| Individual and HUF required to get their account audited need to file ITR 4 online Posted: 09 Jul 2010 08:29 PM PDT "(a) a firm required to furnish the return in Form ITR-5 and to whom provisions of section 44AB are applicable shall furnish the return in the manner specified in clause (ii) or clause (iii); (aa) an individual or HUF required to furnish the return... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Co-op sugar appeals govt to stop insistence on TDS on the income of cane harvesting and transport contractors Posted: 09 Jul 2010 09:35 AM PDT Cooperative sugar mills in Maharashtra have appealed to the Union finance ministry to stop the insistence on tax deduction at source on the income of cane harvesting and transport contractors. The Federation of Cooperative Sugar Mills in Maharashtra... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Supreme Court rules taxpayers can legally reduce their liability through dividend-stripping Posted: 09 Jul 2010 09:30 AM PDT In a significant ruling, the Supreme Court has ruled that taxpayers can legally reduce their liability through dividend-stripping, a term used for selling mutual fund units at a discount post-dividend. An apex court bench headed by Chief Justice SH... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Investment in Bonds of IFCI, IDFC, LIC and NBFCs (Classified as Infra Finance Company) Eligible for Tax Exemption under Section 80CCF Posted: 09 Jul 2010 08:32 AM PDT The Central Government have specified bonds to be issued by (i) Industrial Finance Corporation of India; (ii) Life Insurance Corporation of India; (iii) Infrastructure Development Finance Company Limited; and (iv) a Non-Banking Finance Company... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| RBI guideline on Credit Card Operations of Banks covering disclosure of interest and fees charged by them Posted: 09 Jul 2010 07:57 AM PDT The guidelines on credit card operations cover various aspects such as issue of credit cards, interest rates and other charges, wrongful billing, use of Direct Sales Agents (DSAs)/Direct Marketing Agents (DMAs) and other agents, protection of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Results of the Chartered Accountants Final and Final (New Course) Examinations held in May, 2010 and Common Proficiency Test (CPT) held in June, 2010 are likely to be declared on Monday, the 19th July, 2010 Posted: 09 Jul 2010 07:24 AM PDT July 9, 2010 The results of the Chartered Accountants Final and Final (New Course) Examinations held in May, 2010 and Common Proficiency Test (CPT) held in June, 2010 are likely to be declared on Monday, the 19th July, 2010 around 2:00 PM and the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Audit of Urban Co-operative banks – Important Announcement Posted: 09 Jul 2010 07:05 AM PDT The Commissioner Co-operation, Pune has intimated to the WIRC, vide letter dated 19th May, 2010 to prepare fresh panel for the Audit of Urban Co-operative Banks having deposit exceeding Rs.25 Crores. The Division-wise and District-wise panel shall... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Taxability of Free ESOP announced by Infosys to its staff Posted: 09 Jul 2010 04:25 AM PDT One can feel the excitement in Infoscian Yojita Pai's voice. This 23-year-old will soon be the proud owner of seven shares of Infosys Technologies. Last week, the company, to mark its 30th anniversary, allocated a minimum five equity shares to every... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Cabinet likely to consider changes in new Foreign Trade Bill Posted: 09 Jul 2010 04:15 AM PDT The Cabinet is likely to consider the changes in the new Foreign Trade Bill to give a leg-up to exports. The Foreign Trade (Development and Regulation) Amendment Bill, which was introduced in the Rajya Sabha in 2009, was later referred to the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| For Section 5(2) of Income Tax Act, income receivable in kind, received at place where goods delivered Posted: 09 Jul 2010 04:07 AM PDT The assessee, a fishing company, obtained two fishing vessels on charter from a foreign company based in Hong-Kong. The charter fee of $ 600,000 was payable from the earning from the sale of fish and for that purpose 85% of the gross earnings from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Transfers of Commissioners of Income-tax vide Order No. 81 of 2010 dated 9th July 2010 Posted: 09 Jul 2010 04:02 AM PDT The following Order No. 81 of 2010 dated 9th July 2010 has been issued by the Central Board of Direct Taxes to direct transfers / postings of officers in the grade of Commissioner of income-tax. Order No. 81 of 2010 dated 9.7.2010 issued by CBDT for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| View Tax Credit (Form 26AS) from bank site through net banking facility Posted: 09 Jul 2010 03:54 AM PDT 1. Preparing income tax returns, 2. Verify detail of tax deducted at source (TDS), 3. Verify detail of tax collected at source, 4. Verify detail of tax payment made by taxpayer (advance tax/self assessment tax), 5. Detail of refunds [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| MAT u/s.115JB is payable even on exempt income Posted: 09 Jul 2010 03:46 AM PDT The assessee credited its P&L A/c with an amount of Rs. 149.77 crores being the profit on sale of assets to its wholly owned subsidiary. As the said profits were not chargeable to tax u/s 47(iv), the assessee took the view that the same had... