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

On Tue, Dec 22, 2009 at 10:12 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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• New Perquisite rules in respect of accommodation / house property provided by employer including accommodation in hotel
• If income attributable to PE in India less than the remuneration paid to the distributor in India by the taxpayer then no further income taxable in India
• Taxability of the income from the sale of shares in the hands of resident in Mauritius
• Punjab challenged tax concessions for industrial undertaking in Jammu and Kashmir, Himachal Pradesh and Uttarakhand
• CBEC clarified treatment of Cenvat in respect of goods written off in books
• National Tax Tribunal far from realty
• Government auditor can become CA by passing only final examination, given exemption from CPT/IPC
• Tax statements of a corporate group may be given under RTI
• Definition of liaison offices of law firms still not clear
• New perquisite Valuation rules taxed almost all the perks
• All about Initial Public Offerings (IPOs) in brief
• Derivative transactions prior to amendment in section 43(5) (effective from AY 2006-07) are speculative transaction
• Transfer of trade mark cannot be considered as transfer of goodwill as they are two separate assets
• Recommendations of GST Task Force' 17th December 2009

New Perquisite rules in respect of accommodation / house property provided by employer including accommodation in hotel Posted: 21 Dec 2009 08:06 PM PST The much awaited new rules have now been notified by The Central Board of Direct Taxes (CBDT) vide Notification dated 18 December 2009. The amended provisions will be retrospectively effective from 1 April 2009 onwards. The new valuation rules as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

If income attributable to PE in India less than the remuneration paid to the distributor in India by the taxpayer then no further income taxable in India Posted: 21 Dec 2009 07:57 PM PST The Delhi Income-tax Appellate Tribunal (the Tribunal) in the case of Sabre Inc. v. DCIT (2009-TIOL- 488-ITAT-DEL) ruled on the taxability of the income earned through Computer Reservation System (CRS) in India. The Tribunal after following the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Taxability of the income from the sale of shares in the hands of resident in Mauritius Posted: 21 Dec 2009 07:51 PM PST Recently, the Delhi bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of DDIT v. M/s Saraswati Holding Corpn. Inc. (2009-TIOL-529-ITAT-DEL) ruled on the taxability of the income from the sale of shares in the hands of resident... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Punjab challenged tax concessions for industrial undertaking in Jammu and Kashmir, Himachal Pradesh and Uttarakhand Posted: 21 Dec 2009 07:49 PM PST The state of Punjab has challenged in the Supreme Court the validity of Union government notification giving concessions in taxes and also providing subsidy to the new as well as existing industries in the states of Jammu and Kashmir, Himachal... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBEC clarified treatment of Cenvat in respect of goods written off in books Posted: 21 Dec 2009 07:23 PM PST The Central Board of Excise & Customs (CBEC) has clarified the treatment of Central Value Added Tax (Cenvat) Credit in respect of stocks of goods whose value is written off in the books of accounts. It is not unusual that manufacturers are... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

National Tax Tribunal far from realty Posted: 21 Dec 2009 07:20 PM PST In the words of our present Chief Justice of India,"….. the citizens' faith in the judicial system will begin to wane because justice delayed is justice forgotten, excluded and finally discharged " The quote certainly does not auger well if one were... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government auditor can become CA by passing only final examination, given exemption from CPT/IPC Posted: 21 Dec 2009 07:18 PM PST The nation's accounting standard-setting body, the Institute of Chartered Accountants of India (ICAI), has changed some rules to allow both new and serving officers of the Indian Audit and Accounts Service (IA&AS) to acquire the qualification... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Tax statements of a corporate group may be given under RTI Posted: 21 Dec 2009 07:16 PM PST It has been made clear that such information cannot be sought directly from the private business groups but from a government department which holds it. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Definition of liaison offices of law firms still not clear Posted: 21 Dec 2009 07:14 PM PST The year 2009 saw mixed signals on business law and policy fronts. The New Year cheer on Press Notes 2, 3 and 4 fizzled with the implementation in sectoral tangles. But the year end's breaking news, the Bombay High Court judgement in the Lawyers'... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

New perquisite Valuation rules taxed almost all the perks Posted: 21 Dec 2009 04:40 PM PST THE much-awaited perquisite valuation rules have finally been notified by the CBDT. The Board has amended Rule 3 to give effect to the abolition of FBT, announced in the Budget 2009. Vide Income Tax (13th) Amendment Rules, the Board has notified the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

All about Initial Public Offerings (IPOs) in brief Posted: 21 Dec 2009 04:24 PM PST An IPO is when a company which is presently not listed at any stock exchange makes either a fresh issue of shares or makes an offer for sale of its existing shares or both for the first time to the public. Through a public offering, the issuer makes... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Derivative transactions prior to amendment in section 43(5) (effective from AY 2006-07) are speculative transaction Posted: 21 Dec 2009 09:07 AM PST Recently, the Special Bench of the Kolkata Income-tax Appellate Tribunal (the Tribunal) in the case of Shree Capital Services Ltd. v. ACIT (2009-TIOL-542-ITAT-KOL-SB) while dealing with a case prior to the amendment to section 43(5) of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Transfer of trade mark cannot be considered as transfer of goodwill as they are two separate assets Posted: 21 Dec 2009 08:58 AM PST The Bangalore Income Tax Appellate Tribunal (the Tribunal) in recent case of Associated Electronic & Electrical Industries Pvt. Ltd. v. DCIT (2009-TIOL-263- ITAT-BANG) held that transfer of trade mark is not transfer of goodwill as the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Recommendations of GST Task Force' 17th December 2009 Posted: 21 Dec 2009 08:18 AM PST A recent report by Finance Commission taskforce has clarified many issues related to implementation of GST in India. Though there are many new matters which were considered in this report, but there some variations were observed as of the matters... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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