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Archive: 20 December 2010

Posts in 20 December 2010

RBI Directions for opening and operation of Accounts and settlement of payment for electronic payment transactions involving intermediaries

December 20, 2010 639 Views 0 comment Print

Please refer to our circular Ref no. 1102/02.14.08/2009-10 dated November 24, 2009 on the captioned subject. In this regard you are advised to forward us a complete list of intermediaries accounts maintained with your bank by 5th January 2011.

I-T department to open 10 overseas tax units in countries with low tax

December 20, 2010 294 Views 0 comment Print

The Income Tax Department has begun opening overseas tax units in countries with low tax. Income Tax Department ha opened two offices so far in Singapore and Mauritius and by March we will open another eight overseas locations like cyprus. These offices are primarily targeted in tax havens to prevent tax evasion.

Govt may bring corporate lobbying under RTI

December 20, 2010 354 Views 0 comment Print

A day after stating that lobbying and public relations were part of a democratic set-up, corporate affairs minister Salman Khurshid said the government might explore whether corporate lobbying could be included under the Right to Information (RTI) Ac

I-T officer held in Income Tax refund scam

December 20, 2010 681 Views 0 comment Print

Thane: An income tax officer from Thane has been arrested by the economic offences wing of the police for allegedly masterminding an I-T refund scam and siphoning off public funds close to Rs 4 crore from 2007 to 2009.

IOA auditors of Suresh Kalmadi to help CWG probe

December 20, 2010 513 Views 0 comment Print

The high-level V K Shunglu committee appointed by the prime minister to probe irregularities and alleged misappropriation of funds in the Commonwealth Games (CWG) 2010 has hired chartered accountants of Suresh Kalmadi-led Indian Olympic Association (

Wiki Leaks PWC Auditors Pressured By Russian Officials

December 20, 2010 607 Views 0 comment Print

US officials were told the PwC auditors of Russian gas giant Yukos may have been pressured into revising their audit opinion, according to leaked diplomatic cables. The confidential cable, which forms part of the Wikileaks disclosures, detail the c

Continuing fraud perpetrated by PwC in Malaysia for more than eight years

December 20, 2010 694 Views 0 comment Print

Global Leader for Ethics and Business Conduct in PwC finds himself in a tight spot because of ongoing PwC Malaysia fraud. Coenraad Van Beek, better known as Coenie Van Beek, is the Global Leader for Ethics and Business Conduct at PricewaterhouseCoope

Classification under Tariff Items of the Customs Tariff Act, 1975 in the case of C.C.E.C and ST, Vishakhapatnam Versus Jocil Ltd.

December 20, 2010 5265 Views 0 comment Print

The brief facts which give rise to the aforesaid issue are that the Respondent imported Crude Palm Stearin through Kakinada Port and filed Bills of Entry declaring the goods as industrial grade Crude Palm Stearin falling under Ch. Sub Heading No. 15 11 90 90 of the Customs Tariff Act, 1975

FAQ on Advance Ruling under Service Tax Act

December 20, 2010 4750 Views 0 comment Print

What is meant by advance ruling? Advance ruling means the determination, by the Authority, of a question of law or fact specified in the application regarding the liability to pay service tax in relation to service proposed to be provided, by the a

MVAT Notification for Change in Schedule Entry C-39

December 20, 2010 5381 Views 0 comment Print

Import licences including special import licences, duty-free advance licences and any other scrips issued under the foreign trade policy , from time to time, under the Foreign Trade (Development and Regulation) Act, 1992.

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