"April, 2010" Archive

High Powered Committee Set up by The ICAI

The Government has informed the Parliament that the Institute of Chartered Accountants of India (ICAI) in terms of Section 17(2) of the Chartered Accountants Act, 1949 constituted a fact finding Committee called High Powered Committee to look into the entire gamut of financial reporting,...

Read More
Posted Under: CA, CS, CMA | ,

ICAI eyeing work opportunities abroad for its members

India chartered accountants eyeing work opportunities abroad will soon be spoilt for choice, with their nodal agency, the Institute of Chartered Accountants of India, negotiating with its counterparts in Canada, Singapore and Ireland to allow the professionals to take up assignments in these countries....

Read More
Posted Under: CA, CS, CMA | ,

Institute of Company Secretaries of India to come out with new secretarial standard

To strengthen corporate governance practices, the Institute of Company Secretaries of India will soon come out with a new secretarial standard asking a director of a company to disclose his transactions with other entity in which he has financial interest....

Read More
Posted Under: CA, CS, CMA | ,

Government agencies fully authorised to tap the phones of suspected tax evaders

Home minister P Chidambaram clarified in Parliament on Thursday that government agencies were fully authorised to tap the phones of suspected tax evaders. Chidambaram said the Central Board for Direct Taxes (CBDT) and other enforcement agencies were empowered to intercept phones to detect cases of tax evasion. However, he admitted that th...

Read More
Posted Under: CA, CS, CMA |

Bill to enable CAs, Company Secretaries and Cost Accountants to form LLP

Government on 28.04.2010 introduced in the Rajya Sabha three bills to enable CAs, Company Secretaries and Cost Accountants to form limited liability partnership firms in line with global practices....

Read More
Posted Under: CA, CS, CMA |

Govt Identifies SAR of Hong Kong for Double Taxation Avoidance Agreement

The Central Government have notified the “Hong Kong Special Administrative Region of the People’s Republic of China” as ‘specified territory’ for the purpose of Explanation 2 to Section 90 of the Income Tax Act 1961 vide Notification No. 25 of 2010 (F.No.500/124/9-FTD-II). The notification enables the Central Government to enter...

Read More
Posted Under: CA, CS, CMA |

MCA asks ICAI to make IFRS training affordable

Secretary, Ministry of Corporate Affairs, asks ICAI to make affordable the training being imparted to professionals for converging Indian Accounting Standards with IFRS ...

Read More
Posted Under: CA, CS, CMA |

Service tax on air travel not to impact adversely: Finance Minister

Finance minister Pranab Mukherjee on Thursday said service tax on air travel will not have any adverse impact as it is not linked to fare and has been capped at Rs 100 for domestic travel and Rs 500 for international travel....

Read More
Posted Under: CA, CS, CMA |

Over 3.7 lakh companies not filed annual returns and balance sheets with ROC

Over 3.7 lakh companies have not filed annual returns and balance sheets, which is mandatory under the Companies Act, for the fiscal year 2008-09, Parliament was informed on Friday. ...

Read More
Posted Under: CA, CS, CMA |

Finance Bill 2010-11: Construction Industry gets service tax concession

In a relief to realty sector and home buyers, Finance Miniser Pranab Mukherjee on Thusday announced tax concessions to the construction sector, which was brought under the ambit of service tax in this year's Budget....

Read More
Posted Under: CA, CS, CMA |

Important Announcement – May 2010 Examination – CA Final (New) and (Old) on Accounting Standards – AS-30, 31 & 32

Queries are being received from various quarters as to whether in today’s context, Accounting Standard(AS)-30, Accounting Standard(AS)-31 and Accounting Standard(AS)-32 are required to be studied thoroughly for the examinations of the Institute, as they are included in the respective syllabus....

Read More
Posted Under: CA, CS, CMA |

Notification No. 35/2010-Custom (NT) dated -Amending Principal notification No. 36/2001-Customs (N.T.) dated the 3rd August, 2001

Notification No. 35/2010-Customs (N.T.) (30/04/2010)

Notification No. 35/2010 - Customs (N. T.), New Delhi, 30th April, 2010- 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 I...

Read More

Finance Bill 2010-11: Relaxation in Direct Taxes (Income Tax) announced by Finance Minister

Direct Taxes (Income Tax) - Relaxation announced by the Finance Minister in the Lok Sabha while replying to the debate on Finance Bill, 2010 onApril 29, 2010. While introducing the Finance Bill, 2010 in respect of Direct Taxes, emphasis has been on relief to individual taxpayers, encouraging research and development in the country, provi...