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI asked government to make outsourcing of internal audit functions mandatory for companies Posted: 09 Jul 2010 02:37 AM PDT Accounting regulator the Institute of Chartered Accountants of India (ICAI) has asked the government to make outsourcing of internal audit functions mandatory for companies to prevent a Satyam-like fraud from happening again. The suggestion is part... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Central Excise Circular No. 930/20/2010-CX, Regarding tolerance of breakage of bottles due to handling during storage and clearance Posted: 08 Jul 2010 11:47 PM PDT As per the letter dated 17.09.75, tolerance of 0.5% is allowed on account of breakage of bottles due to handling in the course of movements from the manufacturing area to bonded store rooms and breakages during storage and clearance there-from. It... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Vice President launches RTI Portal Developed by IMG at Thiruvananthapuram Posted: 08 Jul 2010 11:29 PM PDT The Vice President of India Shri M. Hamid Ansari has said that the RTI Act imposes new obligations on all stakeholders. The government is called upon to be more transparent and accountable in decision and policy making, and manage its records... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| More and more companies announcing bonus shares to stakeholders Posted: 08 Jul 2010 10:16 PM PDT It's raining bonus shares on Dalal Street, with nearly two dozen companies offering free shares to their stakeholders in the past few weeks. Apart from leading companies like ITC, Edelweiss Capital and state-owned MMTC, the list includes many other... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CBEC notifies 8 new taxable Services w.e.f. 1.7.2010 Posted: 08 Jul 2010 08:47 PM PDT CBEC has notified 8 new taxable Services w.e.f. 1.7.2010 vide Notification No.24/2010-Service Tax dated 22.6.2010. The following are the new taxable Services introduced w.e.f. from 1.7.2010. 1. Games of chance (zzzzn),2 Health services ... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Commerce Ministry likely to prescribe strict norms for SEZ units engaged in recycling of plastic next week Posted: 08 Jul 2010 08:26 PM PDT India Infrastructure Finance Company Ltd (IIFCL) has urged the Government to frame a bankruptcy code. Such a code should be introduced if the country wants to develop an infrastructure bond market, Mr S.K. Goel, Chairman and Managing Director,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government to seek Parliament's sanction for the ordinance it issued to end the dispute between Irda and Sebi over regulation of ULIP Posted: 08 Jul 2010 08:24 PM PDT The government will bring a bill in the monsoon session to seek Parliament's sanction for the ordinance it issued to end the dispute between Irda and Sebi over regulation of unit-linked plans, or Ulips, of insurance companies. "The ordinance was... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Indian accounting standards will converge with International Financial Reporting Standards (IFRS) by 2011 Posted: 08 Jul 2010 08:18 PM PDT The government today said that Indian accounting standards will converge with International Financial Reporting Standards (IFRS) by 2011, even as issues like fair value and depreciation are being ironed out. "We are still working on fair value... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| IIFCL urges Government to frame bankruptcy code Posted: 08 Jul 2010 08:15 PM PDT India Infrastructure Finance Company Ltd (IIFCL) has urged the Government to frame a bankruptcy code. Such a code should be introduced if the country wants to develop an infrastructure bond market, Mr S.K. Goel, Chairman and Managing Director,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Finance ministry set up five-member task force to frame rules for the proposed GST Posted: 08 Jul 2010 08:12 PM PDT The finance ministry has set up a five-member task force to frame rules for the proposed Goods and Service Tax (GST). A bill for the GST is likely to be finalised soon. It is likely to be introduced in the monsoon session of Parliament after the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Reliance Big Entertainment challenged levy of service tax on sale of copyrights of movies and other artistic works in HC Posted: 08 Jul 2010 08:09 PM PDT Anil Ambani Group firm Reliance Big Entertainment has challenged levy of service tax on sale of copyrights of movies and other artistic works in the Delhi High Court. A bench, comprising Chief Justice Dipak Mishra and Justice Manmohan, has issued... