Fwd: TaxGuru.in : Legal & Tax Updates

---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Sep 1, 2010 at 10:03 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

---

• Exemption limit for wealth tax to go up to Rs 1 cr
• Govt Invites Comments on Report of Working Group on Foreign Investment in India
• DTC : Deductions in respect of Savings, Children Education Fees, Health Insurance, Life insurance and Home Loan Interest
• DTC: Jewellery, works of art, property to qualify as long-term investments even if held for a year
• Supreme Court directs IT dept to freshly decide the issue of deductibility of TDS on network sharing fees paid by one telecom company to other
• Summary of Key proposals of the Direct Taxes Code (DTC) 2010 at one place
• Service Tax-Submission of hard copy of documents necessary for granting online registrations
• Shares Income: LTCG remains exempt and Short Term Capital Gain taxable at half the rate under DTC
• Highlights of Annual Supplement 2010-11 to Foreign Trade Policy (FTP), 2009-14
• Recognised Provident Fund : 8.5 percent rate notified under rule 6(b) of Part A of IVth Schedule to the Income-tax Act, 1961
• Visa fees hike: US trying to understand the impact
• DTC: Anonymous donations taxable at the rate of 30% as against 15%, Income of trust above one lakh will be taxable
• DTC – MAT rate on book profit will be 20 percent
• India may implement free trade agreement (FTA) with Indonesia and Cambodia
• Bill providing voting right to NRIs gets Rajya Sabha approval
• Minimum Wages Act, 1948 applicable to Co-operative societies
• DTC proposes five per cent dividend distribution tax on mutual fund houses and life insurers
• Proposed direct taxes code to strengthen India's tax demands on cross-border acquisitions
• New ULIP norms applicable from 1st September 2010 are beneficial for policyholders
• Service tax on on-going works contracts entered into prior to 1 June 2007
• Text of the Statement made by FM in Reply to: Lok Sabha and Rajya Sabha Regarding Protocol for Avoidance of Double Taxation between India and Switzerland
• Law Relating To Arbitration and Conciliation
• Proposed Direct Tax Code to give relief to corporate tax payers
• Tax havens protecting Hawala operators
• DTC : Annual deduction raised to Rs. 1.5 lakh
• Direct Tax code kept exemption limit for women same as for for general tax payers
• DTC to be bulkier than existing Income Tax Act
• A brief on Penalties & Prosecutions under the Income tax Act, 1961
• All about Advance Ruling under Chapter XIX-B of the Income-tax Act
• Common ERRORS committed while availing services on MCA portal
• Govt. Rejects Tobacco Institute of India's Demand for Reduction in Excise Duty on Filter and Non Filter Cigarettes
• No Additional Tax Levied on Vehicles Going to Amarnath and Vaishno Devi
• Charging of Capitation Fee and Misleading of Students by Educational Institutes
• Amendments in Right of Children to Free and compulsory Education (RTE) Act, 2009
• Customs Circular No 31/2010, 30-08-2010, Regarding import of goods under Notification No.13/2010-Customs dated 19.2.2010 for Commonwealth Games, 2010
• Clarification regarding non-applicability of Anti Dumping Duty under Notification No.15/2007-Cus dated 20.02.2007 to Spandex Yarn (Elastomeric Yarn) falling under Tariff Item 5402 44 00
• Section 29B of the Industries (Development and Regulation) Act, 1951 – Power to exempt in special cases – List of items reserved for exclusive manufacture in small scale sector notified vide Notification No. S.O. 477(E) – Amendment in Notification No. S.O. 477(E), dated 25-7-1991
• CUSTOMS Notification No 85/2010, 30-08-2010, Regarding continuation of anti-dumping on imports of Acrylic Fibre originating in, or exported from, the Japan and Belarus
• Prohibition on export of Wheat – exemption for export to Bangladesh- NOTIFICATION NO. 04 (RE-2010)/2009-2014
• Prohibition on export of Non-basmati Rice – exemption for export to Bangladesh – NOTIFICATION NO. 03 (RE-2010)/2009-2014
• Prescribing SION for one new products "Propylene" under Chemical & Allied Products Group
• Inclusion of Finished Leather in the Focus Product Scheme of FTP 2009-14:- Appendix 37D of Handbook of Procedure Vol. 1 and some minor corrections in Appendix 37A
• Corporal punishment banned in all schools affiliated to Central Board of Secondary Education
• Primer on Public company limited by shares, Private Company limited by shares, Unlimited company, Government company, Mutual benefit company, Company limited by guarantee, section 25 company, Registration of Partnership and co-operatives as companies
