| Central Excise Notification No 19/2010 CE(NT), Amending Notification No. 16/2010-Central Excise, dated the 27th February, 2010 Posted: 16 Apr 2010 08:09 PM PDT In the said notification, A. In the opening paragraph, -(a) in clause (i), the word "and" wherever it occurs shall be omitted;(b) for clause (ii), the following shall be substituted, namely:-"(ii) chewing tobacco falling under tariff item 2403 99 10... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBDT panel may retain MAT on Gross Assets concept; Capital WIP may not be taxed Posted: 16 Apr 2010 07:59 PM PDT The committee set up by the Central Board of Direct Taxes (CBDT) is considering various options to retain minimum alternate tax (MAT) with the new proposed base of gross assets. The Direct Taxes code, proposed last year, had recommended shifting the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Indian Premier League (IPL) teams under the income tax (I-T) department's scanner Posted: 16 Apr 2010 07:54 PM PDT A day after conducting a search operation at the Indian Premier League (IPL) headquarters in Mumbai, the income tax (I-T) department has decided to expand the net and bring all 10 IPL teams under its scanner. The department will now examine who... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Mystery woman left hotel room of Lalit Modi 30 Minute before Income Tax Raid Posted: 16 Apr 2010 07:50 PM PDT The team of income tax (I-T) officials who, on Thursday, had gone to the office of Indian Premier League (IPL) commissioner Lalit Modi on the 33rd floor of the Four Seasons luxury hotel at Worli were in for a shock. They did not find relevant... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Department tighten rules related issue of Lower Rate/Zero rate TDS deduction certificate Posted: 16 Apr 2010 07:44 PM PDT Entities are awarded a certificate of lower deduction or non-deduction of tax at source on receivables under Section 197 of the Income-tax Act, 1961. "This is generally for cases where the tax payee is not profitable or there is likely to be no tax... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| NSE comes under the purview of RTI : Delhi High Court Posted: 16 Apr 2010 07:14 PM PDT Delhi High Court on Thursday said the National Stock Exchange was a public authority and was bound to reveal information under the Right to Information Act. Justice Sanjiv Khanna dismissed NSE's plea that it could not be forced to disclose... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SEBI and IRDA will work together to resolve the issue of ban on ULIP Posted: 16 Apr 2010 07:12 PM PDT Capital Market regulator Securities and Exchange Board of India said on Friday that it was working together with the insurance watch dog to expeditiously find a "legally binding" resolution to who controls unit linked products and there are no... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Himachal Pradesh imposed Entry tax on Entry of specified Goods into Local Area Posted: 16 Apr 2010 07:08 PM PDT The Government of Himachal Pradesh has introduced a new Entry tax legislation wef 7 April 2010. The new Entry tax legislation (The Himachal Pradesh Tax on Entry of Goods into Local Area Act, 2010) seeks to levy Entry tax on specified goods brought... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom Notification No 47/2010 – Regarding anti dumping duty on nylon filament yarn Posted: 16 Apr 2010 07:00 PM PDT Regarding anti dumping duty on nylon filament yarn of specification 'synthetic filament yarn including synthetic monofilament of less than 67 decitex, of nylon or other polyamides originating in, or exported from, People's Republic of China, Chinese... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom Notification No 46/2010 – Regarding continuation of anti dumping duty on imports of narrow woven fabrics Posted: 16 Apr 2010 06:49 PM PDT Peoples Republic of China and Chinese Taipei, imposed vide notification of the Government of India, in the Ministry of Finance (Department of Revenue),No. 76/2005-Customs, dated the 25th July, 2005, published in the Gazette of India, Extraordinary,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom Notification No 45/2010 – Regarding anti dumping duty on Acetone originating in, or exported from Thailand and Japan Posted: 16 Apr 2010 06:45 PM PDT Whereas in the matter of imports of Acetone (hereinafter referred to as the subject goods), falling under sub heading 2914 11 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred as the said Customs Tariff... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom Notification No 44/2010 – Regarding exemption to Cotton waste, all sorts from customs duty Posted: 16 Apr 2010 06:41 PM PDT In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts Cotton waste, all sorts,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom Notification No 43/2010 – Amending Notification No.100/89-Customs, dated 1st March, 1989 Posted: 16 Apr 2010 06:39 PM PDT The principal notification No.100/89-Customs, dated the 1st March, 1989 was published in the Gazette of India, Extraordinary, vide number G.S.R. 315(E), dated the 1st March, 1989 and was last amended vide notification No.25/2007-Customs, dated the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Custom Notification No 42/2010, Regarding anti dumping duty on Polytetrafluoroethylene (PTFE) originating in, or exported from China Posted: 16 Apr 2010 06:38 PM PDT Now, therefore, in exercise of the powers conferred by sub sections (1) and (5) of section 9A of the said Customs Tariff Act, read with rules 18 and 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Supreme Court decided to refer to a larger bench the issue of imposition of entry tax Posted: 16 Apr 2010 06:16 PM PDT A five-judge Bench of the Supreme Court decided on Friday to refer to a larger bench the issue of imposition of entry tax on goods coming into jurisdiction of the respective states, involving financial implications to the tune of Rs 30,000 crore (Rs... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SEBI may soon introduce more currency derivatives products Posted: 16 Apr 2010 06:10 PM PDT SEBI chairman C B Bhave on Friday said the market watchdog is planning to introduce more currency derivatives products, beginning with options, to give a wider choice to investors. "We will look into other kinds of derivatives (in currency trading),... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Conferences and events are the new mantra of brand building for law firms Posted: 16 Apr 2010 05:34 PM PDT Cyril Shroff, Zia Mody and Nisith Desai are big names in India's legal profession. They are among the most-in-demand corporate lawyers in the country for their experience, expertise as well as their image. Branding has become crucial for law firms... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government may propose safer exit route to private equities (PEs) and Venture Capitalists (VCs) Posted: 16 Apr 2010 05:29 PM PDT Inter-departmental consultations between Ministries of Finance and Corporate Affairs including Securities and Exchange Board of India (SEBI) are at advance stage of maturity for rolling out "relaxed and enlightened" regulations for private equities... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Real estate companies reluctant to switch to IFRS Posted: 16 Apr 2010 05:26 PM PDT Some of India's large real estate firms are seeking exemption from adopting the proposed International Financial Reporting Standards (IFRS) from the next fiscal year. All real estate companies that form part of the NSE's Nifty-50 or BSE's Sensex-30,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| IPL may create accounting issues in future Posted: 16 Apr 2010 05:22 PM PDT The Indian Premier League (IPL), which began a trend of auctioning cricketing talents by its franchises, seems to have signaled the beginning of a possible accounting issue in future. At least, the country's apex accounting standards setting body,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government allowed MVAT refund of financial year 2009-10 to be set off against liabilities of financial year 2010-11 Posted: 16 Apr 2010 05:18 PM PDT It has been represented before us by various organizations of the refund claiming dealers that there are huge amounts of refunds generated every year and the same dealers who claim refunds in one year have to pay dues the very next year. Sometimes... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Over 1,100 CBI cases on corruption pending Posted: 16 Apr 2010 09:57 AM PDT Government on Friday said as many as 1,120 cases pertinent to corruption and economic offences are pending probe by Central Bureau of Investigation (CBI). In a written reply to Rajya Sabha, Minister of State in the Ministry of Personnel, Public... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Announcement – For Mandatory Compliance by Indian CA Firms having Affiliation with International Entities/Network Posted: 16 Apr 2010 09:53 AM PDT Agreement/contract with the multinational entity; (2) Terms and conditions for usage of name of multinational entity; (3) Arrangement for sharing of fees/profit with other Indian CA firms with similar/identical name and with the multinational... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Dual Listing Posted: 16 Apr 2010 09:42 AM PDT Dual Listing has been in the news in recent times due to the proposed alliance between Asia's leading telecommunications provider Bharti Airtel and South Africa-based MTN Group that would help create the third largest mobile phone group in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Competition Act, 2002 & impact on industry in the years ahead Posted: 16 Apr 2010 09:32 AM PDT Notification dated 28th August, 2009 issued by the Ministry of Corporate Affairs (`MCA') repealed the Monopolies and Restrictive Trade Practices Act, 1969(`MRTP ACT') with effect from 1st September, 2009. The repealed Act was replaced by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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