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Builders must name banks they have mortgaged their land and apartments: RBI Posted: 08 Jul 2010 08:07 PM PDT A master circular on housing finance issued by the RBI on July 1 has once again reiterated that builders publicly disclose names of the banks they have mortgaged their land and apartments to. However, despite this directive, none of the developers... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Coal India to come out with India's largest ever public offer to raise up to Rs 15,000 crore Posted: 08 Jul 2010 07:06 PM PDT State-run Coal India Ltd is likely to hit the market by the third week of October with India's largest ever public offer to raise up to Rs 15,000 crore. The government is disinvesting 10 per cent of its stake in Coal India (CIL), the world's... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI wants reciprocal arrangement with other countries to ensure level playing field Posted: 08 Jul 2010 06:15 PM PDT The Institute of Chartered Accountants of India (ICAI) has urged the government to ensure that Indian accounting firms get a level playing field in foreign countries, as the country is considering unrestricted practising rights to foreign firms. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Vodafone hearing rescheduled to August 2 Posted: 08 Jul 2010 05:29 PM PDT A court on Thursday rescheduled hearing of Vodafone's appeal against the country's tax department to Aug. 2, a Vodafone representative said. The Bombay High Court gave a new date after the counsel for the Indian tax office asked for adjournment of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government increases existing limit of the Employees Deposit Linked Insurance amount from Rs 60,000 to Rs 1,00,000 Posted: 08 Jul 2010 09:04 AM PDT The government has increased the existing limit of the Employees Deposit Linked Insurance amount from Rs 60,000 to Rs 1,00,000. The amount will be paid to the next of kin of an employee in case of his death. In a notification issued on June 18, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Import Policy of items under Code 7326 90 99- DGFT Notification No. 52/2009-2014 Posted: 08 Jul 2010 08:16 AM PDT In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in Schedule –1... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Customs Circular No 18/2010, Regarding refund of 4% Additional Duty of Customs (4% CVD) in pursuance of Notification No.102/2007-Customs dated 14.9.2007 – Special Drive for clearance of pending 4% SAD refund claims Posted: 08 Jul 2010 08:14 AM PDT Your kind attention is invited to the Notification No.102/2007-Customs dated 14.9.2007 and Board's Circulars No.6/2008-Customs dated 28.4.2008 and No.16/2008-Customs dated 13.10.2008 regarding refund of 4% Additional Duty of Customs (4% CVD).... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Alignment of Schedule I of ITC (HS) Classification with Customs Tariff entries- DGFT Notification No. 51/2009-2014 Posted: 08 Jul 2010 07:09 AM PDT In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy – 2009-2014, the Central Government hereby amends Schedule – I (Imports) of the ITC (HS)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income Tax (I-T) officials search offices of Gammon India Limited Posted: 08 Jul 2010 06:49 AM PDT Income Tax (I-T) officials today carried out search operations at the offices of infrastructure major Gammon India in four cities. A company spokesperson told PTI that some officials had visited the premises but "we do not know what is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Customs (N.T.) Notification No. 53 to 65 / 2010, dated 07/07/2010 Posted: 07 Jul 2010 08:33 AM PDT In exercise of the powers conferred by sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint Commissioner of Customs or Additional Commissioner of Customs (Sea... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CUSTOMS Notification No 74/2010, Regarding anti dumping duty on Diethyl Thio Phosphoryl Chloride originating in, or exported from, People's Republic of China and imported into India Posted: 07 Jul 2010 08:02 AM PDT Whereas, in the matter of import of Diethyl Thio Phosphoryl Chloride (hereinafter referred to as the subject goods), falling under Chapter 28 or 29 or 38 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Online transmission of DES (Advance Authorization), EPCG and DEPB authorization at 33 ICES 1.5 new location w.e.f 10.07.2010 Posted: 07 Jul 2010 07:52 AM PDT In view of Customs readiness to accept online transmission of DES(Advance Authorization), EPCG and DEPB authorization at the following 33 ICES 1.5 new locations, all RAs of DGFT may note that for all the newly added ports, aforesaid authorizations... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Amendments in the Notification No. 16 (RE-2008)/2004-2009 Dated 26 June, 2008 Posted: 06 Jul 2010 08:55 AM PDT In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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