| Mumbai lost Rs 35,000 crore in income tax in 5 years Posted: 26 May 2010 08:51 PM PDT 
Your city has lost income tax worth Rs 35,000 crore in the last five years. This is because 11.4 crore "pieces of information" pertaining to unaccounted income collected by the Income Tax (I-T) department's Central Information Branch (CIB) was not... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Taxation of financial services under GST Posted: 26 May 2010 08:37 PM PDT 
One of the most significant features of GST would be the taxation of financial services. No country in the world has been able to design a model for inclusion of financial services within the VAT/GST framework. India, if successful, will chart a new... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Tax treatment of Gratuity after Increase in limit from 3.50 lakh to 10 lakh Posted: 26 May 2010 08:31 PM PDT 
The government notified the Payment of Gratuity (Amendment) Act, 2010 on May 18, 2010, which increases the limit of gratuity payment to employees in the specified sectors/establishments covered under the Payment of Gratuity Act, 1972 ("Gratuity... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Mutual funds opposes new SEBI norms on investment in derivatives Posted: 26 May 2010 07:59 PM PDT 
Sebi's proposal to tighten the norms for investment in derivatives has run into opposition from mutual funds with the industry lobby arguing that fund managers need access to some of the products the regulator wants to ban.The Association of Mutual... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Corporate Ministry in talks with Law Ministry to implement SC suggestion on NCLT Posted: 26 May 2010 07:55 PM PDT 
The ministry of corporate affairs has begun discussions with the law ministry to incorporate the suggestions made by the Supreme Court when it cleared the National Companies Law Tribunal (NCLT) in the Companies Bill that is with a Parliamentary... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| LIC may submit two new ULIP plans with IRDA for approval Posted: 26 May 2010 07:50 PM PDT 
Life Insurance Corporation of India is likely to submit new unit-linked insurance plans Ulips with the regulator in light of its two plans coming to a close. The corporation's endowment plan Wealth Plus closed on May 8 while another pension plan... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI submitted its final report on Satyam scam Posted: 26 May 2010 07:46 PM PDT 
The CA Institute's second and final report on the Satyam scam and the role of the company's statutory auditor in that accounting fraud was submitted to the Corporate Affairs Ministry on Monday.While ICAI officials were tight-lipped about the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Parliamentary Committee to submit its report on Companies Bill, 2009 during monsoon session of Parliament Posted: 26 May 2010 07:43 PM PDT 
However, the Corporate Affairs Ministry sources said the Government may not be able to get the Bill passed in Parliament in the monsoon session (scheduled to begin in July) itself because preparing a 'revised proposal', on the basis of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government may allow 100% foreign owned NBFCs to set up subsidiaries in India Posted: 26 May 2010 07:38 PM PDT 
The government will consider changes in rules to allow 100% foreign owned and well capitalised non-banking finance companies (NBFCs) to set up subsidiaries, removing the curbs introduced by the foreign direct investment guidelines issued last year.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CAG raised concerns over some provisions of the proposed direct tax code Posted: 26 May 2010 07:30 PM PDT 
The Comptroller and Auditor General (CAG) has raised several concerns over some provisions of the proposed direct tax code (DTC), the draft of which was unveiled by the finance?ministry in 2009. The country's statutory auditor pointed out in a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| FinMin received 10,000 suggestions on Direct Tax code Posted: 26 May 2010 07:27 PM PDT 
Redrafting the Direct Taxes Code (DTC) is proving to be an uphill task for the finance ministry, bombarded with comments from various stakeholders. The Central Board of Direct Taxes (CBDT) has received about 10,000 suggestions on the code, which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| DGFT- Amendment in Appendix 13, Appendix 22C and Appendix 27 Posted: 26 May 2010 07:24 PM PDT 
In exercise of 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 the Handbook of Procedures (Volume 1). [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Remittance towards participation in lottery, money circulation schemes, other fictitious offers of cheap funds, etc. Posted: 26 May 2010 07:16 PM PDT 
Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to the A.P. (DIR Series) Circular No. 22 dated December 7, 2000,A.P. (DIR Series) Circular No. 02 dated July 27, 2001 and A.P. (DIR Series) Circular No. 49 dated June 4,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Appointment of Merchant Bankers and Intermediaries required for Disinvestment Transactions Posted: 26 May 2010 07:13 PM PDT 
The Cabinet Committee on Economic Affairs today approved the appointment of Merchant Bankers and other intermediaries to disinvestment transactions involving offer for sale or fresh issue by the company in conjunction with offer for sale be advanced... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CIC benches to continue hearings: Wajahat Habibullah Posted: 26 May 2010 07:08 PM PDT 
Chief Information Commissioner Wajahat Habibullah on Tuesday convened a meeting of all the Information Commissioners to discuss the Delhi High Court's stand that the Central Information Commission had no powers to frame rules for its regulation. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Timeshare membership fee is taxable only over the term of contract Posted: 26 May 2010 07:06 PM PDT 
The assessee, a time-share company having resorts at tourist places granted membership for a period of 33/25 years on payment of certain amount. During the currency of the membership, the member had the right to holiday for one week in a year at the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government pushing for affirmative action in private sector: PM Posted: 26 May 2010 07:03 PM PDT 
Prime Minister Manmohan Singh has said the govt is working towards creating an atmosphere where trade and industry come forward to reserve jobs for the socially underprivileged - a practice in vogue in the public sector. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| PM promises steps to tame inflation to 5- 6% by December 2010 Posted: 26 May 2010 07:01 PM PDT 
Prime Minister Manmohan Singh has said inflation would come down to 5-6 percent by December and projected an 8.5 percent economic growth for this fiscal. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Draft Policy on Open Standards for E-Governance Available for Public Feedback Public Review Closes on 3rd June, 2010 Posted: 26 May 2010 06:47 PM PDT 
Government of India has initiated collaborative process of formulation of Open Standards for e-Governance in India with the objective of enabling seamless interoperability of various e-governance solutions developed by multiple agencies, and to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Rule 36 of Punjab VAT Rules regarding monthly filing of VAT returns amended Posted: 26 May 2010 06:17 PM PDT 
Rule 36 of Punjab VAT rules which deals with the filing of VAT returns has been amended w.e.f 18/05/2010 vide notification No. G.S.R. /P.A.8/2005/S.70/Amd.( )/2010. s. The second and third Proviso to Rule 36 (1) have been amended to provide that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Dos and Dont's for printing and submitting of ITR-Vs to ITD-CPC Bangalore for A.Y. 2010-11 Posted: 25 May 2010 10:52 PM PDT 
Please use Ink Jet /Laser printer to print the ITR-V Form. The ITR-V Form should be printed only in black ink. Do not use any other ink option to print ITR V. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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