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)

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• No Service tax on services provided abroad prior to April 18, 2006
• Law Commission in favour of amendment in Indian Stamp Act 1899 and the Court-fees Act 1870
• SEBI constituted Takeover Regulations Advisory Committee (TRAC) will review Takeover Code
• Exempt long term capital gain capital gains to be included for MAT computation: Delhi ITAT
• Amendment to Section 43B on deduction of contribution for PF, superannuation fund, gratuity fund etc is retrospective
• VAT Cir – 35T of 2009 – Rate of tax, Set-off on Timber for the period 1.04.2009 to 30.06.2009 – Clarification
• Eligibility criteria, conditions and procedure for application of administrative relief on account of the delay in obtaining the MVAT certificate of registration
• Ministry of corporate affairs: preparing ground for Indian corporates to play global
• Mobile Banking Transactions in India – Operative Guidelines for Banks
• Checklist for rights issue of shares
• Report of Task Force on GST by the Thirteenth Finance Commission — A synopsis
• ICAI allowed ca students to undergo their mandatory three-year training programme outside India
• ICAI will hear Satyam auditor first before passing any order against them
• Provisions of section 40(a)(ia) of Income Tax Act, 1961 is constitutionally valid
• Income from convention centre run by a hotel company is eligible to expenditure tax
• Tribunal got the power to rectify mistake apparent from the record but not empowered to rectify its own under u/s. 254(2)
• Applicability of TDS on payment made for purchase of software from non-residents
• Unilateral remission/cessation of liability by assessee will amount to obtaining of benefit under section 41(1)
• Valuation of Perquisites under the Income Tax Act and Rules for the salaried employees for A.Y. 2010-2011
• WIRC election status as on 24.12.2009
• Applications for Empanelment as Stock Auditor with Allahabad Bank
• For the kind information of the DIRM Course pursuing members

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. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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),... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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: [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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