| Summary of Recent Amendments in TDS rules vide Notification No. 41/2010 Applicable from 01.04.2010 Posted: 10 Jun 2010 08:48 PM PDT 
The Central Board of Direct Taxes (CBDT) has recently amended vide Notification No. 41/2010 Dated 31/05/2010 the Income Tax Rules, 1962 (the Rules) in respect of the provisions relating to Tax Deduction at Source (TDS). The new Rules shall apply in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Cenvat credit on building material: – Tax Expert or Jyotishi Posted: 10 Jun 2010 08:47 PM PDT 
Before the recent amendment in Explanation 2 of the Rule 2 (k) the assessee was claiming credit on Cement and steel items as inputs used in the manufacture of capital goods. To this the argument by the assessee was that the said items were being... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government yet to clarify on tax treatment towards SEZs in Direct Taxes Code Posted: 10 Jun 2010 08:46 PM PDT 
Even as Larsen and Toubro withdrew its proposal for an IT/ITeS Special Economic Zone (SEZ) citing uncertainty in tax treatment towards SEZs in the Direct Taxes Code (DTC), the Commerce Ministry has said the Finance Ministry is yet to consult it on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Finance Minister asks revenue department to aim for higher direct tax collection Posted: 10 Jun 2010 08:45 PM PDT 
Finance Minister Pranab Mukherjee asked the revenue department to aim for a higher direct tax collection. The government had budgeted this year's revenue collections at Rs 4,30,000 crore, against the revised target of Rs 3,87,000 crore last year. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Railways to Accept Two More Proofs of Identity for Travelling on E-Tickets Posted: 10 Jun 2010 08:34 PM PDT 
In an important passenger friendly move, the Ministry of Railways has decided to accept two more proofs of identity for traveling on e-tickets. These are; i) Student Identity Card with photograph issued by recognised School/College for their... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| LIC Becomes First Institutional Partner in UID Project Posted: 10 Jun 2010 08:09 PM PDT 
Life Insurance Corporation of India (LIC), the largest life insurance institution in the world with more than 21 crore unique customers (holding more than 27 crore policies) has become a partner for the Unique Identification Authority of India... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| FM asks Insurance Industry to reach general masses Posted: 10 Jun 2010 08:06 PM PDT 
The Finance Minister, Shri Pranab Mukherjee has asked insurance industry to give more focus to generate the required level of awareness about the benefits of insurance to rural people particularly those living in semi-urban and rural areas. They... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| New Companies Act likely to be enacted by year end Posted: 10 Jun 2010 07:30 PM PDT 
The new Companies Act promising more shareholder democracy and tighter governance norms for corporates is likely to be enacted this year, Corporate Affairs Secretary R Bandyopadhyay said today. "We are hopeful that the committee (parliamentary... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Divorce to be easier now; Cabinet Okays move to amend Hindu Marriage Act by passing 'Marriage Laws (Amendment) Bill, 2010' Posted: 10 Jun 2010 07:25 PM PDT 
The Union Cabinet today approved the introduction of a Bill, the Marriage Laws (Amendment) Bill, 2010 to further amend the Hindu Marriage Act, 1955 and the Special Marriage Act, 1954, to provide therein irretrievable breakdown of marriage as a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| I-T department asks Sanofi Aventis to Pay 650 Crore withholding Tax over its Acquisition of Shantha Biotech last year Posted: 10 Jun 2010 07:21 PM PDT 
Close on the heels of Vodafone-Essar contesting a tax case in the Bombay High Court, tax sleuths have snared another multi-national company for tax evasion. This time, French pharma firm Sanofi Aventis, that acquired India's Shantha Biotech last... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Pranab Plans more tax units abroad to check evasion via cross-border deals Posted: 10 Jun 2010 06:48 PM PDT 
The Finance Minister, Mr Pranab Mukherjee, has asked the Central Board of Direct Taxes (CBDT) to consider hiving off its technology-driven taxpayer services to a Special Purpose Vehicle (SPV) that could better deliver such services in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ULIP Scheme need further Reforms : FM Posted: 10 Jun 2010 06:15 PM PDT 
Finance Minister Pranab Mukherjee has said unit-linked insurance plans (Ulips) need further reforms on the back of the changes already announced by the insurance regulator. The finance minister also hinted at a resolution to the dispute between Sebi... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Karnatka Targets Excise Revenue of Rs. 8500 crore: Major Revenue Expected from Liquor Sale Posted: 10 Jun 2010 06:00 PM PDT 
"The sale of IML has increased in the last couple of years after the state banned the sale of country liquor like arrack and toddy. We are taking some stringent measures to curb the sale of illicit liquor in the state," Renukacharya, minister for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| State Governments Putting Road Blocks to GST Posted: 10 Jun 2010 05:54 PM PDT 
State governments stuck to their demands of higher threshold for central Goods and Services Tax and keeping local body taxes and electricity duty out of it, threatening the total implementation of what is touted as the biggest tax reform since... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| IRDA withdraws licences of 4,261 unauthorised corporate agents, Policies valid despite withdrawal of licences Posted: 10 Jun 2010 05:49 PM PDT 
The next time you plan to buy an insurance policy through a corporate agent, please check whether the agent is legally authorised to sell the policy or not. This has become necessary because the Insurance Regulatory and Development Authority has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI Circular -Disclosure of regulatory orders and arbitration awards on Depository website Posted: 10 Jun 2010 05:30 PM PDT 
SEBI has received feedback from investor associations regarding improving transparency in disclosing the regulatory orders and arbitration awards issued by depositories. Based on the feedback and inputs received from them, in the interest of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| DGFT Public Notice No. 74/2009-2014 – Amendment of SION A-1667 Posted: 09 Jun 2010 08:20 PM PDT 
In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.II), 2009-2014, as amended from time to time, amendments/corrections are made against SION entry at A-1667 as mentioned in ANNEXURE "A" to this... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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