• Disclosure of agency details on policy document
• Direct Taxes Code: Proposed rates of TDS
• CBI registers graft case against 2 Bank of India officials
• IRDA circular on Electronic Transaction Administration and Settlement System (ETASS)
• ICAI to train accounting technicians at Abu Dhabi from next year
• CUSTOMS Notification No 77/2010 (NT), 27-08-2010, Exchange Rate notification for Import / Export of goods with effect from 1st September, 2010
• Exemption for import of goods by the Organising Committee of Commonwealth Games 2010
• Mandatory disclosures by the media of its stake in corporate sector
• Section 144C of the Income-tax Act, 1961 – Reference to dispute resolution panel – Constitution of Dispute Resolution Panel (DRP-II, Mumbai) comprising of three Commissioners/Directors of Income-tax

Exemption limit for wealth tax to go up to Rs 1 cr Posted: 31 Aug 2010 08:45 PM PDT The Direct Taxes Code (DTC) Bill proposes to raise the exemption limit for imposing wealth tax to Rs 1 crore from Rs 15 lakh at present, a move that will help a lot of taxpayers avoid the levy. The Rs 1 crore limit proposed in the Direct Taxes Code... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt Invites Comments on Report of Working Group on Foreign Investment in India Posted: 31 Aug 2010 08:44 PM PDT With a view to rationalize the present arrangements relating to portfolio investments by Foreign Institutional Investors (FIIs)/Non-Resident Indians (NRIs), Foreign Venture Capital Investor (FVCI) and Private Equity entities etc., the Government had... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTC : Deductions in respect of Savings, Children Education Fees, Health Insurance, Life insurance and Home Loan Interest Posted: 31 Aug 2010 08:34 PM PDT The new tax code offers a little extra in terms of your take-home salary by tweaking tax brackets and increasing tax deductions. But you will have to rework your investing habits a bit in the financial year 2012-13 (when the Direct Tax Code gets... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTC: Jewellery, works of art, property to qualify as long-term investments even if held for a year Posted: 31 Aug 2010 07:50 PM PDT The Supreme Court will hear on September 10 the impleadment petition filed by the Forex Derivatives Consumers Forum along with the Special Leave Petition filed by Fixed Income Money Market and Derivatives Association of India (FIMMDA). Forex... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Supreme Court directs IT dept to freshly decide the issue of deductibility of TDS on network sharing fees paid by one telecom company to other Posted: 31 Aug 2010 07:33 PM PDT The Supreme Court has directed the Income Tax department to freshly decide the issue on whether telecom operators Bharti Airtel and Vodafone would have to deduct TDS while paying BSNL for sharing network of the state-owned firm. A bench comprising... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Summary of Key proposals of the Direct Taxes Code (DTC) 2010 at one place Posted: 31 Aug 2010 06:52 PM PDT Once the Direct Taxes Code (DTC) 2010 get approved by both houses of the Indian parliament, and receives the President's assent, it would be enacted as law. Significantly, while it was earlier envisaged that as per the original proposal the DTC... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax-Submission of hard copy of documents necessary for granting online registrations Posted: 31 Aug 2010 06:51 PM PDT This is to bring to the notice of trade that a large number of online registrations filed are pending issuance in various Ranges/Division offices due to non submission of required documents. It is noticed that while the registration are filled... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Shares Income: LTCG remains exempt and Short Term Capital Gain taxable at half the rate under DTC Posted: 31 Aug 2010 06:50 PM PDT DTC Billproposes to tax short-term capital gains arising from stocks and mutual funds at half the marginal rate.So, if your marginal tax rate is 30 per cent, you will pay a short-term capital gains tax at 15 per cent. As far as long-term capital... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Highlights of Annual Supplement 2010-11 to Foreign Trade Policy (FTP), 2009-14 Posted: 31 Aug 2010 06:49 PM PDT The Ministry of Commerce and Industry announced the Annual Supplement 2010-11 to the Foreign Trade Policy 2009-14 ('FTP') on 23 August 2010. The objective of the Annual Supplement is to reverse the trend of declining exports and assist sectors badly... