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Archive: April, 2010

Posts in April, 2010

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

April 30, 2010 756 Views 0 comment Print

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.

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

April 30, 2010 609 Views 0 comment Print

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 Mukherjee, told the Lok Sabha here on Wednesday.

Website Names in Indian Languages Soon

April 30, 2010 213 Views 0 comment Print

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.

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

April 30, 2010 612 Views 0 comment Print

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.

Maharashtra Value Added Tax (Second Amendment) Rules, 2010

April 30, 2010 4254 Views 0 comment Print

(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 dealer has not received the declarations or certificates in support of the sales or the dispatches otherwise than by way of sales as covered under the Central Sales Tax Act, 1956,

Make Income Tax procedures people-friendly: Opposition

April 30, 2010 441 Views 0 comment Print

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.

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

April 30, 2010 430 Views 0 comment Print

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 towards recovery of freight, insurance

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

April 29, 2010 336 Views 0 comment Print

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’s Relief Package for Debt Stressed farmers and Debt Waiver

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

April 29, 2010 1398 Views 1 comment Print

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.), dated the 24th December, 2008, published in the Gazette of India, Extraordinary, vide number G.S.R. 882(E), dated the 24th December, 2008, namely:-

List of Credit Information Companies

April 29, 2010 973 Views 0 comment Print

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 and March 26, 2010 respectively to commence the business of credit information. The addresses and other details of the companies are given below.

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