Re: UPDATES FROM TAX GURU (in this message: 27 new items)

On Mon, Dec 14, 2009 at 9:36 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 27 new items)

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• Special Leave Petition – Scope – Binding Nature – Doctrine of Merger
• Real Estate Transactions and Important VAT provisions
• Issue of F form for transactions effected prior to date of CST registration and Issue of the same between branches
• Income from Other Sources – Method of Accounting – Concealment Penalty – Provisional Attachment
• MAT, Clarification regarding add back of 'Provision for diminution in the value of asset' while computing book profit
• Empowering Central Government to enter into agreement with specified non-sovereign territories & Transfer Pricing
• Direct Taxes 'Manufacture' – Reassessment – Stamp Valuation – Service of Notice – Document Identification Number
• Post budget Weighted Deduction for in-house research and development
• Taxation of Limited Liability Partnership (LLP) – Remuneration to Partners
• Presumptive Taxation – Contribution to Political Parties
• Taxability of gift as Income Income from Other Sources u/s. 56 [2][vii]
• Dispute Resolution Panel – Housing Project
• Can sales tax department recover sales tax from buyer of Plant and Land of sick unit?
• Procedure in respect of issue of H form when dealer is registered in more then one state
• Important Issues relating to Real Estate Transactions under VAT
• Taxation of Limited Liability Partnerships (LLP) in India
• Government proposes to extend benefits of SEZ to food parks
• ICAI considering KYC norms to be followed by its members
• Market research and analysis unit in the serious fraud investigation office
• RBI Circular on KYC Norms, AML Standards and Combating of Financing of Terrorism
• Regarding anti dumping duty on Synchronous Digital Hierarchy Transmission Equipment originating in or exported from, People's Republic of China (China PR) and Israel
• Regarding anti dumping duty on Cathode Ray Colour Television Picture Tubes originating in or exported from Indonesia
• Inclusion of After Sale Service and Pre-delivery Inspection Charges in the assessable value
• List of Terrorist Individuals/Organisations – under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation
• RBI Circular No. 19/2009 on External Commercial Borrowings (ECB) Policy
• Tribunal has inherent power to dismiss an appeal for non-appearance of appellant
• Airlines may be subject to a detailed financial audit

Special Leave Petition – Scope – Binding Nature – Doctrine of Merger Posted: 13 Dec 2009 03:59 AM PST Any Authority under the direct tax laws who is entrusted with the task of implementing and enforcing the law has to interpret the relevant provision involved. There is administrative and judicial hierarchy under the tax laws, therefore the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Real Estate Transactions and Important VAT provisions Posted: 13 Dec 2009 03:54 AM PST Typically in real estate transactions, the land holder contributes the land, the developer constructs the building and sells the flats along with the proportionate rights in respect to the land. As a result, each owner becomes the owner of an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Issue of F form for transactions effected prior to date of CST registration and Issue of the same between branches Posted: 13 Dec 2009 03:44 AM PST Q.1 The amended section 6A of CST Act, 1956 requires the transferor branch to obtain 'F' form from the transferee branch and on failure to obtain the same the transaction is presumed to be sale. Whether such amendment can be said to be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Income from Other Sources – Method of Accounting – Concealment Penalty – Provisional Attachment Posted: 13 Dec 2009 01:07 AM PST In this article, the proposed amendments by The Finance (No. 2) Bill, 2009 relating to sections 56(2), 57, 145A, 271(1) Explanation 5A and 281B, are briefly discussed. These amendments proposed in the Finance (No. 2) Bill, 2009, are aimed towards... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

