"March, 2010" Archive

Clarification on dealings between a client and a stock broker

Circular No. MIRSD/ SE /Cir- 5/2010 (31/03/2010)

This is with reference to SEBI circular No. MIRSD/SE/Cir-19/2009 dated December 3, 2009 in terms of which the stock brokers were directed to take necessary steps to implement the circular immediately and ensure its full compliance in respect of all clients - existing and new - latest by March 31, 2010....

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MCA Press Release No. 3/2010 on Implementation of IFRS Dated 31st March, 2010

PRESS RELEASE-3/2010 (31/03/2010)

In the meeting held on 29th March, 2010, the Core Group deliberated and approved the Roadmap recommended by Sub-Group I in respect of insurance companies, banking companies and non-banking finance companies. The Roadmap recommended by Sub-Group I for such classes of companies is as under:-...

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Custom Notification No 40/2010- Amending Notification 21/2002 – Customs, dated 1st March, 2002

Notification No. 40/2010-Customs (31/03/2010)

bulk consumer is a person, establishment or industrial unit using or consuming more than ten quintals of sugar per month as a raw material for production or consumption or use in any manner other than sale. (ii) the said certificate shall be issued by the Chartered Accountant after taking into account monthly use or consumption of sugar...

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Custom’s Notification No 27/2010 (NT)- Amending Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001

Notification No. 27/2010–Customs (N.T.) (31/03/2010)

Notification No. 27/2010 – Customs (N.T.)- 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 the Government of India in the Ministry of Fina...

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Notification No. 19/2010-Income Tax Dated 31/3/2010

Notification No. 19/2010-Income Tax (31/03/2010)

Notification No. 19/2010-Income Tax S.O. It is hereby notified for general information that the organization B.M. Birla Scientific & Technology Centre, Jaipur 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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Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances – Projects under Implementation

RBI 2009-10/ 375, DBOD.No.BP.BC. 85/21.04.048/2009-100 (31/03/2010)

these guidelines will, however, not be applicable to restructuring of advances covered under the paragraph 14.1 of the Master Circular on IRAC Norms (Advances classified as Commercial Real Estate exposures; Advances classified as Capital Market exposure; and Consumer and Personal Advances) which will continue to be dealt with in terms of ...

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MVAT circular 14T of 2010 related to changes in rate of tax

Trade Circular No. 14 T of 2010 (31/03/2010)

While presenting the budget for the year 2010-11, Hon. Finance Minister announced that the exemption granted to some essential commodities up to 31-3-2010 would be extended till 31-3-2011 or till the date of implementation of Goods and Services Tax, whichever is earlier. In pursuance of the announcement made by Hon. FM, the Govt. has iss...

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Notification No. 20/2010-Income Tax, Dated: 31.03.2010

Notification No. 20/2010 (31/03/2010)

For serial number 80 and the entries relating thereto, the following serial number and entries shall be substituted namely....

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Summary of Circular 1 of 2010 for consolidating the Foreign Direct Investment (FDI) Policy Framework

Circular 1 of 2010 (Circular) (31/03/2010)

The Circular is a convenient compendium of the FDI Policy of the Government of India. Some of the salient features highlighted in this alert reflect changes in interpretation of FDI Policy which have now been clarified. Also clearer guidance has been provided with regard to the intent of the FDI policy. It is likely that some of these cha...

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Retrospective Amendments – High-time for Introspection by India

1.0 In any civilised society, a taxing statute is expected to be prospective i.e. levying the tax on the income / transaction which will take place in future. This is for the reason that, at the time of entering into the transaction, the tax payers (TP) must have knowledge of the taxes which he is expected to pay. It also provides an o...

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Posted Under: SEBI |

Notified Income-tax authorities for the purpose of Dispute Resolution Panels- Notification No. 21/2010

Notification No. 21/2010-Income Tax (31/03/2010)

Notification No. 21/2010-Income Tax In exercise of the Powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the income-tax authorities specified in column (2) of the Table below shall, for the purposes of the functions under section 144C of the said Act, be subordi...

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Due date for submission of MVAT Audit report in form 704 extended to 30th April 2010

Trade Circular No. 13T of 2010 (31/03/2010)

The Finance Department, Government of Maharashtra has examined and considered the request for extension of due date for submission of Audit Report. Accordingly, it has been decided to extend the due date for submission of the Audit Report in Form 704 for the period 2008-09 from 31st March 2010 to 30th April 2010....

