"July, 2010" Archive

Income Tax Return Filing last date extended to 4th August 2010

NA (31/07/2010)

The CBDT has decided to extend the due date of filing of Income Tax returns from 31st July 2010 to 4th August 2010. All paper returns or e-returns filed on or before 4th August, 2010 would be considered as filed within the due....

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Instruction regarding issue of certificate of lower collection of tax at source u/s 206C(9).

Instruction No. 4/2010 (21/07/2010)

Section 206C of the Income-tax Act, 1961 - Collection of tax at source - Profits and gains from business of trading in alcoholic liquor, forest produce, scrap, etc. - Instruction regarding issue of certificate of lower collection of tax at source u/s 206C(9)....

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MVAT return filing date for quarter ended 30.06.2010 extended

DUE DATE FOR FILING RETURNS FOR THE PERIOD ENDING 30TH JUNE 2010 IS EXTENDED UP TO 7TH AUGUST 2010."...

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Posted Under: Income Tax |

India, Switzerland agreed to widening the ambit of tax treaty

The government has concluded the renegotiation for widening the ambit of its tax treaty with Switzerland to access information on swissbank accounts, a big step towards tracing Indian money stashed away overseas. The tax treaty has been amended on the lines of the OECD Model Tax Convention, which means it will not provide for roving enqu...

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Posted Under: Income Tax |

Accoune Restatement may cost Mahindra Satyam in excess of 50 crore

Mahindra Satyam may end up paying a huge fee for restatement of its book of accounts that were allegedly fudged by its former Chairman Mr B. Ramalinga Raju. Indications are that the Hyderabad-based company will shell out close to Rs 60 crore by September when the accounts are expected to be restated....

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Posted Under: Income Tax |

Clarification from Minister of State for Finance on Processing of PAN Card

The service providers are required to issue Permanent Account Number Cards within 15 calendar days for fresh applicant and within 20 calendar days for reprint/ correction, excluding the time taken by the department and the applicant. The weighted average number of days for issue of Permanent Account Number Card is much less than 15 days....

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Posted Under: Income Tax |

ICAI President's Message – August 2010

Values and morals if practised only within profession may bring in dangerous consequences. The virtues of our values, morals, ethics and skills need to spill over to the society at large, to the entire nation and to the whole world. We as professionals cannot be mute spectators to the ills plaguing the world but instead be responsive and ...

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Posted Under: Income Tax |

Service Tax on Services provided by state governments under Centrally Sponsored Schemes

Service Tax Circular No.125/7/2010 – ST (30/12/2015)

Service Tax Circular No.125/7/2010 – ST In the recent past, instances have come to the notice of the Board, where field formations have demanded service tax from State governments or their departments/ agencies, for providing certain services under the centrally sponsored schemes (CSS). ...

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Taxation of Banks – Press Release

India has not agreed to a “one size fits all” solution in the European Union Plan of taxing banks and has emphasized that such a tax is not appropriate for India, even though it may be appropriate for other countries e.g. in some European countries....

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Posted Under: Income Tax |

Sebi/RBI allows exchanges to introduce currency options on US dollar pairing with rupee

RBI/2010-11/ 147 A.P. (DIR Series) Circular No. 05 (30/07/2010)

Market regulator the Securities and Exchanges Board of India (Sebi) today allowed exchanges to introduce currency options on US dollar pairing with rupee, a development that provides another alternative to corporates for hedging against currency fluctuations....

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SEBI circular on Reporting of OTC transactions in Certificates of Deposit and Commercial Papers

Circular No. CIR/IMD/DF/6/2010 (30/07/2010)

FIMMDA was requested by RBI to set up a reporting platform to capture all OTC transactions in CDs and CPs, pursuant to a decision to introduce a reporting platform for all secondary market transactions in CDs and CPs....

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Income Tax makes arrangement for easy filing of Income tax returns

The Pune Income-Tax office has made elaborate arrangements to reduce inconvenience of tax payers whose last date of filing of return is July 31. As part of this, a ‘return mela’ has been launched on the campus of Income-Tax Lane on Karve Road. ...

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Posted Under: Income Tax |

Incomplete TDS certificates issued by deductor delaying Income tax refunds

Many Taxpayers had a tough time getting a refund of the tax deducted against his fixed deposits with public sector banks, as the tax deduction at source (TDS) certificates issued to them by the banks did not mention there permanent account number (PAN). Depositors of banks and post offices — especially pensioners — are put to a lot o...

