Archive for April, 2010

The Custom Excise & Service Tax Appellate Tribunal said in a recent ruling that the wording of the Act is such that exporters of services such as software and business process outsourcing companies cannot claim credit for taxes paid on inputs used by them. Full Article

A review Committee on Police Reforms, constituted by the Ministry of Home Affairs, made a recommendation for ‘Free Registration of Crime’. The Recommendation was sent to all States/UTs for implementation as ‘Police’ is a State subject. There is no proposal with Government of India for e-registration of FIRs through Public Kiosks. Full Article

Insurance regulator IRDA has asked life insurers to disclose the commission paid to agents for unit-linked products amid a debate over huge pay-outs given to them vis-a-vis mutual funds. Full Article

All India Conference of Regional Directors of Ministry of Corporate Affairs, Registrars of Companies and Official Liquidators Begin. Shri Salman Khurshid, Minister for Corporate Affairs, has said that the focus of his Ministry as well as the field offices should be on enlightened regulation and the field officers assume the responsibility of a dual role of being a regulator as well as an educator. Addressing the two-day All India Conference of Regional Directors, Full Article

The Tribunal was not justified in law in holding that 90% of recovery of freight, insurance and packing receipts amounting to Rs.49,14,076/, sales tax set off/refund amounting to Rs.38,33,148/and service income of Rs. 2,89,17,545/are not to be excluded from profits of business within the meaning of clause (baa) of explanation to Section 80HHC of the [...] Full Article

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.II), 2009-2014, as amended from time to time, addition of new SION C2047 at appropriate places, as mentioned in ANNEXURE "A” to this Public Notice, are made. Full Article

For students appearing in May 2010 and November 2010 examinations, the amendments made by the Finance (No.2) Act, 2009, as applicable for assessment year 2010-11 are relevant. Therefore, the amendments made by the Finance (No.2) Act, 2009 which are not applicable for A.Y.2010-11 would not be relevant for students appearing for May 2010 and November 2010 examinations. Full Article

Accordingly, the amendments made by the Finance (No.2) Act, 2009 in sections 44AA, 44AB, 44AD, 44AE and 44AF of the Income-tax Act, 1961 would not be applicable for the students appearing for the above-mentioned papers in May 2010 and November 2010 examinations, since these amendments are effective only from A.Y.2011-12. Further, the amendment relating to taxation of investment income of non-life insurance business [Rule 5 of the First Schedule to the Income-tax Act] wou.. Full Article