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Delhi government withdrawn four percent value-added tax (VAT) on cooking gas

Following criticism and pressure from the Opposition, Sheila Dikshit-led Delhi government today withdrew a four-per-cent value-added tax (VAT) on cooking gas, resulting in a Rs 12-13 relief to consumers. The Delhi government, however, did not roll back the withdrawal of the Rs-40 subsidy on LPG cylinders. The government also withdrew the ...

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Posted Under: SEBI |

IRDA come to know about fraud insurance racket, planning to file criminal cases

Cases of fraudulent companies selling insurance products in India without a licence from the sector regulator, Insurance Regulatory and Development Authority (Irda), are on the rise. Several such incidents have come to Irda’s attention in the last eight to ten months. ...

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Posted Under: SEBI |

Now you can withdraw money from Paypal to you local bank account

(31/03/2010)

Internet-based money transfer service Paypal has resumed remittances to small-time exporters who will now have to report them as export revenue to Indian authorities. “Customers who rely on PayPal are now able to sell their goods and services around the world and withdraw money to their local bank accounts,” explained Anuj Nayar, dir...

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Posted Under: SEBI |

Income Tax Department appeal to penalise Reliance Petroproducts dismissed

The Supreme Court has dismissed the appeal of the income tax authorities who had insisted on imposing penalty on Reliance Petroproducts Ltd for alleged concealment of income and furnishing inaccurate particulars. The firm had claimed expenditure made for paying interest on loans incurred by it by which amount it bought IPL shares by way o...

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Posted Under: SEBI |

Policy Circular No. 29/2009-2014, Dated: 31.03.2010

Policy Circular No. 29 /2009-2014 (31/03/2010)

Applications are invited for issue of import licences for rough marble blocks only for the financial year 2010-11 from the eligible applicants as per the Marble Import Policy announced vide Notification No.36/2009-2014 dated 31st March, 2010. The quota for the year shall be 3 lakh MT....

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Drawing of export samples of basmati rice for variety identification purposes

Policy Circular No. 28/2009-14 (31/03/2010)

In continuation of Policy Circular No. 33 dated 30th September, 2010 it has been decided to designate Basmati Export Development Foundation (BEDF), Modipuram as an authorized centre for testing of samples of basmati rice for variety identification. Accordingly, Customs may draw samples for variety identification and send these samples...

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ICAI Announcement on other Issues Related to Direct Tax

However, there may be several other issues over which you would like the Committee to make a suitable representation to the CBDT/ITAT etc. The Committee proposes to submit a separate memorandum to the government addressing the various hardships faced by the assesssees in respect of matters relating to direct taxes. In this regard, suggest...

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Posted Under: SEBI |

Amendment in Appendix 37D, Table-6, Handbook of Procedure Vol.I, for benefits on exports made from 1.4.2010 till 30.9.2010

Public Notice No. 53/2009-14 (31/03/2010)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in HBPv1, for benefits on exports made from 1.4.2010 till 30.9.2010:1. The following shall be added in Appendix 37D, Table 6:...

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Public Notice No. 52/2009-14, Dated: 31.03.2010

Public Notice No. 52/2009-14 (31/03/2010)

PUBLIC NOTICE No. 52 / 2009-14.NEW DELHI: the 31st March, 2010.In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in HBPv1, for benefits on exports made on or after 1.1.2010:1. The following shall be added in Appendix 37D...

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Policy for issue of import licenses of Rough Marble Blocks for the Financial year 2010-11

Notification No. 36/2009-2014 (31/03/2010)

A number of representations have been received from the various Associations of marble manufacturers/processors for review of the regime governing import of marble. The matter has been considered carefully by the Government. The following Policy provisions will henceforth be applicable for import of Rough Marble Blocks for the financial y...

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ICAI President's Message- April 2010

"We are what we repeatedly do. Excellence, then, is not an act, but a habit, " says the ancient Greek philosopher Aristotle, which aptly fits our profession. Following a glorious tradition of excellence for more than six decades, our profession today is an integral part of India's success story. The persistent pursuit of perfection, inte...

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Posted Under: SEBI |

MCA press release- Roadmap for banking companies, insurance companies and NBFCs

PRESS RELEASE-3/2010 (31/03/2010)

A meeting of the Core Group constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) from the year 2011 was held on 29th March, 2010 under the chairmanship of Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs. The meeting was atte...

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Amendment of para 2.37 A of HBP Vol.1

Public Notice No. 51/2009-14, (30/03/2010)

Import authorizations for a restricted item, if so directed by the competent authority, shall be issued for import through one of the sea ports or air ports or ICDs or LCS, as per the option indicated, in writing, by the applicant. However, for import of rough marble, port of registration is mandatory and the applicant must indicate the s...