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Recognised Provident Fund : 8.5 percent rate notified under rule 6(b) of Part A of IVth Schedule to the Income-tax Act, 1961 Posted: 31 Aug 2010 06:34 PM PDT In exercise of the powers conferred by clause (b) of rule 6 of Part A of the Fourth Schedule to the Income-tax Act, 1961 (43 of 1961), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Visa fees hike: US trying to understand the impact Posted: 31 Aug 2010 06:27 PM PDT The United States says it's trying to understand the potential impact of a steep hike in US worker visa fees on Indian companies, but no new step has been taken yet to ease Indian concerns. "I think we have been explaining to the Indian government... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTC: Anonymous donations taxable at the rate of 30% as against 15%, Income of trust above one lakh will be taxable Posted: 31 Aug 2010 06:00 PM PDT The government has proposed to exempt income of charitable and not-for-profit organisations up to R1 lakh from tax and levy a tax of 15 per cent on all income above that ceiling. The Direct Taxes Code (DTC) Bill introduced in Parliament on Monday... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTC – MAT rate on book profit will be 20 percent Posted: 31 Aug 2010 05:56 PM PDT The government on Monday proposed to raise minimum alternate tax (MAT) to 20 per cent on book profits but diluted the earlier proposal to impose it on gross assets that had drawn protests from firms. MAT was introduced in fiscal 1998 to address the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India may implement free trade agreement (FTA) with Indonesia and Cambodia Posted: 31 Aug 2010 07:35 AM PDT India will soon implement the free trade agreement (FTA) in goods with two more Asean countries -- Indonesia, Cambodia -- by slashing duties on hundreds of products including seafood, chemicals, apparel and tyres. In turn the two countries will also... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bill providing voting right to NRIs gets Rajya Sabha approval Posted: 31 Aug 2010 07:23 AM PDT Non-Resident Indians can hope to cast votes in their home country as the Rajya Sabha today passed a bill to provide them voting rights. "We are not doing them any charity," law minister M Veerappa Moily said, while replying to a brief debate on a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Minimum Wages Act, 1948 applicable to Co-operative societies Posted: 31 Aug 2010 07:15 AM PDT Co-operative societies are covered by the Minimum Wages Act, 1948, and the fact that they are exempted by a notification of 1979 "is not absolute", the Madras High Court has held. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTC proposes five per cent dividend distribution tax on mutual fund houses and life insurers Posted: 31 Aug 2010 07:11 AM PDT "The mutual fund or the life insurer or the person responsible for making payment of the distributed income on its behalf, shall be liable to pay tax to the credit of the government within a period of fourteen days from the date of distribution or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Proposed direct taxes code to strengthen India's tax demands on cross-border acquisitions Posted: 31 Aug 2010 07:06 AM PDT Provisions of the proposed direct taxes code will strengthen India's tax demands on cross-border acquisitions involving Indian companies. Section (5) of the code stipulates that tax is payable in India whenever a foreign company's shares are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New ULIP norms applicable from 1st September 2010 are beneficial for policyholders Posted: 31 Aug 2010 07:02 AM PDT The new rules of the Insurance Regulatory and Development Authority (Irda) take effect from September 1. Ulips, which contributed 80 per cent of the total premium collected by private companies, will see a dramatic change. Irda has capped the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on on-going works contracts entered into prior to 1 June 2007 Posted: 31 Aug 2010 06:39 AM PDT Works contract service made taxable with effect from 1 June 2007. Thus, services such as construction, erection, commissioning or installation, repair services provided prior to 1 June 2007, to be classified as a works contract service in case... