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Archive: 13 October 2010

Posts in 13 October 2010

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

May 15, 2024 6312 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.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19338 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Notification No. 79/2010-Income Tax Dated 13/10/2010

October 13, 2010 2874 Views 0 comment Print

Notification No. 79/2010-Income Tax Section 80E of the Income-tax Act, 1961- Deduction – In respect of interest on loan taken for higher education – Financial institution notified for purpose of section 80E(3)(b)

Amendment of DEPB entry Sl. No. 434 & 525 of the Product Group “Chemicals” (Product Code- 62)

October 13, 2010 313 Views 0 comment Print

There were two DEPB entries at Sl. No. 434 and 525 of the Product Group “Chemicals” (Product Code: 62) for the same product “Refined Glycerine”. The purpose of the amendment is to retain only one entry. Accordingly, DEPB entry at Sl. No. 434 stands deleted. There is no change in the DEPB rate for entry at Sl. No. 525.

Opening of No-Frills Accounts by Students for Availing various Government Scholarships

October 13, 2010 310 Views 0 comment Print

It has been brought to our notice by the Secretary, Government of India, Ministry of Minority Affairs that banks are not opening ‘no-frills’ accounts in favour of students from minority communities who wish to avail of the scholarships being awarded by the Ministry through the State/UT Governments. This is causing hardship to the applicants for scholarship schemes of the Government and is inviting criticism.

Financial Stability and Development Council (FSDC) to be set up to Strengthen and Institutionalize the Mechanism of Fina

October 13, 2010 249 Views 0 comment Print

The Finance Minister Shri Pranab Mukherjee today held a meeting with the Regulators and officials of Ministry of Finance on the creation of Financial Stability & Development Council (FSDC). The discussion paper had been earlier circulated by the Mini

First Ever Takeout Finance Scheme Signed between IIFCL and Union Bank of India

October 13, 2010 258 Views 0 comment Print

Union Finance Minister, Shri Pranab Mukherjee has said that development of adequate and quality infrastructure is a major priority for Government to achieve sustainable and inclusive economic growth and make India a globally competitive economy. Shri

Public Notice No. 12(RE-2010)/2009-2014, Dated: 11.10.2010

October 13, 2010 187 Views 0 comment Print

Purpose of the amendment is to describe the product better and make a distinction between “live or chilled form” (with no value cap) and “dried form” for which same value cap would continue. There is no change in the DEPB rate.

Additional Port of Registration under E.P. Schemes

October 13, 2010 201 Views 0 comment Print

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the following amendments are hereby made in the Handbook of Procedures, vol.1.

Filing Offer Documents under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009

October 13, 2010 291 Views 0 comment Print

The above are specified in exercise of the powers conferred under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992.

Non-Residents Not Liable For S. 234B Interest-Delhi High Court

October 13, 2010 747 Views 0 comment Print

S. 234D inserted by the FA 2003 w.e.f. 1.6.2003 is in the nature of a substantive provision and applies only for the AY 2004-05 and onwards and is not retrospective. A provision by which an authority is empowered to levy and collect interest, even if construed as forming part of the machinery provisions, is substantive law for the simple reason that in the absence of contract or usage interest can be levied under law and it cannot be recovered by way of damages for wrongful detention of the amount. ITO vs. Ekta Promoters 305 ITR 1 (SB) (Del) approved)

Despite section 195 TDS breach, no section 40(a)(i) disallowance

October 13, 2010 491 Views 0 comment Print

Article 26(3) of the India-USA DTAA protects the interest of non residents vis-a-vis residents. Article 26(3) provides that payment made to a non-resident will be deductible under the same conditions as if the payment were made to a resident. The exceptions provided in Article 26(3) are not applicable on facts. As per s. 40(a)(i), no disallowance can be made in respect of payments to residents on the ground of non-deduction of tax at source. Therefore, in view of Article 26(3), no disallowance can be made even in case of payments to non-residents even if the amount is found taxable in India in their hands. Herbal Life International 101 ITD 450 (Del) followed.

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