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Posted Under: Income Tax |

Income Tax department fails to issue Income Tax Refund of Rs 1,000 crore to taxpayers

The Income Tax (IT) department in Hyderabad is sitting on a huge pile of cash that it should have returned long ago to those whom the money legitimately belongs: the tax payers. But hiding behind technicalities the department has not bothered to return the money which runs into a whopping Rs 1000 crore....

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Posted Under: Income Tax |

ICAI announces Examination Centers, last date for filing forms, date & Schedule of Common Proficiency Test (Paper- Pencil Mode)

In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test ( Paper- Pencil Mode) will be held on Sunday, 19th December, 2010 in two sessions as below, at the following centres provided that suffic...

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Posted Under: Income Tax |

Important Announcement for students of erstwhile CA Intermediate/ Professional Education – II Course

Students registered for the Professional Education – II Course (PE-II) are hereby informed that the said course has been discontinued by the Institute of Chartered Accountants of India with the culmination of the May, 2010 examination....

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Posted Under: Income Tax | ,

Number of Defunct and Inactive Companies as Existing in the Registers of Government

The Government has said that a number of steps have been taken to make the ‘Easy Exit Scheme- 2010’ effective. Giving this information in written reply to a question in the Rajya Sabha, Shri Salman Khurshid, Minister of Corporate Affairs, said that the steps include conducting seminars and workshops involving all stakeholders, to sens...

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Posted Under: Income Tax |

De-Registration of inactive Companies

The Government has said that steps have been taken to enumerate or identify such registered companies which are inactive, dormant and have been in such mode for at least last ten years. Stating this in written reply to a question in the Rajya Sabha, Shri Salman Khurshid, Minister of Corporate Affairs, said that many promoters want to de-r...

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Posted Under: Income Tax |

Enforcement Directorate set to file cases against Rajasthan Royals and Board of Control for Cricket in India

(30/07/2010)

The Enforcement Directorate is set to file cases against Rajasthan Royals and the Board of Control for Cricket in India (BCCI) after its investigations found violations of foreign exchange rules, an official familiar with the development said....

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Posted Under: Income Tax |

Vodafone confident of success in Income Tax Dispute

The UK-based Vodafone Group Plc is confident that it would not have to shell out income tax in India for the Group's $11.2-billion acquisition of local mobile operator Hutchison Essar Ltd in 2007. The Netherlands- based unit of Vodafone — Vodafone International Holdings BV had acquired a 67 per cent stake in Hutchison Essar, which has ...

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Posted Under: Income Tax |

MAT U/s. 115JB of Income Tax not applicable to foreign company without presence in India

Re. The Timken Company (AAR)

The assessee, a foreign company, without a presence or PE in India, earned long-term capital gains which were exempt u/s 10(38). The assessee applied for a ruling on whether it was liable to pay Minimum Alternate Tax (MAT) u/s 115JB on the said gains. HELD ruling in favour of the assessee:...

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Tech-savvy Supreme Court directs service of Notice by E-Mail to avoid delay

CERC Vs National Hydroelectric Power Corp (Supreme Court of India)

In various Courts, the statistical data indicates that, on account of delay in process serving, arrears keep on mounting. In Delhi itself, the input indicates that fifty per cent of the arrears in Courts particularly in commercial cases is on account of delay in process serving....

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MCA request to file Annual return early

As you are aware the last date for filing of your company's annual return & balance sheet for the current year is round the corner. These documents have to be filed in electronic form online into the MCA21 portal. Since the size of each document is huge (2MB or more), the last minute rush creates a congestion in the system which is then u...

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Posted Under: Income Tax |

Extension of Integrated Professional Competence Course (IPCC) registration dated till 2nd August, 2010

In view of the closure of bank on account of weekly holiday on Sunday i.e.1st August, 2010, it has been decided that the last date for registration to Integrated Professional Competence Course (IPCC) is extended upto 2nd August, 2010 for being eligible to appear in the Integrated Professional Competence Examination (IPCE) to be held in Ma...

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Posted Under: Income Tax |

CUSTOMS Notification No 68/2010 (NT), 30-07-2010, Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001

Notification No. 68/2010-Customs (N.T.) (30/07/2010)

Notification No. 68/2010 - Customs (N. T.) - In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Fina...

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Notification No. 31/2010-Central Excise; dated: 28.07.2010

Notification No. 31/2010 - Central Excise (28/07/2010)

such goods are exempted from the duties of customs leviable under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and the additional duty leviable under Section 3 of the said Customs Tariff Act when imported into India; (b) an officer not below the rank of Chief engineer in the Central Electricity Authority certifies th...

