holiday proposal for natural gas and coal bed methane (CBM) Posted: 06 May 2010 08:03 PM PDT 
The finance ministry has rejected the petroleum ministry's demand for giving a seven-year income tax holiday to those who win sedimentary blocks for natural gas and coal bed methane (CBM) exploration in the next round of auctions later this year. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Maharashtra Government imposed capital value-based system to calculate property tax Posted: 06 May 2010 07:58 PM PDT 
Maharashtra Government has imposed capital value-based system to calculate property tax on buildings, lands, houses and establishments across the state. The new system has been put in effect since April 27. "The property tax would be calculated on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Basis of Pricing of Initial Public Offerings (IPO) Posted: 06 May 2010 07:54 PM PDT 
The Government has said that the IPO price is fixed by the issuer based on an analysis of the quantitative and qualitative factors of the Issuer Company, market sentiments, and demand for the scrip as assessed during road shows etc. The freedom to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Custom Duty Notification No 36/2010 (NT), Makes Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 Posted: 06 May 2010 07:44 PM PDT 
These regulations shall apply for assessment and clearance of imported or export goods, carried by an Authorised Courier by air, on behalf of a consignee or consignor at such Customs airports and in such form and to such extent, as the Board may, by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Levy of interest on clearing-related overdraft extended by Clearing House managing banks for settling clearing obligations of member banks Posted: 06 May 2010 07:26 PM PDT 
As you are aware, in terms of provisions contained in Rule 10(g) of the Uniform Regulations and Rules for Bankers' Clearing Houses (URRBCH), for unauthorised overdrafts on account of adverse clearing position, defaulting banks are required to pay... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Working Group to Review the Credit Guarantee Scheme for Micro and Small Enterprises (MSEs) – Collateral free loans to MSEs Posted: 06 May 2010 07:23 PM PDT 
As you are aware, a Working Group was constituted by the Reserve Bank of India to review the Credit Guarantee Scheme (CGS) of the Credit Guarantee Fund Trust for Micro and Small Enterprises (Chairman: Shri V.K. Sharma, Executive Director, RBI) and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Prevention of Money-laundering Amendment Rules, 2010 – Obligation of banks Posted: 06 May 2010 07:21 PM PDT 
Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income Tax ombudsman to help you solve your grievances resolved Posted: 06 May 2010 07:11 PM PDT 
The government has appointed former I-T officials or officials from the Indian Revenue Service as income-tax ombudsmen. These officers are independent of the jurisdiction of the income-tax department and hence, operate as an independent arbiter. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Narco, Polygraph And Brain Mapping conducted Without Consent is illegal Posted: 06 May 2010 07:05 PM PDT 
Narco, polygraph and brain mapping tests can no more be conducted on anyone, either an accused or a suspect, without his/her consent, the Supreme Court said Wednesday in a ruling that was hailed by activists and lawyers. A bench of Chief Justice... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI V IRDA – Unfolding Turf War Posted: 06 May 2010 06:50 PM PDT 
The feud between the two regulatory authorities, in the aftermath of sebi's ban on ulips, has turned out to be quite a sensitive topic. In the recent days, that has, as ever so, come to be ballooned by the media into a sensational one. In that, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Regulatory Framework to Deal with Corporate Frauds Posted: 06 May 2010 06:46 PM PDT 
The Government has said that no verified information is available which indicates that the cases of corporate frauds are constantly increasing in the corporate sector in the country. However, an elaborate regulatory framework is already in place... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Provision to Appoint Independent Directors governed by clause 49 of the Listing Agreement not by Companies Act Posted: 06 May 2010 06:30 PM PDT 
The Government has said that the Companies Act, 1956 does not provide for appointment of Independent Directors. But, as per clause 49 of the Listing Agreement, all the listed companies are required to appoint Independent Directors. Giving this... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SFIO Expert Committee, Cases Referred and Investigations by them Posted: 06 May 2010 06:27 PM PDT 
Investigations by Serious Fraud Investigation Office :- Serious Fraud Investigation Office (SFIO), functioning under the Ministry of Corporate Affairs, has handled 61 cases for investigation during 2004-05 to 2008-09. Giving this information in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Download Saral – II (ITR-1), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7, ITR 8, and ITR V in Excel ,Word and PDF Format for A.Y. 2010-11/ F.Y. 2009-10 Posted: 06 May 2010 06:37 AM PDT 
income tax forms, Income Tax Return, Income Tax Return form for A.Y. 2010-11, ITR 1 in Excel Format, ITR 2 in Excel Format, ITR 3 in Excel Format, ITR 4 in Excel Format, ITR 5 in Excel Format, ITR 6 in Excel Format, ITR 7 in Excel Format, ITR 8 in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Allowing of authorized employees of IT/ITES units in SEZ to work from Home Posted: 06 May 2010 05:34 AM PDT 
I am directed to say that references have been received from various stake holders seeking clarification regarding whether employees of units in IT SEZ can work on need base basis from home or from a place outside the SEZ. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Tax benefit could not be denied to business restructuring in compliance of Income Tax Provisions Posted: 06 May 2010 04:42 AM PDT 
In a decision that will help corporates restructure businesses, the Chennai bench of Income-tax Appellate Tribunal (ITAT) has held that tax benefit could not be denied to business restructuring, if the exercise fulfills all the conditions mentioned... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Residential flat prices will go up by 4% on Service Tax and Vat Posted: 06 May 2010 04:40 AM PDT 