Read More
Posted Under: CA, CS, CMA |

Finance Bill 2010-11: Relaxation in Service Tax announced by Finance Minister

The construction sector has requested for a review of the changes in the service tax law proposed in this year's Budget. Several suggestions have been made by the trade associations. Considering all the inputs, I propose to provide tax relief to this sector by enhancing their rate of abatement from 67% to 75% of the gross value where suc...

Read More
Posted Under: CA, CS, CMA |

Finance Bill 2010-11: Relaxation announced by FM in Indirect Taxes (Central Excise and Customs)

Full exemption from excise duty has been provided to betel nut product commonly known as 'supari'. This exemption is now being extended to scented supari. Central excise duty on corrugated boxes and cartons was reduced from 8% to 4% when they are manufactured starting from kraft paper. I propose to extend the exemption to cover units that...

Read More
Posted Under: CA, CS, CMA |

Finance Bill, 2010- FM announces ‘Coffee Debt Relief Package 2010’

The Coffee growers in the country have been facing long standing financial problems ever since the coffee prices fell to very low levels during the period 2000-2004. Relief Packages in the form of Special Coffee Term Loan 2002 and Special Coffee Relief Package 2005 were sanctioned to revive coffee sector, besides other initiatives like PM...

Read More
Posted Under: CA, CS, CMA |

Major Highlight of Amendment to Finance Bill 2010-11 passed in Lok Sabha

Considering the pressing need for more hospitals all over the country, it is proposed to include the business of a new hospital anywhere in India, with at least one hundred beds for patients, as a ‘specific business' for availing the benefit of investment linked deduction....

Read More
Posted Under: CA, CS, CMA |

Service tax notices to IPL sponsors DLF, Adidas and Religare

The income-tax department has served service tax notices on IPL sponsors DLF, Adidas and Religare. Sources said the tax demand on DLF, the title sponsor which is supposed to pay Rs 40 crore a year as sponsorship fee for five years, was Rs 4.8 crore for the league's first edition in 2008. Adidas and Religare sponsored teams....

Read More
Posted Under: CA, CS, CMA |

Finance Bill 2010-2011 passed in Lok Sabha with few amendments

The Lok Sabha on Thursday passed the Finance Bill for 2010-11, with a special relief package for coffee growers, and tax concessions for healthcare, auto and realty sectors, but without any change in the levies on petroleum products. Finance Minister Pranab Mukherjee moved the bill after the fresh amendments after a 50-minute final reply ...

Read More
Posted Under: CA, CS, CMA |

CBI arrested two senior officers of the Ministry of Home Affairs for corruption

The CBI today arrested two senior officers of the Ministry of Home Affairs in two separate cases — an alleged excise evasion racket in the Union Territory of Daman, and an alleged scam in the purchase of bulletproof jackets for use by central police forces....

Read More
Posted Under: CA, CS, CMA |

Government likely to introduce Bill on Direct Tax Code in monsoon session

The Government is likely to place in the public domain by next month a revised discussion paper on the proposed Direct Taxes Code (DTC). After a quick round of consultations with some of the major stakeholders, the draft legislation (Bill) on DTC will be introduced in Parliament in the Monsoon Session, the Finance Minister, Mr Pranab Mukh...

Read More
Posted Under: CA, CS, CMA |

Website Names in Indian Languages Soon

If everything goes well as planned, India will be ready to have internationalised domain names on the Internet in seven Indian languages -- Hindi, Bangla, Punjabi, Urdu, Tamil, Telugu and Gujarati -- by next year....

Read More
Posted Under: CA, CS, CMA |

ICAI sought info from 150 CA firms and multi-national corporations

Against the backdrop of multi-crore Satyam fraud, the accounting regulator ICAI has sought information from 150 chartered accountant firms, including multi-national corporations, to see whether they circumvented laws while providing auditing services in the country....

Read More
Posted Under: CA, CS, CMA | ,

Maharashtra Value Added Tax (Second Amendment) Rules, 2010

Notification No.VAT-1510/ CR-53/Taxation- 1 (30/04/2010)

(1) Where a claimant dealer has filed an application for refund under sub-section (1) of section 51, in FORM 501 and if it is noticed by the Commissioner that, — (a) the tax has not been paid onfthe earlier sales in respect of the transactions on which the dealer has claimed set-off or, as the case may be, refund, or (b) the claimant de...

Read More

Make Income Tax procedures people-friendly: Opposition

Opposition on Thursday sought changes in the present income tax procedures to make it people-friendly and said it would help check tax evasion. Participating in the resumed debate on the Finance Bill in the Lok Sabha, Anant Geete (Shiv Sena) said people are more interested in evading tax than paying it for development....