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Punjab announces VAT hike, then changes its mind

"The Cabinet gave approval to amend Section 8 of Punjab Value Added Tax Act, 2005, for levying VAT on petrol up to 35 per cent in view of the recommendation of the committee comprising Deputy Chief Minister Sukhbir Singh Badal and Local Government & Industries Minister Manoranjan Kalia," an official release said after a meeting of the sta...

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Posted Under: Income Tax |

Motor Vehicle Amendment Bill may get delayed

The Motor Vehicle Amendment Bill, which has several recommendations related to improving the safety on roads, has been further delayed. It may be introduced in the winter session of Parliament. The Road Transport Minister, Mr Kamal Nath, had stated that the Ministry would try to present the Bill in the Monsoon Session....

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Posted Under: Income Tax |

Satyam Scam accused Raju needs another 22 weeks medical treatment

B Ramalinga Raju, prime accused in the multi-crore Satyam case, is slated to stay as an in-house patient of Nizam's Institute of Medical Sciences (Nims) for another 22 weeks. Raju is undergoing treatment for Hepatitis C in the hospital. ...

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Posted Under: Income Tax |

EPF rate for 2010-11 may be fixed at 8.5 per cent

Retirement fund manager EPFO's apex decision-making body, the Central Board of Trustees, will meet on September 4 to decide on the interest rate for depositors for 2010-11, which is likely to be 8.5 per cent....

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Posted Under: Income Tax |

Notification No. 79/2010-Customs- Regarding anti dumping duty on PVC Flex Film originating in, or exported from, People’s Republic of China

Notification No. 79/2010-Customs (30/07/2010)

People’s Republic of China (hereinafter referred as the subject country) and imported into India, the designated authority in its preliminary findings vide notification No.14/04/2010-DGAD, dated the 22nd June, 2010, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 22nd June, 2010, had come to the conclusio...

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Company Secretaries (Amendment) Regulations, 2010 – Substitution of regulations 6, 11, 13, 14, 98, 99, 114, 115, 118, 150, 152, 154, 155 & 161; amendment in regulations 15 to 19, 101 & 117; insertion of regulations 15A, 101A, 154A, 168A & 168B; and omission of regulations 56 to 87W, 104 & 116

Whereas the draft regulations further to amend the Company Secretaries Regulations, 1982 were published as required by sub-section (3) of section 39 of the Company Secretaries Act, 1980 (56 of 1980) at pages 1 to 27 in the Gazette of India Extraordinary, Part III, Section 4 dated the 30th October, 2008 under the notification of the Instit...

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Posted Under: Income Tax | ,

Unique Identification Authority of India (UIDAI) Selects Agencies to Implement a Multimodal Biometric Solution for “Aadhaar” programme

The Unique Identification Authority of India (UIDAI) has selected three Biometric Solution agencies and awarded contract to consortiums led by M/s Accenture, Mahindra Satyam ~ Morpho and L1 Identity Solutions to implement the core biometric identification system in for the “Aadhaar” programme....

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Posted Under: Income Tax |

Public Notice No. 87/2009-2014, Dated: 26.07.2010

Public Notice No. 87/2009-14 (26/07/2010)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2009-2014, as amended from time to time, amendments/corrections at appropriate places as mentioned in ANNEXURE "A” to this Public Notice are made. CHEMICAL AND ALLIED PRODUCTS . The existing import items uder SION A3627 shall stand...

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ICSI Council and ICSI Regional Council Elections – 2010

The following booths are proposed to set up for the elections. The members eligible to vote in terms of Rule 5 of the Company Secretaries (Election to Council) Rules, 2006 (the Rules) may send their options in terms of Clause 3 of Schedule 2 of Rule 6 to the Rules by 31st August, 2010 for a particular booth in cities/ town located in New...

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Posted Under: Income Tax | ,

Mainstreaming Stakeholder Participation for Inclusive Growth and Development of Indian Corporate Sector

With the economic reforms that were initiated during the 80s and were further given a new direction in the current decade, the Indian corporate sector has been growing at a rapid pace and has become increasingly integrated with the global economy. While the last decade of the previous millennium had witnessed large scale investments by fo...

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Posted Under: Income Tax |

Bombay High Court stays collection of Service Tax levied on buildings under construction

Maharashtra Chamber Of Housing Industry Vs Union of India (Bombay High Court)

The Bombay High Court has granted an interim stay on collection of Service Tax levied on buildings under construction, following a writ petition filed by the Maharashtra Chamber of Housing Industry (MCHI). Mr Sunil Mantri, President, MCHI, said the chamber had urged the High Court to restrain the respondents (Union Government and others) ...

