| Income-tax (Sixth Amendment) Rules, 2010 – Substitution of rules 30, 31, 31A, 31AA, 37CA and 37D; Form Nos. 16, 16A and 27D; insertion of Form No. 24G and omission of rule 37A Posted: 03 Jun 2010 08:45 PM PDT 
Notification No. 41/2010 [F.No. 142/27/2009-SO(TPL)], dated 31-5-2010. S.O. 1261(E).- In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Exemption to ATMs in SEZ from being treated as Offshore Banking Units Posted: 03 Jun 2010 08:39 PM PDT 
Section 49 of the Special Economic Zones Act, 2005 – Power to modify provision of this Act or other enactments in relation to Special Economic Zones – Exemption to ATMs in SEZ from being treated as Offshore Banking Units. Notification No. S.O.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Pay Service tax on Services taken abroad as CBEC started monitoring them Posted: 03 Jun 2010 08:37 PM PDT 
Companies managing to evade taxes on services received from abroad, such as management consultancy and banking, now may not be able to to do so as the government is all set to plug the loopholes in the system which helped flourish the practice till... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Deduction under Section 10(13A) for House Rent allowance Posted: 03 Jun 2010 08:36 PM PDT 
House rent allowance (HRA) is received by the salaried class. A deduction is permissible under Section 10(13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules. You can claim exemption on your HRA under the Income Tax Act if... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Revised Gratuity Exemption Limit for employees covered under the Payment of Gratuity Act, 1972 Posted: 03 Jun 2010 08:35 PM PDT 
In respect of other employees, it is to be determined whether they receive gratuity from an employer covered under the Payment of Gratuity Act, 1972 or not. It is pertinent to note that every gratuity payment received by an employee is not exempt... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Brief on Exchange Traded Funds (ETFs) Posted: 03 Jun 2010 07:20 PM PDT 
Exchange Traded Funds (ETFs) have been in existence in India for quite some time now. But so far ETFs have not enjoyed the kind of popularity that the conventional Mutual Funds enjoy. One reason could be the lack of understanding of the concept of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| PricewaterhouseCoopers improved it's commend on FTSE 100 companies Posted: 03 Jun 2010 07:11 PM PDT 
PricewaterhouseCoopers has improved its commend of FTSE100 audit clients increasing its share of the top flight to 41 in the second quarter of this year. According to the Hemscott adviser rankings PwC remains the biggest auditor among Blue Chips... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| PWC Faces Inquiry in Bankruptcy Case Posted: 03 Jun 2010 07:05 PM PDT 
A federal appeals court ruled against PricewaterhouseCoopers in a long-running bankruptcy case that could now examine whether the firm acted in good faith as the auditor for a defunct hospital system. The case involved the Allegheny Health,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Finance ministry may relax public shareholding rules Posted: 03 Jun 2010 07:01 PM PDT 
The Union finance ministry plans to define any equity placement prior to an Initial Public Offer as promoter shareholding for the purpose of calculating minimum public float. The new definition will be part of an amendment to the Securities... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI committee recommended measures to increase transparency, Rationlise costs and to reduce mis-selling Posted: 03 Jun 2010 06:51 PM PDT 
To control costs and reduce mis-selling of mutual funds, the Securities and Exchange Board of India's Mutual Fund Advisory Committee (MFAC) has recommended several measures. The recommendations, if implemented, would lead to further transparency in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| RBI allows appoinment of specialists from outside Posted: 03 Jun 2010 06:36 PM PDT 
The central board of the Reserve Bank of India (RBI) has approved the proposal to hire specialists from outside — the first such move in the bank's 75-year history. The first batch is likely to join the department of information and technology. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government may soon allow migration of SEZ units from one SEZ to other Posted: 03 Jun 2010 06:30 PM PDT 
With more SEZs becoming operational, the Centre will consider on June 8 framing rules that would allow migration of units from one special economic zone to the other. As of now there is no specific provision for transfer of a unit from one SEZ to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| No new banking license to Loan defaulters, Application scrutiny by RBI and finance ministry Posted: 03 Jun 2010 06:21 PM PDT 
Corporate houses seeking banking licences will come under the scrutiny of both the Reserve Bank of India and the finance ministry, which are keen to restrict the entry of players involved in dubious transactions. The books and accounts of all group... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| 85% Indian Companies want tax incentives to invest in energy-efficient or low-carbon equipments Posted: 03 Jun 2010 05:30 PM PDT 
Majority of Indian companies feel tax incentives from the government are needed to accelerate adoption of energy-efficient business practices, according to a survey.According to the survey by workspace solutions provider Regus, though India has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Greek tragedy and Lessons learned, thereafter Posted: 03 Jun 2010 05:26 PM PDT 
The Greek tragedy has opened our eyes to many things. No one can any longer mock the critics of high fiscal deficits. Not only was the fiscal deficit of Greece high but that there were attempts to manipulate the numbers to hide the reality. It took... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Finmin scraps UTN, announces new method for Income tax refunds Posted: 03 Jun 2010 05:05 PM PDT 
In a fresh move, the Finance Ministry today said income tax payers will have to mention receipt number of tax deducted at source (TDS) forms in the returns to claim refunds, from this fiscal. Tax payers will have to mention this number along with... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| I-T Department to Set up Special Counters to Facilitate Taxpayers to Receive I-T Returns on 31st July 2010 (Saturday) Posted: 03 Jun 2010 05:01 PM PDT 
The Central Board of Direct Taxes (CBDT) have directed the Income Tax Department (ITD) to make arrangements for receiving income tax returns on 31st July 2010, the due date for filing tax returns by most taxpayers, as that day happens to be a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government planning to introduce `thin capitalisation' rules to check tax avoidance Posted: 03 Jun 2010 04:58 PM PDT 
Some companies take large loans to take the benefit of tax deduction. It means if the loan amount is high, the companies need to pay higher amount of interest and all this interest will be tax free. Means companies may use it as a tax saving... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| DGFT-Inter-changeability of Pharmacopeia suffix USP/EP/BP/JP/IP with the export product for fulfillment of export obligation Posted: 03 Jun 2010 04:44 PM PDT 
PHARMEXCIL has represented that if an exporter has been issued an Advance Authorization for an export product suffixing one pharmacopoeia say USP and at the time of redemption of Advance Authorization, the exporter submits the export documents... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section 120(1) and (2) of the Income-tax Act, 1961- Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 31-7-2001 Posted: 03 Jun 2010 04:31 PM PDT 
Notification No. 40/2010 [F.No.187/01/2010-ITA.I], dated 26-5-2010. In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions Posted: 03 Jun 2010 03:50 PM PDT 
It is hereby notified for general information that the organization Bose Institute, Kolkata has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| All India Qualifying Examination for Law Graduates – A Broader View? Posted: 03 Jun 2010 09:45 AM PDT 
I am very happy to know the news that the Bar Council of India has already taken a decision to conduct an All India Qualifying Examination for law graduates for entering into profession. I don't think that there will be an illogical uproar in legal... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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