Read More
Posted Under: CA, CS, CMA |

Receipts with no nexus to exports have to be excluded for while computing 80HHC deduction

CIT Vs. Dresser Rand India (Bombay High Court)

Explanation (baa) to s. 80HHC defines the term “profits of the business” to mean business profits as reduced by 90% of .. “receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature“. The Tribunal took the view, on the basis of Bangalore Clothing 260 ITR 371 (Bom) that receipts towar...

Read More

Press Release No. BY/KP/GN-151/10, dated 29/4/2010

PRESS RELEASE NO. BY/KP/GN-151/10 (29/04/2010)

Coffee Debt Relief Package 2010.—The Coffee growers in the country have been facing long standing financial problems ever since the coffee prices fell to very low levels during the period 2000-2004. Relief Packages in the form of Special Coffee Term Loan 2002 and Special Coffee Relief Package 2005 were sanctioned to revive coffee sector...

Read More

Notification No. 19/2010-Central Excise (N.T.); dated: 29.04.2010

Notification No. 19/2010-Central Excise (N.T.) (29/04/2010)

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) and (2) of section 4A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.49/2008-Central Excise (N.T.), dat...

Read More

List of Credit Information Companies

UBD.CO.BPD.Cir.No. 60/09.11.200/2009-10 (29/04/2010)

In this connection, we advise that apart from Credit Information Bureau of India Ltd., (existing credit information company in operation since January 2001) DBOD has recently issued certificate of registration to Experian Credit Information Company of India Pvt. Ltd. and Equifax Credit Information Services Pvt. Ltd. on February 17, 2010 a...

Read More

Notification No. 22/2010-Central Excise- Amends No. 2/2008-Central Excise, dated the 1st March, 2008

Notification No. 22/2010-Central Excise (29/04/2010)

Notification No. 22/2010-Central Excise, New Delhi, the 29th April, 2010- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the no...

Read More

Notification No. 21/2010-Central Excise- Amends No. 3/2006-Central Excise, dated the 1st March, 2006

Notification No. 21/2010-Central Excise (29/04/2010)

NOTIFICATION No. 21/2010-Central Excise- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of I...

Read More

Notification No. 20/2010-Central Excise; Dated: 29.04.2010

Notification No. 20/2010-Central Excise (29/04/2010)

The exemption shall be applicable to units manufacturing cartons, boxes or cases, as the case may be, starting from the stage of Kraft paper, corrugated paper, corrugated sheet, corrugated board or any one or more of these stages and not having the facility to manufacture Kraft paper in the same factory....

Read More

Notification No. 23/2010 – Service Tax, Dated: 29.04.2010

Notification No. 23/2010 - Service Tax (29/04/2010)

Notification No. 23/2010 - Service Tax - Commercial Training or Coaching Service – Exemption to Modular Employable Skill courses approved by the National Council of Vocational Training when provided in relation to Modular Employable Skill courses approved by the National Council of Vocational Training, by a Vocational Training Provider ...

Read More

Custom Duty Notification No 56/2010, Amends Notification No. 79/2008-Customs, dated the 13th June, 2008

Notification No. 56/2010-Customs (29/04/2010)

Notification No. 56/2010-Customs -Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the Notification No. 79/2008-Customs, dated the 13th June, 2008, published in the Gazette of India - In the said notification, for the figures and words 10% ad valor...

Read More

Custom Duty Notification No 55/2010, Amends Notification No. 20/2006-Customs, dated the 1st March, 2006

Notification No. 55/2010-Customs (29/04/2010)

Notification No. 55/2010-Customs Acetate Rayon Tow required for the manufacture of Cigarette Filter Rod Provided the importer follows the procedure set out in Customs (Import of Goods at Concessional Rate of Duty For Manufacture of Excisable Goods) Rules, 1996. ...

Read More

Custom Duty Notification No 54/2010- Amends Notification No. 21/2002-Customs, dated the 1st March, 2002

Notification No. 54/2010-Customs (29/04/2010)

Notification No. 54/2010-Customs- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the M...

Read More

Amends notification No. 103/2008-Cus (NT) dated 29.08.2008 (Drawback Schedule notification) so as to make All Industry Rate of duty drawback on cotton yarn as nil

Notification No. 34/2010-Customs (N.T.) (29/04/2010)

(a) in Chapter 52, - (i) for tariff items 520501 and 520502 and the entries relating thereto, the following tariff items and the entries shall be substituted...

