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Archive: 26 May 2010

Posts in 26 May 2010

VAT Notification for Mandatory E-payment for Monthly Returns w.e.f. 01.06.2010 in Maharashtra

May 26, 2010 613 Views 0 comment Print

In pursuance of the powers conferred by sub-rule (1) of rule 45A of the Maharashtra Value Added Tax Rules, 2005, the Government of Maharashtra hereby specify that, with effect from 1st June 2010, every registered dealer liable to file monthly returns, shall make payment electronically of any amount under the Maharashtra Value Added Tax Act, 2002.

Timeshare membership fee taxable over the period of contract: ITAT Chennai (SB)

May 26, 2010 4055 Views 0 comment Print

This Tax Alert summarizes a recent ruling of the Special Bench of the Chennai Income Tax Appellate Tribunal (SB) [ITA Nos. 2412 to 2416/Mds/2005] in the case of M/s Mahindra Holidays & Resorts (India) Ltd. (Taxpayer) on the issue of taxability, under the Income Tax Law (ITL), of timeshare membership fee received upfront by the Taxpayer in the initial year of enrolment of a member.

Notification No. 24/2010-Central Excise (N.T.) Dated- 26th May, 2010

May 26, 2010 1402 Views 0 comment Print

that export of excisable goods which are chargeable to nil rate of duty or are wholly exempted from payment of duty, other than goods cleared by a hundred per cent export-oriented undertaking, shall not be allowed under this notification;”

There is nothing in language of section 13(1)(b) to suggest that an institution of mixed objects is precluded from getting registration under section 12AA

May 26, 2010 1092 Views 0 comment Print

Only a trust which is for religious purpose is excluded and debarred from registration under section 12AA; a trust whose object is charitable as well as religious is not debarred from registration.

MVAT notification for Change in Schedule Entry related to Rasins and Currants

May 26, 2010 565 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby, with effect from the 1st June 2010 amends SCHEDULES A and C appended to the said Act, as follows, namely :—

Dos and Dont's for printing and submitting of ITR-Vs to ITD-CPC Bangalore for A.Y. 2010-11

May 26, 2010 1755 Views 7 comments Print

Please use Ink Jet /Laser printer to print the ITR-V Form. The ITR-V Form should be printed only in black ink. Do not use any other ink option to print ITR V.

Section 35C of the Central Excise Act, 1944 – Orders of Appellate Tribunal – Action on expiry of stay orders given by the CESTAT

May 26, 2010 2878 Views 0 comment Print

The Appellate Tribunal shall, where it is possible to do so, hear and decide every appeal within a period of three years from the date on which such appeal is filed : Provided that where an order of stay is made in any proceeding relating to an appeal filed under sub-section (1) of section 35B, the Appellate Tribunal shall dispose of the appeal within a period of one hundred and eighty days from the date of such order:

MCA Introduces Easy Exit Scheme 2010 Under Section 560

May 26, 2010 1618 Views 0 comment Print

In order to give an opportunity to the defunct companies, for getting their names struck off from the Register of Companies, the Ministry of Corporate Affairs has decided to introduce a Scheme namely, ‘Easy Exit Scheme, 2010’ under Section 560 of the Companies Act, 1956.

RBI/2009-10/477, Ref. DBOD.No.Ret.BC.103/12.02.001/2009-10, dated: 26.05.2010

May 26, 2010 364 Views 0 comment Print

At present, banks obtain liquidity from the Reserve Bank under the liquidity adjustment facility (LAF) against the collateral of eligible securities that are in excess of their prescribed statutory liquidity ratio (SLR). It has been decided that, in addition, purely as a temporary measure, scheduled commercial banks may avail additional liquidity support under the LAF to the extent of up to 0.5 per cent of their net demand and time liabilities. The additional liquidity support will be available with effect from the LAF auctions of May 28, 2010 and up to July 2, 2010.

NBFCs – Prevention of Money Laundering Amendment Rules, 2009 – Obligation of Banks/FIs

May 26, 2010 259 Views 0 comment Print

DNBS(PD) CC.No 175/03.10.42/2009-10- Government of India vide its Notification No. 7/2010-E.S.F.No6/8/2009-E.S dated February 12, 2010 has amended the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005. A copy of the Notification is enclosed for ready reference, which may be studied and the amendments clearly noted and spread across your organisation.

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