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Income Tax department technically equipped to detect fraud or hidden information

To outsmart tax evaders who resort to delete their financial data or hide it in password-protected devices during search operations, the I-T department has started including portable forensic labs and experts in its team. The department has unearthed links to more than Rs 1,000 crore money in the last few searches with the help of cyber f...

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Posted Under: SEBI |

Revision- A possible view not unsustainable in law cannot be revised

Grasim Industries Ltd. Vs CIT (Bombay High Court)

assessee therefore, cannot be subjected to the exercise of the jurisdiction under s. 263. Therefore, the Tribunal was not justified in upholding the order of the CIT, passed under s. 263, directing the AO to include the sum of Rs. 1,75,32,600 in the total income of the assessee under s. 41(1), in the previous year, relevant to asst. yr. 1...

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Incorrect assumption of facts, or incorrect application of law can only satisfy the requirement of the order being erroneous

Regency Park Property Management Services (P) Ltd. Vs. CIT (ITAT Delhi)

Thus, the view taken by AO cannot be said to be erroneous which will render the assessment order as erroneous. Neither the AO has drawn incorrect assumption of facts nor AO has rendered incorrect application of law when he accepted the claim of the assessee that advertisement and publicity expenses were allowable as business expenditure...

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Block assessment has to be based on evidences and not best judgment

Cit Vs. R.M.L. Mehrotra (Allahabad High Court)

Under s. 158BB, the procedure for computing the undisclosed income of the block period has been given. It provides that the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the block period computed, in accordance with the provisions of this Act, on the basis of evidenc...

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Dual Audit may be a reality soon

Will we see a company audited by two audit firms at the same time? That looks a possibility from what the Union Minister of State for Corporate Affairs and Minority Affairs, Mr Salman Khurshid, said on 29.03.2009 while Addressing a meeting of the Confederation of Indian Industry (CII), Mr Khurshid said, in the context of making the audit ...

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Posted Under: SEBI |

Notification No. 22/2010-Service Tax dated 30th March, 2010

Notification No. 22/2010-Service Tax (30/03/2010)

Amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.09/2010-Service Tax, dated the 27 th February, 2010, published in the Gazette of India, Extraordinary, vide number G.S.R. 153 (E), dated the 27 th February, 2010...

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Notification No. 21/2010-Service Tax dated 30th March, 2010

Notification No. 21/2010-Service Tax (30/03/2010)

amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.08/2010-Service Tax, dated the 27th February, 2010, published in the Gazette of India, Extraordinary, vide number G.S.R. 152 (E), dated the 27th February, 2010...

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Notification No. 20/2010-Service Tax dated 30th March, 2010

Notification No. 20/2010-Service Tax (30/03/2010)

Makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.07/2010-Service Tax, dated the 27 th February, 2010, published in the Gazette of India, Extraordinary, vide number G.S.R. 151 (E), dated the 27 th February, 2010...

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Salaried taxpayer received notice for payment of tax despite no dues because of system error

A computer error in the office of the income tax department is causing anxiety to scores of taxpayers across the Mumbai city. Several salaried employees have received notices from the department demanding up to a few thousand rupees as penalty for deferment of tax payment. Officials admit it is a mistake and have set up a counter at the ...

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Posted Under: SEBI |

New Companies Bill to facilitate, guide generation next joining family business

THE new companies bill 2009 will take a special approach to second and third generation family members joining the family run companies after their studies, the union minister of state for corporate affairs, Salman Khurshid said here on Saturday....

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Posted Under: SEBI |

Benefit of section 10(23C)(v) cannot be denied merely because there are profits

Pinegrove International Charitable Trust Vs Union of India and others (Punjab and Haryana High Court at Chandigarh)

S. 10(23C)(vi) provides that the income of any university or other educational institution existing solely for educational purposes and not for purposes of profit shall be exempt. The assessee was running a school solely for educational purposes and claimed exemption u/s 10 (23C) (vi)....

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Corporate affair ministry may soon launch ‘Investor education protection fund’ website in regional languages

The Ministry of Corporate Affairs will launch the regional version of its just-launched investor education protection fund (IEPF) website in the next six months to educate investors about the stock markets, ministry secretary R Bandyopadhay said....

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Posted Under: SEBI |

Government policies man hurdle in implementation of corporate governance by PSUs

Even as the Union Cabinet on Thursday made it mandatory for public sector undertakings (PSUs) to follow corporate governance norms, senior executives of blue chip PSUs point out that it is the government itself that has been posing hurdles in the implementation of these rules....