Read More

Customs Notification No 33/2010 (NT) amending the Customs, Central Excise duties and Service Tax Drawback Rules, 1995 so as to disallow drawback on cotton yarn

Notification No. 33/2010-Customs (N.T.) (29/04/2010)

In exercise of the powers conferred by section 75 of the Customs Act, 1962 (52 of 1962), section 37 of the Central Excise Act, 1944 (1 of 1944) and section 93A read with section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Customs, Central Excise Duties and Service ...

Read More

Proposed Regulatory Framework for Core Investment Companies (CICs) – Draft guidelines

The Reserve Bank of India Act, 1934 (RBI Act) requires a Non-banking Financial Company (NBFC) undertaking inter-alia, the business of acquisition of shares, stock, bonds, debentures or other marketable securities to obtain a Certificate of Registration as a NBFC. Such entities are regarded as Investment Companies by the Reserve Bank of In...

Read More
Posted Under: CA, CS, CMA | ,

CBDT Clarification on Interception of Telephonic Conversations

A section of the media has reported communication between the Income Tax department and the Central Bureau of Investigation regarding records of telephonic conversations between a person by the name of Nira Radia and others. It is also reported, citing sources in the CBI, that in addition to Radia, telephone lines of several other influen...

Read More
Posted Under: CA, CS, CMA |

Finance Act, 1994 need to be amended to clear the doubts about allowability of Input Tax credit to Software and BPO Companies

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. ...

Read More
Posted Under: CA, CS, CMA |

No proposal with Government of India for e-registration of FIRs through Public Kiosks

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....

Read More
Posted Under: CA, CS, CMA |

IRDA asked insurance companies to disclose commission on ULIPs

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....

Read More
Posted Under: CA, CS, CMA |

Shri Salman Khurshid Asks His Ministry’s Field Officers to Reach Out to the Corporates and Help Them Make Their Compliances upto-Date

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...

Read More
Posted Under: CA, CS, CMA |

Section 80HHC – Whether independent incomes are liable to be reduced to the extent of 90% in the computation of business profits

CIT Vs. M/s. Dresser Rand India Pvt. Ltd. (Bombay High Court)

Whether on the facts and in the circumstances of the case, the Tribunal was 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...

Read More

Finance Bill, 2010 – Notice of Amendments – Bill passed by Lok Sabha on 29-4-2010

NA (29/04/2010)

on or after the 1st day of April, 2010, where the specified business is in the nature of developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and which is notified by the Board in this behalf in accordance with guidelin...

Read More

Announcement for students appearing in May 2010 and November 2010 examinations PE-II [Income-tax and Central Sales Tax] and PCC/IPCC [Taxation]

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 an...

Read More
Posted Under: CA, CS, CMA |

Announcement for students appearing in May 2010 and November 2010 examinations Final (Old) Course [Direct Taxes] and Final (New) Course [Direct Tax Laws]

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 amen...

Read More
Posted Under: CA, CS, CMA |

FM’s opening speech at consideration of Finance Bill-2010

I have already informed the House that the Government is firmly committed to the goal of comprehensive tax reform through the introduction of the Direct Taxes Code (DTC) as well as the Goods and Services Tax (GST). I am happy to inform the Hon’ble Members that, in the case of DTC, the process of consultation with the stakeholders for re...

Read More
Posted Under: CA, CS, CMA |

1.50 Crore Bribe case: Court extended custody of Sumitra Banerjee, Family members of Anirudh Rai applied for anticipatory bail

A special court on Tuesday extended the judicial custody of income tax official Sumitra Banerjee and her husband, Subrato, to May 11. Sumitra, an additional IT commissioner, was nabbed by CBI officers on April 17 for demanding a bribe of Rs 1.5 crore from a builder....

Read More
Posted Under: CA, CS, CMA |

RoC issued show-cause notice to KKR for inadequate regulatory filing, May Issue notice to other IPL Franchisees too

The Registrar of Companies (RoC) on Tuesday issued a show-cause notice to Kolkata Knight Riders (KKR) for inadequate regulatory filing, as it prepares to shoot off similar letters to some other franchisees. The registrar found that Red Chillies Entertainment, the team owner promoted by Bollywood actors Shah Rukh Khan and Juhi Chawla, did ...

Read More
Posted Under: CA, CS, CMA |

NYSE allowed Satyam to remain listed till 15th October

The New York Stock Exchange (NYSE) has given Satyam Computer time till October 15, 2010, to file its annual report and allowed it to remain listed on the US bourse till then. ED records statements of Satyam accused. Satyam had sought more time from NYSE to file the annual report which it could not file due to the account fudging done by...

Read More
Posted Under: CA, CS, CMA |

Income tax department keeping tight vigil on Indians visiting tax havens

The income tax department is keeping a tight vigil on Indians, notably the ones suspected of owning bank accounts, visiting tax paradises such as Switzerland, Cayman Islands, Mauritius and the Bahamas, as it amplifies efforts to trace tax evasion and slush funds tucked away abroad....

