"04 May 2010" Archive

Amendment in the Notification No.26/2009-14 dated 25.1.2010 regarding export of Animal by Products to EU vide Notification No. 39/2009-2014

Notification No. 39/2009-2014 (04/05/2010)

Export of the item produced from Animal By-Products to EU is allowed subject to the following conditions: (i) A ‘Shipment Clearance Certificate’ is to be issued consignment-wise by the CAPEXIL indicating details of the name and address of the exporter, address of the registered plant, IEC No. of the exporter, plant approval numbe...

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Indian finance companies need RBI "no-objection" certificate for investing overseas

RBI has asked finance companies to obtain a no-objection certificate from it before investing overseas, it said on Monday. The company will also have to clearly mention the activities that will be done by the overseas entity while making an application to RBI....

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Posted Under: DGFT |

Indian Premier League sponsors contest service tax notices

Matter likely to be litigated, with officials agreeing the law was unclear in the earlier editions of the IPL. The Union finance ministry may have to battle it out in court with the sponsors of the Indian Premier League (IPL) cricket tournament to make them comply with its service tax payment demands....

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Posted Under: DGFT |

Panel to suggest measure required for early disposal of appeal pending with CIT (A)

Citizens aggrieved by the orders of income tax assessing officers may soon find earlier resolution of their appeals before the Commissioners of Income Tax (CsIT), the first appellate authority for such disputes. The department of revenue has constituted a committee to monitor the huge number of cases locked in such appeals and suggest a p...

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Posted Under: DGFT |

Large unlisted companies may be allowed to list with 10% public holding

The finance ministry plans to exempt large unlisted companies from the proposed 25% minimum public holding norm to ensure that it does not discourage them from going public....

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Posted Under: DGFT | ,

Clarification regarding availment of CENVAT credit on input services- Service Tax Circular No. 122/03/2010-ST, dated 30-4-2010

Circular No. 122/03/2010-ST (30/04/2010)

As per Rule 4 (7) of the CENVAT Credit Rules, 2004, the CENVAT credit on input services is available only on or after the day on which payment of the value of input service and service tax is made. The section 67 (4) of the Finance Act, 1994, provides that gross amount charged includes payment made by issue of credit / debit notes or by e...

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S. 80HHC: EEFC foreign exchange fluctuation and interest not eligible: Bombay High Court

CIT Vs. Shah Originals (Bombay High Court)

The assessee, an exporter, claimed deduction u/s 80HHC on account of foreign exchange fluctuation and interest in the EEFC account on the ground that it was part of business income and arose from exports. The AO & CIT (A) rejected the claim though the Tribunal allowed it....

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S. 197 TDS: High Court censures Dept for cavalier approach

Larsen & Toubro Ltd Vs. ACIT (Bombay High Court)

The assessee, a consortium, was awarded a contract by MMRDA for the monorail project. The assessee filed an application u/s 197 for a certificate that MMRDA be directed to deduct tax at 0.11% on the ground that the percentage of total tax liability to revenue was estimated to be 0.11%....

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SEBI circular on Introduction of Index options with tenure up to 5 years

Circular No. CIR/DNPD/2/2010 (04/05/2010)

Stock market regulator Securities & Exchange Board of India (Sebi) has widened the scope of index-based options by allowing exchanges to offer option contracts based on Sensex and Nifty with a tenure of up to five years. In January, 2008, Sebi had extended the period to three years. The share of index-based options in the total derivative...

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Government collected TDS of nearly Rs 400 crore from IPL-III

The Income Tax department probing alleged financial irregularities in the IPL has collected TDS of nearly Rs 400 crore from the third edition of the T20 tournament. The department has accrued the amount as Tax Deducted at Source (TDS) from the remuneration paid to players, umpires, coaches, commentators and from payment of overseas public...

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Posted Under: DGFT |

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