Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Feb 28, 2011 at 9:38 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• Students' Column- Cenvat Credit for Service Tax Simplified
• FAQs on Easy Exit Scheme, 2011
• Get SMS Alert for Annual Filing eForms filed with ROC
• Budget may contain some relief for exporters
• 'Only CSR disclosure to be mandatory in Cos Bill'
• Union Budget to decide the sentiment in equity market
• Budget may lower farm loan interest to 4 pc; push agri-infra
• Budget likely to give boost to infrastructure sector
• FM likely to raise IT exemption limit to Rs 2 lakh
• Court case against Infosys accuses it of visa and tax fraud
• Union Budget may not tinker too much with duty rates -CARE
• Rail Budget 2011-12- Who praised Mamata, who slammed her
• Significant tax proposals by Gujarat, Kerala, Karnataka and Madhya Pradesh States in their State Budget announced in February, 2011
• Royalty agreement renewed is in substance a new agreement and therefore entitled to the lower rate of withholding tax
• Transfer Pricing- Documentation is required to be maintained contemporaneously on an annual basis
• Transfer pricing- Tribunal provides guidance on recovery of pre-commencement costs
• In case of wrong availment of CENVAT Credit Interest payable from date of availment and not from date of utilization- SC
• B/F business losses can be set off against other sources of income which are in the nature of business income, though chargeable to tax under another head of income
• Non-issue of s. 143(2) notice renders s. 147 assessment order invalid
• Proviso to Section 14A bars reassessment but not original assessment on the basis of the retrospective amendment
• Processing of Income Tax refund – CBDT chairman asked to Process Income Tax Refund by March 15 2011
• CBI Files Chargesheet against Ex-MLA for Violation of FCRA

Students' Column- Cenvat Credit for Service Tax Simplified Posted: 27 Feb 2011 07:55 PM PST CA LALIT MUNOYAT 1)      Any government of the day requires enormous funds for the development, maintenance and growth of the economy of the country and the main source of collecting these funds is levy of taxes.  The taxation policy of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FAQs on Easy Exit Scheme, 2011 Posted: 27 Feb 2011 06:37 PM PST What is Easy Exit Scheme (EES), 2011? "Easy Exit Scheme, 2011" is a scheme to give opportunity to the defunct companies to get their names struck off from the register under Section 560 of the Companies Act, 1956.  What is the time period of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Get SMS Alert for Annual Filing eForms filed with ROC Posted: 27 Feb 2011 06:35 PM PST How can the stakeholder avail the SMS Alert Facility? This facility is available for both, new and registered users. Kindly follow the below mentioned steps to register for the SMS Alert Facility:  For New User :- Click on "New User Registration"... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Budget may contain some relief for exporters Posted: 27 Feb 2011 06:32 PM PST Finance Minister Pranab Mukherjee is likely to accept exporters demand, like extension of concessional credit scheme, when he presents the General Budget in Parliament tomorrow. While exports are showing healthy growth rate of over 29 per cent,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

