"December, 2010" Archive - Page 2

India opposes two per cent tax on foreign procurement imposed by US

Government today said the recent US legislation imposing a two per cent tax on foreign procurement and extending the present visa fee till 2015 will create a bias against the Indian IT sector. The US government has recently passed a bill --James Zadroga 9/11 Health and Compensation Act-- that will impose two per cent tax on the US govern...

Read More
Posted Under: Income Tax |

ICAI Convocation (II)-2010

The Convocation for the newly enrolled Members for the period from March, 2010 to August, 2010 will be held as per schedule given below with a view to inculcate a sense of belongingness and attachment with the Institute. ...

Read More
Posted Under: Income Tax |

50 Paise Coins to be Minimum Denomination Coin Acceptable for Transaction from June 30, 2011

The Central Government, Ministry of Finance has notified on December 20, 2010 to call in from circulation the coins of denomination of 25 paise and below, issued from time to time, with effect from June 30, 2011. From this date, these coins shall cea...

Read More
Posted Under: Income Tax |

Taxing times ahead for High Net worth Individuals

Early this month, FM Pranab Mukherjee had okayed the setting up of a high-level multi-disciplinary panel to study black money at home and abroad, and another panel to suggest counter-measures against tax havens. These actions are likely to reflect in the Budget for 2011-12....

Read More
Posted Under: Income Tax |

Govt likely to announce FDI policy on LLPs in January 2011

The government is likely to usher in the New Year with some important policy reforms. Important foreign direct investment (FDI) policy announcements is likely to be made in January 2011, reports sources. It is learnt that FDI policy is likely to be...

Read More
Posted Under: Income Tax |

Citigroup investigating transactions at India branch

U.S. bank Citigroup said on Tuesday it was investigating a set of suspicious transactions based on what it said were forged documents by an employee at a branch in India. The bank did not say how much money was involved, but a person familiar with th...

Read More
Posted Under: Income Tax |

Cricketer Harbhajan and Yuvraj defaulted on payment of service tax

Cricketer Harbhajan Singh, currently spinning misery on the South African team, seems to have been caught by the central excise and service tax department for defaulting on service tax. The department has found that he owes nearly Rs 1 crore as servi...

Read More
Posted Under: Income Tax |

Income Tax Department suspects tax evasion in derivative transactions

The revenue department of the finance ministry estimates that Corporate India could have evaded over Rs 20,000 crore in taxes in 2007-08 had it shown mark-to-market losses on forex derivative transactions. According to the income tax department, in t...

Read More
Posted Under: Income Tax |

CBI detains senior Joint Commissioner of Income tax and an inspector for alleged graft

CBI yesterday detained a Joint Commissioner of Income tax and an inspector of the Income Tax department here in an alleged corruption case. CBI sources said Arun Gurjar, a 1999 batch Indian Revenue Service officer, and Baljit Singh, inspector, were detained following a complaint from a grain merchant....

Read More
Posted Under: Income Tax |

Notification No. 137/2010–Customs dated 31.12.2010

Notification No. 137/2010–Customs (31/12/2010)

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (D...

Read More