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Jun 6, 2010

Legal & Tax Updates 07.06.2010

TaxGuru.in : Legal & Tax Updates (in this message: 27 new items)

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E-Payment of Maharashtra Value Added Tax (MVAT) – Frequently Asked Questions (FAQs)

Posted: 06 Jun 2010 08:20 PM PDT


Q 1) What is e-payment of Sales tax? Ans: This is the facility provided to the dealer to make sales tax payments on line, using net- banking facility. Q 2) which category of the dealers are required to make e- payment compulsorily? Is it mandatory...

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First Installment of Advance tax for corporate Assesses due on 15th June 2010

Posted: 06 Jun 2010 07:50 PM PDT


The first installment of advance tax for the financial year 2010-11 is due this month. The deadline for payment of this installment of the advance tax is Tuesday 15th. According to the Income Tax Act, assessees are required to pay tax in advance in...

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Vodafone case hearing on 14th June 2010

Posted: 06 Jun 2010 07:10 PM PDT


The UK's Vodafone, fighting a tax bill in India from its 2007 purchase of Hutchison Whampoa Ltd's mobile business there, said authorities had set a June 14 hearing to discuss the size of the tax bill.

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Retail majors will move High Couty to seek stay on service tax on commercial rentals

Posted: 06 Jun 2010 06:59 PM PDT


Four retailers will be approaching various High Courts across the country to seek a stay order on the service tax on commercial rentals that was imposed in this year's Budget by finance minister Pranab Mukherjee. According to industry sources, the...

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Income Tax department probe NRI funds in IPL

Posted: 06 Jun 2010 06:56 PM PDT


The Income Tax department has requested the Finance Ministry to approach the authorities in Switzerland and other tax havens for details of overseas accounts of "non-residents" who invested in the Indian Premier League. The step is part of the...

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Public has right to know how tax payers money is spent: Vice President

Posted: 06 Jun 2010 06:53 PM PDT


As demands for thorough scrutiny of spending of public funds grow, Vice President Hamid Ansari today said citizens have every right to know how the tax-payers money is being spent by the government to implement various programmes. He also said that...

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Basics of Goods and Service Tax with Help of Examples

Posted: 06 Jun 2010 06:00 PM PDT


Idea of national GST was first mooted by Kelkar Task Force in 2004. A task force was formed under Chairmanship of Shri Vijay Kelkar on Implementation of Fiscal Responsibility and Budget Management Act. The Kelkar Committee submitted its report in...

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Internationally – Goods and Service Tax

Posted: 06 Jun 2010 05:43 PM PDT


VAT/GST provisions in countries other than India are quite streamlined and stable. As the Law in India is still not a reality we might look into the provisions which are in place since quite long and access the structure of rate, exemptions etc.

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Procedural aspects of GST

Posted: 06 Jun 2010 05:31 PM PDT


It would be mandatory for registered dealers to furnish return electronically in Form No. GST-I, which would be a combined monthly payment and return form for all intra-state and inter-state transactions. Periodicity of furnishing this return would...

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Goods and Service Tax – Task Force Report Summarized

Posted: 06 Jun 2010 05:27 PM PDT


First paper on Goods and Service tax ('GST') was introduced on 10 November 2009 since then there is a constant wait among professionals and industrialists for Goods and Service tax legislature. Pending the clearance of issues involved in GST regime...

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Concept of Exemptions in Goods and Service Tax

Posted: 06 Jun 2010 05:12 PM PDT


I happened to meet quite a few businessmen in last few weeks and who were unable to appreciate the importance of Zero rating of goods. I made them understand the benefits of proposed scheme of "zero rating" over current scheme of "exemptions". This...

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Compulsory Maintenance of books of account under Income Tax Act 1961

Posted: 06 Jun 2010 04:50 PM PDT


Maintenance of books of accounts by Professionals: Section 44AA of Income Tax Act and rule 6F of Income Tax rules deal with the provisions regarding maintenance of books of accounts under Income tax Act. As per section 44AA(1) read with rule 6F the...

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GST – Tax Rates and List of Exemptions Abroad

Posted: 06 Jun 2010 09:35 AM PDT


Services by medical practitioners and pathologists; Services by allied health practitioners such as physiotherapists, naturopaths, nurses and optometrists; Hospital treatment; Disability services; Medical aids and appliances; Pharmaceuticals; Health...

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White Paper Report On Goods and Service Tax

Posted: 06 Jun 2010 09:29 AM PDT


Value Added Tax was introduced in Indian tax structure way back in 2003 and even today not every state has implemented this tax. Small and medium enterprises (SME) have also not been well settled with VAT law and our government has taken over the...

