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Mar 31, 2010

Updates from TaxGuru 01.04.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 13 new items)



From today more interest on your Saving Bank account

Posted: 31 Mar 2010 08:58 PM PDT

Here's some good news for savings account holders. The savings account will yield 30 to 40 basis points more to the account holder from Wednesday with the banks shifting to the new method for calculating interest on savings deposits. Following the...

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Stamp duty is applicable on purchase of Property in Public Auction

Posted: 31 Mar 2010 08:36 PM PDT

The Madras High Court has held that an instrument, whether a certificate of sale or sale deed, issued in a public auction of properties, was chargeable with stamp duty under Article 18 read with Article 23 of Schedule I to the Indian Stamp Act, 1899.

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Exchange Rate notification for Import / Export of goods with effect from 1st April, 2010

Posted: 31 Mar 2010 08:33 PM PDT

the 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,...

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Service tax on rail fright deferred till 1st July 2010 in Public Interest

Posted: 31 Mar 2010 08:28 PM PDT

The finance ministry has deferred levying 10 per cent service tax on railway freight by three months to July 1 amid inflation nearing double-digit mark. "The service tax on railways freight has been deferred by three months," a Central Board of...

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Service tax Notification No. 20/2010 amending notification No.07/2010-Service Tax, dated the 27th February, 2010

Posted: 31 Mar 2010 08:01 PM PDT

In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do,...

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DGFT Policy Circular No 29/2009-14 – Invitation for applications for Import licences for Rough Marble Blocks – Issue of quota for the financial year 2010-11

Posted: 31 Mar 2010 07:53 PM PDT

Applications are invited for issue of import licences for rough marble blocks only for the financial year 2010-11 from the eligible applicants as per the Marble Import Policy announced vide Notification No.36/2009-2014 dated 31st March, 2010. The...

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DGFT Policy Circular No 28/2009-14 – Drawing of export samples of basmati rice for variety identification purposes

Posted: 31 Mar 2010 07:50 PM PDT

In continuation of Policy Circular No. 33 dated 30th September, 2010 it has been decided to designate Basmati Export Development Foundation (BEDF), Modipuram as an authorized centre for testing of samples of basmati rice for variety...

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DGFT Public notice No. 53/2009-14- Amendment in Appendix 37D, Table-6, Handbook of Procedure Vol.I, for benefits on exports made from 1.4.2010 till 30.9.2010

Posted: 31 Mar 2010 07:45 PM PDT

PUBLIC NOTICE No. 53 / 2009-14.NEW DELHI: the 31st March, 2010. In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in HBPv1, for...

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DGFT Public notice No. 52/2009-14- Amendment in Appendix 37D, Table 6, Handbook of Procedure Vol.I – for benefits on exports made on or after 1.1.2010

Posted: 31 Mar 2010 07:42 PM PDT

PUBLIC NOTICE No. 52 / 2009-14.NEW DELHI: the 31st March, 2010.In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in HBPv1, for...

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DGFT notification 36/2009-2014- Policy for issue of import licenses of Rough Marble Blocks for the Financial year 2010-11

Posted: 31 Mar 2010 07:38 PM PDT

A number of representations have been received from the various Associations of marble manufacturers/processors for review of the regime governing import of marble. The matter has been considered carefully by the Government. The following Policy...

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Job Work: Better late than never

Posted: 31 Mar 2010 07:17 PM PDT

Rule 6 of the Cenvat Credit Rules, 2004 provided that the cenvat credit will not be admissible on the inputs or input services which are used in the manufacture of exempted goods or which are used in providing the exempted services. The Rule 6 ibid...

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MCA press release- Roadmap for banking companies, insurance companies and NBFCs

Posted: 31 Mar 2010 07:05 PM PDT

A meeting of the Core Group constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) from the year 2011 was held on 29th March, 2010 under the...

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Retrospective Amendments – High-time for Introspection by India

Posted: 31 Mar 2010 01:04 AM PDT

1.0 In any civilised society, a taxing statute is expected to be prospective i.e. levying the tax on the income / transaction which will take place in future. This is for the reason that, at the time of entering into the transaction, the tax...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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Updates from TaxGuru 31.03.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 26 new items)



Delhi government withdrawn four-per-cent value-added tax (VAT) on cooking gas

Posted: 30 Mar 2010 08:48 PM PDT

Following criticism and pressure from the Opposition, Sheila Dikshit-led Delhi government today withdrew a four-per-cent value-added tax (VAT) on cooking gas, resulting in a Rs 12-13 relief to consumers. The Delhi government, however, did not roll...