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Posted Under: SEBI |

Real Estate Developers’ Associations may move court if land cost not exempted form service tax

An eye on compensation for revenue losses and tough posturing have marked positions taken by some states as they buckle down for another round of negotiations on the transition to a goods and services tax (GST). The fear of losing autonomy over levy of taxes has led to some states striking a tough stance against the GST architecture sugge...

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Posted Under: SEBI |

PWC case will be heard by SEBI in Satyam Scam

SEBI is again taking up for hearing the case relating to the role of audit firm PriceWaterhouse in the multi-core Satyam fraud. This follows the rejection by SEBI of the audit firm's application for a consent settlement earlier this month, a source said....

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Posted Under: SEBI |

Government planning to give ICAI more power so that it can exercise more control on Audit Firms

To reinforce control over auditors, the government is planning to give the regulator-Institute of Chartered Accountants of India-more teeth. Among the options being considered by the ministry of corporate affairs is to make it mandatory for a firm- Indian or foreign-doing audit to get a no-objection certificate from the regulator before i...

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Posted Under: SEBI | ,

One Bench cannot differ from the view of another co-ordinate bench but must refer to a larger Bench

Mercedes Benz India Private Limited. Vs Union of India and others (Bombay High Court)

One Bench of the Tribunal decided an appeal in favour of the assessee. However, another Bench refused to follow that decision even though the facts were the same on the ground that the earlier decision did not address the grievance of the Revenue and did not consider all the facts and did not lay down a clear ratio...

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Prohibition on export of Pulses-regarding

Notification No. 35/2009-2014 (30/03/2010)

NOTIFICATION NO. 35 /2009-2014, NEW DELHI, THE 30TH MARCH, 2010- In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014 (as amended from time to time), the Central Gove...

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Agricultural Debt Waiver and Debt Relief Scheme, 2008 – Prudential Norms on Income Recognition, Asset Classification, Provisioning and Capital Adequacy

RBI 2009-10/371, DBOD.No.BP.BC. 82 /21.04.048/2009-10 (30/03/2010)

In view of the recent drought in some States and the severe floods in some other parts of the country, the Government of India, as announced in the Union Budget 2010-11, has now decided to extend the last date of payment of 75% of overdue portion by the ‘other farmer’ under Debt Relief Scheme (under ADWDR) for another six months beyon...

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Classification in the Balance Sheet – Capital Instruments

RBI/2009-10/368, DBOD.BP.BC No.81/ 21.01.002/2009-10 (30/03/2010)

Under Schedule 1-Capital- (1) Perpetual Non-Cumulative Preference Share (PNCPS), Under Schedule 4 – Borrowings, (2) Innovative Perpetual Debt Instruments (IPDI), (3) Hybrid debt capital instruments issued as bonds/debentures, (4) Perpetual Cumulative Preference Shares (PCPS)...

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PPF Circular clarifying regarding reckoning of date of deposit and Reiteration of instructions on opening of account for minor

Circular No. DGBA.CDD. H-7530/15.02.001/2009-10 (29/03/2010)

(a) As you are aware, in terms of Ministry of Finance letter No. F. 3(9)-PD/72 dated September 4, 1972, in the case of Public Provident Fund Scheme, 1968 (PPF) “when a subscriber makes a deposit by local cheque or demand draft, the date of tender of cheque or draft at the Accounting Office is treated as date of deposit, provided the rel...

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Notification for Amendment to Schedule A, C & D of MVAT Act, 2002

Notification No. VAT.l&09/CR-156/Taxation-l (30/03/2010)

In entry 9A, in column (2), for the figures, letters and word " 31st March 2010 " the figures, letters and words "31st March 2011 or the date on which the Goods and Services Tax Act comes into force, whichever is earlier " shall be substituted.(2) in entry 51, in column (2), for the figures, letters and word " 31st March 2010 " the figure...

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Amendment to MVAT Notification CR-118 dated 01/06/2005

Notification No. VAT.1509/CR- 156A/Taxation- 1 (30/03/2010)

In exercise of the powers conferred by clause (b) of entry 81 of SCHEDULE C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends with effect from the 1st April 2010, the Government Notification, Finance Department, No.VAT.1505/ CR-118/Taxation- 1, dated the 1st June 2005, as ...

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Buyback/Prepayment of Foreign Currency Convertible Bonds (FCCBs)

RBI/2009-10/367, A.P. (DIR Series) Circular No. 44 (29/03/2010)

In terms of A.P. (DIR Series) Circular No. 58 dated March 13, 2009, Indian companies were allowed ] to buyback their Foreign Currency Convertible Bonds (FCCBs) both under the automatic route and approval route until December 31, 2009. The Scheme was discontinued with effect from January 1, 2010....

