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Jun 29, 2010

TaxGuru.in : Legal & Tax Updates 30.06.2010

TaxGuru.in : Legal & Tax Updates

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WORLD MUSIC DAY – Reminder to protect creation, originality & the Copyright Act, 1957

Posted: 29 Jun 2010 09:09 PM PDT


21st June is observed as the World Music Day (WMD) to commemorate contribution of music to human life. It coincides with the longest day of the year. Idea of celebrating this day first occurred to American musician Joel Cohen in 1976. Cohen proposed...

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CBI seeks probe into 75 orders passed by ITAT against the Revenue

Posted: 29 Jun 2010 09:09 PM PDT


The CBI has asked the revenue department of the finance ministry to conduct an inquiry to determine if orders issued by income tax appellate authorities in 75 cases, where private parties benefited at the expense of the government, were in...

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BCCI have to pay more than Rs. 500 crore in taxes

Posted: 29 Jun 2010 09:01 PM PDT


The Board of Control for Cricket in India (BCCI) may have to stump up more than Rs 500 crore in taxes, with tax authorities not in favour of granting exemption requests sought by the board for the past two tax years. The board, widely regarded as...

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ICAI Announcement November – 2010 CA Examinations

Posted: 29 Jun 2010 08:16 PM PDT


The next Professional Competence Examination (PCE), Integrated Professional Competence Examination (IPCE) and Final Examinations of the Institute will be held from 8th November-2010 to 22nd November-2010 at the following centres :

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ICAI announced exam date, center, fees and last date for form submission for PCE, IPCE, CA Final, Management Accountancy Course, IRM, ITL & WTO exams to be held in November 2010

Posted: 29 Jun 2010 07:55 PM PDT


In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Professional Competence Course (PCC), Integrated Professional Competence...

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Prime Minister rules out imposition of Tobin tax on capital inflows in the country

Posted: 29 Jun 2010 11:17 AM PDT


Prime Minister Manmohan Singh today ruled out imposition of Tobin tax on capital inflows in the country, saying the situation in India has not not reached a problem stage.

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Purchase tax on the sale of agricultural products could be under GST ambit

Posted: 29 Jun 2010 11:14 AM PDT


Subsuming purchase tax—a tax levied by some states on the sale of agricultural products—in GST is next on the Centre's agenda. The finance ministry is hopeful that states will agree to subsume purchase tax in GST after a long drawn battle to keep it...

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I-T department contemplates TDS returns scrutiny

Posted: 29 Jun 2010 11:02 AM PDT


Entities required to deduct tax while making payments could face a close scrutiny of their returns by the income-tax department as it gears to check payment defaults and boost collections.The I-T department is contemplating scrutinising TDS returns...

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Guidance notes on recent regulatory changes related to Unit Linked Insurance Products (ulips), dated 28-6-2010

Posted: 29 Jun 2010 10:53 AM PDT


Introduction:IRDA has, from time to time, taken various initiatives for protecting the interests of policyholders by bringing out Regulations, Guidelines, Circulars etc applicable to insurers and intermediaries covering the various stages in the...

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India Becomes Full-Fledged Member of Financial Action Task Force

Posted: 29 Jun 2010 10:39 AM PDT


Indian has become a full-fledged member of Financial Action Task Force (FATF), an inter-governmental body, responsible for setting global standards on anti-money laundering (AML) and combating the financing of terrorism (CFT).

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Vodafone liable to pay tax on acquisition of business interest in India- Income Tax department

Posted: 29 Jun 2010 07:52 AM PDT


The Income-Tax (I-T) department in its reply to Vodafone International Holdings BV's petition, filed in the Bombay High Court, contended that the latter acquired a business interest in India and hence is liable to pay tax on the transaction.

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Guidelines on Issue/Renewal of Licence to Corporate Agents

Posted: 29 Jun 2010 06:39 AM PDT


In order to streamline the system of Issue / Renewal of License to Corporate Agents, the Authority has, in addition to the Regulations and Guidelines already in force, decided to issue the following instructions under Section 14 of the IRDA Act,

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Breaking News: Special Bench judgement in Topman Exports reversed

Posted: 29 Jun 2010 06:35 AM PDT


In Topman Exports vs. ITO 318 ITR 87 (Mum)(SB)(AT) the Special Bench held that for purposes of s. 80HHC only the "profit" on sale of DEPB entitlements (i.e. the sale value less the face value) was required to be considered. In an appeal by the...

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Exempts certain taxable service of commercial or industrial construction when provided wholly within the airport-Notification No. 42/2010-Service Tax

Posted: 29 Jun 2010 06:34 AM PDT


hereby exempts the taxable service of commercial or industrial construction referred to in sub-clause (zzq) of clause 105 of section 65 of the Finance Act, when provided wholly within the airport, from the whole of service tax leviable thereon under...