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GST – Importers & Exporters

Posted: 06 Jun 2010 09:23 AM PDT


GST is been postponed by our Hon'ble Finance Minister, however it is still a constant matter of worry for importers and exporters in Indian continent. Through this article, I try to analyze and present before you a analysis on impact of GST on our...

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GST – Department Of Revenue Vis A Vis Empowered Committee Report

Posted: 06 Jun 2010 09:17 AM PDT


Twofold GST: A dual GST with defined functions and responsibilities of the Centre and the States is recommended. An appropriate mechanism that will be binding on both the Centre and the States should be worked out whereby the harmonious rate...

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Budget 2010 on Goods and Service Tax

Posted: 06 Jun 2010 09:11 AM PDT


1st April 2011 is proposed as new date for its implementation. He recognized several developments in the field of computerization, which are ultimately targeted eventual implementation of GST. He also clearly stated that he is not increasing the...

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RBI advises public to ignore phishing e-mails

Posted: 05 Jun 2010 02:40 AM PDT


An RBI official today reiterated the central bank's warning to citizens to ignore fraudulent e -mails that sought to trick them into depositing money in anonymous bank accounts.

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Explanatory notes to the provisions of the Finance (No. 2) Act, 2009 – Circular No. 5/2010 [F.No. 142/13/2010-SO(TPL)], dated 3-6-2010

Posted: 05 Jun 2010 02:37 AM PDT


Download the Circular No. 5/2010 issued by CBDT dated 03rd June 2010 having 63 Pages which explains the provisions of the Finance (No. 2) Act, 2009. The file is in PDF format and explains all the provision in simple and understandable language.

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Section 35(1)(iii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved social science or statistical research associations or institutions

Posted: 05 Jun 2010 02:15 AM PDT


It is hereby notified for general information that the organization Kashba Youth, Egra, Purba Medinipur, West Bengal has been approved by the Central Government for the purpose of clause (iii) of sub-section (5) of section 35 of the Income-tax Act,

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Section 4(1B) of the Employees' Compensation Act, 1923 – Employees' compensation – Amount of compensation – Amount of monthly wages specified for purposes of section 4(1)

Posted: 05 Jun 2010 02:11 AM PDT


In exercise of the powers conferred by sub-section (1B) of Section 4 of the Employee's Compensation Act, 1923 (8 of 1923), the Central Government hereby specifies, for the purposes of sub-section (1) of the said section, The following amount as...

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Securitisation Transactions by NBFCs – Draft Guidelines on Minimum Holding Period and Minimum Retention Requirement

Posted: 05 Jun 2010 02:04 AM PDT


The Reserve Bank of India today posted on its website the draft guidelines on minimum holding period and minimum retention requirement for securitisation transactions undertaken by NBFCs. The draft guidelines contain modification of the extant...

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Exposure draft regarding proposed amendment to IRDA Regulations for Protection of Policyholders Interests, 2002 – Issuance of Key Feature Documents for insurance products

Posted: 05 Jun 2010 01:58 AM PDT


In line with the nation's approach to economic reforms, the IRDA has initiated reform measures around the principle of sustainable growth along with public accountability. Therefore protecting the interests of policyholders is the main mission of...

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RBI launches online system to track applications

Posted: 05 Jun 2010 12:32 AM PDT


Applications made to various departments of the Reserve Bank of India (RBI) can now be tracked on-line through the Application Tracking System (ATS). The Reserve Bank launched the Application Tracking System on its website for convenience of the...

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Custom-Clarification regarding determination of value under Section 14 of the Customs Act, 1962 in respect of sale of warehoused goods

Posted: 05 Jun 2010 12:17 AM PDT


The prevalence of divergent practices in field formations with respect to the determination of assessable value of imported goods that are warehoused under Section 58/59 of the Customs Act, 1962 and sold before being cleared for home consumption has...

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DGFT Public Notice 72/2009-14 – Shifting of the Office of Services Export Promotion Council (SEPC)

Posted: 04 Jun 2010 09:55 PM PDT


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 amendment at column 3 of S. No. 22 in the List of Export Promotion Councils/ Commodity...

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DGFT Public Notice 71/2009-14- Change of Office address of Regional Authority, Nagpur

Posted: 04 Jun 2010 09:50 PM PDT


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 amendment/ addition in the List of Regional Authorities given under Appendix 1 of Handbook of...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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