| Notification No. 42/2010 – Customs (N.T.) mentioning rate of exchange of conversion of each of the foreign currency w.e.f. 1st June, 2010 Posted: 31 May 2010 07:32 PM PDT 
Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| DIPP to define ''Group Company" soon to help Global Companies Posted: 31 May 2010 07:20 PM PDT 
The industry ministry today said it will come out with a definition of ''group company'' soon, a clarification that would help global companies like Wal-Mart to begin operations without violating norms. "We are working on a clarification. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government ordered SFIO investigation into Global Trust Bank case Posted: 31 May 2010 07:16 PM PDT 
Government ordered SFIO investigation into Global Trust Bank case [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| LIC seeks price secrecy for IPO, FPO bids Posted: 31 May 2010 07:13 PM PDT 
State-owned insurer LIC has written a letter to the Securities & Exchange Board of India (SEBI) recently, asking for price secrecy in the bidding process for IPOs and FPOs, a source said. "LIC wrote a letter to SEBI after the Follow-on Public... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government willing to resolve tax disputes between tax department and foreign companies operating in India Posted: 31 May 2010 07:07 PM PDT 
Government of India has been keen to provide a suitable mechanism for resolution of tax disputes between the tax department and foreign companies operating in India. In this direction government inserted provisions relating to Advance Rulings vide... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Two more centres to handle I-T returns digitally would be set up at Pune and Maneasar Posted: 31 May 2010 07:02 PM PDT 
Finance Minister Pranab Mukherjee today said that after Bangalore, two more centres that handle I-T returns digitally would be set up at Pune and Maneasar. The Finance Minister also asked the Income Tax Department to partner with the corporate... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Surveyor can be appointed by IRDA to decide quantum of damages Posted: 31 May 2010 06:55 PM PDT 
Brushing aside the plea of New India Assurance Company that the IRDA (Insurance Regulatory and Development Authority) had no jurisdiction to entertain petition when the claim was solely denied by it, the court said the order appointing surveyors was... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Consumer court concerned over billing by private telecom firms Posted: 31 May 2010 06:54 PM PDT 
The Delhi State Consumer Commission has expressed its concern over private telecom operators reportedly overcharging customers by including undue charges in the bill, which are not rectified unless the subscribers point them out. The Commission... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Single arbitrator faster than arbitration panel Posted: 31 May 2010 06:45 PM PDT 
In an arbitration dispute, the intention of the parties as reflected in the agreement should be followed, a division bench of the Delhi high court stated last week while setting aside the order of the single judge bench in a dispute between Prime... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Bank customers may soon withdraw up to Rs one lakh in a single day from ATM machines Posted: 31 May 2010 06:37 PM PDT 
Bank customers can soon withdraw up to Rs one lakh in a single day from ATM machines, and can shop for even an higher amount of Rs 1.25 lakh with their debit cards. Also, as much as Rs three lakh can be transferred in a day to another account... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Non Matching of Your Prepaid tax Payment detail with department system will delay your Income Tax Refund further Posted: 31 May 2010 06:32 PM PDT 
This year, claiming a full income tax (I-T) refund could take longer than you expect if the amount mentioned in your return does not match that in the department's system. Bitten by a Rs 14-crore refund scam in December last year, I-T authorities... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Swiss bank not willing to share info and alternatively offered to tax their foreign clients' Posted: 31 May 2010 06:22 PM PDT 
Swiss banks have offered to tax the money deposited with them by Indians and other foreigners and "immediately deliver the cash" to governments of respective countries, rather than sharing the details of their clients. Switzerland has come under... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Easy Exit Scheme 2010 provides easy exit to defunct companies Posted: 31 May 2010 06:16 PM PDT 
THE government on Friday introduced a scheme that will facilitate easy exit for unlisted companies willing to wind up their defunct business. A defunct company is one whose business is lying in a dormant state. The new scheme will give such... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Instructions for issue of Certificate of lower deduction or non-deduction of tax at source u/s 197 Posted: 31 May 2010 06:10 PM PDT 
Section 197 of the Income-tax Act, 1961 – Deduction of tax at source – Certificate of lower deduction or non-deduction of tax at source – Instructions for issue of certificate u/s 197 mandatorily through ITD system. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Sebi (Stock Brokers and Sub- Brokers) (Amendment) Regulations, 2010 – Amendment in regulations 6 and 11 Posted: 31 May 2010 06:01 PM PDT 
