Re: UPDATES FROM TAX GURU (in this message: 13 new items)

On Sat, Jan 2, 2010 at 9:36 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 13 new items)

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• Custom-Exchange-Rate-Import-Export-January-2010
• Instructions on Implementation of the Cigarettes and other Tobacco Products (Packaging and Labelling) Rules, 2008
• Custom Duty circular on Application of Kimberley Process Certification Scheme (KPCS) to Semi- cut diamonds
• IT department investigating tax evasion by showing bogus investment losses, May take action against chartered accountants
• Hyderabad CBI completed investigations in 66 cases, including Satyam
• Judges may get punishment for coming late in court and for dozing off during arguments
• Company-owned car is more beneficial for both employer and employee under the new perquisite valuation rules applicable from April 1 2009
• IT department claimed Rs 30,000 crore from companies that violated MAT provisions
• Custom duty circular Rescinding Notification No. 129/2008- dated 7th December, 2008
• Circular on Exemption to iron ore fines from Customs duty when exported out of India
• Amends Notification No. 79/2008-Customs, dated the 13th June, 2008 – Regarding exemption to iron ores and concentrates
• Happy New Year 2010 and Invitation to join our panel of Esteemed writers
• New perquisite valuation rules in respect of rent-free accommodation and points which merit attention alongwith comparison with HRA

Custom-Exchange-Rate-Import-Export-January-2010 Posted: 01 Jan 2010 05:48 PM PST 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,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Instructions on Implementation of the Cigarettes and other Tobacco Products (Packaging and Labelling) Rules, 2008 Posted: 01 Jan 2010 05:44 PM PST 'Cigarettes and other Tobacco Products (Packaging and Labelling) Rules, 2008' require that every package of cigarette or any other tobacco product shall have the specified health warning in the manner specified in the Schedule to the Rules. Such... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Custom Duty circular on Application of Kimberley Process Certification Scheme (KPCS) to Semi- cut diamonds Posted: 01 Jan 2010 05:37 PM PST 'Kimberley Process Certification Scheme Secretariat, Namibia' has now clarified vide a press release dated 30 November 2009 (copy enclosed) that "polishing a single or a few small facets will not transform rough diamonds into polished diamonds and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IT department investigating tax evasion by showing bogus investment losses, May take action against chartered accountants Posted: 01 Jan 2010 05:27 PM PST Income tax department in the past has stumbled up on many strange things, but nothing as strange as a company exclusively providing bogus stock contract notes to evade taxes, a trail that may lead to it knocking on the doors of many auditors. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Hyderabad CBI completed investigations in 66 cases, including Satyam Posted: 01 Jan 2010 05:19 PM PST IN Hyderabad Zone during the year 2009, investigations in 66 cases have been completed and in the cases where sufficient evidence has been collected, charge-sheets have been laid in the corresponding jurisdictional courts. These include the Satyam... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Judges may get punishment for coming late in court and for dozing off during arguments Posted: 01 Jan 2010 05:15 PM PST School kids who resent being penalised for being late or for falling asleep in class can take heart. Hopefully, from the next year, even judges of Supreme Court and High Courts will be in serious trouble if they come late to court or cannot resist... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Company-owned car is more beneficial for both employer and employee under the new perquisite valuation rules applicable from April 1 2009 Posted: 01 Jan 2010 05:07 PM PST Last week, CBDT issued a notification on how each perquisite provided to a salaried employee should be taxed. It is applicable with retrospective effect, from April 1 2009. The guidelines cover every perk: home accommodation to gifts to educational... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IT department claimed Rs 30,000 crore from companies that violated MAT provisions Posted: 01 Jan 2010 04:58 PM PST Income Tax department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax. Sources said the claim is not only for the current assessment year of 2009-10, wherein assessments are still going on,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Custom duty circular Rescinding Notification No. 129/2008- dated 7th December, 2008 Posted: 01 Jan 2010 04:49 PM PST In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), no.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Circular on Exemption to iron ore fines from Customs duty when exported out of India Posted: 01 Jan 2010 04:46 PM PST G.S.R. (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, on being satisfied that it is necessary in the public interest so to do, hereby exempts iron ore fines... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Amends Notification No. 79/2008-Customs, dated the 13th June, 2008 – Regarding exemption to iron ores and concentrates Posted: 01 Jan 2010 04:42 PM PST In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Happy New Year 2010 and Invitation to join our panel of Esteemed writers Posted: 31 Dec 2009 07:45 PM PST Tax Guru Team wishes all its visitors, subscribers, panel writers, team members and your loved ones a very happy, healthy, peaceful and prosperous new year 2010. Thanks to all for making the website a big hit within first year of its launch. We are... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

New perquisite valuation rules in respect of rent-free accommodation and points which merit attention alongwith comparison with HRA Posted: 31 Dec 2009 07:15 PM PST After much wait, the new perquisite rules have now been notified last month, which are effective retrospectively from April 1, 2009. By and large, the perquisite rules in respect of rent-free accommodation are similar to the erstwhile rules.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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