Posted: 30 Jun 2010 08:56 PM PDT 
Ministry of Corporate Affairs (MCA), Government of India has on 26 May 2010 introduced "Easy Exit Scheme, 2010" (EES) under the Companies Act, 1956 (the Act) to provide a fast track exit for "defunct companies" to get their names struck off from the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Issue of Non-Convertible Debentures (NCDs) of maturity upto 1 year by agencies dealing in securities and money market instruments Posted: 30 Jun 2010 08:51 PM PDT 
It was observed that issuance of the NCDs with original maturity of less than 1 year was unregulated either by Securities and Exchange Board of India (SEBI) or Government of India (GOI). Further, these instruments were issued with call / put options... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Increase in gratuity exemption limit made applicable to all employees Posted: 30 Jun 2010 08:25 PM PDT 
Notification:-The Central Board of Direct Taxes ("CBDT") has extended the enhanced exemption limit of INR 10 lakhs to the employees of companies who do not fall under the provisions of the Payment of Gratuity Act, 1972. The notification will be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Business Profits of Permanent Establishment (PE) not taxable on gross basis as Fees for Technical Services Posted: 30 Jun 2010 08:14 PM PDT 
The assessee, a division of Technical Resources Prt. Ltd. Australia, had entered into contracts with Rio Tinto India Pvt. Ltd. ("RTIPL") for evaluation of coal deposits in Maharashtra and Orissa and for corresponding feasibility studies for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Capital gain on sale of assets of Permanent Establishment (PE) is taxable in India even when PE ceased to exist Posted: 30 Jun 2010 08:02 PM PDT 
The Tribunal concluded that the sale of rig was precursor to the process of cessation of PE, termination of the contract and movement of equipment in international waters. The rig was situated in India when the process of sale had commenced and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Recent High Court decisions on service tax on "Renting of Immovable Property" services Posted: 30 Jun 2010 07:31 PM PDT 
The Hon?ble Delhi High Court in case of Home Solution Retail India Ltd. Vs. Union of India and Others (2009- TIOL-196-HC-DEL-ST) had held that renting per se is not a taxable service under the provisions of Section 65(105)(zzzz) of the Finance Act,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Reversal of Cenvat Credit of service tax in case of trading activities Posted: 30 Jun 2010 07:27 PM PDT 
Orion Appliances Ltd (hereinafter referred to as the „appellant?) was engaged in providing maintenance and repair and commissioning and installation services. The appellant was also engaged in trading activities. The appellant availed CENVAT credit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Larger Bench decision on levy of service tax in case of turnkey contracts Posted: 30 Jun 2010 07:21 PM PDT 
The Hon?ble CESTAT, Delhi held in case of Daelim Industrial Co. Ltd Vs CCE, Vadodara ('Daelim') (2003-TIOL1 10-CESTAT-DEL) that a works contract cannot be vivisected and a part of it cannot be subjected to service tax. In the case of CCE, Raipur Vs... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Ulip Agents Commission set to fall by 6 Percent Posted: 30 Jun 2010 06:57 PM PDT 
The recent changes made to unit-linked insurance plans are going to pinch the agents that sell these insurance products the most.With the new cap on the charge during the term of the policy, agents are set to see a significant 500-600 basis points... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Confusion over accounting treatment of Ramalinga Raju's Rs 1,230-cr investment in Satyam Posted: 30 Jun 2010 06:48 PM PDT 
The Mahindra group and the various enforcement agencies appear to have different viewpoints on the treatment of the Rs 1,230-crore, which Mr Ramalinga Raju had personally invested in the erstwhile Satyam Computer Services between 2007 and 2009. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Unabsorbed depreciation of AYs 1997-98 to 2001-02 not eligible for relief granted by amended s. 32(2) in AY 2002-03- Special Bench Reverses S. 32 Depreciation Law Posted: 30 Jun 2010 06:27 PM PDT 
Till AY 1996-97 unabsorbed depreciation could be set off against income under any head. From AY 1997-98 to 2001-2002 unabsorbed depreciation could be set off only against business income. From AY 2002-2003 onwards unabsorbed depreciation could again... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| From Today Air Travel will cost you Rs. 103 Extra Posted: 30 Jun 2010 06:18 PM PDT 
