| International Air Transport Association asked for rollback of service tax on Air Travel Posted: 17 Mar 2010 10:14 AM PDT The Geneva-based International Air Transport Association (IATA) has written to the Finance Minister, Mr Pranab Mukherjee, calling for a relook at the Budget 2010-11 proposal to levy a service tax on domestic and international air transport. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CUSTOMS Notification No 20/2010 (NT), Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 Posted: 17 Mar 2010 10:07 AM PDT In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SFIO completed investigation of 49 Companies Posted: 17 Mar 2010 10:02 AM PDT The Government has informed the Parliament that the Serious Fraud Investigation Office (SFIO) has so far investigated cases relating to 49 companies. Giving this information in written reply to a question in Rajya Sabha, Shri Salman Khurshid,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Circular No 05/2010, Regarding verification mechanism and monitoring of export obligation under duty exemption / reward Schemes Posted: 17 Mar 2010 09:56 AM PDT I am directed to invite your attention to the above-mentioned subject and to say that, several references have been received, requesting the Board to put in place a verification mechanism in respect of the duty credit scrips issued under Chapter 3... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Central Excise Notification No 12/2010 CE(NT), Amends Notification No.24/2005-Central Excise (N.T.) dated 13th May, 2005 Posted: 17 Mar 2010 09:53 AM PDT In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI released revised AS-10 and AS- 11 for Comments Posted: 17 Mar 2010 09:46 AM PDT Accounting Standard (AS) 10 (Revised 20XX) (Corresponding to IAS 16) Property, Plant and Equipment (Comments to be received by 19 April 2010). Accounting Standard (AS) 11 (Revised 20XX) (Corresponding to IAS 21) The Effects of Changes in Foreign... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| All about carry forward and set off of losses under the Income Tax Act Posted: 17 Mar 2010 03:28 AM PDT While one endeavors to derive income, the possibility of incurring losses cannot be ruled out. Based on the principles of natural justice, a set-off should be available for loss incurred. The income tax laws in India recognise this and provide for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI report on surrogate practice and opening of multiple firms having similar names by Big 4 Posted: 17 Mar 2010 02:56 AM PDT The central council of accounting regulator Institute of Chartered Accountants of India (ICAI) met on March 13 to consider a second report submitted by its high power committee on Satyam. The committee, set up in the aftermath of Satyam audit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Minister asked big 4 CA firms, if they intend to start full-fledged operations in India? Posted: 17 Mar 2010 02:52 AM PDT Turning the table on the Big Four audit firms about their India plans, corporate affairs minister Salman Khurshid has asked them to spell out unambiguously if they intend to start full-fledged operations in India, and be fully accountable for their... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Relaxation in pre-condition of deposit of 25% of tax, penalty, and interest before filing appeal under PVAT when goods/ Assets are seized Posted: 17 Mar 2010 02:39 AM PDT Section 62(5) of the PVAT Act 2005 provides for the precondition of deposit of 25% of total amount of tax, penalty and interest, if any before entertaining any appeal. Such condition was also imposed even on those appellant whose entire goods are... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Download new Form 16A for Assessment Year 2010-11 / Financial Year 2009-10 Posted: 17 Mar 2010 02:24 AM PDT These persons are required to furnish within prescribed time certificates for tax deduction to payees and also to file returns with tax authorities. In case of defaults or non-compliance with the provisions, huge burdens of penalty are laid and/or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Made In China: Devalued Currency Posted: 17 Mar 2010 02:11 AM PDT The matches between two countries have fuelled the fire and as a result every one is on the sidelines to watch out the final over of the match. I am not neither making a live telecast nor writing up a report on any final cricket match to be held... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Silently proposed VAT on Fabrics by Maharashtra Government Posted: 17 Mar 2010 01:54 AM PDT At present the entry 45 in Schedule-A provides NIL % of MVAT in respect of items covered under "The Additional Duties of Excise (Goods of Special Importance) Act, 1957. Fabric, being a tariff item is covered under Chapter 50 to Chapter 60 of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Qualified Institutions Placement (QIP) – Stock Exchange requirement & compliance by issuer Posted: 17 Mar 2010 01:50 AM PDT Placement document is to be as per the requirements of Chapter VIII of ICDR with a disclaimer in bold capital letters that "the placement is meant only for QIBs on a private placement basis and is not an offer to the public or to any other class of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Bharti Auditor given it clean chit on payment of licence fees and spectrum charges Posted: 15 Mar 2010 02:34 AM PDT Bharti Airtel on Sunday welcomed the findings of the government-appointed special auditor and said the audit showed that the licence fees and spectrum charges paid by the company conform to the licence conditions and rulings of the regulator. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI ask for role in probes undertaken by CBI or SFIP related to financial irregularities or corporate scams Posted: 15 Mar 2010 02:29 AM PDT The CA institute is keen on having a role in the probes undertaken by the Central Bureau of Investigation (CBI) or Serious Frauds Investigation Office (SFIO) on any financial irregularities or corporate scams. The audit profession regulator will... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICSI released 10 secretarial standards, two been included in new companies' bill Posted: 15 Mar 2010 02:23 AM PDT In order to have uniformity in the practices adopted by different companies, the Institute of Company Secretaries of India (ICSI) has released 10 secretarial standards, recommending the Government to make them mandatory for all companies, a to p... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Two of ICSI secretarial standards recommendations been incorporated in new Companies Bill Posted: 15 Mar 2010 02:20 AM PDT The Institute of Company Secretaries of India (ICSI) has said that two of its secretarial standards recommendations have been incorporated in the new Companies Bill and it expects more to be considered before finalisation. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| China: Shifting Concentration of Wealth Posted: 15 Mar 2010 02:13 AM PDT Inflation of china and the asset bubbles in every corner of china is now a matter of concern for the world economy. They are afraid that if the bubble goes for burst out then the nights of recession will be longer. Economist and every financial... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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