Notification No. LAD-NRO/GN/2010-11/06/1097, dated 13-4-2010. In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Public Interest Litigation claims MCA discriminates against lawyers in ROC filings Posted: 31 May 2010 09:10 AM PDT 
The Ministry of Corporate Affairs (MCA) has sought time to respond to a public interest litigation (PIL) in Delhi High Court, which alleges that the Registrar of Companies (ROC) discriminates against lawyers by only allowing chartered accounts,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| VAT Notification for Mandatory E-payment for Monthly Returns w.e.f. 01.06.2010 in Maharashtra Posted: 31 May 2010 09:00 AM PDT 
No VAT. 1510 /CR-64 /Taxation-1.— In pursuance of the powers conferred by sub-rule (1) of rule 45A of the Maharashtra Value Added Tax Rules, 2005, the Government of Maharashtra hereby specify that, with effect from 1st June 2010, every registered... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Manufacturing companies with a paid-up capital of Rs 50 crores or more may be required to get their cost accounting records audited by a statutory cost auditor Posted: 31 May 2010 08:23 AM PDT 
Regulations regarding maintenance of cost accounting records and cost audit are likely to change. If the recommendations of the expert committee appointed by the Ministry of Corporate Affairs are accepted, all manufacturing companies with a paid-up... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Foreign audit firms may soon get full practising rights in India Posted: 31 May 2010 08:17 AM PDT 
Foreign audit firms may soon get full practising rights in India. Recommendations to give them full rights and make them accountable are in the final report on the multi-crore Satyam Computers scam submitted by the Institute of Chartered Accountants... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| No permanent establishment under DTAA if three criteria are not fulfilled Posted: 31 May 2010 08:11 AM PDT 
Airlines Rotables vs. JDIT (ITAT Mumbai). The assessee, a UK company, entered into an agreement with Jet Airways under which it agreed to provide Jet Airways with two segments of services, first, to carry out repairs and overhauling of aircraft... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Finance Minister dedicates the centralized processing center (CPC) of the Income Tax Department, Bengaluru to the Nation Posted: 31 May 2010 08:06 AM PDT 
The introduction of electronic filing of I-T returns, e-payment of taxes, establishment of the national network (TAXNET), and consolidation of the Regional Computer Centers into the National Data Center have laid the foundation for the next... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Timeshare membership fee taxable over the period of contract: ITAT Chennai (SB) Posted: 31 May 2010 07:56 AM PDT 
This Tax Alert summarizes a recent ruling of the Special Bench of the Chennai Income Tax Appellate Tribunal (SB) [ITA Nos. 2412 to 2416/Mds/2005] in the case of M/s Mahindra Holidays & Resorts (India) Ltd. (Taxpayer) on the issue of taxability,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Fees for Technical Services, even if rendered outside India are taxable consequent to retrospective amendment in Section 9 by the Finance Act, 2010 Posted: 31 May 2010 07:55 AM PDT 
Mumbai Tribunal Ruling: Fees for Technical Services, even if rendered outside India, are taxable consequent to retrospective amendment in Section 9 by the Finance Act, 2010 (Ashapura Minichem Limited v. ADIT)(ITA No. 2508/M/2008) [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| If Assessee fail to furnish explanation/basis for wrong claims then Penalty may be imposed u/s. 271(1)(c) of the Income Tax Act Posted: 31 May 2010 07:53 AM PDT 
Delhi High Court Ruling: If the assessee makes a claim which is not only incorrect in law but is also wholly without any basis and the explanation furnished by him for making such a claim is not found to be bonafide, it would be difficult to say... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Transfer Pricing Provision: ITAT underscored the importance of taxpayers making accurate transaction adjustments on account of different conditions in varying locations Posted: 31 May 2010 07:52 AM PDT 
ITAT Ruling: Transfer Pricing - Sec 92 – While benchmarking a controlled transaction, mere selling of an identical product to unrelated party is not sufficient for applying Comparable Uncontrolled Price (CUP) as the most appropriate method unless... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Receipts of NRI for contract executed outside India cannot be taxed under the special provisions if the same is not taxable under the general provisions of the Indian Tax Law Posted: 31 May 2010 07:51 AM PDT 
This Tax Alert summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2010- TII-41-ITAT-MUM-INTL] in the case of J Ray McDermott Eastern Hemisphere Ltd. (Taxpayer). The ITAT held that receipts pertaining to transportation and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Special Bench Ruled Timeshare Membership fee is taxable over the term of contract |
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