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Jul 25, 2010

TaxGuru.in : Legal & Tax Updates 26.07.2010

TaxGuru.in : Legal & Tax Updates

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Implementation of EPFiGMS – Grievance Management System of EPFO

Posted: 25 Jul 2010 08:48 PM PDT


A circular dated 5 May 2010 is issued by Employee Provident Fund Organization (Ministry of Labour & Employment, Govt of India) in relation to implementation to EPFiGMS. This circular is issued by the Central Provident Fund Commissioner to...

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All about Employee State Insurance (ESIC) Act, 1948

Posted: 25 Jul 2010 08:30 PM PDT


Wage Limit increased from Rs. 10,000 to Rs. 15,000 for coverage of an employee under the ESIC Act:- The Government of India through notification in the Official Gazette has amended the Employees' State Insurance (Central) Rules, 1950. Accordingly,...

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Easy Exit Scheme, 2010 – Key Highlights

Posted: 25 Jul 2010 08:07 PM PDT


It has been observed by the Ministry of Corporate Affairs that certain companies have been registered under the Companies Act, 1956, but due to various reasons some of them are inoperative since incorporation or commenced business but became...

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Company Law Settlement Scheme, 2010 – Key Highlights

Posted: 25 Jul 2010 07:46 PM PDT


It has been observed by the Ministry of Corporate Affairs that a large number of companies are not filing their due documents timely with the Registrar of Companies. Due to this, the records available in the electronic registry are not updated and...

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Synopsis of the speech made by the Finance Minister on GST

Posted: 25 Jul 2010 07:33 PM PDT


* Exemption threshold for both goods and services under Central Goods and Service Tax ("CGST") and State Goods and Service Tax ("SGST") to be INR 10 lakh. Threshold for small dealers under both CGST and SGST to be INR 50 lakh or INR 1 crore.

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36 Legislations Scheduled for Monsoon Session of Parliament to Commence today

Posted: 25 Jul 2010 06:55 PM PDT


The Monsoon Session, 2010 of Parliament (5th Session of Fifteenth Lok Sabha and the 220th Session of the Rajya Sabha) is scheduled to commence on Monday, the 26th of July, 2010 and subject to exigencies of Government Business, the Session will...

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Rush to set up SEZ before March 31, 2011 to avail IT benefits

Posted: 25 Jul 2010 06:47 PM PDT


Companies sitting on the fence are trying to see if they can use the eight month window still available to set up units in special economic zones. Units have to come up before March 31, 2011, to avail of income-tax concessions available for SEZ...

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CAG questioned the preparedness of states to roll out GST

Posted: 25 Jul 2010 06:40 PM PDT


The country's supreme audit body has questioned the preparedness of states to roll out the goods and services tax (GST), amid hectic parleys to build a consensus on the implementation of this crucial indirect tax reform from the next fiscal year.

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New President of ICWAI

Posted: 25 Jul 2010 06:36 PM PDT


B M Sharma new ICWAI prez, M Gopalakrishnan elected VP. The Institute of Cost and Works Accountants of India (ICWAI) today said that B M Sharma has been elected as its president for the year 2010-2011. Sharma, who replaces G N Venkataraman, was...

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Availability of Cenvat Credit on inputs used in the manufacture of capital goods

Posted: 25 Jul 2010 04:04 AM PDT


I am directed to invite your attention to the landmark judgement of the CESTAT Larger Bench in the case of Vandana Global Ltd. V/s CCE, Raipur [2010-TIOL-624-CESTAT-DEL-LB] delivered on 30.04.10, on admissibility of credit on capital goods and...

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Income tax department biggest litigant

Posted: 25 Jul 2010 03:46 AM PDT


Calling it the biggest litigant in the entire Government, Finance Minister Pranab Mukherjee has asked the Income Tax Department to reexamine the way it handles tax disputes. He said, the Department is filing appeals in a routine manner without...

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Taxation of Indians working abroad

Posted: 25 Jul 2010 03:40 AM PDT


As the last date for filing tax returns nears, those who earned income abroad ('global income') may have to make some extra effort while computing their tax liability. In case of employees on deputation abroad, the Income Tax (I-T) Department...

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Vice President of Sterlite Industries Varadharajan arrested for alleged duty evasion of Rs 750 crore

Posted: 25 Jul 2010 03:29 AM PDT


The sources said the alleged duty evasion in import of raw materials for production of copper products was detected during a raid in the factory premises here for the past two days. They said Varadharajan has been remanded to 15 days judicial...

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FM Calls for Double Digit Contribution of Direct Taxes to GDP

Posted: 25 Jul 2010 03:26 AM PDT


Revised Citizens' Charter Released. I-T Department Celebrates 150 Years of Income Tax in India. The Finance Minister Shri Pranab Mukherjee has asked the income tax department to make double digit contribution to GDP by collecting high revenues and...

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Section 71 of the Finance Act, 1994 – Scheme for submission of returns through Service tax preparers – Amendment in Service Tax Return Preparer Scheme, 2009

Posted: 25 Jul 2010 03:02 AM PDT


Notification No. 44/2010-Service Tax, dated 20-7-2010. In exercise of the powers conferred by sub-section (1) of Section 71 of the Finance Act, 1994 (32 of 1994), the Central Board of Excise and Customs, makes the following amendment in the Service...

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397/398 – The Difficulties with the Issue of Amendment of Company Petition (C.P.) – Companies Act, 1956?

Posted: 25 Jul 2010 03:00 AM PDT


The procedure prescribed in Company Law Board regulations is not too technical like the provisions of Civil Procedure Code, and the procedure is based on the logic and reason. I did personally feel that even the Company Law Board normally do not...

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Procedure for clearance of State SEZ Bills

Posted: 24 Jul 2010 05:51 PM PDT


As per the procedure agreed, Department of Commerce takes responsibility of having consultation with all concerned Department of the Government of India to create consensus among them and send its recommendation alongwith the no objection of...

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