Posted: 29 May 2010 12:53 AM PDT 
Manufacturers who have paid Central Excise duty of Rs. 10 Lakh or more (including payment by utilisation of Cenvat credit) in the previous financial year shall file their Annual Financial Information Statement (ER4) as prescribed under the proviso... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| RBI advises banks to exercise due caution while allowing remittances Posted: 28 May 2010 11:52 PM PDT 
The Reserve Bank of India (RBI) has advised banks to exercise due caution and to be extra vigilant while opening or allowing transactions in remittances."It is clarified that any person resident in India collecting and effecting or remitting such... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Banks asked RBI to defer tightening measures on account of mounting liquidity concerns Posted: 28 May 2010 11:46 PM PDT 
A clutch of banks in both public and private sector have sought deferral of the Reserve Bank of India's exit from quantitative expansion on mounting liquidity concerns. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| LIC cannot charge any fee for transfer or assignment of its policies: Bombay HC Posted: 28 May 2010 11:34 PM PDT 
Life Insurance Corporation of India, the market leader in insurance sector, cannot charge any fee for transfer or assignment of its policies, the Bombay High Court has held. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| States will have power equal to center in administering the proposed GST Posted: 28 May 2010 11:28 PM PDT 
In a landmark decision, the UPA government has resolved to amend the Constitution to enable states to have the same powers as the Centre in administering the proposed Goods and Services Tax (GST). [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| NHB want clarity on tax liability for banks that offer reverse mortgage loans Posted: 28 May 2010 08:10 PM PDT 
Under the new model of RML launched last year, banks will pay a lump-sum amount to a life insurance company, which in turn makes annuity-based payment to the borrower. The catch, however, is that the interest payable by the borrower is treated as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income Tax return scam in AP will be investigated by CBI Posted: 28 May 2010 08:02 PM PDT 
Alarmed by the initial findings of its departmental inquiry, the income-tax (I-T ) department has moved the Central Bureau of Investigations (CBI) to probe the 'tax return scam.' The hand of several I-T officials working in tandem with some rogue... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
