| Service tax officials raid Eden Gardens, check IPL papers Posted: 01 May 2010 09:36 AM PDT 
Days after the Income Tax raid, service tax department sleuths of the West Bengal government Friday swooped down on the Eden Gardens to check papers relating to the alleged financial wrongdoings related to the Indian Premier League. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI President's Message – May 2010 Posted: 01 May 2010 09:01 AM PDT 
'Success is a journey, not a destination,' so goes the saying which is true for our profession too. We should not rest with success but instead should sustain it as a continuous journey to ultimate excellence - season after season. April and May are... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Exposure Draft- Referencer on Secretarial Audit Posted: 01 May 2010 08:57 AM PDT 
The Ministry of Corporate Affairs, Government of India has released CORPORATE GOVERNANCE VOLUNTARY GUIDELINES 2009. The preamble to Guidelines states that "These guidelines provide for a set of good practices which may be voluntarily adopted by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Pending tax cases are holding back more then Rs 64,000 cr Posted: 01 May 2010 05:11 AM PDT 
There are more than a lakh tax cases pending in courts and various tribunals, holding back Rs 64,244 crore in both direct and indirect taxes. "The major reasons for pendency of 1,31,780 tax cases are excessive burden on existing tribunals and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| A study of proposed amendment to finance Bill 2010 Posted: 01 May 2010 01:02 AM PDT 
Pursuant to the annual budget, the Government of India (Government) had introduced the Finance Bill 2010 (Finance Bill) in the Parliament on 26 February 2010. The Government has now proposed certain amendments to the Finance Bill (As a reply to the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Govt to Set up Directorate of Currency Posted: 01 May 2010 12:37 AM PDT 
The government proposes to set up a Directorate of Currency (DOC) in the Ministry of Finance. The Directorate of Currency (DOC) will have the mandate to : (i) Monitor & review best practices around the world; [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Issuing cheque with alteration may cost you dearly Posted: 01 May 2010 12:11 AM PDT 
If you have written 'hundered' instead of 'hundred' on a cheque, don't just strike off the additional 'e' and issue the cheque. Use a fresh leaf instead, or it could cost you Rs100-550. The Reserve Bank of India (RBI) has notified banks in a recent... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Pranab caps service tax on air travel Posted: 01 May 2010 12:02 AM PDT 
The airline industry can heave a sigh of relief with finance minister Pranab Mukherjee on Thursday capping the incidence of service tax on air travel at Rs 100 for domestic travel and Rs 500 for international travel. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Telecom companies question CAG's right to Audit their books Posted: 30 Apr 2010 11:59 PM PDT 
The country's leading mobile operators, including Bharti Airtel, Vodafone Essar, BSNL and Tatas, have questioned the government's move to direct the Comptroller and Auditor General of India (CAG) to audit their books. The CAG is a constitutional... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Liability to withhold tax would arise only if payment to overseas entities liable to be taxed in India Posted: 30 Apr 2010 11:52 PM PDT 
In a decision that could have a bearing on all cross-border transactions, including those related to the Indian Premier League teams that are currently being probed by tax authorities, the Delhi High Court has ruled that any liability to withhold... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Low-cost housing (property up to Rs 20 lakh) segment would be exempted from service tax Posted: 30 Apr 2010 11:32 PM PDT 
Finance Minister Pranab Mukherjee's decision to increase the tax concession on construction of real estate complexes from 67 per cent to 75 per cent of the gross value of property, including land value, has been welcomed by the industry and analysts. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI plans to tighten the rules for transfer of sub-accounts by FIIs Posted: 30 Apr 2010 11:24 PM PDT 
The Securities and Exchange Board of India plans to tighten the rules for transfer of sub-accounts by foreign institutional investors. Sebi defines sub-accounts as entities that include foreign companies, foreign individuals and institutions, funds... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ULIP ban: Supreme Court notices to Centre and 14 life insurers Posted: 30 Apr 2010 11:22 PM PDT 