Prices of residential flats are likely to go up by 4% in a couple of months, notwithstanding the recent relaxation in the service tax. The latest Union Budget had imposed a 3% service tax on builders, while the state would impose VAT of 1% on a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Thane I-T Commissioner Aniruddh Rai applied for anticipatory bail in Rs 1.80 crore bribery case Posted: 06 May 2010 04:39 AM PDT 
Additional I-T commissioner Sumitra Banerji and her husband Subrato, who were arrested in a Rs 1.80 crore bribery case registered by CBI three weeks ago, will spend some more time in jail, as their bail plea was rejected on Wednesday. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Person in control of Company is vicariously liable for an offence committed by a company under SEBI Act; he need not necessarily be a Director of that company Posted: 06 May 2010 04:33 AM PDT 
This is a petition under Section 482 of the Code of Criminal Procedure, for quashing criminal complaint filed by the respondent against the petitioner under Sections 24(1) and 27 of the Securities and Exchange Board of India Act, 1992. Quash [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income earned by NRI from his employment in USA can not be taxed in India Posted: 06 May 2010 04:20 AM PDT 
In the light of the foregoing, the question is answered in the negative. To elaborate, the applicant being a non-resident during the previous year 2008-09, the income earned by him from his employment in USA can not be taxed under Income-tax Act,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| RoC expected to initiate legal proceeding against Subhiksha officials for Violation of Companies Act Provisions Posted: 06 May 2010 04:16 AM PDT 
The corporate affairs ministry is tightening the noose around retail companies — a sector which has been left largely untracked due to the absence of a designated sectoral regulator. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Department has to analyse process of "duplication" of software undertaken by assessee to determine nature of royalty payment Posted: 06 May 2010 04:14 AM PDT 
These two civil appeals are filed by the Department against the order dated 2nd September, 2008, of the Gujarat High Court refusing to formulate, inter alia, the following question of law: "Whether the Income Tax Appellate Tribunal, in the facts... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Refund or CENVAT credit on input services allowed only if services are consumed in output service Posted: 06 May 2010 04:11 AM PDT 
Recently in the case of Kbace Tech Pvt. Ltd. v. CCE/CST CESTAT ruled that the refund or CENVAT credit on input services is allowed only if the services are consumed in the output service. It is held that the Board's Circular No. 120/01/2010-ST,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| For computing book profit Companies need to prepare their profit and loss account in accordance with Parts II and III of Schedule VI to Companies Act, 1956 Posted: 06 May 2010 04:09 AM PDT 
A short question which arises for determination in this civil appeal is - whether the Income Tax Appellate Tribunal was, on the facts and circumstances of this case, justified in upholding the order of the Commissioner of Income Tax (Appeals)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| If Income not disclosed then Assessee is liable for levy of concealment penalty u/s. 271(1)(c) Posted: 06 May 2010 04:04 AM PDT 
We have carefully considered the rival submissions in the light of the material placed before us. The reply of the assessee in response to show cause notice against levy of concealment penalty have already been reproduced in para 5 of this order.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Payments of transponder hire charges to foreign company by Indian Company is Royalty Posted: 06 May 2010 04:00 AM PDT 
Just because Satellite was owned by another company, would not change the colour of payment, which would remain a `royalty'. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income Tax department planning drive against tax evaders in Kashmir Valley Posted: 06 May 2010 03:53 AM PDT 
The Income Tax department is planning a drive against tax evaders in the Kashmir Valley and to begin with will use "coercive" tools in the law to get people to file annual returns on their income. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Deferred revenue expenditure should be allowed entirety in the year in which it was incurred Posted: 06 May 2010 03:52 AM PDT 
For the purpose of allowability of any expenditure under the Act , what is material is the classification between the capital and revenue and the same does not recognise any concept of deferred revenue expenditure. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Even if a charitable educational institution having surplus, it doesn't mean that it is exist for making profits and not solely for educational purposes Posted: 06 May 2010 03:47 AM PDT 
We have prefaced the discussion on provisos with the object of putting the real controversy in its true perspective. The orders passed by the Chief Commissioner are identical in all these cases and after hearing the learned counsel for the parties... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Amount paid for compounding of offence not allowable u/s 37(1) of the Income Tax Act, 1961 Posted: 06 May 2010 03:41 AM PDT 
The amount paid for compounding an offence is inevitably a penalty in terms of section 483 of the Karnataka Municipal Corporation Act, 1976 itself and the mere fact that it has been described as compounding fee cannot, in any way, alter the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section 80-1A(2) benefit available to telecommunication services undertaking for 10 consecutive years from the year of exercise of option Posted: 06 May 2010 03:26 AM PDT 
We have heard both the parties and gone through the facts of the case and the decisions cited before us. The issue before us as to whether or not the assessee is entitled to claim deduction u/s 80IA in terms of the provisions amended w.e.f 1.4.2000... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Australia plan to impose a 40 per cent 'super tax' on profits of mining companies- Indian Companies Opposed the Proposal Posted: 06 May 2010 12:20 AM PDT 
Australia's plan to impose a 40 per cent 'super tax' on the profits of mining companies has sent Indian miners scouting for acquisitions into a tizzy.The tax , proposed to be effective by July 2012, aims to raise an estimated Australian $9 billion... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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