| Search and Survey – Rights and Duties Posted: 15 Jul 2010 09:02 PM PDT Search and Survey:-Power to carry out search under section 132 and survey under section 133A are important tools in the armoury of the Income–tax department for detecting and preventing tax evasion. Though the need to have such tools cannot be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Transfer Pricing TNMM must be applied to transaction margins and not to enterprise level margins. Adjustments must be confined to international transactions Posted: 15 Jul 2010 08:47 PM PDT The assessee, engaged in the business of manufacture and export of diamonds and jewellery, claimed that having regard to the nature of the product, none of the transfer pricing methods were applicable for benchmarking the international transactions... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Royalty paid by non-resident does not arise in India if there is no "economic link" between the PE and the royalty Posted: 15 Jul 2010 08:43 PM PDT The assessee, a Singaporean company with a PE in India, obtained rights from the Global Cricket Council, Singapore, for telecast of cricket matches in India. The AO took the view that the payment for the said rights constituted "royalty" in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Maharashtra VAT Composition Scheme for dealers undertaking construction activity Posted: 15 Jul 2010 08:12 PM PDT The Government of Maharashtra has introduced a Scheme of Composition („Scheme?) of VAT for registered dealers undertaking construction of flats, dwellings, buildings or premises and transferring them in pursuance of an agreement along with land or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| No tax holiday on gas discoveries Posted: 15 Jul 2010 08:01 PM PDT The finance ministry appears to have sealed the fate of forth coming auctions of exploration acreages. The revenue department has rejected the oil ministry's suggestion to extend the seven-year tax holiday under the New Exploration Licensing Policy... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section 80-IA of the Income-tax Act, 1961 – Deductions – Profits and gains from industrial infrastructure undertakings, etc, – Notified undertaking Posted: 15 Jul 2010 07:53 PM PDT Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as the said Act), has framed and notified a scheme for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section 10(23C)(vi) of the Income-tax Act, 1961 – Exemptions – University or other educational institutions – Amendment in Notification No. S.O. 852(E), dated 30-5-2007 Posted: 15 Jul 2010 07:49 PM PDT In pursuance of the provisions contained in sub-clauses (vi) and (via) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961) read with sub-rule (2) of rule 2C of the Income-tax Rules, 1962, the Central Board of Direct Taxes hereby... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section 10(15)(vii) of the Income-tax Act, 1961 – Exemptions – Interest on bonds issued by local authorities – Notified bonds Posted: 15 Jul 2010 07:47 PM PDT Tax Free Pooled Finance Development Bonds under Pooled Finance Development Fund Scheme of Government of India (Second Tranche). Water and Sanitation Pooled Fund, Tamil Nadu designated as State Pooled Finance Entity for the State of Tamil Nadu. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Govt will not mobilise funds for infra sector from non-resident Indians through special tax-free bonds Posted: 15 Jul 2010 07:38 PM PDT The finance ministry has turned down a suggestion that government mobilise funds for infrastrucure sector from non-resident Indians through special tax-free bonds. "It may not be a very viable plan as it could lead to losses at the time of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Nationwide Income Tax staff strike hits routine operations Posted: 15 Jul 2010 07:33 PM PDT Nearly 50,000-odd Income Tax (I-T) employees and officials went on a one-day nationwide strike on Thursday, to press their 12-point agenda, which includes putting an end to outsourcing of departmental functions at the central processing centre (CPC)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| State-owned insurance companies agreed to restore cashless treatment facilities in big private hospitals Posted: 15 Jul 2010 07:29 PM PDT State-owned insurance companies on Tuesday agreed to restore cashless treatment facilities in big private hospitals on a case-to-case basis, a development likely to benefit mediclaim policy holders. "Insurance companies have decided to restore... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government set up panel to review structure of small saving schemes Posted: 15 Jul 2010 07:25 PM PDT The government has set up a committee to undertake a comprehensive review of the small savings instruments in India such as public provident fund schemes and national savings certificate schemes. This marks the first steps towards migrating to a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Shri Salman Khurshid Launches Investor Education and Protection Fund Website in Telugu Posted: 15 Jul 2010 07:05 PM PDT Shri Salman Khurshid, Minister of Corporate Affairs, today launched the Telugu version of the Investor Education and Protection Fund Website at Hyderabad. He also released Beginner's Guide to the Capital Market in Telugu language at a function... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Acquisition of State Bank of Indore by State Bank of India approved Posted: 15 Jul 2010 07:03 PM PDT The Union Cabinet today approved the acquisition of State Bank of Indore by State Bank of India (SBI) and also accorded `in-principle' approval to introduce a Bill in the Parliament for making consequential amendments in the State Bank of India... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Symbol for Indian Rupee approved Posted: 15 Jul 2010 07:01 PM PDT A public competition was held amongst resident Indian citizens inviting entries for the symbol, which reflects and captures the Indian ethos and culture. Over 3000 entries were received, which were evaluated by a Jury headed by the Deputy Governor,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| VAT updates on notifications and circulars issued during the month of June 2010 in the States of –Chhattisgarh, Gujarat, Kerala, Maharashtra, Rajasthan, Tamil Nadu, Uttar Pradesh and West Bengal Posted: 15 Jul 2010 06:10 PM PDT Compulsorily filing of E return. With effect from 1 July, 2010, a registered dealer whose gross annual turnover exceeds Rs 40 lakhs, is now required to file the return electronically. Penalty for Non/late submission of return/annual return. With... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| VAT updates on notifications and circulars issued during the month of May 2010 in the States of –Delhi, Kerala, Maharashtra, Punjab, Tamil Nadu and Uttar Pradesh Posted: 15 Jul 2010 06:10 PM PDT With effect from financial year 2010-11, the threshold of gross turnover for getting the accounts audited has been enhanced from Rs. 40 lakhs to Rs. 60 lakhs. Further, dealers covered under the Package Scheme of Incentives are required to get their... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI decided to introduce call auction mechanism in pre-open session Posted: 15 Jul 2010 05:52 PM PDT The issue regarding call auction and its use in various session, including pre-open session was deliberated in Secondary Market Advisory Committee (SMAC). Based on the recommendation of the committee and proposal received from the stock exchanges,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Petrol prices to be revised every month Posted: 15 Jul 2010 05:52 PM PDT From now on, the price of petrol will be revised once a month. However, there will be no immediate change in its price. Such a decision was on the cards ever since the oil ministry decided, on June 25, to deregulate the petrol price. The periodicity... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI decides to allow Physical Settlement of Stock Derivatives Posted: 15 Jul 2010 05:42 PM PDT a Cash settlement (settlement by payment of differences) for both stock options and stock futures; or b Physical settlement (settlement by delivery of underlying stock) for both stock options and stock futures; or c Cash settlement for stock options... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ONGC urges Commerce Secretary not to withdraw tax benefits available TO SEZs Posted: 15 Jul 2010 09:51 AM PDT ONGC has become the latest high-profile developer to voice concerns over the adverse impact of certain proposals in the Direct Taxes Code (DTC) revised draft on its Special Economic Zone (SEZ) plans. In a letter to the Commerce Secretary, Dr Rahul... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Customs Notification No 75/2010, 14-07-2010, Regarding anti dumping duty on Glass Fibre and articles thereof, originating in, or exported from, People's Republic of China Posted: 15 Jul 2010 09:45 AM PDT Whereas in the matter of imports of Glass Fibre and articles thereof (hereinafter referred to as the subject goods), falling under heading 7019 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred as the said... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Execution of LUT/BG against Import Authorisation issued by import of Restricted Items on Re-export basis- DGFT Policy Circular No. 39/2009-14 Posted: 15 Jul 2010 09:39 AM PDT This refers to the Import Authorisation which are approved for import of restricted items on re-export basis by the EFC. To ensure that goods are re-exported by the importers as declared by them at the time of application for Import Authorisations,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Telecom Sector and their entitlement under SFIS scheme and other issues of SFIS scheme- DGFT Policy Circular No. 38/2009-14 Posted: 15 Jul 2010 09:35 AM PDT Telecom Sector and their entitlement under SFIS scheme and other issues of SFIS scheme.Attention is invited to Minutes of the PIC Meeting No. 04/AM11 held on 5.7.2010. In the PIC meeting, the issues regarding the entitlement of the Telecom Sector... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Import policy for "off-the-air GSM monitoring technology"- DGFT notification no. 53/2009-2014 Posted: 15 Jul 2010 09:28 AM PDT In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-14, the Central Government hereby makes the following amendments in the Schedule 1... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
