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Memories of Another day

Memories of Another day
While my Parents Pulin babu and Basanti devi were living

Friday, December 25, 2009

Re: UPDATES FROM TAX GURU (in this message: 22 new items)



On Fri, Dec 25, 2009 at 9:37 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 22 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

No Service tax on services provided abroad prior to April 18, 2006

Posted: 24 Dec 2009 07:07 PM PST

The Supreme Court has upheld a Bombay High Court ruling saying that the Government cannot levy service tax on services provided outside the country. The order pertains to service tax for the period from March 1, 2002 to April 17, 2006.

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Law Commission in favour of amendment in Indian Stamp Act 1899 and the Court-fees Act 1870

Posted: 24 Dec 2009 07:07 PM PST

The Law Commission is in favour of amending the country's archaic Indian Stamp Act 1899 and the Court-fees Act 1870, which entail payment of stamp duty on instruments and court-fee on documents to be filed in courts only in the form of adhesive...

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SEBI constituted Takeover Regulations Advisory Committee (TRAC) will review Takeover Code

Posted: 24 Dec 2009 07:02 PM PST

The single-most important regulation in India, governing the acquisition of shares or control in an Indian listed company is the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, or the Takeover Code. In the backdrop of...

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Exempt long term capital gain capital gains to be included for MAT computation: Delhi ITAT

Posted: 24 Dec 2009 06:50 PM PST

In a recent ruling Delhi Income Tax Appellate Tribunal (ITAT) in the case of Growth Avenue Securities Pvt. Ltd. (Taxpayer) v DCIT [ITA No. 3912/Del/2005] on the issue of inclusion of capital gains in book profits while computing Minimum Alternate...

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Amendment to Section 43B on deduction of contribution for PF, superannuation fund, gratuity fund etc is retrospective

Posted: 24 Dec 2009 06:40 PM PST

This Tax Alert summarizes a recent ruling of the Supreme Court (SC) [AIT-2009-450- SC] in a batch of cases represented by the lead case of Alom Extrusions Ltd. (Taxpayer) as to whether amendment to Section 43B (Section) of the Indian Tax Law (ITL),...

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VAT Cir – 35T of 2009 – Rate of tax, Set-off on Timber for the period 1.04.2009 to 30.06.2009 – Clarification

Posted: 24 Dec 2009 05:56 PM PST

You are aware that rate of tax on timber was reduced to 4% in the Budget Speech of Hon'ble Finance Minister, Maharashtra for the year 2008-09. This reduction in rate has been made with retrospective effect from 1st April 2009. The Gazette...

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Eligibility criteria, conditions and procedure for application of administrative relief on account of the delay in obtaining the MVAT certificate of registration

Posted: 24 Dec 2009 05:47 PM PST

This condition would be applicable to all the pending applications for administrative relief as well as the fresh applications that will be made. In case of pending applications dealer should file returns in respect of the URD period for which he...

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Ministry of corporate affairs: preparing ground for Indian corporates to play global

Posted: 24 Dec 2009 05:40 PM PST

In recent times, Ministry of Corporate Affairs has taken a number of initiatives by introducing e-stamping with MCA-21 to further facilitate the e-registration of companies. It has also made the Competition Commission of India (CCI) and...

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Mobile Banking Transactions in India – Operative Guidelines for Banks

Posted: 24 Dec 2009 05:38 PM PST

Transaction limit: In amendment of provisions of paragraph 8.1 of the above guidelines, banks are now permitted to offer this service to their customers subject to a daily cap of Rs 50,000/- per customer for both funds transfer and transactions...

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Checklist for rights issue of shares

Posted: 24 Dec 2009 06:18 AM PST

2) Period for which the issue may remain OPEN:Rights offer shall be made by Notice specifying the number of shares offered and limiting a time not being less than 15 days from the date of the offer within which the offer, if not accepted, will...

