Compounding Proceedings under Foreign Exchange Management Act, 1999
Reserve Bank of India (RBI) has notified an amendment to the Foreign Exchange (Compounding Proceedings) Rules, 2000
– Compounding of Contraventions under FEMA to rationalize the procedure, enhance transparency and smooth implementation of the compounding proceedings. The new Compounding Rules will be effective from 1st June, 2010.
Company Law Settlement Scheme, 2010
The Ministry of Corporate Affairs (MCA) has introduced a scheme called
‘Company Law Settlement Scheme, 2010’ for Companies which are filing belated documents. They are given certain reliefs including a onetime opportunity to regularise their filings by paying only 25% of the actual additional fee which results in 75% discount on additional fee payable for delayed filing. The scheme will be effective from 30th May, 2010 upto 31st August, 2010.
Service Tax effective from 1st July, 2010
The Central Government has notified 1st July, 2010 as the date on which the provisions of the Finance Act, 2010 will come into effect with respect to introduction of new services, expansion of existing services and exemption to existing taxable services.
Expansion of Services
Service Tax Exemptions
CBEC & ICSI enter into MOU to setup Certified Facilitation Centers (CFCs)
Central Board of Excise and Customs (CBEC) and The Institute of Company Secretaries of India (ICSI) have entered into a Memorandum of Understanding (MOU) to setup Certified Facilitation Centers (CFCs) under the Automation of Central Excise and Service Tax (ACES) by Practicing Company Secretaries (PCS) for facilitating e-filing of returns and other documents by assessees of Central Excise and Service Tax.
Amendment of the Customs, Central Excise & Service Tax Drawback Rules, 1995 and the Re-Export of Imported Goods (Drawback of Customs Duties) Rules, 1995
The Central Board of Excise and Customs (CBEC) has amended rules relating to Customs, Central Excise & Service Tax Drawback and Re-Export of Imported Goods (Drawback of Customs Duties) to make time limits for making various applications
/ claims of drawback, to liberalize granting of extensions in case of delays and to delegate greater powers to field officers at the level of AC
/ DC of Customs.
Revised Discussion Paper on Direct Tax Code, June – 2010
The Ministry of Finance (MOF) has issued ‘Revised Discussion Paper on DTC’ for public discussion by revising previous
‘Discussion Paper issued’ on 12th August, 2009. The inputs provided by various stakeholders and public feedback on various issues like Minimum Alternate Tax, Taxation of income from employment, house property etc., have been incorporated in the revised discussion paper on Direct Tax Code.
Download Revised Paper