Re: UPDATES FROM TAX GURU (in this message: 14 new items)

On Sat, Dec 26, 2009 at 9:34 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 14 new items)

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• Taxability of ESOP under the new perquisite taxation regime for the Assessment year 2010-2011
• Valuation of ESOP will be cumbersome and expensive for smaller unlisted companies
• History of perquisite taxation
• New perquisites valuation rules for Assessment Year 2010-11 are replica of old rules
• Empanelment of Chartered Accountant firms for the year 2010-2011 with CAG
• Section 144A of the Income-tax Act, 1961 – Power of Joint Commissioner to issue directions in certain cases – Scheme for improving quality of assessments
• Section 197 of the Income-tax Act, 1961 – Deduction of tax at source – Certificate of lower deduction or non-deduction of tax at source
• Assessment records of third parties can be demanded under RTI
• Union government approved proposal to introduce Bill to amend the Copyright Act, 1957
• Minister of Commerce and Industry releases first draft consolidation of FDI Policy/ FDI Framework
• ICAI Executive Committee Decision on Election of Chairman and other Office bearers of all Branches of Regional Councils
• Union government approved amendment to the Right of Children to Free and Compulsory Education
• Investing in new pension scheme (NPS)
• EET – The Future Model of Savings and Taxation

Taxability of ESOP under the new perquisite taxation regime for the Assessment year 2010-2011 Posted: 25 Dec 2009 05:14 PM PST Employee stock options (ESOPs) is a significant employer-granted benefit that too is subject to the above FBT /perquisite-based taxation system. In fact, it almost seems as if the authorities cannot quite make up their minds as to how they wish to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Valuation of ESOP will be cumbersome and expensive for smaller unlisted companies Posted: 25 Dec 2009 04:52 PM PST It's not going to be easy for small and unlisted companies to issue employees stock options schemes (ESOPs) as per the latest Central Board of Direct Taxes (CBDT) rules for valuation of perquisites. The valuation rules for calculating the fair... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

History of perquisite taxation Posted: 25 Dec 2009 04:41 PM PST Way back on September 25, 2000, Rule 3 governing perquisites (perks) was amended by Notification SO 940(E). The major change brought in was taxing on a 'cost to employer' basis, thereby giving perks the colour and character of salary. This in turn... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

New perquisites valuation rules for Assessment Year 2010-11 are replica of old rules Posted: 25 Dec 2009 04:34 PM PST The salaried class, reeling under the inflationary pressures, has suffered yet another setback this holiday season with the announcement of new perquisite valuation rules by the Central Board of Direct Taxes (CBDT) on December 18. The new rules have... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Empanelment of Chartered Accountant firms for the year 2010-2011 with CAG Posted: 25 Dec 2009 04:14 PM PST Applications are invited online from the firms of Chartered Accountants who intend to be empanelled with this office for the year 2010-2011 for appointment as auditors of Government Companies/Corporations. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Section 144A of the Income-tax Act, 1961 – Power of Joint Commissioner to issue directions in certain cases – Scheme for improving quality of assessments Posted: 25 Dec 2009 04:07 PM PST For past sometime the Board has been concerned about the need for improving general quality of scrutiny assessments on a sustainable basis. In this connection, reference is invited to Board's instruction No. 2/2006 dated 27.04.2006 which required... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Section 197 of the Income-tax Act, 1961 – Deduction of tax at source – Certificate of lower deduction or non-deduction of tax at source Posted: 25 Dec 2009 04:00 PM PST I am directed to bring to your notice on the subject of issue of certificates under Section 197. Instruction No- 8/2006 dated 13.10.2006, was issued stating that 197 certificates for lower deduction or nil deduction of TDS u/s 197 are not to be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Assessment records of third parties can be demanded under RTI Posted: 25 Dec 2009 08:48 AM PST The Applicant, an informer of the department, filed a RTI application seeking inspection & copies of all records available with the income tax department including assessment orders of Escorts Ltd, Dr. Naresh Trehan and connected parties. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Union government approved proposal to introduce Bill to amend the Copyright Act, 1957 Posted: 25 Dec 2009 08:40 AM PST The Union Cabinet today approved the proposal to introduce a Bill to amend the Copyright Act, 1957. The Ministry of Human Resource Development has proposed the amendments in order to gain clarity, remove operational difficulties and to address the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Minister of Commerce and Industry releases first draft consolidation of FDI Policy/ FDI Framework Posted: 25 Dec 2009 08:32 AM PST Shri Anand Sharma, Union Minister of Commerce and Industry, has released the first draft consolidation of all the aspects of FDI Policy and FDI Framework, here today, and also launched the same in the Department of Industrial Policy &... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI Executive Committee Decision on Election of Chairman and other Office bearers of all Branches of Regional Councils Posted: 25 Dec 2009 08:24 AM PST The Chairman of a Branch, after demitting office, should not seek re-election for or hold the said or any other post at Branch level in subsequent years. The Committee also decided that no member should hold two posts simultaneously and that in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Union government approved amendment to the Right of Children to Free and Compulsory Education Posted: 25 Dec 2009 08:21 AM PST The Right of Children to Free and Compulsory Education Act, 2009 has been enacted by the Parliament to provide for free and compulsory education to all children of the age of six to fourteen years. After receiving the assent of the President, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Investing in new pension scheme (NPS) Posted: 25 Dec 2009 08:10 AM PST When it comes to social security measures, India is still considered to be an evolving country even after more than sixty years of independence. Central Government has announced a new pension scheme (NPS) w.e.f. 1st May, 2009 established under... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

EET – The Future Model of Savings and Taxation Posted: 25 Dec 2009 07:55 AM PST Savings are generally made from taxable income, which has already been subjected to tax provisions. There are certain savings which, if made enjoy exemption from taxation. Not only this, the income or returns arising from such savings or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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