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Report of Task Force on GST by the Thirteenth Finance Commission — A synopsis

Posted: 24 Dec 2009 05:58 AM PST

Further to the First Discussion Paper released by the Empowered Committee of State Finance Ministers on 10 November 2009, the Finance Commission has released its report giving its recommendations on GST design implementation.

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ICAI allowed ca students to undergo their mandatory three-year training programme outside India

Posted: 24 Dec 2009 05:27 AM PST

Accounting regulator Institute of Chartered Accountants of India (ICAI) has allowed Indian students of chartered accountancy to undergo their mandatory three-year training programme outside India. This means that even ICAI members working with a...

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ICAI will hear Satyam auditor first before passing any order against them

Posted: 24 Dec 2009 05:25 AM PST

Accounting regulator ICAI said on Wednesday it would give auditors of Price Waterhouse in the Satyam scam a chance to present their side before passing any order against them. "I told my office to take permission of the court because I want...

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Provisions of section 40(a)(ia) of Income Tax Act, 1961 is constitutionally valid

Posted: 24 Dec 2009 05:12 AM PST

Section 40(a)(ia) cannot be read in isolation but must be read along with its proviso and when it is read in that manner, there would be no scope to hold that there will be any harsh treatment meted out to any assessee in the matter of dis-allowance...

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Income from convention centre run by a hotel company is eligible to expenditure tax

Posted: 24 Dec 2009 04:50 AM PST

For the purpose of Expenditure Tax Act, 1987 the convention center managed by a hotel is an extension of the hotel itself and therefore, rent collection from the convention center shall be eligible for the levy of expenditure tax.

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Tribunal got the power to rectify mistake apparent from the record but not empowered to rectify its own under u/s. 254(2)

Posted: 24 Dec 2009 04:47 AM PST

The Tribunal has got the power of rectifying a mistake which is apparent from the record itself and even an error of judgment is outside the ambit of section 254(2) of the Income-tax Act, 1961

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Applicability of TDS on payment made for purchase of software from non-residents

Posted: 24 Dec 2009 04:42 AM PST

The Tribunal was incorrect in holding that since the assessee had purchased only a right to use the copyright i.e., the software, and not the entire copyright itself, the payment cannot be treated as Royalty as per the Double Taxation Avoidance...

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Unilateral remission/cessation of liability by assessee will amount to obtaining of benefit under section 41(1)

Posted: 24 Dec 2009 04:34 AM PST

We have considered the rival submissions and also perused the relevant material on record. It is observed that the amount of liability in question in respect of TISCO written back by the assessee company in its accounts was treated by the...

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Valuation of Perquisites under the Income Tax Act and Rules for the salaried employees for A.Y. 2010-2011

Posted: 24 Dec 2009 03:15 AM PST

Valuation of Perquisites under Rule 3 of Income Tax Rule 1962 read with sub section 2 of section 17 of Income Tax Act, 1961 (As Revised wide Income Tax (Thirteenth Amendment) Rules. 2009). The Finance (No. 2) Act, 2009, has withdrawn the levy of...

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WIRC election status as on 24.12.2009

Posted: 24 Dec 2009 12:41 AM PST

1. Verlekar Gautam Eliminated.2. Paliwal Dayaram eliminated 3. Agarwal Subhash Hariprasad Eliminated 4. Kailash Mantry Eliminated. THE CANDIDATE WISE POSITION AT ELIMINATION NO: 6, WAS AS FOLLOWS:

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Applications for Empanelment as Stock Auditor with Allahabad Bank

Posted: 24 Dec 2009 12:09 AM PST

# Allahabad Bank, Zonal Office, Hyderabad invites applications / Biodata in the format as per Annexure-A, from practicing firms of Chartered Accountants of India having an office in the state of Andhra Pradesh and are willing to have their firm...

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For the kind information of the DIRM Course pursuing members

Posted: 23 Dec 2009 11:45 PM PST

Kind attention of the members pursuing Post Qualification Course on Diploma in Insurance and Risk Management (DIRM) who have yet to pass Eligibility Test (ET) Papers is invited towards the last date for submission of ET Papers in order to become...

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Palash Biswas
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