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SEBI : Notification under regulation 3 of the SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007

Notification No. LAD-NRO/GN/2010-11/13/13945 (29/07/2010)

(6) The total expenses of the scheme excluding issue or redemption expenses, whether initially borne by the mutual fund or by the asset management company, but including the investment management and advisory fee shall be subject to the following limits...

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SEBI makes PAN Mandatory for Purchase of Shares with effect from August 16, 2010

Circulars No. CIR/MRD/DP/22/2010 (29/07/2010)

In order to ensure better compliance with the Know Your Client (KYC) norms it has been decided that with effect from August 16, 2010 such PAN non-compliant demat accounts shall also be "suspended for credit" other than the credits arising out of automatic corporate actions. It is clarified that other credits including credits from IPO/FPO...

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I-T dept opens Separate counters for senior citizens and women taxpayers, Return will be accepted on 31st July

Office of the Chief Commissioner of Income Tax (CCI-T) has made special arrangements for acceptance of returns from assessees to handle the rush it is likely to witness during the current week. The last day for filing of returns for the assessment year 2010-11 is July 31 (Saturday). The CCI-T has set up special return receipt counters at ...

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Posted Under: Income Tax |

SC decides to send notices on email to respondents to cut the delay

With the pendency of cases refusing to come down from the 50,000 level, the Supreme Court on Monday decided to experiment with email notices to respondents to cut the delay in the traditional method of serving notices. The traditional method -- registered post with acknowledgement due -- usually takes a long time and mostly results in adj...

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Posted Under: Income Tax |

Andhra Pradesh High Court posts hearing on bail petition moved by Satyam Computers promoter B Ramalinga Raju to August 5

The Andhra Pradesh High Court on Wednesday posted the hearing on a bail petition moved by B Ramalinga Raju, prime accused in the multi-crore Satyam Computers accounting scam, to August 5. The company's former chairman moved the petition exactly one week after the same court granted bail to five of his co-accused. He requested the court to...

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Posted Under: Income Tax |

Supplementary Study Paper-2010 on Direct Tax Laws and Indirect Tax Laws for Students of CA Final Course [Relevant for May 2011 and November 2011 examinations]

The Supplementary Study Paper is an annual publication, containing a discussion of the amendments made by the Annual Finance Act and Notifications/Circulars in income-tax, wealth-tax, central excise, customs and service tax laws. This publication is very important for updating your knowledge regarding the latest statutory developments in ...

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Posted Under: Income Tax |

Customs Circular No 23/2010, 29-07-2010, Regarding disposal of claims in respect of cases where assessments are provisional

Circular No.23/2010-Custom Duty (29/07/2010)

Your kind attention is invited to the Notification No.102/2007-Customs dated 14.9.2007, Notification No.93/2008-Customs dated 1.8.2008 and Board’s Circulars No. 6/2008-Customs dated 28.4.2008, No.16/2008-Customs dated 13.10.2008, No.6/2009-Customs dated 9.2.2009 and No.18/2010-Customs dated 8.7.2010 containing instructions on the proced...

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List of publications relevant for CA students appearing in November 2010 Examinations

The list of publications relevant for November 2010 examinations has been hosted on the website of the Institute. You may go through the same to be aware of the publications which are relevant from the examination point of view....

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Posted Under: Income Tax |

First Quarter Review of Monetary Policy 2010-11: Press Statement by Dr. D. Subbarao, Governor

"This morning, the Reserve Bank released the First Quarter Review of Monetary Policy for 2010-11 at a meeting of the chief executives of major banks. The important decisions contained in the review were to raise the repo rate from 5.5 per cent to 5.75 per cent and the reverse repo rate from 4 per cent to 4.50 per cent. This asymmetric ra...

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Posted Under: Income Tax | ,

Notification No. 64/2010-Income Tax Dated 28/7/2010

Notification No. 64/2010-Income Tax (28/07/2010)

Notification No. 64/2010-Income Tax S.O. It is hereby notified for general information that the organization KEM Hospital Research Centre, Pune has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said 'Act), read with Rules 5C and 5E of the Income-tax Rul...

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Notification No. 66-Income Tax Dated 28/7/2010

Notification No. 66/2010-Income Tax (28/07/2010)

Notification No. 66/2010-Income Tax in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the said Act read with rule 18C of the Income Tax Rules, 1962, the Central Government hereby notifies M/s. DLF Cyber City Developers Limited as an undertaking and the project at Building No. 7A, 7B, 8, 9A, 9B, 10 ...

