Re: UPDATES FROM TAX GURU (in this message: 21 new items)

On Tue, Dec 1, 2009 at 9:36 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 21 new items)

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• Allowability of depreciation on a plant which was ready for use but not used
• Determination of nature of fees received by a foreign company from its Indian branch
• Reimbursable expenses is not includible in value of taxable services
• Under the Revised Copyright Act one song may cost 1.50 lakh to Broadcasters
• Commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel
• RBI unlikely to hike the exposure limit to a single corporate group
• Memorandum of instructions for ICAI election 2009 to the central and regional councils
• Dubai World meaning, reason for crisis, current scenario, effect on financial Market and banks
• Finmin rejected petroleum ministry's proposal to give income tax breaks to first 7 Nelp rounds
• Dispute Resolution Panel (DRP) to resolve tax disputes of the foreign companies expeditiously
• Government decided to crackdown on defaulters of self-assessment tax
• CII recommended no client should exceed 10% business of audit firm
• Findings of ICAI in Satyam scam case given by Minister of Corporate Affairs in the Rajya Sabha
• ICAI request to Members in Industry serving in Non conventional Areas
• KPMG to represent banks who lent money to Dubai World
• KPMG named India's indirect tax firm of the year
• Remittances to non-residents under section 195 of the Income-tax Act –remittances of Consular receipts – clarification
• SEBI circular on Amendments in Simplified Debt Listing Agreement for Debt Securities
• Issue of No Objection Certificate for release of 1% of issue amount
• Happy thanksgiving to Indian GDP
• Funds behind Indian Browsers

Allowability of depreciation on a plant which was ready for use but not used Posted: 30 Nov 2009 07:30 PM PST Coming to the first point of difference it seems to me that even after the introduction of block of assets concept, there is no change in the legal position to the effect that the assessee^ would be entitled to depreciation even though the assets in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Determination of nature of fees received by a foreign company from its Indian branch Posted: 30 Nov 2009 07:27 PM PST The undisputed fact which is confirmed by the learned counsel for the assessee, Shri Porus Kaka is that, no e-mail, correspondence, bill or any other documents or evidence pertaining to the impugned assessment year 2003-04 has been furnished or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Reimbursable expenses is not includible in value of taxable services Posted: 30 Nov 2009 07:21 PM PST We have considered the submissions made at length by both sides and perused the records. The issue for determination in this case is whether the reimbursable expenditure incurred by the appellant is chargeable to service tax or not. On perusal of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Under the Revised Copyright Act one song may cost 1.50 lakh to Broadcasters Posted: 30 Nov 2009 07:10 PM PST Asking for transparency in functioning, leading broadcasters like Zee TV, STAR, Sony and others have taken a strong objection to a proposed move by the Ministry of Human Resource Development (HRD) to amend the existing Copyright Act without... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel Posted: 30 Nov 2009 07:06 PM PST To ensure impartiality in adjudication of transfer pricing disputes, the Central Board of Direct Taxes (CBDT) has decided that commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel. This... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI unlikely to hike the exposure limit to a single corporate group Posted: 30 Nov 2009 07:01 PM PST The Reserve Bank of India (RBI) is likely to turn down a fresh request from banks to increase the exposure limit to a single corporate group.Banks led by State Bank of India (SBI) had approached RBI to relax group exposure norms for infrastructure... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Memorandum of instructions for ICAI election 2009 to the central and regional councils Posted: 30 Nov 2009 06:56 PM PST The polling for elections to the Central Council and the Regional Councils of the Institute will be conducted on 4th & 5th December, 2009 at the polling booths located in Ahemdabad, Bangalore, Chennai, Delhi/New Delhi, Hyderabad, Jaipur,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Dubai World meaning, reason for crisis, current scenario, effect on financial Market and banks Posted: 30 Nov 2009 06:39 PM PST Dubai, home to the world's tallest tower and the biggest man-made islands, is in a financial crisis. The dream city, where lakhs of expat Indians make a living, is trying to salvage Dubai World, the emirate's flagship in the industrial world, which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Finmin rejected petroleum ministry's proposal to give income tax breaks to first 7 Nelp rounds Posted: 30 Nov 2009 06:31 PM PST The finance ministry has rebuffed the petroleum ministry's recent proposal to give income tax breaks to entities producing natural gas under exploration permits given during the first seven rounds of Nelp (national exploration licensing policy).... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Dispute Resolution Panel (DRP) to resolve tax disputes of the foreign companies expeditiously Posted: 30 Nov 2009 06:25 PM PST The Finance Act, 2009 inserted a new section 144C in the Income-tax Act providing an alternate mechanism to resolve tax disputes of the foreign companies expeditiously. The Finance Minister, taking cognizance of delays, which take place in any tax... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government decided to crackdown on defaulters of self-assessment tax Posted: 30 Nov 2009 06:21 PM PST The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year. Direct tax collections... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CII recommended no client should exceed 10% business of audit firm Posted: 30 Nov 2009 06:17 PM PST No single corporate client or group should account for more than a tenth of the total revenues of any audit firm and its associates, a committee on corporate governance set up by industry body Confederation of Indian Industry (CII) has recommended... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Findings of ICAI in Satyam scam case given by Minister of Corporate Affairs in the Rajya Sabha Posted: 30 Nov 2009 06:09 PM PST Price Waterhouse Coopers is not a firm of Chartered Accountants registered with the Institute of Chartered Accountants of India (ICAI). The ICAI has, however, initiated disciplinary action against M/s. Price Waterhouse, Bangalore, M/s. Price... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI request to Members in Industry serving in Non conventional Areas Posted: 30 Nov 2009 06:07 PM PST As you are kindly aware that creation of employment opportunities to members of ICAI in industry, enhancing knowledge and skill sets and recognition of exemplary work of such Members in Industry are the primary goals of the Committee for Members in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

