"25 March 2010" Archive

Exemption in Prohibition on export of Pulses

Notifiction No. 34/2009-2014 25/03/2010

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, the Central Government hereby makes, with immediate effect, the following amendment in the Notification No. 15 (R...

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It department looking to reopen Assessment of companies paying MAT

The Income Tax Department has decided to reopen assessments for three years, up to 2006-07, for companies paying the minimum alternate tax (MAT)., for companies paying the minimum alternate tax (MAT). MAT, inserted in the Income Tax Act in 1996-97, is meant to make those companies pay tax which earn profit and pay dividend to shareholders...

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Posted Under: DGFT |

Investigation in Satyam case by ICAI at final stage

The government today allayed apprehensions that accounting regulator ICAI was not working speedily against auditors involved in the accounting fraud in erstwhile Satyam Computers, even as the US counterpart has already banned two such auditors....

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Posted Under: DGFT |

Circular on Procedure for electronic filing of Service Tax returns and for electronic payment of service tax

Circular No. 919 /09 /2010 - CX, F.No. 201/20/2009-CX 6, 23/03/2010

Circular No. 919 /09 /2010 - CX- DG (Systems) has prepared comprehensive instructions outlining the procedure for electronic filing of excise and service tax return and electronic payment of taxes under ACES. The same is enclosed. The said instructions outline the registration process for new assessees, existing assessees, non–assessees...

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Govt. plans to introduce unique document id number for Income Tax communications

After introducing unique account numbers for taxpayers (PAN) and those for tax deductors (TAN), the government will this fiscal introduce a unique document identification number (DIN) to be quoted on every income tax related communication....

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Posted Under: DGFT |

Government may not roll back 10 per cent service tax on air travel proposed in budget 2010

he Budget proposal to charge 10 per cent service tax on air travel may not be rolled back, as the government expects to raise between Rs 600 and Rs 1,000 crore annually through the measure. Maintaining that the government plans to explore new avenues to mop up resources, a top official said, "at the moment it seems highly unlikely that th...

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Posted Under: DGFT |

Guidelines on Stripping/Reconstitution of Government Securities

RBI/2009-10/360, IDMD. DOD. 07 /11.01.09/2009-10 25/03/2010

STRIPS in Government Securities will ensure availability of sovereign zero coupon bonds, which will lead to the development of a market determined zero coupon yield curve (ZCYC). STRIPS will also provide institutional investors with an additional instrument for their asset-liability management. Further, as STRIPS have zero reinvestment ri...

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More then two-fold rise in Income Tax department appeals in Supreme Court

In spite of having various appellate tribunals and commissions within its establishment, the Income Tax Department has registered a more than two-fold rise in appeals in Supreme Court in cases involving crores of rupees of the exchequer....

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Posted Under: DGFT |

Priority Sector Lending – Categorisation of activities under Service under the MSMED Act, 2006

RBI/2009-10/359, UBD.CO.BPD(PCB) Cir.No.50/09.09.001/2009-10 25/03/2010

[original cost excluding land and building and the items specified by the Ministry of Small Scale Industries vide its notification no. S.O. 1722 (E) dated October 5, 2006] does not exceed Rs. 5 crore in respect of manufacturing enterprises and investment in equipment (original cost excluding land and building and furniture, fittings and o...

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Making unsustainable claims do not amount to furnishing inaccurate particulars and Penalty u/s. 271 (1) (c) cannot be imposed

C.I.T. Vs Reliance Petro Products Pvt. Ltd. (Supreme Court of India)

CIT vs. Reliance Petroproducts Pvt. Ltd., (2010) 11 SCC 762 = (2010) 322 ITR 158. As the assessee had furnished all the details of its expenditure as well as income in its Return, which details, in themselves, were not found to be inaccurate nor could be viewed as the concealment of income on its part. It was up to the authorities to acc...

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