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IRDA come to know about fraud insurance racket, planning to file criminal cases

Posted: 30 Mar 2010 08:46 PM PDT

Cases of fraudulent companies selling insurance products in India without a licence from the sector regulator, Insurance Regulatory and Development Authority (Irda), are on the rise. Several such incidents have come to Irda's attention in the last...

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Now you can withdraw money from Paypal to you local bank account

Posted: 30 Mar 2010 08:41 PM PDT

Internet-based money transfer service Paypal has resumed remittances to small-time exporters who will now have to report them as export revenue to Indian authorities. "Customers who rely on PayPal are now able to sell their goods and services...

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Amendment in Appendices and Aayat Niryat Form in the Hand Book of Procedure (Vol.I) 2009-14 by DGFT Public notice No. 50/2009-14

Posted: 30 Mar 2010 08:31 PM PDT

An application for entering into an arrangement or understanding involving site visit, on-site verification or access to records/documentation by a foreign government or a foreign third party either acting directly or through an Indian party as...

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DGFT notification no. 35/2009-2014- Prohibition on export of Pulses

Posted: 30 Mar 2010 08:24 PM PDT

In 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 (as amended from...

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Income Tax Department appeal to penalise Reliance Petroproducts dismissed

Posted: 30 Mar 2010 08:02 PM PDT

The Supreme Court has dismissed the appeal of the income tax authorities who had insisted on imposing penalty on Reliance Petroproducts Ltd for alleged concealment of income and furnishing inaccurate particulars. The firm had claimed expenditure...

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Circular No.8/2010-Customs on Import of Cosmetics under the Drugs and Cosmetics Act, 1940 and Rules made thereunder

Posted: 30 Mar 2010 07:56 PM PDT

In terms of Rule 133 of the Drugs and Cosmetics Rules, 1945, no cosmetics shall be imported into India except through the points of entry specified in Rule 43A of the said Rules. Further, under Schedule "D" to the said Rules read with Rule 43, an...

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Agricultural Debt Waiver and Debt Relief Scheme, 2008 – Prudential Norms on Income Recognition, Asset Classification, Provisioning and Capital Adequacy

Posted: 30 Mar 2010 07:48 PM PDT

In view of the recent drought in some States and the severe floods in some other parts of the country, the Government of India, as announced in the Union Budget 2010-11, has now decided to extend the last date of payment of 75% of overdue portion by...

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ICAI Announcement on other Issues Related to Direct Tax

Posted: 30 Mar 2010 07:45 PM PDT

However, there may be several other issues over which you would like the Committee to make a suitable representation to the CBDT/ITAT etc. The Committee proposes to submit a separate memorandum to the government addressing the various hardships...

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RBI circular on Classification of Capital Instruments in Balance Sheet

Posted: 30 Mar 2010 07:43 PM PDT

Under Schedule 1-Capital- (1) Perpetual Non-Cumulative Preference Share (PNCPS), Under Schedule 4 – Borrowings, (2) Innovative Perpetual Debt Instruments (IPDI), (3) Hybrid debt capital instruments issued as bonds/debentures, (4) Perpetual...

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ICAI President's Message- April 2010

Posted: 30 Mar 2010 07:33 PM PDT

"We are what we repeatedly do. Excellence, then, is not an act, but a habit, " says the ancient Greek philosopher Aristotle, which aptly fits our profession. Following a glorious tradition of excellence for more than six decades, our profession...

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Income Tax department technically equipped to detect fraud or hidden information

Posted: 30 Mar 2010 09:18 AM PDT

To outsmart tax evaders who resort to delete their financial data or hide it in password-protected devices during search operations, the I-T department has started including portable forensic labs and experts in its team. The department has...

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Revision- A possible view not unsustainable in law cannot be revised

Posted: 30 Mar 2010 09:10 AM PDT

assessee therefore, cannot be subjected to the exercise of the jurisdiction under s. 263. Therefore, the Tribunal was not justified in upholding the order of the CIT, passed under s. 263, directing the AO to include the sum of Rs. 1,75,32,600 in the...

