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Archive: 29 June 2010

Posts in 29 June 2010

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

May 15, 2024 7167 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.

Prime Minister rules out imposition of Tobin tax on capital inflows in the country

June 29, 2010 271 Views 0 comment Print

Prime Minister Manmohan Singh today ruled out imposition of Tobin tax on capital inflows in the country, saying the situation in India has not not reached a problem stage.

Purchase tax on the sale of agricultural products could be under GST ambit

June 29, 2010 474 Views 0 comment Print

Subsuming purchase tax—a tax levied by some states on the sale of agricultural products—in GST is next on the Centre’s agenda. The finance ministry is hopeful that states will agree to subsume purchase tax in GST after a long drawn battle to keep it out of the purview of the proposed indirect tax regime.

I-T department contemplates TDS returns scrutiny

June 29, 2010 904 Views 0 comment Print

Entities required to deduct tax while making payments could face a close scrutiny of their returns by the income-tax department as it gears to check payment defaults and boost collections.The I-T department is contemplating scrutinising TDS returns on the lines of income tax and corporate tax returns to ensure that those required to deduct tax at source are complying with the rules and depositing due taxes.

Guidance notes on recent regulatory changes related to Unit Linked Insurance Products (ulips), dated 28-6-2010

June 29, 2010 478 Views 0 comment Print

Introduction:IRDA has, from time to time, taken various initiatives for protecting the interests of policyholders by bringing out Regulations, Guidelines, Circulars etc applicable to insurers and intermediaries covering the various stages in the lifecycle of an insurance product, commencing from solicitation, sale, policy servicing, to claims servicing and grievance redressal.

India Becomes Full-Fledged Member of Financial Action Task Force

June 29, 2010 507 Views 0 comment Print

Indian has become a full-fledged member of Financial Action Task Force (FATF), an inter-governmental body, responsible for setting global standards on anti-money laundering (AML) and combating the financing of terrorism (CFT).

Where assessee files its return u/s 44AD, it is not under obligation to explain individual entry of cash deposit

June 29, 2010 10488 Views 0 comment Print

Section 44AD of the Act was inserted by Finance Act, 1994 w.e.f. 1.4.1994. Sub-section (1) of Section 44AD clearly provides that where an assessee is engaged in the business of civil construction or supply of labour for civil construction, income shall be estimated at 8% of the gross receipts paid or payable to the assessee in the previous year on account of such business or a sum higher than the aforesaid sum as may be declared by the assessee in his return of income notwithstanding anything to the contrary contained in Sections 28 to 43C of the Act. This income is to be deemed to be the profits and gains of said business chargeable of tax under the head “profits and gains” of business. However, the said provisions are applicable where the gross receipts paid or payable does not exceed Rs.40 lacs.

Amendments in Appendix 4C (List of Agencies Authorised to Issue Certificates of Origin-Non Preferential) of the Handbook of Procedures (Vol.I)

June 29, 2010 649 Views 0 comment Print

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in Appendix 4C (List of Agencies Authorised to Issue Certificates of Origin – Non Preferential) of the Handbook of Procedures (Vol.I):

Notification No 26/2010 CE(N.T.); dated: 29.06.2010

June 29, 2010 580 Views 0 comment Print

G.S.R. 565 (E). – In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely:-

Classification of Polyester Staple Fibre manufactured out of PET scrap and waste bottles – Circular No. 929/19/2010-CX

June 29, 2010 2371 Views 0 comment Print

In exercise of powers conferred under section 37B of the Central Excise Act, 1944 Central Board of Excise & Customs considers it necessary, for the purposes of uniformity with respect to classification of “Polyester Staple Fibre” manufactured out of PET scrap and waste bottles, to issue the following instructions.

Vodafone liable to pay tax on acquisition of business interest in India- Income Tax department

June 29, 2010 219 Views 0 comment Print

The Income-Tax (I-T) department in its reply to Vodafone International Holdings BV’s petition, filed in the Bombay High Court, contended that the latter acquired a business interest in India and hence is liable to pay tax on the transaction.

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