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Notification No. 63/2010-Income Tax Dated 28/7/2010

Notification No. 63/2010-Income Tax (28/07/2010)

Notification No. 63/2010-Income Tax S.O. It is hereby notified for general information that the organization Technology Information, Forecasting & Assessment Council (TIFAC), New Delhi has been approved by the Central Government for the -purpose.of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read w...

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States governments demand CST to continue with GST

The state governments have urged the Centre to continue levying central sales tax (CST) for the first few years as it will provide some comfort in terms of protecting revenue and fiscal autonomy. This demand came after the union government proposed a three-rate structure for the goods and services tax(GST) last week....

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Posted Under: Income Tax |

RBI hikes short-term lending and borrowing rates by 0.25 per cent and 0.50 per cent respectively

Housing, auto and corporate loans may become expensive with the Reserve Bank raising short-term key policy rates to check spiralling inflation, say bankers. "The monetary action by RBI is aimed at attacking inflation. It has made fund costlier for banks. It is a signal for upward movement of interest rates," Central Bank of India Executiv...

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Posted Under: Income Tax |

High Court cannot interfere in civil disputes like eviction of tenants or property rows

The Supreme Court had held that High Court cannot interfere in civil disputes like eviction of tenants or property rows as such issues are to be dealt by civil courts. Citing its earlier rulings, the apex court said the writ jurisdiction enjoyed by the High Courts under Article 226 to pass anydirective to the authorities for enforcing the...

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Posted Under: Income Tax |

Portfolio Managers – Proposal on Regulation of Fees and Charges

Consultative Paper (26/07/2010)

As per the aforesaid regulations, the inter se relationship between the portfolio manager and client, mutual rights, liabilities and obligations relating to management of funds or portfolio of securities are specified in the agreement signed between the portfolio manager and the client....

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Posted Under: Income Tax | ,

8 new overseas Income Tax Units in Indian Missions abroad to be set-up under the DTAA

It is proposed to create 8 new overseas Income Tax (IT) Units in Indian Missions abroad to have effective exchange of information on tax matters under the Double Taxation Avoidance Agreement (DTAA). Two overseas income tax units at the Indian missions in Mauritius and Singapore have been already set-up. ...

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Posted Under: Income Tax |

No RBI Direction on Reduction in Pay of top Management of Banks For Poor Performance

Reserve Bank of India (RBI) has not directed the banks to reduce pay of their top management, if their performance is poor. However, RBI has issued draft guidelines on Compensation of Whole Time Directors/ Chief Executive Officers/ Risk Takers and control function staff for all banks in private sector and Local Area Banks and all Foreign ...

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Posted Under: Income Tax |

Exchange Rate notification for Import / Export of goods with effect from 1st August, 2010

Notification No. 67/2010-Customs (N.T.) (28/07/2010)

Notification No. 67/2010 - Customs (N.T.), DATED THE 28th July, 2010- Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st Augu...

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FM Says Monetary Policy Measures Announced by RBI Today Would Further Ease Inflation

Union Finance Minister, Shri Pranab Mukherjee has stated that monetary policy measures announced by Reserve Bank of India today will lead to easing of inflation, which is already going down, and it should also keep us fully on track in terms of growth....

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Posted Under: Income Tax |

Core Group on IFRS from India and the IFRS Council of Japan Sign Memorandum of Understanding on IFRS

India and Japan have signed a historic Memorandum of Understanding (MOU) on IFRS. It was signed in Japan between the Core Group on IFRS constituted by the Ministry of Corporate Affairs and the IFRS Council, Japan in the presence of Shri R. Bandhyopadhyay, Secretary, Ministry of Corporate Affairs. Shri Amarjit Chopra, President, ICAI, and ...

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Posted Under: Income Tax |

Soon tender based appointment of auditors to stop

The government is likely to ask all departmental enterprises and agencies, such as the National Highways Authority of India (NHAI), to dispense with the system of tender-based appointment of internal auditors. Instead, the Comptroller and Auditor General of India (CAG) and the Institute of Chartered Accountants of India (ICAI) will jointl...

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Posted Under: Income Tax |

Madhu Koda scam accused Manoj Punamia arrested in Mumbai

Diamond merchant Manoj Punamia, one of the key accused in the scam involving former Jharkhand CM Madhu Koda, was arrested on Saturday night upon his arrival at the Mumbai airport from abroad. Punamia, who was barred from travelling abroad, had left the country last week giving a slip to immigration officials despite a lookout notice issue...