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Text of the Statement made by FM in Reply to: Lok Sabha and Rajya Sabha Regarding Protocol for Avoidance of Double Taxation between India and Switzerland Posted: 31 Aug 2010 05:40 AM PDT Union Finance Minister, Shri Pranab Mukherjee made a statement in both the Houses of Parliament i.e., Lok Sabha and Rajya Sabha today on the Protocol signed between India and Switzerland yesterday to amend the existing Agreement and Protocol for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Law Relating To Arbitration and Conciliation Posted: 31 Aug 2010 03:41 AM PDT Purpose of Arbitration Act is to provide quick redressal to commercial dispute by private Arbitration. Quick decision of any commercial dispute is necessary for smooth functioning of business and industry. Internationally, it is accepted that... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Proposed Direct Tax Code to give relief to corporate tax payers Posted: 31 Aug 2010 12:28 AM PDT The government today proposed to retain corporate tax at 30 per cent, but without the surcharge and cess that increase the current levy to over 33 per cent. The current tax rate for domestic companies, including surcharge and cesses, comes to about... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tax havens protecting Hawala operators Posted: 31 Aug 2010 12:05 AM PDT Indian efforts to trace Hawala operators involved in money laundering and terror financing are facing hurdles due to non-cooperation of many countries where these racketeers operate, according to a global task force. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTC : Annual deduction raised to Rs. 1.5 lakh Posted: 30 Aug 2010 11:42 PM PDT Under the DTC Bill, the annual deduction has been raised to Rs. 1.5 lakh. From the bill It appears that investments in PPF, PF, NPS, pure life insurance policies, savings schemes as notified by the government are eligible for this deduction under... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Tax code kept exemption limit for women same as for for general tax payers Posted: 30 Aug 2010 11:36 PM PDT While senior citizens will continue to enjoy greater tax exemption, women tax payers will lose their special status under the proposed Direct Taxes Code. The Bill proposes to raise the tax exemption limit for senior citizens above 65 years to Rs 2.5... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTC to be bulkier than existing Income Tax Act Posted: 30 Aug 2010 10:52 PM PDT The proposed Direct Taxes Code (DTC), which will replace the archaic Income Tax Act, is bulkier than the existing law, as the new legislation also seeks to substitute the current Wealth Tax Act. While the proposed DTC has 319 sections and 22... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

A brief on Penalties & Prosecutions under the Income tax Act, 1961 Posted: 30 Aug 2010 10:44 PM PDT There are three modes built in the fiscal legislation for encouraging tax compliance: (a) Charge of Interest, (b) imposition of penalty (c) launching of prosecution against tax delinquents. While charging of interest is compensatory on character,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

All about Advance Ruling under Chapter XIX-B of the Income-tax Act Posted: 30 Aug 2010 10:26 PM PDT With a view to avoiding a dispute in respect of assessment of income-tax liability in the case of a non-resident (and also specified categories of residents), a Scheme of Advance Ruling was incorporated in Chapter XIX-B of the Income-tax Act. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Common ERRORS committed while availing services on MCA portal Posted: 30 Aug 2010 10:16 PM PDT Payment of challan not done before the expiry date: If payment of challan is not made before the expiry date, the transaction gets cancelled and applicant needs to file the eForm again on MCA portal to generate a fresh challan for payment. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt. Rejects Tobacco Institute of India's Demand for Reduction in Excise Duty on Filter and Non Filter Cigarettes Posted: 30 Aug 2010 09:13 PM PDT Tobacco Institute of India (TII) has requested for reduction in the excise duty rates on filter and non filter cigarettes so that the gap between the excise duty rates on cigarettes and other tobacco products is reduced. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Additional Tax Levied on Vehicles Going to Amarnath and Vaishno Devi Posted: 30 Aug 2010 09:13 PM PDT Government of Jammu & Kashmir is levying tax of Rs.2000.00 per day on All India Tourist Vehicles. The vehicles carrying passengers/pilgrims for Mata Vaishno Devi are however being charged the tax of Rs.2000.00 for a period of 3 days. Similarly,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Charging of Capitation Fee and Misleading of Students by Educational Institutes Posted: 30 Aug 2010 09:11 PM PDT Levying of capitation fee is against the national policy as well as rulings of the Apex Court. A legislative proposal namely 'The Prohibition of Unfair Practices in Technical Educational Institutions, Medical Educational Institutions and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendments in Right of Children to Free and compulsory Education (RTE) Act, 2009 Posted: 30 Aug 2010 09:07 PM PDT Consequent upon examination of Representations received from organizations working for the welfare of the children with disabilities and minority institutions, a decision was taken to carry out certain amendments to the Right of Children to Free and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Customs Circular No 31/2010, 30-08-2010, Regarding import of goods under Notification No.13/2010-Customs dated 19.2.2010 for Commonwealth Games, 2010 Posted: 30 Aug 2010 09:46 AM PDT Attention is invited to Board Circular No.26/2010-Customs dated 9.08.2010 wherein it was clarified that benefit under the Notification No.13/2010- Customs for import of specified goods for Commonwealth Games, 2010 will not be extended to vendors/... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification regarding non-applicability of Anti Dumping Duty under Notification No.15/2007-Cus dated 20.02.2007 to Spandex Yarn (Elastomeric Yarn) falling under Tariff Item 5402 44 00 Posted: 30 Aug 2010 08:46 AM PDT References have been received from the Trade and Field formations seeking a clarification whether Anti Dumping Duty under the Notification No.15/2007-Customs dated 20.02.2007 is applicable to Spandex Yarn (Elastomeric yarn). Although the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 29B of the Industries (Development and Regulation) Act, 1951 – Power to exempt in special cases – List of items reserved for exclusive manufacture in small scale sector notified vide Notification No. S.O. 477(E) – Amendment in Notification No. S.O. 477(E), dated 25-7-1991 Posted: 30 Aug 2010 07:53 AM PDT In exercise of the powers conferred by sub-section (1) of section 29B of the Industries (Development and Regulation) Act, 1951 (65 of 1951), the Central Government, after considering the recommendations made to it by the Advisory Committee, hereby... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CUSTOMS Notification No 85/2010, 30-08-2010, Regarding continuation of anti-dumping on imports of Acrylic Fibre originating in, or exported from, the Japan and Belarus Posted: 30 Aug 2010 07:40 AM PDT Whereas, the designated authority, vide its notification No. 15/34/2008-DGAD, dated 6th July, 2009 published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 7th July, 2009, had initiated sunset review in the matter of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Prohibition on export of Wheat – exemption for export to Bangladesh- NOTIFICATION NO. 04 (RE-2010)/2009-2014 Posted: 30 Aug 2010 07:33 AM PDT With immediate effect, following para shall be added at the end of para 2 below Sl. No. 2.10 of Notification No. 56 /2009-2014 dated 06.08.2010:-The above quantity of 2 lakh tones of wheat to Bangladesh will be exported by the PSUs of Department of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Prohibition on export of Non-basmati Rice – exemption for export to Bangladesh – NOTIFICATION NO. 03 (RE-2010)/2009-2014 Posted: 30 Aug 2010 07:25 AM PDT The PSUs would lift the quantities of rice from the Central Pool and export on CIF basis as requested by the Government of Bangladesh. This would entail additional costs on account of freight, insurance etc. which will be borne by the Government of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Prescribing SION for one new products "Propylene" under Chemical & Allied Products Group Posted: 30 Aug 2010 07:21 AM PDT In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14 and Paragraph 1.1 of the Handbook of Procedures (Vol. I) (2009-14), the Director General of Foreign Trade hereby adds one new SION as A- for the export... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Inclusion of Finished Leather in the Focus Product Scheme of FTP 2009-14:- Appendix 37D of Handbook of Procedure Vol. 1 and some minor corrections in Appendix 37A Posted: 30 Aug 2010 07:20 AM PDT TABLE 4: NEW FOCUS PRODUCTS.FINISHED LEATHER: LEATHER FURTHER PREPARED AFTER TANNING/ CRUSTING, INCLUDING PARCEMENT-DRESSED LEATHER OF BOVINE (INCLUDING BUFFALO) OR EQUINE ANIMALS, WITHOUT HAIR ON, WHETHER OR NOT SPLIT (OTHER THAN LEATHER OF HEADING... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corporal punishment banned in all schools affiliated to Central Board of Secondary Education Posted: 30 Aug 2010 07:07 AM PDT Corporal punishment has been banned in all the schools affiliated to Central Board of Secondary Education. National Commission for Protection of Child Rights (NCPCR) has issued guidelines to all States/UTs as well as to the District Administrations... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Primer on Public company limited by shares, Private Company limited by shares, Unlimited company, Government company, Mutual benefit company, Company limited by guarantee, section 25 company, Registration of Partnership and co-operatives as companies Posted: 30 Aug 2010 01:21 AM PDT A. What is a public company limited by shares? In terms of section 3(1)(iv) of the Companies Act, 1956 a public company means a company which is not a private company and has a minimum paid-up capital of five lakh rupees or such higher paid-up... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Disclosure of agency details on policy document Posted: 30 Aug 2010 12:48 AM PDT The Authority is in receipt of complaints from policyholders relating to agency identification and servicing, especially when they have approached insurers directly and are serviced through an agency allotted by the insurer. In particular, there are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Taxes Code: Proposed rates of TDS Posted: 30 Aug 2010 12:33 AM PDT Sr. No. Nature of Payment Rates of TDS where deductee is a resident Remarks The present rates Proposed rates under the Code 1. Salary paid to employees Rates as per the slabs and rates prescribed by the Finance Act Average rate of tax on salary paid... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI registers graft case against 2 Bank of India officials Posted: 30 Aug 2010 12:08 AM PDT CBI has registered a case against two officials of Bank of India in Khunti district of Jharkhand for their alleged involvement in corrupt practices. A case under different Sections of IPC and the Prevention of Corruption Act has been registered... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA circular on Electronic Transaction Administration and Settlement System (ETASS) Posted: 29 Aug 2010 11:48 PM PDT During the inspection of several broker and insurers, it was found that audit trial of many transactions with regard to reinsurance placements and coinsurance was very difficult to track. The trial started going cold after the money reaches the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI to train accounting technicians at Abu Dhabi from next year Posted: 29 Aug 2010 10:53 PM PDT The Institute of Chartered Accountants of India (ICAI) will train accounting technicians at Abu Dhabi from next year and is in a process of signing memorandum of understandings (MOUs) with several countries in the coming months in this connection.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CUSTOMS Notification No 77/2010 (NT), 27-08-2010, Exchange Rate notification for Import / Export of goods with effect from 1st September, 2010 Posted: 28 Aug 2010 07:53 AM PDT Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exemption for import of goods by the Organising Committee of Commonwealth Games 2010 Posted: 28 Aug 2010 07:20 AM PDT n exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mandatory disclosures by the media of its stake in corporate sector Posted: 28 Aug 2010 12:55 AM PDT SEBI had taken up with Press Council of India its concerns on practice of many media groups entering into agreements, such as 'Private Treaties', with companies. Typically, such arrangements are with companies which are listed or which proposes to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 144C of the Income-tax Act, 1961 – Reference to dispute resolution panel – Constitution of Dispute Resolution Panel (DRP-II, Mumbai) comprising of three Commissioners/Directors of Income-tax Posted: 27 Aug 2010 01:25 AM PDT In exercise of powers conferred under section 144C of the Income-tax Act, 1961 and in supersession of Order No. 3/FT&TR-II/2010 dated 1st July, 2010, the Board hereby constitutes the Dispute Resolution Penal (DRP-II, Mumbai) comprising of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

You are subscribed to email updates from LEGAL & FINANCIAL UPDATES FROM TAX GURU To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/