Indirect tax collections grew by 43% in the first quarter of current fiscal Posted: 10 Jul 2010 08:36 PM PDT 
Indirect tax collections grew by a whopping 43% in the first three months of the current fiscal, providing further testimony to a recovery in industrial activity that prompted International Monetary Fund (IMF) to raise its 2010 growth estimate for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI Invites Application for Visiting Faculty to impart 100 Hours Information Technology Training at ICAI – ITT Centres Posted: 10 Jul 2010 08:33 PM PDT 
The Institute of Chartered Accountants of India through its Board of Studies imparts compulsory 100 Hours Information Technology Training (ITT) to its students as a part of their education and training for the Chartered Accountancy Course at its 150... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| DEPB sale proceeds cannot be bifurcated into "profits" and "face value". The entire amount is "profits" for s. 80HHC r.w.s. 28(iiid) – Special Bench judgement in Topman Exports reversed Posted: 10 Jul 2010 08:29 PM PDT 
S. 28 (iiid) provides that "any profit on the transfer" of the DEPB shall be business profits. Under Explanation (baa) to s. 80HHC, 90% of "the sum referred to in s. 28(iiid)" has to be reduced from the business profits. Under the third Proviso to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI announced dated for convocation of Members enrolled during the period from September, 2009 to February, 2010 Posted: 10 Jul 2010 08:22 PM PDT 
Convocation 2010.The Convocation for the newly enrolled Members for the period from September, 2009 to February, 2010 will be held as per schedule given below with a view to inculcate a sense of belongingness and attachment with the Institute. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Audit of Urban Co-operative banks â Important Announcement |Tax Guru [del.icio.us] Posted: 10 Jul 2010 07:06 PM PDT he Commissioner Co-operation, Pune has intimated to the WIRC, vide letter dated 19th May, 2010 to prepare fresh panel for the Audit of Urban Co-operative Banks having deposit exceeding Rs.25 Crores. The Division-wise and District-wise panel shall be prepar  |
| Supreme Court rules taxpayers can legally reduce their liability through dividend-stripping |Tax Guru [del.icio.us] Posted: 10 Jul 2010 07:00 PM PDT In a significant ruling, the Supreme Court has ruled that taxpayers can legally reduce their liability through dividend-stripping, a term used for selling mutual fund units at a discount post-dividend. An apex court bench headed by Chief Justice SH Kapadia has said there is nothing wrong in dividend-stripping after getting the tax benefits. The bench further sai  |
| RBI guideline on Credit Card Operations of Banks covering disclosure of interest and fees charged by them |Tax Guru [del.icio.us] Posted: 10 Jul 2010 06:58 PM PDT The RBI today warned banks and financial institutions to strictly follow its guidelines on credit cards regarding transparency in charging interest rates and levying other fees on customers or face penal action.âAll banks are once again advised to strictly adhere to the guidelines⦠both in letter and spirit,â an RBI circular said, adding that the violation would invite penal action.  |
| Reliance Big Entertainment challenged levy of service tax on sale of copyrights of movies and other artistic works in HC |Tax Guru [del.icio.us] Posted: 10 Jul 2010 06:50 PM PDT Anil Ambani Group firm Reliance Big Entertainment has challenged levy of service tax on sale of copyrights of movies and other artistic works in the Delhi High Court. A bench, comprising Chief  |
| Finance ministry set up five-member task force to frame rules for the proposed GST |Tax Guru [del.icio.us] Posted: 10 Jul 2010 06:44 PM PDT The finance ministry has set up a five-member task force to frame rules for the proposed Goods and Service Tax (GST). A bill for the GST is likely to be finalised soon. It is likely to be introduced in the monsoon session of Parliament after the statesâ concurrence.  |
| Suggestions of the ICAI on the Revised Discussion Paper on the Direct Taxes Code |Tax Guru [del.icio.us] Posted: 10 Jul 2010 06:37 PM PDT A Revised Discussion Paper (RDP) on Direct Taxes Code (DTC) has been released by the CBDT on 15th June, 2010, taking into consideration the vital and crit  |
| IIFCL urges Government to frame bankruptcy code |Tax Guru [del.icio.us] Posted: 10 Jul 2010 06:30 PM PDT India Infrastructure Finance Company Ltd (IIFCL) has urged the Government to frame a bankruptcy code. Such a code should be introduced if the country wants to develop an infrastructure bond market, Mr S.K. Goel, Chairman and Managing Director, IIFCL, said here on Monday.  |
| Final decision on physical settlement in derivative segment expected within a month |Tax Guru [del.icio.us] Posted: 10 Jul 2010 06:24 PM PDT Nearly four months after giving the in-principle approval for physical settlement in the derivative segment, a final decision on the matter is just round the corner. The discussions between the stock exchanges and the regulatory officials are in the final phase and a de  |
| Indian accounting standards will converge with International Financial Reporting Standards (IFRS) by 2011 |Tax Guru [del.icio.us] Posted: 10 Jul 2010 06:10 PM PDT The government today said that Indian accounting standards will converge with International Financial Reporting Standards (IFRS) by 2011, even as issues like fair value and depreciation are being ironed out. âWe are still working  |
| Government to seek Parliamentâs sanction for the ordinance it issued to end the dispute between Irda and Sebi over regulation of ULIP |Tax Guru [del.icio.us] Posted: 10 Jul 2010 10:18 AM PDT The government will bring a bill in the monsoon session to seek Parliamentâs sanction for the ordinance it issued to end the dispute between Irda and Sebi over regulation of unit-linked plans, or Ulips, of insurance companies. âThe ordinance was approved at the highest level by t  |
| Commerce Ministry likely to prescribe strict norms for SEZ units engaged in recycling of plastic next week |Tax Guru [del.icio.us] Posted: 10 Jul 2010 10:10 AM PDT The Commerce Ministry is likely to come out with strict norms for SEZ units engaged in recycling of plastic next week in wake of the Environment Ministryâs concern on illegal import of the hazardous waste. Businesses interested in setting up new plastic recycling un  |
| CBEC notifies 8 new taxable Services w.e.f. 1.7.2010 |Tax Guru [del.icio.us] Posted: 10 Jul 2010 10:03 AM PDT CBEC has notified 8 new taxable Services w.e.f. 1.7.2010 vide Notification No.24/2010-Service Tax dated 22.6.2010.The following are the new taxable Services introduced w.e.f. from 1.7.2010  |
| More and more companies announcing bonus shares to stakeholders |Tax Guru [del.icio.us] Posted: 10 Jul 2010 09:52 AM PDT Itâs raining bonus shares on Dalal Street, with nearly two dozen companies offering free shares to their stakeholders in the past few weeks. Apart from leading companies like ITC, Edelweiss  |
| Vice President launches RTI Portal Developed by IMG at Thiruvananthapuram |Tax Guru [del.icio.us] Posted: 10 Jul 2010 09:44 AM PDT The Vice President of India Shri M. Hamid Ansari has said that the RTI Act imposes new obligations on all stakeholders. The government is called upon to be more transparent and accountable in decision and policy making, and manage its records better. Addressing at  |
| ICAI asked government to make outsourcing of internal audit functions mandatory for companies |Tax Guru [del.icio.us] Posted: 10 Jul 2010 09:35 AM PDT Accounting regulator the Institute of Chartered Accountants of India (ICAI) has asked the government to make outsourcing of internal audit functions mandatory for companies to prevent a Satyam-like fraud from happening again.  |