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Posted Under: Income Tax |

Satyam scam case hearing adjourned to July 29

Hyderabad: The special court dealing with the multi-crore Satyam scam case on Monday adjourned examination and hearing of charges against the accused to July 29. Examination and hearing of charges against 10 Satyam personnel accused of fudging books of account of the company, including disgraced former chairman B Ramalinga Raju, will comm...

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Posted Under: Income Tax |

SEBI extends deadline for ASBA facility in NFOs to October 1 2010

Circular No. Ci/IMD/DF/6/2010 (28/07/2010)

Market regulator SEBI today extended the deadline for mutual funds to implement the ASBA facility for new fund offers to October 1. Under ASBA--Application Supported by Blocked Amount-- deposits of applicants remain in their accounts till the shares are alloted....

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Expenditure incurred on food and beverages at the guest houses maintained by the assessee near factory for employee in connection with their stay during official visits allowable

ACIT Vs M/s. TATA Motors Ltd. (ITAT Mumbai)

Expenditure incurred on food and beverages at the guest houses maintained by the assessee; the case of the Revenue is that there is no evidence to show that the impugned expenditure was incurred on the employees in connection with their stay during official visits whereas assessee company submits that the impugned expenditure was incurred...

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Effective use of technology can prevent corporate fraud: PwC

Effective use of technology for in-house audit processes could help prevent accounting fraud in a company, as it will be easier to monitor the flow of data online, says global consultant PricewaterhouseCoopers. A new PwC report, `2010 Internal Audit State of the Productivity of the Profession Survey', said that about 48 per cent of Indian...

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Posted Under: Income Tax |

Dealers filing quarterly MVAT return to Pay VAT online from 1st October 2010

Notification No. VAT.1510/C.R.90/Taxation-1 (28/07/2010)

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

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IT Notification No. 65/2010-Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 3-7-2001

Notification No. 65/2010-Income Tax (28/07/2010)

Notification No. 65/2010-Income Tax In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Di...

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Senior Citizens Savings Scheme (Amendment) Rules, 2010 – Amendment in rule 8

Notification No. G.S.R. 639(E)-Income Tax (28/07/2010)

Notification No. G.S.R. 639(E)-Income Tax In case of death of a depositor before maturity, the account shall be closed and deposit refunded on an application in Form ‘F’ alongwith interest as applicable to the scheme till the date on which the depositor expired, to the nominee or legal heirs in case the nominee has also expired or nom...

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India Becomes Member of Financial Action task Force

India has become a member of elite global body Financial Action Task Force (FATF), a standard setting body to combat money laundering and terror financing. Membership of FATF has been granted to India in its Plenary held in Amsterdam, Netherlands from 23rd to 25th June, 2010....

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Posted Under: Income Tax |

New Bill to replace existing ULIP ordinance

NA (28/07/2010)

Allaying RBI's fears, the government on Tuesday proposed to elevate its governor's post in the proposed joint mechanism to address the differences among financial regulators over hybrid products. The legislation, Securities and Insurance Laws (Amendment) and Validation, Bill 2010, presented in the Lok Sabha to replace the ULIP Ordinance, ...

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Takeover Regulations — Proposed Makeover

The Takeover Advisory Committee has proposed to replace the Securities Exchange Board of India ("SEBI") (Substantial acquisition of shares and takeovers) Regulations, 1997 ("Takeover Code") in line with international standards and changing economic environment. The Committee constituted vide SEBI order dated 4 September, 2009, under the C...

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Arbitration and Conciliation Act applies to non-commercial disputes also

The Supreme Court has stated that the Arbitration and Conciliation Act would apply to all civil disputes, and not merely to commercial disputes. It set aside the view of the Karnataka high court in the case, H Srinivas Pai vs H V Pai, in which the high court remarked that the law will apply only to “commercial agreement matters and inte...

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Posted Under: Income Tax |

Default u/s 194C does not result in s. 40(a)(ia) disallowance if TDS paid before due date of filing ROI

Bapushaeb Nanasaheb Dhumal Vs. ACIT (ITAT Mumbai)

The assessee made payments to sub-contractors during the previous year and though s. 194C requires TDS at the stage of payment/credit, did not do so. The tax was, however, deducted on 31st March and paid over in Sept before the due date for filing the return. The AO took the view that while the payment made to the sub-contractor for March...

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ICAI Discontinues CA Final Examination under the old syllabus

Students are hereby informed that the CA Final (Old) Course shall be discontinued with the holding of the November, 2010 examination. In other words, November, 2010 examination will be the last attempt available to Final (Old) students and no further extension shall be granted under any circumstances. Final (Old) syllabus students shall ...