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Act now as fiscal year 2009-10 comes to an end

The importance lies in the fact that we prepare accounts and financial statements, close our books of accounts based on financial year, we compute our taxes for the financial year, pay taxes and file returns based on turnover or income of the financial year only. Not only this, we ought to make investments to save on taxes within the fina...

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Posted Under: SEBI |

Exchange Rate notification for Import / Export of goods with effect from 1st April, 2010

Notification No. 26/2010–Customs (N.T.) (29/03/2010)

Notification No. 26 / 2010 –Customs (N.T.) the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st April, 2010 be the rate ...

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Public Notice No. 50/2009-14, Dated: 29.03.2010

Public Notice No. 50 /2009-14 (29/03/2010)

An application for entering into an arrangement or understanding involving site visit, on-site verification or access to records/documentation by a foreign government or a foreign third party either acting directly or through an Indian party as mentioned in Appendix 3 of Schedule 2 of ITC(HS) shall be made in ANF 2EE to DGFT(Hqrs.), New D...

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Tax rate of Income Tax, Dividend Distribution, STT, Wealth, MAT & Special Income – A.Y. 2011-12

Basic exemption limit remains the same. The slab for 10% tax has been revised to Rs. 5,00,000/- from the existing Rs. 3,00,000/- in case of Individuals, HUFs, AOPs and BOIs. Surcharge of 10% applicable to domestic companies has been reduced to 7.5%. There is no change in the rate of surcharge of 2.5% in case of foreign companies....

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Posted Under: SEBI | ,

TDS Rate for FY 2010-11/ AY 2011-12 with Amendment

Download tds rate for financial year 2010-11, Download tds rate for Assessment year 2010-11, TDs chart for f.y. 2010-11, tds chart for A.Y. 2011-12, tds changes in budget 2010, tds rates, tds calculator, tds rate for financial year 2010-11, tds rate for Assessment year 2010-11, ...

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Posted Under: SEBI | ,

Amendment proposed by union budget 2010 in Provisions dealing with Settlement Commission

Entire scheme of the eligibility, powers and procedure before the settlement commission was overhauled by Finance Act, 2007, w.e.f. 1.6.2007. In the overhauled scheme, search / requisition cases covered by the provisions of section 153A of the Act were not allowed to take benefit of the settlement commission. It also excluded the cases of...

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Posted Under: SEBI |

Implementation of Unique Document Identification Number postponed to 1st July 2011

Section 282B was inserted by the Finance Act (No. 2) Act, 2009, with effect from the 01-10-2010. Under this provision, an income tax authority is required to allot a computer generated Document Identification Number before issue of every notice, order, letter or any correspondence to any other income tax authority or assessee or any other...

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Posted Under: SEBI |

Power of High Court to condone delay u/s. 256 (reference) and 260A (Appeal)

Under the existing provisions, appeal u/s. 260A of the Act against the order of the Income Tax Appellate Tribunal can be filed with the High Court within a period of 120 days from the receipt of the order of the ITAT. Prior to introduction of the appeal provisions u/s. 260A w.e.f. 1st October, 1998, there were provisions of filing referen...

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Posted Under: SEBI |

Tax Neutrality on conversion of Company into LLP

Finance Act, 2009, introduced several provisions in the Act to treat LLP as a partnership firm for the tax purposes in all respects. The Finance Bill, 2010, takes the process of amendment further, primarily for small companies having turnover of Rs. 60.00 lacs or less, by amending sections 32, 35DDA, 43, 47, 47A, 49, 72A and section 115JA...

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Posted Under: SEBI |

Incentive to Special Economic Zone (“SEZ”) provided in Union Budget 2010

The Income Tax Act, 1961 provides an incentive for units in SEZs under section – 10AA. The exemption is required to be calculated based on profits earned by such units from their export. The provision of Sec – 10AA(7) provides the way in which the exempted profit is required to be determined as under:...

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Posted Under: SEBI |

New Hotel Project and Convention Centers in NCT – Deduction under section 80 ID: Budget 2010

This section was introduced by the Finance Act, 2007, for encouraging investment in the hotels and convention centers in the National capital territory of Delhi and the districts of Faridabad, Gurgaon, Gautam Budh Nagar and Gaziabad. This provision was introduced specifically for giving impetus to investment for ensuing common wealth game...