Effective July 1, 2010, the Government of India has levied a Service Tax that will be applicable on domestic air travel. Kindly note, the applicable Service Tax will be INR 103 per passenger, per sector inclusive of cess. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Amendments in Appendix 4C (List of Agencies Authorised to Issue Certificates of Origin – Non Preferential) of the Handbook of Procedures (Vol.I) Posted: 30 Jun 2010 08:56 AM PDT 
PUBLIC NOTICE NO. 76 /2009-2014, NEW DELHI DATED THE 29th June, 2010. In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Central Excise Notification No 26/2010 CE(NT), Amends the CENVAT Credit Rules, 2004 Posted: 30 Jun 2010 08:44 AM PDT 
G.S.R. 565 (E). – In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Classification of Polyester Staple Fibre manufactured out of PET scrap and waste bottles – Circular No. 929/19/2010-CX Posted: 30 Jun 2010 08:41 AM PDT 
In exercise of powers conferred under section 37B of the Central Excise Act, 1944 Central Board of Excise & Customs considers it necessary, for the purposes of uniformity with respect to classification of "Polyester Staple Fibre" manufactured... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| All government services may go online in 28 states Posted: 30 Jun 2010 08:02 AM PDT 
Citizens across the 28 states will be able to avail of all government services, including payment of utility bills and applying for a driving licence, through common Internet portals being developed as part of a Rs 2,000-crore state portal project,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ONGC sought intervention of the PM in resolving the Russian tax puzzle Posted: 30 Jun 2010 07:53 AM PDT 
The tax structure is designed in a manner that the Russian government retains most of the revenues generated for crude prices above $30 resulting in low revenue for Imperial Energy, which is ONGC Videsh Ltd's wholly-owned UK-based subsidiary. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| No service tax on commercial or industrial construction service provided wholly within the airport Posted: 30 Jun 2010 07:47 AM PDT 
From July 1 this year, no service tax will be levied on taxable service of commercial or industrial construction provided wholly within the airport. Similarly, the taxable service of commercial or industrial construction, when provided within the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Tobacco will be kept within the ambit of Goods and Services Tax (GST) and alcohol outside it Posted: 30 Jun 2010 07:41 AM PDT 
The Union finance ministry has agreed to states' demand that tobacco be kept within the ambit of Goods and Services Tax (GST) and alcohol outside it. Besides GST, the Centre would levy an excise duty on tobacco. At present, states collect tax on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Replacement of dividend distribution tax with withholding tax to boost business Posted: 30 Jun 2010 07:37 AM PDT 
The cost of doing business in India could come down if the dividend distribution tax (DDT) levied on foreign shareholders is replaced with a withholding tax as under the current system, apex chamber Ficci has said. According to the chamber, foreign... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Cheque with alteration/corrections will be honoured till 30th November 2010 Posted: 30 Jun 2010 07:26 AM PDT 
The RBI directive to banks, asking them not to honour cheques with overwriting, will come into effect from December 1 instead of the earlier scheduled date of July 1, the apex bank said in its latest circular. The new rule is intended to prevent... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Accounting Codes for the new taxable services introduced vide the Finance (No. 14) Act, 2010- Service Tax Circular No. 124/6/2010-TRU, dated 29-6-2010 Posted: 30 Jun 2010 07:15 AM PDT 
Accounting Codes for the taxable services introduced vide the Finance (No. 14) Act, 2010.Circular No. 124/6/2010-TRU, dated 29-6-2010. Heads of Account under the Major Head "0044-Service Tax" in respect of the new taxable services have been allotted... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Service tax on advances received prior to 1-7-2010 in respect of services as per amended definition of service provided after 1-7-2010 – Corrigendum to Notification No. 36/2010-ST, dated 28-6-2010 Posted: 30 Jun 2010 07:08 AM PDT 
In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2010- Service Tax, dated the 28th June, 2010 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| The Role of Books of Account While Dealing With Mismanagement under Section 397 of Companies Act, 1956? Posted: 30 Jun 2010 06:57 AM PDT 
The provisions of Companies Act, 1956 makes it very clear that every company should maintain proper books of accounts and should record all the transactions of the Company pertaining to sales, purchases, expenses, receipts, liabilities and Assets. ... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