Read More
Posted Under: CA, CS, CMA |

IPL franchises failed to submit their annual returns with ROC

The initial probe of the corporate affairs ministry into the affairs of the IPL franchises has revealed that some of them had failed to submit their annual reports , including balance sheets, for different years for which they have now been issued show-cause notices with a caution that failing to respond could invite criminal action....

Read More
Posted Under: CA, CS, CMA |

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

Notification No. 32/2010–Customs (N.T.) (28/04/2010)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.26/2010-CUSTOMS (N.T.), dated the 29th March, 2010 vide number S.O.704(E), dated the 29th March, 2010,except as respects things do...

Read More

Service tax notices to DLF, Religare, Adidas for IPL-I

In the midst of a tax probe into finances of IPL, authorities have issued notices to several sponsors of the first edition of the Twenty20 event, including DLF, Adidas and Religare for non-payment of service tax. The notices have asked as to why no service tax has been paid for the sponsorship deal for the first edition of IPL, held in 20...

Read More
Posted Under: CA, CS, CMA |

Credit Rating Agencies may be required to disclose publicly on their websites their shareholding pattern and the names of the owners

As per the information received from Securities and Exchange Board of India (SEBI), at the instance of the High Level Coordination Committee on Financial Markets (HLCCFM) Government had set up a committee to revisit the legal and policy framework for regulating the activities of Credit Rating Agencies (CRAs)....

Read More
Posted Under: CA, CS, CMA |

Steps to Check Fudging of Accounts by Companies

The Government has said that as and when any instance of wrong doing by any company comes to the notice, action is taken as per provisions of the Companies Act, 1956. In addition, the Ministry of Corporate Affairs has devised Early Warning System (EWS) based on the information available in MCA-21 System....

Read More
Posted Under: CA, CS, CMA |

No provision under the Companies Act, 1956 for merger of Indian companies with foreign companies

The Minister of Corporate Affairs, Shri Salman Khurshid has said that there is no provision under the Companies Act, 1956 for merger of Indian companies with foreign companies. However, a foreign company may merge with an Indian company. Giving this information in written reply to a question in the Rajya Sabha on merger of companies, Shri...

Read More
Posted Under: CA, CS, CMA |

RBI declared 108 NBFCs as vanishing companies during last three years

Reserve Bank had declared 108 Non Banking Financial Companies (NBFCs) as vanishing companies during the last three years, Rajya Sabha was informed today. "Whenever a company is declared as vanishing the matter is referred to the Economic Offences Wing of the concerned state government," Minister of State for Finance Namo Narain Meena sai...

Read More
Posted Under: CA, CS, CMA |

Government set up units in Singapore and Mauritius and will create units in eight more countries

The government has set up two income tax overseas units at its missions in Singapore and Mauritius and will create such units in eight more countries to facilitate exchange of information on tax-related issues, Parliament was informed today....

Read More
Posted Under: CA, CS, CMA |

IT department and UIDAI agreed to come together for rolling out PAN cards with unique 16 digit Aadhaar number

Income Tax department and the Unique Identification Authority of India have agreed “in-principle” to come together for rolling out PAN cards with unique 16 digit Aadhaar number. Official sources said both the UIDAI headed by Nandan Nilekani and the finance ministry has held series of meetings on the subject and are now in the process ...

Read More
Posted Under: CA, CS, CMA |

CBI Conducts Searches at 36 Places in Daman, Mumbai, New Delhi and Offices of Distilleries at Daman

1. CBI Conducts Searches At 36 Places In Daman, Mumbai, New Delhi And Offices Of Distilleries At Daman In Connection With Evasion Of Rs. 340 Crore Excise Duties And Vat In The Union Territory Of Daman 2. CBI Registers a case against Joint Secretary of MHA and others in this connection...

Read More
Posted Under: CA, CS, CMA |

Government need to constitute a joint parliamentary committee on tax havens

The Indian Premier League (IPL) did not start with Sunanda Pushkar. It has been around for more than three years. The relationship between IPL franchises and tax havens is not something new. But the investigative hounds were unleashed after the exit of minister of state for external affairs Shashi Tharoor....

Read More
Posted Under: CA, CS, CMA |

SEBI circular on Margining of institutional trades in the cash market

Circular No. CIR/MRD/DP/15/2010 (28/04/2010)

Reserve Bank of India (RBI) vide A. P. (DIR Series) Circular no. 47 dated April 12, 2010 has permitted FIIs to offer domestic Government Securities (acquired by the FIIs in accordance with the provisions of Schedule 5 to Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time and subject to the overall limits spec...