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Posted Under: SEBI |

Deduction for eligible housing projects U/s. 80IB (10): Budget 2010

Section 80IB(10) allows 100% of the profits as deduction from a housing project, provided it complies with various conditions stipulated therein. The said section provided that the housing project should be completed on or before the 31st March, 2008 (for projects for which the approval was granted prior to 1.4.2004) or before expiry of a...

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Posted Under: SEBI |

Prohibition of dual deduction U/s. 35AD and Chapter VIA: Budget 2010

Under the existing provisions, benefit of any deduction Under Chapter VIA is denied to the businesses which are specified businesses, irrespective of any claim being made and / or allowed. The Finance Bill 2010 proposes to amend section 35AD(3) and Section 80A to provide that the deduction Under Chapter VIA will be denied for the specifie...

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Posted Under: SEBI |

Modification of the Conditions u/s. 35AD, applicable to cross-country Gas pipelines: Budget 2010

The Finance Bill, 2010 proposes that the assessee is required to make available such proportion of its total pipeline capacity as specified by regulations made by the Petroleum and Natural Gas Regulatory Board established under Section 3(1) of the Petroleum and Natural Gas Regulatory Board Act, 2006 instead of 1/3rd of its total pipeline ...

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Posted Under: SEBI |

Government monitoring end use of funds raised through IPO to prevent fund diversion

Corporate affairs minister Salman Khurshid said his ministry is studying ways to prevent over-pricing of initial public offers and monitoring the end use of funds raised through IPOs to prevent fund diversion.Khurshid also said his ministry is examining the report of the expert group to suggest steps for monitoring the end use of IPO fund...

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Posted Under: SEBI |

Service tax on Distribution of Films and the Health Care Industry would lead to double levy

The Finance Bill for 2010-11 has proposed to levy service tax on services related to the transfer of cinematographic films and sound recording under Section 65(105)(zzzzt). As we know, Intellectual Property service in terms of Section 65(55b) of the Finance Act, 1994 means (a) transferring temporarily; or (b) permitting the use or enjoym...

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Posted Under: SEBI |

CBDT instructed its staff to disallow mark to market forex derivative loss

The Central Board of Direct Taxes (CBDT) has asked income-tax authorities to disallow the forex derivative loss claimed by companies on the basis of ‘marked to market' valuation. Simply put, forex derivative loss, recognised on MTM basis, would be added back for the purpose of computing the taxable income of the company concerned (asses...

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Posted Under: SEBI |

Vodafone Essar given clean chit be special auditor

VODAFONE Essar, the country’s second-largest GSM telco, has been cleared of any wrongdoing by the government-appointed special auditors. Auditor SK Mehta and Co in their 140-page report said there were no discrepancies in the books of Vodafone Essar as the telco’s accounting were in line with international standards, but added that th...

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Posted Under: SEBI |

No room for builders under Service tax net

Thus, it is clear that that the realty sector has been worst hit by this year budget. Even this was explained by us in our power point presentation on the budget. This explanation will bring every builder in ambit of service tax. The retrospective amendment of renting has added fuel to the fire. The Finance Ministry has not waited for the...

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Posted Under: SEBI |

Promoter, Director & Company – Preview of inter se relationship

Question is whether the provisions of the Companies Act are adequate in dealing with promoters in unlisted companies? Possibly no. There is no clarity on the subject. It is time to look into this aspect in the future Companies Act in the making which is in the bill stage....

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Posted Under: SEBI |

Highlights of Maharashtra Budget 2010-11 and text of Budget Speech

This Financial Year began on the backdrop of economic recession. Lower tax receipts were expected due to global recession. Even the Central Government had reduced its target of tax receipts. Considering this situation, the tax receipt target for 2009-20 10 of the Sales Tax Department was fixed at Rs. 3 1,346/- Crore. I am happy to inform ...

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Posted Under: SEBI |

Urban Development Ministry will ask for review of service tax on real estate

The Urban Development Minister, Mr Jaipal Reddy, will soon take up with the Finance Ministry, the contentious issue of service tax imposition in the real estate sector proposed in the Budget. This assumes significance as the service tax imposition can translate into a three-four per cent increase in the cost of under-construction apartmen...

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Posted Under: SEBI |

Penalty for concealment of income u/s. 271(1)(c) can be imposed only if the concealment is proved : SC

In a judgement that will clear the air on the tricky issue of the income-tax department’s power to levy penalties on assessees, the Supreme Court has held that a penalty cannot be levied merely because the I-T authorities and taxpayers hold divergent views on calculation of income....

