"29 June 2010" Archive

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

01/01/1970

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....

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Posted Under: Corporate Law |

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

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....

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Posted Under: Corporate Law |

I-T department contemplates TDS returns scrutiny

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 deduc...

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Posted Under: Corporate Law |

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

NA 29/06/2010

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 cl...

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India Becomes Full-Fledged Member of Financial Action Task Force

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)....

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Posted Under: Corporate Law |

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

CIT Vs. Surinder Pal Anand (Punjab & Haryana High Court)

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 previou...

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

Public Notice No. 76/2009-14 29/06/2010

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):...

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

Notification No. 26/2010-Central Excise (N.T.) 29/06/2010

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:-...

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

Circular No. 929/19/2010- Central Excise 29/06/2010

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....

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

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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Posted Under: Corporate Law |

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