Read More

IT department issued notice to firm owned by Lalit Modi’s son in Law

The probe into the Indian Premier League (IPL) is inching ahead. After the Mauritius-based World Sports Group (WSG), which holds the IPL broadcast rights, the income-tax (I-T) department has asked Mauritius Colway Investment, a firm owned by Lalit Modi’s son-in-law Gaurav Burman, to submit the financial details and source of funding of...

Read More
Posted Under: CA, CS, CMA |

397/398 – Company Law Board – Forum Shopping – Indian Company Law

It is a fact that it is very rare to see a petition by a group of minority or majority under section 397/398 of the Companies Act, 1956 in listed Public Companies. As everybody knows a Company needs to get qualified as per SEBI (DIP) regulations and should satisfy other requirements before getting its shares listed over a stock exchange....

Read More
Posted Under: CA, CS, CMA |

Notification No. 31/2010-Income Tax Dated 27/4/2010

Notification No. 31/2010-Income Tax (27/04/2010)

Notification No. 31/2010-Income Tax It is hereby notified for general information that the organization Baun Foundation Trust (Baun Foundation Medical Research Centre), Mumbai 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, (said Act), read with Rules 5C an...

Read More

Notification No. 30/2010-Income Tax Dated 27/4/2010

Notification No. 30/2010-Income Tax (27/04/2010)

Notification No. 30/2010-Income Tax It is hereby notified for general information that the: organization Jain Vishva Bharati, Ladnun, Nagaur has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules,...

Read More

Introduction of derivative contracts on Volatility Index

Circular No. CIR/DNPD/1/2010 (27/04/2010)

Further to SEBI circular no. SEBI/DNPD/Cir-35/2007 dated January 15, 2008 with regard to introduction of Volatility Index, it has now been decided to permit Stock Exchanges to introduce derivative contracts on Volatility Index, subject to the condition that;...

Read More

Government released Saral-II for salaried employees for A.Y. 2010-11

The Finance Ministry has come out with 'Saral-II', the new income tax returns form, that seeks to make tax filing easy on the assessee and gather information on TDS paid on salary and interest. The Saral-II, a two-page form, was mentioned by Finance Minister Pranab Mukherjee in his Budget speech for 2010-11....

Read More
Posted Under: CA, CS, CMA |

DGFT Public Notice No: 58/2009-2014- Fixation of new SION C 2047

Pubilc Notice No. 58/2009-14 (27/04/2010)

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....

Read More

To compute the PE ‘duration test’ under Art. 5 (2) of the DTAA, different project sites can be aggregated only if the test of interconnection and interrelationship is satisfied

ADIT Vs. Valentine Maritime (Mauritius) [ITAT Mumbai]

Article 5(2)(i) of the India-Mauritius DTAA defines “permanent establishment” to include “a building site or construction or assembly project or supervisory activities in connection therewith, where such site, project or supervisory activity continues for a period of more than nine months“. The assessee, a Mauritius company, execu...

Read More

Govt may initiate discussion on FDI in multi-brand retail, defence and agriculture

(27/04/2010)

India today said it would next month initiate discussion on liberalising Foreign Direct Investment in sectors ranging from defence to agriculture and even retail -- a source of political woes for the government in the past. The Department of Industrial Policy and Promotion (DIPP), the nodal agency for framing FDI policies, will come out w...

Read More
Posted Under: CA, CS, CMA |

MCA only collecting info on IPL teams, not conducting probe

The Corporate Affairs Ministry today said it was collecting information on all franchisees of IPL teams and described this as a part of normal practice for any company and was not a probe. "My ministry is merely collecting information that we should have in the normal course of those companies that are franchisee companies," Corporate Aff...

Read More
Posted Under: CA, CS, CMA |

India becomes 7th largest Shareholder in world bank

The Development Committee of the World Bank, in its meeting held on 25th April, 2010 at Washington DC, took historic decisions relating to increasing the financial capacity of the Bank and enhancing the role of developing countries in its governance. These decisions would be of great benefit to India – both as a borrower from and as a s...

Read More
Posted Under: CA, CS, CMA |

Import of sports weapons by ‘Renowned Shooters’ – Policy Circular No. 31 /2009-2014

Policy Circular No. 31 /2009-2014, (26/04/2010)

On receipt of application, concerned RA shall send a copy of the application to National Rifle Association of India for their comments. After receipt of comments from the National Rifle Association of India, RA shall issue licence to the applicant. (ii) After issue of licence, RA shall forward a copy of licence to National Rifle Associa...