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Exempts certain services when provided wholly within the port or other port or airport- Notification No. 41/2010 – Service Tax

Posted: 29 Jun 2010 06:31 AM PDT


In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do,...

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Amends Notification No.1/2006-Service Tax, dated 1st March, 2006-Notification No. 40/2010-Service Tax

Posted: 29 Jun 2010 06:23 AM PDT


hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 1/2006-Service Tax, dated the 1st March, 2006, G.S.R. 115(E), dated the 1 st March, 2006, with effect...

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Examination under Regulation 8 of the 'Customs House Agents Licensing Regulations (CHALR), 2004′ – Clarification – regarding.-CUSTOMS Circular No. 16/2010

Posted: 29 Jun 2010 06:23 AM PDT


Attention is invited to regulation (6) (a) of 'Customs House Agents Licensing Regulations (CHALR), 2004' which specifies certain professional qualification such as MBA from any institute or University recognised by the Government to be possessed by...

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Amends Service Tax Rules, 1994-Notification No. 39/2010 – Service Tax

Posted: 29 Jun 2010 06:17 AM PDT


"Provided that in case the provider of taxable service is aircraft operator providing the service of air transport of passenger, an invoice, a bill or as the case may be, challan shall include ticket in any form by whatever name called and whether...

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SEBI circular on Reporting of Lending of securities bought in the Indian Market

Posted: 29 Jun 2010 06:13 AM PDT


On a review it has been decided to modify the periodicity of these reports from daily submissions to weekly submissions. In accordance with this change in periodicity of reports, the FIIs shall now be required to submit the reports every Friday.

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Exempts certain taxable service of commercial or industrial construction – Notification No. 38/2010-Service Tax

Posted: 29 Jun 2010 06:11 AM PDT


hereby exempts the taxable service of commercial or industrial construction referred to in sub-clause (zzq) of clause 105 of section 65 of the Finance Act, when provided wholly within the port or other port, for construction, repair, alteration and ...

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Amends Notification No.17/2009-Service Tax, dated 7th July, 2009- Notification No. 37/2010-Service TaxAmends Notification No.17/2009-Service Tax, dated 7th July, 2009- Notification No. 37/2010-Service Tax

Posted: 29 Jun 2010 06:08 AM PDT


Service provided by airports authority or any other person in any airport in respect of the export of said goods.

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Regarding exemption to certain taxable services-Notification No. 36/2010 – Service Tax

Posted: 29 Jun 2010 05:59 AM PDT


exempts the taxable services specified in clause (A) of section 76 of the Finance Act, 2010 (14 of 2010) other than services referred to in clause (zzc) and (zzzz) of sub-section (105) of section 65 of the Finance Act from so much of the service tax...

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Fraudulent claim of 4% SAD by unscrupulous importers – reg.- CUSTOMS Circular No. 15/2010

Posted: 29 Jun 2010 05:05 AM PDT


Instances have come to notice of the Board where some importers of 'timber logs' have undertaken certain processes and subsequently sold 'sawn' or 'cut logs' after payment of VAT. These importers are claiming the refund of 4% SAD paid at the time of...

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RBI circular on Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation

Posted: 29 Jun 2010 02:40 AM PDT


Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P.(DIR Series) Circular No.70 dated June 30, 2009 increasing the period of realisation and repatriation to India of the amount representing the full export value of...

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Rupee Export Credit Interest Rates -DBOD.Dir.(Exp).BC.No. 115 /04.02.001/2009-10

Posted: 29 Jun 2010 02:32 AM PDT


with the change over to the Base Rate System, the interest rates applicable for all tenors of rupee export credit advances with effect from July 1, 2010 will be at or above Base Rate in respect of all fresh/renewed advances as advised vide our...

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Exchange Rate notification for Import / Export of goods with effect from 1st July, 2010- Customs Notification No. 50/2010-Cus(NT)

Posted: 28 Jun 2010 07:10 PM PDT


except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of...

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Safeguard duty on imports of Soda Ash into India from the People's Republic of China- CUSTOMS Notification No 72/2010,

Posted: 28 Jun 2010 07:04 PM PDT


And whereas, on the basis of the aforesaid findings of the Director General (Safeguards), the Central Government had imposed Safeguard duty on imports of the subject goods vide notification of the Government of India in the Ministry of Finance...

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CUSTOMS Notification No 71/2010, Rescinds Notification No. 115/2009-Customs, dated the 6th October,2009

Posted: 25 Jun 2010 07:59 PM PDT


In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles...

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CUSTOMS Notification No 70/2010, Regarding anti-dumping duty on Poly Vinyl Chloride Paste Resin also called as Emulsion PVC Resin originating in, or exported from European Union

Posted: 25 Jun 2010 06:26 PM PDT


Whereas, the designated authority vide notification No.15/27/2008-DGAD, dated the 31st March, 2009, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 1st April, 2009, had initiated review in the matter of continuation...

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