KPMG to represent banks who lent money to Dubai World Posted: 30 Nov 2009 05:54 PM PST British newspaper The Independent reported that the banks include HSBC, Royal Bank of Scotland, Lloyds Banking Group, and Standard Chartered. The banks' total loans to Dubai World exceeds US$ 30 billion. Related posts:RBI will ask banks to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

KPMG named India's indirect tax firm of the year Posted: 30 Nov 2009 05:51 PM PST KPMG was also named Asia's transfer pricing firm of the year, a release said here today. KPMG's Head of Tax Uday Ved, said, "these awards are recognition of our commitment to highest quality standards and thought leadership, as well as the trust... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Remittances to non-residents under section 195 of the Income-tax Act –remittances of Consular receipts – clarification Posted: 30 Nov 2009 05:39 PM PST In view of the above, while remitting consular receipts abroad, diplomatic missions in India will be required to submit only a self certified undertaking in Form No 15CA to the remitter bank. They are not required to obtain a certificate from an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI circular on Amendments in Simplified Debt Listing Agreement for Debt Securities Posted: 30 Nov 2009 05:37 PM PST 100% Asset Cover: To align the Listing Agreement with the provisions of the Companies Act, 1956, the amended Listing Agreement requires issuers to maintain 100% asset cover sufficient to discharge the principal amount at all times for the debt... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Issue of No Objection Certificate for release of 1% of issue amount Posted: 30 Nov 2009 05:25 PM PST As per the Listing Agreement with the Stock Exchanges, the issuer company deposits 1% of the issue amount of the securities offered to the public and/or to the holders of the existing securities of the company, as the case may be, with the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Happy thanksgiving to Indian GDP Posted: 30 Nov 2009 05:17 PM PST When the market started and I was listening CNBC TV Suddenly around 11 am Udayan Mukherjee of CNBC TV jumped of his seat and shocked to find the GDP numbers of India. Within few minutes India was into a roller coaster ride. July-Sept GDP up 7.9%.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Funds behind Indian Browsers Posted: 30 Nov 2009 04:30 PM PST Zero interest rates of US and low interest rates of other countries made cheap money to flow like water coming out of a fountain. All these cheap money founded BRIC economies assets at cheap valuations giving them enough scope to generate healthy... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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