Read More

Word ‘T’ is not the Monopoly of Tata Group

Telco has lost its trademark violation case against the Super Cassettes Industries in the Delhi High Court which allowed the electronics company to use letter 'T' in its T-SERIES mark, saying it was not its "monopoly"....

Read More
Posted Under: CA, CS, CMA |

ED suspect investment in IPL franchisees by benami companies

(27/04/2010)

The Enforcement Directorate’s (ED) probe into suspected money-laundering and foreign exchange violations in the Indian Premier League (IPL) has zeroed in on 18 benaami companies based out of India who have made huge investments in some IPL franchisees....

Read More
Posted Under: CA, CS, CMA |

I-T Department found BCCI reply inadequate

The Board of Control for Cricket in India (BCCI) may have met the deadline for replying to the queries by the Income Tax Department concerning the Indian Premiere League (IPL), but that’s not enough. Officials pointed out that the I-T Department has found the BCCI reply “inadequate”....

Read More
Posted Under: CA, CS, CMA |

ICAI will study the financial statements of IPL franchisees

India's accounting regulator has sought the financial statements of the eight Indian Premier League franchises to study if their auditors complied with accounting standards and best practices, joining other government agencies combing through the T20 cricket tournament for a stack of sins....

Read More
Posted Under: CA, CS, CMA |

ICAI requested CBI , SFIO and Sebi to share evidences against PriceWaterhouse auditor

Accounting regulator ICAI has requested investigation agencies CBI and SFIO and market regulator Sebi to share evidences against PriceWaterhouse auditor Srinivas Talluri in the Satyam case, at the forthcoming disciplinary committee proceedings....

Read More
Posted Under: CA, CS, CMA |

Government plans to plug loopholes in investment of foreign equity from a single source into one company through multiple routes

(27/04/2010)

The government plans to plug loopholes in investment of foreign equity from a single source into one company through multiple routes. Currently, different agencies monitor the foreign investment flow, leading to policy overlaps and violations....

Read More
Posted Under: CA, CS, CMA |

HC instructs pollution control board to Ensure environment audit reports put to meaningful use

The Gujarat High Court has directed the state pollution control board to ensure that environment audit reports are put to meaningful use to control pollution in the state. A division bench of Chief Justice S J Mukhopadhaya and Justice Akil Kureshi issued the directives while dismissing a petition of Gujarat Dyestuff Manufacturers Associat...

Read More
Posted Under: CA, CS, CMA |

Membership and Certificate of Practice Fee for the year 2010-2011

Annual Membership and Certificate of Practice fee for the year 2010-2011 became due for payment on 1st April 2010. The schedule of fee is as under: - For Members below age of 65 years Associate Membership Fee 600/-, Fellow Membership Fee 1800/-, Certificate of Practice Fee 1600/-...

Read More
Posted Under: CA, CS, CMA | ,

Download ITR-1 for A.Y. 2010-11/ FY 2009-2010 in Excel, Word

CBDT notifies New Income Tax Return Form SARAL II (ITR 1) for Assessment Year 2010-11 for Individuals having income from Salary/Pension/Income from One House Property (Excluding loss brought forward from previous years) / Income from Other Sources (Excluding winning from Lottery and Income from Race Horses). CBDT also notifies Income Tax ...

Read More

Assessee can not claim waiver from Interest u/s 234B, even if delay in payment is unintentional

CIT Vs. Insilco Ltd. (Delhi High Court)

We have given our due consideration to the aforesaid submissions of the counsel on the either side. The important fact which is to be borne in mind in the present case is that no advance tax was paid by the assessee at all in the assessment year in question on the plea that such tax was not payable as the assessee had set off the interest...

Read More

Expenditure for construction of hospital building for general public is expenditure incurred for charitable purposes

CIT Vs. Mool Chand Sharbati Devi Hospital Trust (Allahabad High Court)

Having heard learned counsel for the parties, we have gone through the impugned orders and given our anxious consideration to the rival submissions.Section 2 (15)of the Act defines charitable purpose and Section 11 (1)of the Act provides exemption to the income derived by the trust applied for the charitable purposes...

Read More

Section 194C(1) is applicable to job work assigned by an event manager to others

EMC Vs. ITO (ITAT Mumbai)

We have perused the records and considered the rival contentions carefully. The dispute is regarding rate of deduction of tax at source in respect of job work assigned by the assessee to others as an event manager. There is no dispute that the assessee had not deducted tax at source. The dispute is only whether the case of the assessee wi...

