| Service Tax on Renting of Immovable Properties- AP High Court stays retrospective amendment Posted: 11 Jun 2010 08:04 PM PDT 
to restrain the respondents their servants, officers and agents from in any manner whatsoever giving effect to directly or indirectly or acting upon Notification 24/2007 dt. 22nd May 2007 and Circular No. 98/1/2008-SAT dt. 4-1-2008 as revived by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Exemption from Tax for Gratuity Payments Enhanced From Rs. 3.5 Lakh to Rs. 10 Lakh Posted: 11 Jun 2010 08:03 PM PDT 
The Central Board of Direct Taxes has approved notification of ten lakh rupees as the maximum amount of gratuity entitled to exemption under sub-clause (iii) of clause (10) of section 10 of the Income Tax Act 1961. The notification will be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Surplus does not mean trust ceases to be "solely for educational purposes and not for profit : Bombay HC Posted: 11 Jun 2010 08:02 PM PDT 
The assessee-trust was a public charitable trust engaged in education of women. In the earlier years, the assessee was granted exemption u/ss 11, 10(22) & 10(23C)(vi). The assessee's application for renewal of exemption u/s 10(23C)(vi) was... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income Tax Dept told to disburse refunds within 2 months and to set up task force to revamp refund issue system Posted: 11 Jun 2010 08:01 PM PDT 
Mr Palanimanickam noted that the Department's efficiency had to be benchmarked by the satisfaction level of the users. He highlighted that a major source of dissatisfaction of income-tax assessees is with respect to refund of taxes. "The time taken... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| 397/398 – Private Limited Companies – Complications – A Case Study Posted: 11 Jun 2010 08:00 PM PDT 
If a petition under section 397/398 of the Companies Act, 1956 is based on a Share Purchase Agreements and its validity, then, despite the pendency of a civil dispute or arbitration proceeding simultaneously, the proceeding under section 397/398... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| FM may recommend freezing and closure of suspicious bank accounts Posted: 11 Jun 2010 07:59 PM PDT 
The Finance Ministry is likely to recommend freezing and closure of bank accounts found suspicious during the ongoing exercise by banks to collect information under the 'Know Your Customer'(KYC) norms. Banks in both the national and private sector... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Keshub Mahindra may be barred from taking directorship in any company Posted: 11 Jun 2010 07:58 PM PDT 
Amid strong public reaction to the judgement in the Union Carbide case, the government is understood to be looking at legal position to check if Carbide India's non executive Chairman Keshub Mahindra could be barred from taking directorship in any... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| RBI asks banks to conduct customer due diligence (CDD) on politically exposed people Posted: 11 Jun 2010 07:33 PM PDT 
The Reserve Bank of India (RBI) has said banks should obtain senior management approval to continue business relationship with an existing customer who has subsequently become a politically exposed person and that banks should conduct customer due... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income tax dept should give inputs to CBI in Madhu Koda scam case: BJP Posted: 11 Jun 2010 06:51 PM PDT 
The BJP today demanded that the income tax department, which has already assessed the documents seized in connection with the multi-crore money laundering scam involving former Jharkhand chief minister Madhu Koda, should submit a copy of its report... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Rule 5 of the Cenvat Credit Rules, 2004 – Refund of Cenvat credit – Corrigendum to Notification No. 7/2010 – Central Excise (N.T), dated 27-2-2010 Posted: 11 Jun 2010 04:40 PM PDT 
In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 7/2010-Central Excise (Non Tariff), dated the 27th February, 2010 published in the Gazette of India, Extraordinary, Part II, Section 3,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section 621 of the Companies Act, 1956 – Offences – Offences against Act to be cognizable only on complaint by Registrar, Shareholder or Government – Authorization of certain officers for purposes of filing and conducting prosecution under Act Posted: 11 Jun 2010 04:38 PM PDT 
Notification No. G.S.R. 475(E), dated 7-6-2010. In exercise of the powers conferred by sub-section (1) of Section 621 of the Companies Act, 1956 (1 of 1956), the Central Government hereby authorize the following officers in the Serious Fraud... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI circular on allocation of Corporate debt investment limits to FIIs Posted: 11 Jun 2010 11:20 AM PDT 
a) In partial amendment to clause 3 (h) of the aforesaid circular IMD/FII & C/ 37/2009, no single entity shall be allocated more than Rs.2000 cr. of the corporate debt investment limit. b) In partial amendment to clause 3 (c) and 3(d)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Custom Duty Notification No 46/2010 (NT), Amends Notification No. 12/97-Customs (N.T.), dated the 2nd April, 1997 Posted: 11 Jun 2010 11:20 AM PDT 
In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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