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Posted Under: SEBI |

Section 56- Purchase of Rights issues, preferential allotments by companies to you may land you in tax net

Parts of the new tax provision came into effect from October 1, ‘09, though subsequently the scope was extended in this year’s budget. But if the government does not spell out the details, it can lead to endless litigation. “For instance, `fair value’ has to be defined... Further, a rights issue is always at a discount to the mark...

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Posted Under: SEBI |

Salman Khurshid launches Hindi Website of ‘Investor Education & Protection Fund’ & of Ministry of Corporate Affairs

Shri Salman Khurshid, Minister for Corporate Affairs, here today launched the Hindi website of Investor Education and Protection Fund (IEPF), which is being administered by the Ministry of Corporate Affairs. The address of the website is: www.iepf.gov.in....

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Posted Under: SEBI |

Policy Circular No. 27/2009-2014, Dated: 25.03.2010

Policy Circular No. 27/2009-2014 (25/03/2010)

Representations have been received from Regional Authorities and Service Providers seeking clarification as to the guidelines for issuance of EPCG Authorization in cases where the Service Provider receives Foreign Exchange in cash from foreign consumers in India; for purpose of fulfillment of EO under EPCG Scheme/as well as for eligibilit...

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CBEC decided to recover drawback money from exporters who failed to realise payments from their buyers

Exporters' body FIEO said on Friday it will approach the government for withdrawal of an order which sought recovery of duty drawback credits from those who failed to realise payments from their buyers.Reversing a concession given by the commerce ministry to the embattled exporters in the midst of recession in the West last year, the Cent...

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Posted Under: SEBI |

New Companies Act expected in next 4 months

"The new Companies Act is already placed on the table of the House. A committee has been constituted ... We are very hopeful that within 3-4 months we will have a new Companies Act," Ministry of Corporate Affairs Secretary, R Bandyopadhyay, said at a function here....

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After financial crisis now turn for currency crisis

"The next biggest problem may be a currency crisis. It is a possibility that the next crisis awaiting the world is a currency crisis," renowned currency expert and Non-Executive Director of Elara Capital, Avinash Persaud, told PTI here....

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Expert group submitted report to Government on end use of IPO money

The government today said it is looking into the report submitted by the expert group set up to suggest steps for monitoring the end-use of IPO funds and would take appropriate action to prevent misuse of IPO money."The report (of expert group) has been submitted. We will certainly read the report carefully. But we can only tell you the f...

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Government may allow banks and financial institutions to issue long-term tax-free bonds

The government today said it is planning to allow banks and financial institutions to issue long-term tax-free bonds specifically to fund the crucial infrastructure sector requirements. "What has been proposed is that there will be financial entities and banks, which will be authorised to issue infrastructure bonds to raise money specific...

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Meghalaya increased Vat from 4% to 5% on all items except wheat and rice

The Meghalaya budget 2010-11, presented in the Assembly today, proposed to hike the VAT rate on all items, barring wheat and rice, from four per cent to five per cent. Presenting the budget, Finance Minister Mukul Sangma proposed to raise the royalty rate on coal to realise Rs 42 crore. The tax on luxuries will be amended to rationalise t...

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In absence of completion certificate, outside agency certificate will be sufficient to claim exemption from service tax on property

Home buyers and property developers need not worry about being levied a service tax if they cannot procure a completion certificate from the local authority. The government could allow some independent authority to certify that the property is complete....

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Vat Exemption on food grain in Maharashtra will continue for one more year

The Maharashtra budget on Thursday proposed to extend VAT exemptions on food articles like rice, wheat and pulses among others for one more year to help control price rise.Finance Minister Sunil Tatkare while presenting the budget for 2010-11 in the Assembly said that despite recommendation from the empowered committee to levy value added...

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Budget speech – Delhi budget for 2010-11

VAT rates of various commodities in Delhi, which are less than the rates suggested by the Empowered Committee of State Finance Ministers, are termed as deviations. A number of deviations have been done in the past. On account of these deviations we have incurred losses in our revenue collection as well as reduced compensation from the Cen...

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Appeal No.: Writ Petition Nos. 23110 & 23558 of 2009, dated: 26.03.2010

P. Giribabu Vs. Dy. Director of Enforcement (Madras High Court)APPEAL NO: Writ Petition Nos. 23110 & 23558 of 2009, (26/03/2010)

The relief sought for by the petitioner seeking permission to be accompanied by an advocate of his choice when he appears before the Enforcement Directorate in pursuance of the summons issued under section 37 of the Foreign Exchange Management Act, 1999 and recording of statement in the presence of an advocate...