Read More

Word ‘Capital asset’ in section 2(14) does not necessarily mean that property, which assessee holds, must be his own

Asian PPG Industries Ltd. Vs. DCIT (ITAT Mumbai)

We have heard the learned representatives of the parties and perused the record. The crux of the matter under consideration whether under the facts and circumstances of the case under consideration there is transfer of asset and same is liable to capital gains or loss. The case of the revenue is that the assessee was not the owner of the ...

Read More

Housing Projects: Provisions of sub-section (10) not governed by provisions of sub-section (2) of section 80-IB

G. V. Corporation Vs. ITO (ITAT Mumbai)

It is first contended on behalf of the assessee that the view taken by the CIT that section 80IB(2) also applies to assessee's claiming deduction under sub-section (10) of the section in respect of housing projects is erroneous and untenable as has been held by the Mumbai Bench of the Tribunal in (a) Parth Corpn. v. ITO [2008] 23 SOT 368 ...

Read More

Assessing Officer cannot impose penalty u/s. 271(1)(c) on the basis of routine and general presumptions

ITO Vs. Oasis Securities Ltd. (ITAT Mumbai)

Now coming to the merits of the case, we noticed that the AO levied penalty u/s 271(l)(c) on the ground that the assessee has filed inaccurate particulars of income. What is inaccurate particulars of income within the meaning of provisions of section 271(l)(c) of the Act has been discussed in details by the 1TAT Mumbai Bench in the case o...

Read More

Penalty can not be imposed u/s. 272A(2)(c) for delay in filing of quarterly returns of TDS

Royal Metal Printers Pvt. Ltd. Vs. Add. CIT (ITAT Mumbai)

We have heard the rival submissions and carefully perused the record. Admittedly tax was deducted at source and payment was made/deposited within the time provided under the Act and the returns under Form 26Q as well as 24Q were filed with a marginal delay, reckoned from the due date for filing the regular returns as per the old provision...

Read More

Guidelines for market makers on Small and Medium Enterprise (SME) exchange/separate platform of existing exchange having nation wide terminal

Circular No. CIR/MRD/DP/ 14 /2010 (26/04/2010)

SEBI has put in a framework for setting up of new exchange or separate platform of existing stock exchange having nationwide terminals for SME (hereinafter referred to as the ‘Exchange/ SME Exchange’). In order to operationalise the said framework, necessary changes have been made to applicable Regulations, circulars etc. As per the f...

Read More

TDS u/s.194H on Commission paid on sale of pre-paid & post-paid SIM card

CIT Vs. Idea Cellular Ltd. (Delhi High Court)

Whether on a true and correct appreciation of the relationship between the assessee and its distributors, the learned Income Tax Appellate Tribunal erred in holding that the payments paid by the assessee is not commission as envisaged under Section 194H of the Act?" This question has arisen for determination for the Assessment Years 2003-...

Read More

Reference in Article 13(3)(c) of Indo-Canada DTAA is to "any copyright" and it is not a reference to "any right" for purpose of terming a payment as `royalty’

Director of Income Tax Vs Sahara India Financial Corporation Ltd. (Delhi High Court)

This appeal preferred by the revenue is directed against the Income Tax Appellate Tribunal .s order dated 28.07.2006 passed in ITA No. 491/Del/2000 and relates to the assessment year 1998-1999....

Read More

An assessee does not have to develop entire port to qualify for deduction u/s 80-IA of the Income Tax Act, 1961

CIT Vs ABG Heavy Industries Ltd. (Bombay High Court)

The object of Section 80IA was to provide an impetus to the growth of infrastructure in the nation. A sound infrastructure is a sine qua non for economic development. Absence of infrastructure poses significant barriers to growth and development. A model which relied exclusively on the provision of basic infrastructure by the State was fo...

Read More

Reasons recorded by AO for reopening an assessment are the only reasons which can be considered when formation of belief is impugned

Prashant S. Joshi Vs Income Tax Officer (Bombay High Court)

The principal challenge in these proceedings is to the notices issued by the first respondent under section 148 of the Income Tax Act, 1961 proposing to assess the income of the petitioner for assessment years 2005-06 and 2006-07 on the ground that there is reason to believe that income chargeable to tax had escaped assessment, within the...

Read More

Loss of one industrial undertaking cannot be set off against the profit of another such industrial undertaking for purpose of computing deduction u/s 80-I

CIT Vs Sona Koyo Steering Systems Ltd. (Delhi High Court)

Where the gross total income of an assessee includes any profits and gains derived from an industrial undertaking or a ship or the business of a hotel or the business of repairs to ocean-going vessels or other powered craft to which this section applies, there shall, in accordance with and subject to the provisions of this section, be all...

Read More
Posted Under: CA, CS, CMA |

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031