"January, 2010" Archive - Page 4

Easy Economy to a Competitive Economy (series 1)

This year again we will see this same picture on 26th of February 2010.Lots of hope and fate in that briefcase. Along with this US budget is also about get on the table within a next week followed with many countries budget. But we are already witnessing massive tremors of its upcoming budget earth quake. The tremors are so hard that the ...

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Posted Under: Finance |

Goods and Services Tax (GST) may not meet April 1 deadline: Plan panel

The Planning Commission today said that the proposed Goods and Services Tax (GST) is likely to miss the deadline of April 1, but it could be introduced in the next fiscal only. "Well, we were hoping that it (GST) will come from April 1, but it does not appear that it will be so," Planning Commission Member B K Chaturvedi told PTI....

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Posted Under: Finance |

Notification No. 6/2010-Income Tax Dated 28/1/2010

Notification No. 6/2010-Income Tax 28/01/2010

Notification No. 6/2010-Income Tax It is hereby notified for general information that the organization M/s Sunder Lal Jain Charitable Eye Hospital, New Delhi, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the ...

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Convergence to IFRS require recognition of unrealised profits and losses, what about taxability of the same

The increasing attractiveness of the European and Asian capital markets has prompted emerging economies like-Brazil , China, India, and Russia to converge their existing accounting standards to International Financial Reporting Standards (IFRS). Over 100 countries have now adopted or permitted IFRS or have based their local Generally Acc...

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Posted Under: Finance |

ECB Policy eased for facilitating Spectrum allocation payment

01/01/1970

The External Commercial Borrowing (ECB) policy is regularly reviewed by the Government in consultation with Reserve Bank of India (RBI) to keep it in tune with the evolving macroeconomic situation, changing market conditions, sectoral requirements, the external sector and lessons of experience. Consequent upon such a review and in order t...

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Posted Under: Finance |

CBDT extends date for filing ITR-V form to 31.03.2010 or 120 days from filing of return, whichever is later

Press Release 27/01/2010

Central Board of Direct Taxes has decided to extend the time limit for filing ITR-V form relating to income-tax returns filed electronically (without digital signature) on or after 1st April 2009, up to 31st March 2010 or within a period of 120 days from the date of uploading of the electronic return data, whichever is later. The ITR-V fo...

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Dispute Resolution Panel to pass speaking order after considering objections and evidences furnished by the taxpayer

Messe Dusseldorf India Pvt. Ltd. Vs DCIT (Delhi High Court)

Delhi High Court in the case of Messe Dusseldorf India Pvt. Ltd. (Taxpayer) [2010-TIOL- 74-HC-DEL-IT] dismissing a writ petition, held that in cases where a taxpayer has not been provided an opportunity of being heard by the Transfer Pricing Officer, the taxpayer is entitled to raise all objections and furnish necessary evidence to the Di...

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CBDT Press Release on I-T refund fraud in Mumbai

No.402/92/2006-MC (05 of 2010) 25/01/2010

On or about 12th January 2010, an officer in the Income Tax department, Mumbai, noticed that refunds had been issued from his jurisdiction without his knowledge or approval of his higher authorities. He immediately brought the matter to the notice of his superior officers. 2. On internal inquiry by the Income Tax department, it was found ...

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Hard nut to crack -Service tax refund claim

The recent circular no. 120/01/2010-ST dated January 19, 2010 has been issued by the Board for claiming the refund of unutilized Cenvat credit under Rule 5 of Cenvat credit Rules by the service exporters. The above circular has tried to address all the problems faced by the service tax exporters in claiming such exemption. They have tried...

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Posted Under: Finance |

Anti-dumping duty on the imports of Carbon Black used in rubber applications, originating in or exported from Australia, China PR, Russia and Thailand

Notification No. 06/2010-Customs 01/01/1970

Whereas, in the matter of import of Carbon Black used in rubber applications (hereinafter referred to as the subject goods), falling under sub heading 2803 00 10 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act), originating in, or exported from, Australia, China PR...

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Posted Under: Finance |

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