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Posted Under: Income Tax |

Kapil Sibal unveils prototype for $35 touch-screen computer

Here we go again! India's Human Resource Development Minister Kapil Sibal has "launched" a $35 computer, evidently a "dream project" of his. The touch-screen, Linux-based device looks iPad-inspired, but we know little about how it works....

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Posted Under: Income Tax |

CAG report suggests Massive tax evasion may upset GST rollout

While the government is lobbying hard with Opposition parties to implement Goods and Services Tax (GST) from April next year, a study carried out to assess the current tax base in states and the compliance level could upset its gameplan. The study revealed rampant evasion to the extent of 50% in half of the 23 states where tax audits were...

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Posted Under: Income Tax |

Loan facilities to the physically/visually challenged by NBFCs

Notification No. DNBS.CC.PD.No. 191 /03.10.01/2010-11 (27/07/2010)

NBFCs are therefore advised that there shall be no discrimination in extending products and facilities including loan facilities to the physically / visually challenged applicants on grounds of disability. NBFCs may also advise their branches to render all possible assistance to such persons for availing of the various business facilities...

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SEBI mulls separate days for retail and institutional investors

As part of efforts to attract more retail investors to the stock market, Sebi is considering a proposal wherein the institutional investors would be first asked to submit their bids, possibly in the first two days, and then the remaining two days would be open only for retail investors, provided the IPO is open for four days....

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Mutual Funds resist SEBI proposal of same charges for small, big investors

Mutual fund houses are strongly resisting a proposal from market regulator SEBI for treating small investors at par with large institutional ones in terms of various charges, such as exit-loads, with the argument that retail investors are costlier to service....

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Bombay High Court Rules Overdraft facility can’t be attached for tax recovery

The taxman does not have claim over the bank overdraft facility of a defaulter since the lender does not owe money, but has promised a loan for business, the Bombay High Court has ruled. By taking an overdraft facility, a taxpayer becomes a debtor to the bank and hence, no authority has the right to attach overdraft facility for recoverin...

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Posted Under: Income Tax |

FM Announces New Pay Scales for Employees of RRBs at Par with PSBs

Finance Minister Shri Pranab Mukherjee has asked the Regional Rural Banks (RRBs) to bring their Non-Performing Assets (NPAs) below 5% by this year itself. Finance Minister also announced the wage revision of the pay-scale and allowances of the employees of the RRBs corresponding to those of Nationalised Banks as per 9th Bipartite Settleme...

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Posted Under: Income Tax |

In Bihar, women give 'birth' to 5 children in 2 months

PATNA: A woman, as everyone knows, usually gives birth to a baby after nine months of pregnancy, but in Bihar 298 women claim to have delivered two to five children in a span of 60 days - at least that's what records of incentives amount given to new mothers under a government scheme show....

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Posted Under: Income Tax |

The Exposure Draft on Non-Financial Disclosures – Views and comments solicited by 4th August, 2010

One of the principal underpinnings of good corporate governance is that shareholders and other stakeholders are provided with detailed information on financial and operating results in order to understand the current state of affairs, like balance sheet, profit and loss account and notes thereto, directors report, auditors report and mana...

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Posted Under: Income Tax |

Bill to change Competition Act likely in Monsoon session: MCA

Corporate affairs minister Salman Khurshid has said the Competition Act amendment bill, seeking to invest the competition watchdog CCI with powers to vet big-ticket takeovers, is likely to be tabled in the Monsoon session. ...

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Posted Under: Income Tax |

Notification No. 62/2010-Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 3-7-2001

Notification No. S.O. 62/2010-Income Tax (27/07/2010)

Notification No. S.O. 62/2010-Income Tax In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board ...

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Centre will compensate states on possible losses arising from implementation of the GST

Finance minister Pranab Mukherjee today assured the states that the Centre will fully compensate them on possible losses arising from implementation of the goods and services tax (GST) regime. "No state would be allowed to suffer any loss and would be fully compensated by the Central government," he said at a meeting of the National Devel...

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Posted Under: Income Tax |

Debts Recovery Tribunal (Procedure for Investigation of Misbehavior or Incapacity of Presiding Officer) Rules, 2010

Notification No. G.S.R. 595(E) (07/07/2010)

If a written complaint, alleging any definite charges of misbehaviour or incapacity to perform the functions of the office in respcet of a Presiding Officer is received by the Central Government, it shall make a preliminary scrutiny of such complaint....

