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Archive: 22 June 2010

Posts in 22 June 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6435 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Standardisation and Enhancement of Security Features in Cheque Forms

June 22, 2010 392 Views 0 comment Print

# has been formulated on the basis of recommendations of a working group constituted for examining the need for standardisation of cheque forms and enhancement of security features therein and after consultations with banks;# has been introduced to curtail cheque frauds on account of alterations in the various fields of cheques and to give protection to customers as well as banks;

IRDA to frame new guidelines on unit linked insurance plans (ULIPs)

June 22, 2010 354 Views 0 comment Print

After winning the turf war with market watchdog SEBI on ULIPs, insurance regulator IRDA on Monday said it would frame new guidelines for these products to make them more attractive for policy holders. “Certainly, yes,” Insurance Regulatory and Development Authority (IRDA ) chairman J Hari Narayan said when asked whether the insurance regulator would unveil new guidelines for ULIPs to make them attractive for investors.

ICAI announcement on breach of Regulations 65 & 78 – Non submission of Form 112

June 22, 2010 1722 Views 0 comment Print

Breach of Regulations 65 & 78 – Non submission of Form 112 – (19-06-2010).Further to our announcement dated 08th January, 2010, the appropriate Committee of the Institute in its recent meeting in view of the difficulties being faced by students decided that the following course of action be adopted for dealing with the cases of condonation of Regulation 65 w.e.f. 1st April 2010:-

Maharashtra to levy tax on Indian Premier League (IPL), T20, ODI matches

June 22, 2010 231 Views 0 comment Print

Finally ending the political controversy over losses suffered on Indian Premier League (IPL) matches, the Maharashtra government has decided to tax the lucrative cricket tournament, according to an affidavit filed before the Bombay High Court on Monday.

Clean Energy Cess Rules, 2010- Notification No. 06/2010

June 22, 2010 1789 Views 0 comment Print

Registration.- Every producer who is liable to pay cess shall get registered immediately with the jurisdictional Central Excise Officer but not later than a period of thirty days from the date of commencement of these rules by making an application to the jurisdictional Central Excise Officer :

CBDT Draft Citizen's Charter 2010 nearing completion

June 22, 2010 357 Views 0 comment Print

The process of drafting a new Vision document – Vision 2020 is nearing completion. An important component of the Vision 2020 document is the Citizens’ Charter 2010. As a part of Vision 2020, the Citizens’ Charter 2007 was revisited by a Working Group constituted by the CBDT.

Shri Deora calls upon state Governments to bring down High rates of VAT on Petrol Diesel ; replace Ad-valorem Levies by Specific ones

June 22, 2010 306 Views 0 comment Print

Shri Deora calls upon state Governments to bring down High rates of VAT on Petrol Diesel ; replace Ad-valorem Levies by Specific one. High VAT rates by some states ON PDS Kerosene needs review in view of lighting and cooking usage by the common man.

DTC retained tax exemption up to Rs 1.5 lakh paid as interest on housing loans

June 22, 2010 1178 Views 0 comment Print

The government on Tuesday proposed to retain the income tax exemption for up to Rs 1.5 lakh paid as interest on housing loans in a year, a step that brings cheers back to home loan borrowers. The revised discussion paper on Direct Taxes Code (DTC), which would replace the decades old Income Tax Act, has retained the tax exemption for up to Rs 1.5 lakh paid as interest on housing loans. The revised draft is put up for public comments till June 30.

Penalty can not be imposed for Income Tax deduction claimed without supporting

June 22, 2010 971 Views 0 comment Print

The Delhi High Court has held that an entity seeking tax deduction cannot be penalised just because it has not supported the claim with documents in its annual return. The judgement was passed on a petition filed by the Income Tax Department, seeking imposition of penalty on the Industrial Finance Corporation of India Limited (IFCI) because it had allegedly furnished “inaccurate particulars” of income to claim tax deduction.

Understanding the provisions relating to Transfer Pricing under Income Tax Act 1961

June 22, 2010 77344 Views 1 comment Print

With the advent of MNCs(Multi National Concerns) a trend has also been adopted by the MNCs to structure their investments and business strategy in such a way that profits are maximized in such jurisdictions where tax rates are low, which give rise to the emerging problem of transfer pricing all over the world.

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