Revised guidelines for e-furnishing Form 15CA Posted: 20 Dec 2011 08:00 PM PST Procedure for furnishing information under sub-section (6) of section 195 of the Income-tax Act, 1961 read with rule 37BB of the Income-tax Rules, 1962. General Form 15CA should be used for furnishing information of remittances in e-mode in... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Cabinet approves Lokpal bill; Team Anna, oppposition reject it Posted: 20 Dec 2011 04:56 PM PST Union Cabinet meeting on Tuesday cleared the Lokpal Bill, which may be tabled in Parliament on December 22. The final draft of the bill was okayed by Prime Minister Manmohan Singh earlier today. [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| CBDT to concentrate on big corporates and salaried employees to achieve target Posted: 20 Dec 2011 08:13 AM PST With direct tax collection target of Rs 5.85 lakh crore looking difficult to meet,the Central Board of Direct Taxes (CBDT) on Monday said it will concentrate on big corporates and salaried employees to mop up the revenue.There is a concern... IIP... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Service tax payable by non-scheduled operator on income received from giving the right to use the aircraft to its customers (Chartering of aircrafts), Circular is also Valid Posted: 20 Dec 2011 05:23 AM PST Regard being had to the language employed and the language engrafted in the circular, High Court is of the considered view that the issue raised falls in the realm of interpretation of the terms, namely - charter agreement . Factual matrix in each... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Service Tax – Security Services provided at residential quarters of workers is not input service Posted: 20 Dec 2011 03:46 AM PST In the present case, the act of providing residential quarters by the manufacturer to its employees was voluntary. Providing further security service in such residential quarters was also an act voluntary in nature. No connection between the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Outward transportation of finished goods from the place of removal covered by definition of 'input service' upto 31.03.2008, service tax paid thereon eligible as CENVAT Credit Posted: 20 Dec 2011 02:51 AM PST Outward transportation of finished goods from the place of removal covered by definition of 'input service' upto 31.03.2008, service tax paid thereon eligible as CENVAT Credit – CESTAT Larger Bench decision in ABB Ltd & Ors to this extent... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| In the absence of requisite mens rea to evade payment of service tax penalty can not be imposed Posted: 20 Dec 2011 02:46 AM PST Appeal by revenue against the order of Tribunal setting aside penalties under Sections 76 and 78 of the Finance Act, 1994 – The Tribunal has recorded a finding of fact that the assessee did not have the requisite mens rea to evade payment of... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Government consides new corporate governance guidelines to Posted: 20 Dec 2011 01:28 AM PST The government is considering issuing new corporate governance guidelines by including good practices like tax compliance, to companies for voluntary adoption, Corporate Affairs Minister M Veerappa Moily said today. He said during Question Hour in... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Service Tax – Section 78 permits benefit of reduction in penalty subject to assessee paying entire amount of tax determined with interest and 25% penalty within 30 days of communication of the order Posted: 19 Dec 2011 11:17 PM PST Provision under which the penalty was levied by the original adjudicating officer permits benefit of reduction in the penalty; subject to party paying the entire amount of tax determined interest and 25% of the penalty within 30 days of the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Artificially Created Light Energy (ACLE) not goods, Consequently there is no sale of goods Posted: 19 Dec 2011 10:29 PM PST (a) The light energy which is used as a carrier in telecommunication service for rendering service is covered by the Parliamentary Legislation i.e. the Finance Act, 1994 read with Section 65 (109-a). It does not fall within the Entry 54 of List-II... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| CA, CS, CWA Amendment Bill passed by Lok Sabha in a hurry, without any discussion Posted: 19 Dec 2011 09:02 PM PST CA, CS, CWA Amendment Bill has been passed by both houses of the Parliament paving the way for LLP and Multidisciplinary Partnerships (MDPs) subject to notification of the relevant provisions, after the assent of the President of India and issue of... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Government declines to disclose two letters written to PM by former Sebi member Posted: 19 Dec 2011 08:30 PM PST The Government has declined to disclose two letters written to Prime Minister Manmohan Singh by former Sebi member K M Abraham, who had alleged in another communication, interference by some corporates and top Finance Ministry officials in the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Amends Notification No.39/96-Customs, dated the 23rd July, 1996 Posted: 19 Dec 2011 08:20 PM PST Notification No. 110 / 2011-Customs- G.S.R. 888 (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, being satisfied that it is necessary in the public interest so... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Seeks to provide provisional assessment to imports of ceramic glazed tiles other than vitrified tiles originating in or exported from China PR by M/s M/s Gaoyao Marshal Ceramics Co. Ltd China PR (producer) through M/s Foshan Dihai Trading Development Co. Ltd.-China PR (exporter) Posted: 19 Dec 2011 08:19 PM PST Notification No. 109/2011-Customs- G.S.R. (E).- Whereas, in the matter of import of ceramic glazed tiles other than vitrified tiles where at least one of the sides (length or width) exceeds 17 inches or 431.80 millimeters (mm) or 43.18 centimeters... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Companies (Amendment) Regulations, 2011 – Amendment in regulation 2 Posted: 19 Dec 2011 08:17 PM PST In exercise of the powers conferred by sub-sections (1), (2), (5) and (8) of section 25 and sub-section (2) of section 609 of the Companies Act, 1956(1 of 1956), the Central Government hereby makes the following regulations further to amend the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Credit under dairy segment of Agriculture and Allied Activities-Treatment under Indirect Finance to Agriculture Posted: 19 Dec 2011 08:16 PM PST A doubt has been expressed on the financial activities which promote dairy development in the districts. As credit under the dairy segment (including procurement, storage, processing, collection, transportation, etc.) primarily benefits... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Regional Rural Banks – Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts Posted: 19 Dec 2011 08:16 PM PST With a view to providing greater flexibility to RRBs in mobilising non-resident deposits and also in view of the prevailing market conditions, it has been decided to deregulate interest rates on Non-Resident (External) Rupee (NRE) Deposits and... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| SEBI – Review of Regulatory Compliance, Periodic Reporting and Contents of Trust Deed Posted: 19 Dec 2011 08:15 PM PST SEBI (Debenture Trustee) Regulations, 1993, allow DTs to incorporate additional clauses in the trust deed provided that these clauses do not dilute or contravene the provisions of the clauses specified in the Schedule-IV of the said Regulations.... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Empowering MSMEs for Financial Inclusion and Growth – Issues and Strategies Posted: 19 Dec 2011 08:10 PM PST The recent past has been a challenging time for the banking sector in India. You, along with the entrepreneurs, have coped well with these challenges and have emerged stronger from a difficult phase. While the banking sector has responded well so... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Service Tax – CENVAT Credit can be utilized for paying Service Tax on GTA service Posted: 19 Dec 2011 06:12 PM PST Whether a person who is not actual service provider, but discharges the Service tax liability on the Taxable Services, under Section 68(2) of the Finance Act, 1994, as a deemed service provider, is entitled to avail the Cenvat Credit on...
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