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Custom Duty Notification No. 78 /2010 dated 27th July, 2010

Notification No. 78/2010-Customs (27/07/2010)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby exempts the goods described in the Schedule annexed hereto, when imported into India for display or sale in the ‘INDIPEX 2011’...

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Penalty sustainable on income not disclosed in Original return but disclosed in return filed after search

Ajit B. Zota Vs. ACIT (ITAT Mumbai)

Since the assessee disclosed additional income consequent to the search and seizure proceedings, the A.O. and the CIT(A) were correct in levying penalty....

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Import of ‘Worn Clothing’ -Customs Circular No 22/2010, 26-07-2010

Circular No. 22/2010-Custom Duty (26/07/2010)

Circular No.22 / 2010-Customs the import of ‘worn clothing’ should be adjudicated and fine in lieu of confiscation and penalty imposed keeping in view the ‘margin of profit’ on such unauthorized import and also the fact that such consignments should not get cleared by paying only nominal fine and penalty in future....

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Implementation of EPFiGMS – Grievance Management System of EPFO

A circular dated 5 May 2010 is issued by Employee Provident Fund Organization (Ministry of Labour & Employment, Govt of India) in relation to implementation to EPFiGMS. This circular is issued by the Central Provident Fund Commissioner to Additional / Regional Provident Fund Commissioners and related officers....

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Posted Under: Income Tax |

All about Employee State Insurance (ESIC) Act, 1948

Wage Limit increased from Rs. 10,000 to Rs. 15,000 for coverage of an employee under the ESIC Act:- The Government of India through notification in the Official Gazette has amended the Employees' State Insurance (Central) Rules, 1950. Accordingly, as per rule 50, the wage limit for coverage of an employee under Employees State Insurance ...

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Posted Under: Income Tax |

Easy Exit Scheme, 2010 – Key Highlights

It has been observed by the Ministry of Corporate Affairs that certain companies have been registered under the Companies Act, 1956, but due to various reasons some of them are inoperative since incorporation or commenced business but became inoperative later on and are not filing their due documents timely with the Registrar of Compan...

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Posted Under: Income Tax |

Company Law Settlement Scheme, 2010 – Key Highlights

It has been observed by the Ministry of Corporate Affairs that a large number of companies are not filing their due documents timely with the Registrar of Companies. Due to this, the records available in the electronic registry are not updated and thereby are not available to the stakeholders for inspection. Further, due to non-filing of ...

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Posted Under: Income Tax |

Synopsis of the speech made by the Finance Minister on GST

* Exemption threshold for both goods and services under Central Goods and Service Tax (“CGST”) and State Goods and Service Tax (“SGST”) to be INR 10 lakh. Threshold for small dealers under both CGST and SGST to be INR 50 lakh or INR 1 crore....

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Posted Under: Income Tax |

36 Legislations Scheduled for Monsoon Session of Parliament to Commence today

The Monsoon Session, 2010 of Parliament (5th Session of Fifteenth Lok Sabha and the 220th Session of the Rajya Sabha) is scheduled to commence on Monday, the 26th of July, 2010 and subject to exigencies of Government Business, the Session will conclude on Friday, the 27th of August, 2010 . The Session will provide 24 sittings spread over...

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Posted Under: Income Tax |

Rush to set up SEZ before March 31, 2011 to avail IT benefits

Companies sitting on the fence are trying to see if they can use the eight month window still available to set up units in special economic zones. Units have to come up before March 31, 2011, to avail of income-tax concessions available for SEZ units....

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Posted Under: Income Tax |

CAG questioned the preparedness of states to roll out GST

The country’s supreme audit body has questioned the preparedness of states to roll out the goods and services tax (GST), amid hectic parleys to build a consensus on the implementation of this crucial indirect tax reform from the next fiscal year....

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Posted Under: Income Tax |

New President of ICWAI

B M Sharma new ICWAI prez, M Gopalakrishnan elected VP. The Institute of Cost and Works Accountants of India (ICWAI) today said that B M Sharma has been elected as its president for the year 2010-2011. Sharma, who replaces G N Venkataraman, was earlier the vice president of the cost accounting regulator, it said in a statement....

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Posted Under: Income Tax |

Customs Circular No 21/2010, 26-07-2010, Regarding classification of Aseptic Packaging Paper

Circular No. 21/2010-Custom Duty (26/07/2010)

Reference has been received from the Trade that divergent practices are being followed by field formations regarding classification of ‘Aseptic packaging paper’. It has been reported that even when the aseptic packing paper is coated, impregnated or covered with plastics, such products are being classified under the Tariff Item 4811 9...

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