MAT, Clarification regarding add back of 'Provision for diminution in the value of asset' while computing book profit Posted: 13 Dec 2009 01:03 AM PST It was zero-tax companies, which were profitable and paid dividends to shareholders but owing to various deductions/sops available under the tax laws did not have a taxable income and thus did not pay tax, that caught the attention of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Empowering Central Government to enter into agreement with specified non-sovereign territories & Transfer Pricing Posted: 13 Dec 2009 01:01 AM PST Amendment of section 90 :-The Finance Bill (No. 2) 2009 proposes to replace the existing Section 90 with a new section 90. The new section 90 is substantially the same as earlier section 90 except that the proposed amendment seeks to empower the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Direct Taxes 'Manufacture' – Reassessment – Stamp Valuation – Service of Notice – Document Identification Number Posted: 13 Dec 2009 12:52 AM PST Definitions – Manufacture – Clause 3 - S 2 (29BA):- Clause 3 of the Finance Bill 2009 has sought to introduce sub section 29BA in section 2 of the Income Tax Act wherein the manufacture is defined for the first time The amendment is to take effect... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Post budget Weighted Deduction for in-house research and development Posted: 13 Dec 2009 12:49 AM PST The Finance Bill, 2009 has introduced changes in the provisions relating to deduction for scientific expenditure incurred by an assessee in connection with his business. Clause 12 of the Finance Bill, 2009 proposes to substitute the following words... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Taxation of Limited Liability Partnership (LLP) – Remuneration to Partners Posted: 13 Dec 2009 12:45 AM PST A new type of entity namely limited liability partnership (hereinafter referred to LLP) has come into existence by LLP Act, 2008. LLP is an alternate corporate business that offers the twin benefits of limited liability companies and the flexibility... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Presumptive Taxation – Contribution to Political Parties Posted: 13 Dec 2009 12:29 AM PST Under the existing provisions relating to presumptive taxation codified in sections 44AD and 44AF, it provides for taxation of income of certain assessees, under a presumptive basis of 8% or 5% respectively, in case where gross receipts or total... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Taxability of gift as Income Income from Other Sources u/s. 56 [2][vii] Posted: 13 Dec 2009 12:24 AM PST The newly proposed section 56 [2][vii] in the Finance Bill, 2009 is no 'rosagoola'. When the Hon'ble Finance Minister 'pronounced' his budget in the Parliament, there was not even a whisper of reference to this section in his speech. And in this... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Dispute Resolution Panel – Housing Project Posted: 13 Dec 2009 12:15 AM PST The present article discusses amendment proposed by Finance Bill (No. 2) 2009 regarding provisions of Dispute Resolution Panel (DRP) and deduction u/s. 80-IB(10). Though the provisions relating to Dispute Resolution Panel are not a complete code for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Can sales tax department recover sales tax from buyer of Plant and Land of sick unit? Posted: 13 Dec 2009 12:07 AM PST Question. The dealer has purchased plant along with land from Financial Institution in auction. The original owner of plant was declared sick unit and was liable to discharge sales tax dues for past years. The Sales Tax Department is contemplating... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Procedure in respect of issue of H form when dealer is registered in more then one state Posted: 13 Dec 2009 12:03 AM PST The facts are that the dealer is registered under CST Act in Andhra Pradesh as well as in Maharashtra. Order is placed by AP branch on Tamil Nadu dealer for supply of goods against H form. The supplier prepares invoice mentioning Maharashtra... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Important Issues relating to Real Estate Transactions under VAT Posted: 12 Dec 2009 11:54 PM PST The subject of works contract is one of the most confusing and litigated issues. The Constitution (Forty Sixth Amendment) Act, 1982 granted powers to State Governments to enact laws for providing the levy of tax on the transfer of property (whether... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Taxation of Limited Liability Partnerships (LLP) in India Posted: 12 Dec 2009 11:42 PM PST Limited Liability Partnership Act, 2008 (LLP Act) was passed by the Parliament in December, 2008. Some of the sections of the LLP Act were made effective on 1-4-2009. Sections relating to conversion of existing partnership firms and private as well... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government proposes to extend benefits of SEZ to food parks Posted: 12 Dec 2009 11:29 PM PST Government proposes to extent benefits of Special Economic Zones (SEZ) to food parks so that the country could quickly emerge as a regional hub for food processing and SEZ benefits are available only to SEZ Developers and units. Mega Food Park... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI considering KYC norms to be followed by its members Posted: 12 Dec 2009 11:26 PM PST ALL practicing chartered accountants in the country may now have to keep a close tab on their clients, as the accounting rule-maker , the Institute of Chartered Accountants of India (ICAI), is considering a proposal to devise a set of know your... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Market research and analysis unit in the serious fraud investigation office Posted: 12 Dec 2009 11:20 PM PST The Government has set up a Market Research and Analysis Unit in the Serious Fraud Investigation Office with the objective of improvements in the regulatory system in Corporate Sector. Giving this information in the Lok Sabha today Shri Salman... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI Circular on KYC Norms, AML Standards and Combating of Financing of Terrorism Posted: 12 Dec 2009 11:00 PM PST Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT). Please refer to our letter RPCD.CO.RRB.No.5451/03.05.28-A/2009-10 dated November 16, 2009 on risks arising from the deficiencies in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Regarding anti dumping duty on Synchronous Digital Hierarchy Transmission Equipment originating in or exported from, People's Republic of China (China PR) and Israel Posted: 12 Dec 2009 10:56 PM PST Whereas, in the matter of import of all kinds of Synchronous Digital Hierarchy Transmission Equipment (hereinafter referred to as the subject goods), falling under sub-heading 8517 62 of the First Schedule to the Customs Tariff Act, 1975 (51 of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Regarding anti dumping duty on Cathode Ray Colour Television Picture Tubes originating in or exported from Indonesia Posted: 12 Dec 2009 10:45 PM PST Whereas, in the matter of import of Cathode Ray Colour Television Picture Tubes (hereinafter referred to as the subject goods), falling under sub-heading 8540 11 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Inclusion of After Sale Service and Pre-delivery Inspection Charges in the assessable value Posted: 12 Dec 2009 09:54 PM PST Since these services are provided free by the dealer on behalf of the assessee, the cost towards this is included in the dealer's margin (or reimbursed to him). This is one of the considerations for sale of the goods (motor vehicles, consumer items... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

List of Terrorist Individuals/Organisations – under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation Posted: 12 Dec 2009 09:47 PM PST Please refer to our circular letter DBOD.AML.No.8299/14.06.057/2009-10 dated November 11, 2009. We have since received from Government of India (Ministry of External Affairs) copy of note dated December 3, 2009 from the Chairman of UN Security... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI Circular No. 19/2009 on External Commercial Borrowings (ECB) Policy Posted: 12 Dec 2009 09:45 PM PST Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to the A.P. (DIR Series) Circular No. 46 dated January 2, 2009, A.P. (DIR Series) Circular No. 64 dated April 28, 2009 and A.P. (DIR Series) Circular No. 71 dated June... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Tribunal has inherent power to dismiss an appeal for non-appearance of appellant Posted: 12 Dec 2009 09:15 PM PST The Tribunal dismissed the excise appeal of the assessee for non-appearance. The application filed by the assessee for restoration of the appeal was also dismissed. The dismissal was challenged before the High Court on the ground that under s. 35C... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Airlines may be subject to a detailed financial audit Posted: 12 Dec 2009 08:58 PM PST With airlines deep in red and reports of dues to employees and vendors becoming common, the government may soon subject them to a detailed financial audit. Aviation minister Praful Patel on Thursday told Parliament that the DGCA had recommended such... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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