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US Treasury Department may label China as currency manipulator

"There is a high possibility definitely (that China will be labelled as a manipulator), but it is very important to remember that the decision is largely symbolic and does not force any action, other than consultations," the China Daily quoted Schwab as saying today....

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1% Vat on property sale in Maharashtra from April 1, 2010

The Maharashtra Government has decided to levy one per cent Value-Added Tax on property sale from April 1, 2010 in its Budget for 2010-11. All sale agreements registered on or after April 1 will attract one per cent on the contract price of flats mentioned in the agreement of sale....

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Government approves Corporate Governance guidelines for Central PSUs

The Union Cabinet today approved the continuation of Guidelines on Corporate governance for Central Public Sector Enterprises (CPSEs) on mandatory basis. The Guidelines have now been made mandatory and are applicable to all CPSEs. The guidelines cover issues like composition of Board of CPSEs, Audit Committee, Subsidiary companies, Discl...

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Posted Under: SEBI |

Central asked other states to replicate Maharashtra in computerizing sales tax department

THE Centre asked other states to replicate Maharashtra’s model of fully computerising its sales tax department before GST is introduced in April 2011. Full computerisation has not only helped the state win accolades, but also has resulted in higher tax collections....

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CAG recommended closure of non-functional PSUs

Comptroller and Auditor General of India has recommended to close down 10 non-functional state-owned public sector undertakings (PSUs) as they do not serve any purpose. In its report tabled today in the state Assembly, the CAG said, "The process of voluntary winding up of the Companies Act is much faster and needs to be adopted/pursued vi...

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Posted Under: SEBI |

ICAI held former auditor of Bhubaneswar Stock Exchange guilty of professional misconduct

The disciplinary committee of the Institute of Chartered Accountants of India (ICAI) has held the former auditor of Bhubaneswar Stock Exchange (BhSE), Gokul Chandra Das of M/s. G.C. Das & Co, guilty of professional misconduct....

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Maharashtra budget 2010- some of the highlights

Maharashtra has become the first State in the country to provide through Internet the electronic services like acceptance of registration application, filing of return and payment of taxes, application of refund, acceptance of audit report and application for declarations under Central Sales Tax Act....

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Posted Under: SEBI |

Income tax officer caught accepting bribe

It was alleged in the complaint that the accused served a show cause notice to the complainant U/s 271 (b) of the Income Tax Act. for not filing the Income Tax Returns for the Annual year 2001-2002 & 2002-2003. He demanded a bribe of Rs. 75,000/- for setting the issue by calling off the notice. The complainant did not want to pay bribe an...

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Circular No.8/2010-Customs on Import of Cosmetics under the Drugs and Cosmetics Act, 1940 and Rules made thereunder

Circular No. 08/2010-Custom Duty (26/03/2010)

In terms of Rule 133 of the Drugs and Cosmetics Rules, 1945, no cosmetics shall be imported into India except through the points of entry specified in Rule 43A of the said Rules. Further, under Schedule “D” to the said Rules read with Rule 43, an exemption has been provided to certain categories of substances from the restrictions un...

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Impleadment of legal representatives – 397/398 – Indian company law

The issue of impleading legal representatives of a deceased party to a proceeding under section 397/398 of Companies Act, 1956 stands on a different footing to that of a normal Civil Suit. In a normal Civil Suit before a Civil Court, it is the rule that the legal representatives of a deceased person to be impleaded in the proceeding. ...

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CBDT instruction to its staff regarding allowing losses on account of forex derivatives

Instruction No. 03/2010 (23/03/2010)

"Marked to Market" is in substance a methodology of assigning value to a position held in a financial instrument based on its market price on the closing day of the accounting or reporting record. Essentially, 'Marked to Market' is a concept under which financial instruments are valued at market rate so as to report their actual value on ...

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ICAI may summon CBI for Satyam audit papers

The CA institute would use its powers to summon the Central Bureau of Investigation (CBI) regarding the audit papers on the cash and bank balances in the Satyam scam, the Institute of Chartered Accountants of India (ICAI) President, Mr Amarjit Chopra, told to press....

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AAR ruled out taxability of Income of FII from derivatives trading

Income of foreign institutional investors (FIIs) from derivatives trading will not be liable to tax in India, the Authority for Advance Rulings has said, clearing the air on taxability of the income of foreign investors trading in Indian securities. ...

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CIC imposed penalty for not furnishing information under RTI

The Central Information Commission (CIC) has ruled that excuses like 'shortage of staff and work overload' cannot be considered as reasons for not providing information under the Right to Information (RTI) Act and fined a local official for 'delay' in responding....

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