| Rights and duties of assessee during conduct of search under the Income Tax Act, 1961 Posted: 05 Mar 2010 07:54 PM PST Misbehaviour may lead to some injury, damage or harm to the interest of the assessee or his reputation or it may only hurt his feelings and sentiments, religious or otherwise, Depending on facts, the action will lie by way of challenge of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Brief Note on Concepts Related to Search and Seizure in question- answer mode Posted: 05 Mar 2010 07:46 PM PST In case of search conducted at the site office of the Builder and the supervisor gives a statement that the rate of flat per sq. ft. is Rs. 4,500/- and the Builder gives the statement that the rate of flat per sq. ft. is Rs. 1,500/-. Then whether... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Book under construction flat before July 2010 to avoid 3.30% Service tax on Agreement Value Posted: 05 Mar 2010 07:28 PM PST The Union Budget proposes to expand the definition of construction service and levy tax on houses under construction as well. The new rule, which will come into effect when Parliament approves the budget, says service tax would be imposed if... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| IT department detected huge tax evasion by two steel companies Posted: 05 Mar 2010 07:21 PM PST Income Tax department is understood to have detected an evasion of Rs 502 crore (Rs 5.02 billion) by two major steel manufacturers after it conducted searches and surveys against them in various parts of the country. The department has detected... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government prosecuted over 13,000 companies during last three years for violation of provisions of Companies Act, 1956 Posted: 05 Mar 2010 07:18 PM PST Government on Thursday said it has prosecuted over 13,000 companies during the three years ending 2008-09 for not following the provisions of the Companies Act. "As many as 13,437 companies were prosecuted for non-compliance of provisions of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Tax benefit from Equity Linked Saving Scheme (ELSS) and why to invest in it Posted: 05 Mar 2010 06:50 PM PST An ELSS (Equity Linked Savings Scheme) is a mutual fund that has to invest a minimum of 80% in equity shares. The balance 20% can be in debt, money market instruments, cash or even more equity. There is a three year lock-in period for the ELSS... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Companies having permanent establishment in India will be taxed on their technical services fees at marginal tax rate Posted: 05 Mar 2010 06:33 PM PST The finance ministry is hoping to recover about Rs 10,000 crore from non-resident service providers to oil and gas explorers in India. Finance Minister has inserted a clarification in the Finance Bill 2010-11 that will stop these companies and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government may ask TPAs to get audited by external auditors to check delay in settlement of claims Posted: 05 Mar 2010 06:23 PM PST The government may ask third party administrators (TPA) that provide cashless medical insurance service to undergo external audit following complaints of delays in settling claims. "We have received number of complaints over delayed settlement of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Audit Firms started hiring Chartered Accountants directly at CA Coaching Classes Posted: 05 Mar 2010 06:13 PM PST At Ahmedabad-Based Fountainhead, a little-known coaching academy for chartered accountants, February 20 was a day of celebration. The two-year-old chartered accountants' training institute was playing host to a recruiting team from global consulting... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Professionals are under Income Tax scanner after Mumbai-based lawyer disclosed income of 7.50 Crore Posted: 05 Mar 2010 06:04 PM PST Mumbai based lawyers, doctors and film professionals are under Income-Tax department scanner, the department is planning to carry out a series of raids on such professionals, on grounds of incomplete disclosures. According to people familiar with... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| FAQs on Reverse Mortgage in India Posted: 05 Mar 2010 05:52 PM PST When you buy a house through a home loan, every EMI you pay towards servicing the loan increases your equity in the house. Once you payoff the loan in full, your equity in the house is 100 per cent. In reverse mortgage, exactly the opposite happens.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Gift to doctors by Pharma Companies Posted: 05 Mar 2010 05:21 PM PST The Indian Medical Council (Professional conduct, Etiquette and Ethics) Regulations, 2002 were amended by Medical Council of India with the prior approval of Government of India by inserting a new Clause 6.8 which states that a medical practitioner... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government to enter MOU with other countries to exchange information on money laundering and terror funding Posted: 05 Mar 2010 05:20 PM PST The Government of India has authorized Financial Intelligence Unit – India (FIU-IND) to enter into Memorandum of Understanding (MOU) with FIUs of other countries to exchange information pertaining to money laundering and terror funding. So far,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Paid News issue raised in Rajya Sabha under Calling Attention Motion Posted: 05 Mar 2010 05:06 PM PST The 'Paid News' issue was raised in Rajya Sabha today under Calling Attention Notice tabled by Shri Sitaram Yechury regarding the role of print and electronic media indulging in paid news in disguise as news. The text of Minister of Information... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Indo – China Border Trade: DGFT public notice Posted: 05 Mar 2010 04:50 PM PST The existing part of paragraph 1 i.e. "In terms of the provisions contained in the Foreign Trade Policy, import/export of the following locally produced commodities by the people living along both sides of Indo – China Border as per the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| DGFT public notice on Amendments/corrections in the Handbook of Procedures, Vol. 2, 2009-2014 Posted: 05 Mar 2010 04:47 PM PST In the statement of Standard Input Output Norms (SION), as contained in the Handbook of Procedure (Vol. 2), 2009-2014, as amended from time to time, amendments at appropriate place as mentioned in ANNEXURE "A" to this Public Notice are made. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Cabinet approved amendment to the Gratuity Act to raise the ceiling from Rs 3.5 lakh to Rs 10 lakh Posted: 04 Mar 2010 10:42 PM PST The Cabinet on Thursday approved an amendment to the Gratuity Act to raise the ceiling from Rs 3.5 lakh to Rs 10 lakh. The Bill to amend the Act will now go to Parliament, a government official told. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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