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Incorrect assumption of facts, or incorrect application of law can only satisfy the requirement of the order being erroneous

Posted: 30 Mar 2010 09:06 AM PDT

Thus, the view taken by AO cannot be said to be erroneous which will render the assessment order as erroneous. Neither the AO has drawn incorrect assumption of facts nor AO has rendered incorrect application of law when he accepted the claim of the...

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Block assessment has to be based on evidences and not best judgment

Posted: 30 Mar 2010 09:02 AM PDT

Under s. 158BB, the procedure for computing the undisclosed income of the block period has been given. It provides that the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the...

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Dual Audit may be a reality soon

Posted: 30 Mar 2010 08:59 AM PDT

Will we see a company audited by two audit firms at the same time? That looks a possibility from what the Union Minister of State for Corporate Affairs and Minority Affairs, Mr Salman Khurshid, said on 29.03.2009 while Addressing a meeting of the...

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Salaried taxpayer received notice for payment of tax despite no dues because of system error

Posted: 30 Mar 2010 08:41 AM PDT

A "computer error" in the office of the income tax department is causing anxiety to scores of taxpayers across the Mumbai city. Several salaried employees have received notices from the department demanding up to a few thousand rupees as penalty...

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New Companies Bill to facilitate, guide generation next joining family business

Posted: 30 Mar 2010 07:46 AM PDT

THE new companies bill 2009 will take a special approach to second and third generation family members joining the family run companies after their studies, the union minister of state for corporate affairs, Salman Khurshid said here on Saturday.

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Benefit of section 10(23C)(v) cannot be denied merely because there are profits. In computing the profits, capital expenditure has to be deducted

Posted: 30 Mar 2010 07:21 AM PDT

S. 10(23C)(vi) provides that the income of any university or other educational institution existing solely for educational purposes and not for purposes of profit shall be exempt. The assessee was running a school solely for educational purposes and...

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Corporate affair ministry may soon launch 'Investor education protection fund' website in regional languages

Posted: 30 Mar 2010 07:13 AM PDT

The Ministry of Corporate Affairs will launch the regional version of its just-launched investor education protection fund (IEPF) website in the next six months to educate investors about the stock markets, ministry secretary R Bandyopadhay said.

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Government policies man hurdle in implementation of corporate governance by PSUs

Posted: 30 Mar 2010 07:09 AM PDT

Even as the Union Cabinet on Thursday made it mandatory for public sector undertakings (PSUs) to follow corporate governance norms, senior executives of blue chip PSUs point out that it is the government itself that has been posing hurdles in the...

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Real Estate Developers' Associations may move court if land cost is not exempted form levy of service tax

Posted: 30 Mar 2010 06:51 AM PDT

An eye on compensation for revenue losses and tough posturing have marked positions taken by some states as they buckle down for another round of negotiations on the transition to a goods and services tax (GST). The fear of losing autonomy over levy...

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PWC case will be heard by SEBI in Satyam Scam

Posted: 30 Mar 2010 06:32 AM PDT

SEBI is again taking up for hearing the case relating to the role of audit firm PriceWaterhouse in the multi-core Satyam fraud. This follows the rejection by SEBI of the audit firm's application for a consent settlement earlier this month, a source...

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Custom law Amendments need to be reviewed by CBEC

Posted: 30 Mar 2010 06:21 AM PDT

The Central Board of Excise and Customs (CBEC) has issued a very useful Circular (number 6/2010-Cus dated March 19, 2010) re-iterating its earlier instructions that rebate of excise duty paid on goods supplied from domestic tariff area (DTA) to a...

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Government planning to give ICAI more power so that it can exercise more control on Audit Firms

Posted: 30 Mar 2010 06:10 AM PDT

To reinforce control over auditors, the government is planning to give the regulator-Institute of Chartered Accountants of India-more teeth. Among the options being considered by the ministry of corporate affairs is to make it mandatory for a firm-...

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One Bench cannot differ from the view of another co-ordinate Bench but must refer to a larger Bench

Posted: 30 Mar 2010 06:06 AM PDT

One Bench of the Tribunal decided an appeal in favour of the assessee. However, another Bench refused to follow that decision even though the facts were the same on the ground that the earlier decision did not address the grievance of the Revenue...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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