Honourable Supreme Court on Friday issued notices to the Centre and 14 life insurers on a petition by market regulator Securities and Exchange Board of India seeking transfer of cases from high courts relating to Unit Linked Insurance Products. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICICI Bank and HDFC Bank cannot be called Indian-owned banks Posted: 30 Apr 2010 11:19 PM PDT 
Government on Friday said that ICICI Bank and HDFC Bank cannot be called Indian-owned banks, setting at rest the debate generated over the nationality of the top two private sector lenders. At best, the two can be called as Indian-controlled banks,"... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Assessment order is not effaced in respect of items that are not subject of reassessment. Time limit for s. 263 begins from date of original order for such items Posted: 30 Apr 2010 11:14 PM PDT 
Ashoka Buildcon vs. ACIT (Bombay High Court) :-An assessment order u/s 143(3) was passed on 27.12.2006. A reassessment order u/s 147 was passed on 27.12.2007. A show-cause notice u/s 263 was issued by the CIT on 30.4.2009 in respect of issues that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 24/2010-Central Excise- Amends No. 8/2003-Central Excise, dated the 1st March, 2003 Posted: 30 Apr 2010 11:08 PM PDT 
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 23/2010-Central Excise- Amends No. 6/2005-Central Excise, dated the 1st March, 2005 Posted: 30 Apr 2010 11:05 PM PDT 
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section(3) of section 85 of Finance Act, 2005 (18 of 2005), the Central Government, on being satisfied that it is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 22/2010-Central Excise- Amends No. 2/2008-Central Excise, dated the 1st March, 2008 Posted: 30 Apr 2010 11:00 PM PDT 
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 21/2010-Central Excise- Amends No. 3/2006-Central Excise, dated the 1st March, 2006 Posted: 30 Apr 2010 10:58 PM PDT 
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 20/2010-Central Excise- Amends No. 4/2006-Central Excise, dated the 1st March, 2006 Posted: 30 Apr 2010 10:52 PM PDT 
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 23/2010 – Service Tax – Commercial Training or Coaching Service – Exemption to Modular Employable Skill courses approved by the National Council of Vocational Training Posted: 30 Apr 2010 10:42 PM PDT 
when provided in relation to Modular Employable Skill courses approved by the National Council of Vocational Training, by a Vocational Training Provider registered under the Skill Development Initiative Scheme with the Directorate General of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Custom Duty Notification No 56/2010, Amends Notification No. 79/2008-Customs, dated the 13th June, 2008 Posted: 30 Apr 2010 10:25 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 makes the following further amendment... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Custom Duty Notification No 55/2010, Amends Notification No. 20/2006-Customs, dated the 1st March, 2006 Posted: 30 Apr 2010 10:17 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 makes the following further... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Custom Duty Notification No 54/2010- Amends Notification No. 21/2002-Customs, dated the 1st March, 2002 Posted: 30 Apr 2010 10:13 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 makes the following further... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 35/2010-Custom (NT) dated -Amending Principal notification No. 36/2001-Customs (N.T.) dated the 3rd August, 2001 Posted: 30 Apr 2010 10:05 PM 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 ]]  |
| Customs Notification No 34/2010 (NT), Amends notification No. 103/2008-Cus (NT) dated 29.08.2008 (Drawback Schedule notification) so as to make All Industry Rate of duty drawback on cotton yarn as nil Posted: 30 Apr 2010 09:59 PM PDT 
In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962), sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944) and section 93A and sub-section (2) of section 94 of the Finance... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Customs Notification No 33/2010 (NT) amending the Customs, Central Excise duties and Service Tax Drawback Rules, 1995 so as to disallow drawback on cotton yarn Posted: 30 Apr 2010 09:54 PM PDT 
In exercise of the powers conferred by section 75 of the Customs Act, 1962 (52 of 1962), section 37 of the Central Excise Act, 1944 (1 of 1944) and section 93A read with section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| 397/398 – Powers of CLB to set-aside agreements and charges etc. – Indian Company Law Posted: 30 Apr 2010 09:50 PM PDT 
I have been writing articles continuously on section 397/398 of the Companies Act, 1956 touching complicated and interesting areas as I feel. I am of the strong opinion that for good corporate growth, the law governing corporates or the companies... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