'Only CSR disclosure to be mandatory in Cos Bill' Posted: 27 Feb 2011 06:07 PM PST Amid sharp differences over making CSR mandatory, the government may ask corporates to only disclose to shareholders whether they have made a contribution of 2 per cent of net profit toward corporate social responsibility activities.  The Companies... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Union Budget to decide the sentiment in equity market Posted: 27 Feb 2011 06:05 PM PST When the Union Budget 2011-12 is tabled in Parliament today, it can be a "game changer" for the stock market, which is currently grappling with macro-concerns, including inflation and the crisis situation in the Middle East and North... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Budget may lower farm loan interest to 4 pc; push agri-infra Posted: 27 Feb 2011 06:03 PM PST With high inflation, especially food prices much beyond comfortable levels, the Budget is likely to provide sops to the farm sector including reduction in interest rate to 4 per cent for timely re-payments and boosting investments in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Budget likely to give boost to infrastructure sector Posted: 27 Feb 2011 06:01 PM PST Finance Minister Pranab Mukherjee is likely to announce steps to boost the infrastructure sector in his Budget tomorrow with a view to sustaining over 9 per cent growth in the coming years. The initiatives could include raising the limit for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM likely to raise IT exemption limit to Rs 2 lakh Posted: 27 Feb 2011 05:59 PM PST Tax experts are hopeful Finance Minister Pranab Mukherjee will increase the income tax exemption limit to Rs 2 lakh per annum from Rs 1.6 lakh to bring the rates in line with the Direct Taxes Code (DTC).  To align the exemption limits under personal... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Court case against Infosys accuses it of visa and tax fraud Posted: 27 Feb 2011 05:58 PM PST An American employee of Infosys has filed a case against the company accusing it of visa and tax fraud. In his complaint filed before an Alabama Court early this week, one Jack Palmer said he worked for Infosys "as a Principal –... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Union Budget may not tinker too much with duty rates -CARE Posted: 27 Feb 2011 05:54 PM PST No increase in passenger fares and freight rates in the Railway budget presented on Friday, might be seen as an expectation of no significant increase in excise duties in the coming Union Budget on Monday. CARE Ratings on Friday said it expects no... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rail Budget 2011-12- Who praised Mamata, who slammed her Posted: 27 Feb 2011 05:52 PM PST Railway Minister Mamata Banerjee presented the Railway Budget for 2011-12 on Friday. While her supporters hailed the budget, her detractors are up in arms, dumping the budget as the West Bengal poll manifesto. Though a host of pro-public... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Significant tax proposals by Gujarat, Kerala, Karnataka and Madhya Pradesh States in their State Budget announced in February, 2011 Posted: 27 Feb 2011 04:00 AM PST Significant tax proposals by Gujarat, Kerala, Karnataka and Madhya Pradesh States in their State Budget announced in February, 2011 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Royalty agreement renewed is in substance a new agreement and therefore entitled to the lower rate of withholding tax Posted: 27 Feb 2011 03:59 AM PST National Engineering Industries Ltd. (the taxpayer) had entered into a License & Technical Assistance agreement with Brenco Inc., USA on 19th August, 2002 which expired on 25th June, 2007. Under the agreement the taxpayer was required to pay a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing- Documentation is required to be maintained contemporaneously on an annual basis Posted: 27 Feb 2011 03:48 AM PST The Delhi bench of the Income Tax Appellate Tribunal (Tribunal) recently pronounced its ruling in the case of Airtech Private Limited (Appeal no. ITA 3591 Del )/2010) on documentation aspect of transfer pricing (TP). The Tribunal held that... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer pricing- Tribunal provides guidance on recovery of pre-commencement costs Posted: 27 Feb 2011 03:45 AM PST The Hyderabad Bench of the Income-Tax Appellate Tribunal [the Tribunal] has in the case of M/S Convergys Information Management (India) (F) Ltd. v. DCIT [ITA no. 299/Hl/2009] , held that in a cost plus arrangement expenses incurred post the date of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

In case of wrong availment of CENVAT Credit Interest payable from date of availment and not from date of utilization- SC Posted: 27 Feb 2011 03:38 AM PST The Supreme Court thus held that the attempt of the High Court to read down the provision by way of substituting the word "OR" by an "AND" is erroneous and therefore interest in case of wrong availment of cenvat credit has to be paid from the date... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

B/F business losses can be set off against other sources of income which are in the nature of business income, though chargeable to tax under another head of income Posted: 27 Feb 2011 03:31 AM PST Though currently dividend income is exempt, the above decision lays down a principle that brought forward business loss can be set off against other sources of income which are in the nature of business income, though chargeable to tax under another... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Non-issue of s. 143(2) notice renders s. 147 assessment order invalid Posted: 27 Feb 2011 03:27 AM PST It is mandatory for the AO to issue notice u/s 143 (2). The issuance and service of notice u/s 143 (2) is mandatory and not procedural. If the notice is not served within the prescribed period, the assessment order is invalid [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Proviso to Section 14A bars reassessment but not original assessment on the basis of the retrospective amendment Posted: 27 Feb 2011 03:26 AM PST The proviso to Section 14A only bars reassessment/rectification and not original assessment on the basis of the retrospective amendment. The proviso does not stipulate and state that Section 14A of the Act cannot be relied upon during the course of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Processing of Income Tax refund – CBDT chairman asked to Process Income Tax Refund by March 15 2011 Posted: 27 Feb 2011 03:25 AM PST In the last Video Conference as also through a Message from the Chairman's Desk, all the CCITs were requested to personally monitor processing of Returns & expeditiously issue refunds. Still, out of around 61.4 lac Returns entered in the system... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI Files Chargesheet against Ex-MLA for Violation of FCRA Posted: 27 Feb 2011 07:15 AM PST The Central Bureau of Investigation has filed a chargesheet in the Court of Chief Metropolitan Magistrate, Tis Hazari Courts, Delhi against an ex-MLA of Punjab Vidhan Sabha from Sangrur Constituency for violation of provisions of Foreign... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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