Fwd: UPDATES FROM TAX GURU (in this message: 15 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Jan 23, 2010 at 9:37 AM
Subject: UPDATES FROM TAX GURU (in this message: 15 new items)
To: palashbiswaskl@gmail.com

UPDATES FROM TAX GURU (in this message: 15 new items)

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• DGFT public notice on Amendments/corrections in SION C-23 and C-2046
• Custom duty order Appointing Common Adjudicting Authority in case of M/s Regular Exports, Ludhiana and others
• Custom duty circular Amending Notification No. 189/2009- Customs (N.T) dated 31.12.2009
• Govt may raise gratuity ceiling limit for private sector employees from Rs 3.5 lakh to Rs 10 lakh
• No service tax on services received abroad between March 2002 and April 2006: Supreme Court
• Government asked RBI it to consider classifying loans to the infrastructure sector as secured
• Orissa government imposed entertainment tax on DTH operators
• Professional Opportunities- Only for the 12 Past Presidents ICAI
• IT department is giving special attention to collection from TDS
• Two separate sets of accounting standards u/s section 211(3C) of the Companies act agreed upon by the core group for convergence of Indian accounting standards with IFRS
• Central Board of Direct Taxes sought report on "income- tax refund scam"
• "Scheme of assistance to training institutions" to train 500 million persons by 2022
• List of Terrorist Individuals/ Organisations – under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation
• Requirement of Fee Clearance and NOC – Non applicability in respect of certain category of members of stock exchanges
• Job Work and Reversal: All is Well……

DGFT public notice on Amendments/corrections in SION C-23 and C-2046 Posted: 22 Jan 2010 10:27 AM PST In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09 and Paragraph 1.1 of the Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following amendments/corrections in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Custom duty order Appointing Common Adjudicting Authority in case of M/s Regular Exports, Ludhiana and others Posted: 22 Jan 2010 10:23 AM PST In exercise of the powers conferred under the Notification No. 01/2003-Customs (N.T.) dated 3rd January, 2003 read with Notification No. 37/2003-Customs (N.T.) dated 3rd June, 2003 issued under sub-section (1) of section 4 of the Customs Act, 1962... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Custom duty circular Amending Notification No. 189/2009- Customs (N.T) dated 31.12.2009 Posted: 22 Jan 2010 10:14 AM PST Amends Notification No. 189/2009- Customs (N.T) dated 31.12.2009 vide which the Customs Tariff (Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Govt may raise gratuity ceiling limit for private sector employees from Rs 3.5 lakh to Rs 10 lakh Posted: 22 Jan 2010 10:06 AM PST The Government on Friday said there was "near unanimity" among all stakeholders to raise the ceiling of payment on gratuity for private sector employees from Rs 3.5 lakh to Rs 10 lakh and hoped a decision in this regard will be taken before the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

No service tax on services received abroad between March 2002 and April 2006: Supreme Court Posted: 22 Jan 2010 09:59 AM PST The Supreme Court has dismissed the Centre's plea challenging the Bombay High Court ruling that restrained it from levying service tax from Indian National Shipowners Association for services received abroad between March 2002 and April 2006. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government asked RBI it to consider classifying loans to the infrastructure sector as secured Posted: 22 Jan 2010 09:51 AM PST The government has written to the RBI asking it to consider classifying loans to the infrastructure sector as secured lending to increase the flow of funds to the sector, a finance ministry official told. As per RBI guidelines, loans given to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Orissa government imposed entertainment tax on DTH operators Posted: 22 Jan 2010 09:47 AM PST Direct to Home [DTH] operators will have to cough up five per cent of their gross receipt as entertainment tax to Orissa government's coffer. This was decided in the cabinet meeting chaired by chief minister, Naveen Patnaik on Thursday. State... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Professional Opportunities- Only for the 12 Past Presidents ICAI Posted: 22 Jan 2010 09:29 AM PST Airports Authority of India require panel of chartered accountants firms for verification of annual fees for Joint venture Projects. The criteria of the Firm is to have past president ICAI as active(?)partner of the Chartered Accountant firm. It... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IT department is giving special attention to collection from TDS Posted: 22 Jan 2010 09:23 AM PST The Income Tax department is giving special attention to tax deducted at source (TDS) as it aims to turn in the highest ever collection from the segment this financial year. During the last five years, the contribution from TDS had gone up from 33... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Two separate sets of accounting standards u/s section 211(3C) of the Companies act agreed upon by the core group for convergence of Indian accounting standards with IFRS Posted: 22 Jan 2010 09:18 AM PST The Core Group, constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) from April, 2011, that held its meeting on 11th January 2010 agreed that in view... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Central Board of Direct Taxes sought report on "income- tax refund scam" Posted: 22 Jan 2010 09:12 AM PST The Central Board of Direct Taxes (CBDT) has sought a detailed report from the field formation in Mumbai over the reported "income- tax refund scam" in that jurisdiction. "The Government has called for a report. We are monitoring the situation,"... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

"Scheme of assistance to training institutions" to train 500 million persons by 2022 Posted: 22 Jan 2010 09:07 AM PST The Ministry of Micro, Small & Medium Enterprises has been implementing a plan scheme of "Assistance to Training Institutions" , commonly known as the EDI scheme since 1993-94. Under the scheme assistance is provided to existing and new... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

List of Terrorist Individuals/ Organisations – under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation Posted: 22 Jan 2010 09:01 AM PST Please refer to our circular letter DBOD. AML.No.11031/14.06.059/2009-10 dated December 21, 2009. We have since received from Government of India (Ministry of External Affairs) copy of note dated January 19, 2010 from the Chairman of UN Security... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Requirement of Fee Clearance and NOC – Non applicability in respect of certain category of members of stock exchanges Posted: 22 Jan 2010 08:57 AM PST trading members and clearing members in the equity derivatives and currency derivatives segments. stock brokers in the cash segment who are covered under Schedule III A [payment of fees by stock brokers] of the SEBI (Stock Brokers and Sub-brokers)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Job Work and Reversal: All is Well…… Posted: 22 Jan 2010 08:48 AM PST The credit taken on common inputs is very small but the demand is very huge. The authors of this article have come across the situation where the credit taken on common inputs was only Rs. 30,000 but the demand raised was around Rs. 65 Lakhs. Thus,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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