Fwd: Financial, Legal & Tax Updates from TaxGuru (in this message: 21 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Feb 9, 2010 at 9:42 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 21 new items)
To: palashbiswaskl@gmail.com

Financial, Legal & Tax Updates from TaxGuru (in this message: 21 new items)

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• GJF opposed provisions related to stock seizure, MAT and TDS on payment for gold, diamonds, jewellery etc provided in new DTC
• SC will examine the plea of Punjab government related to mandatory deposit of 25% of the tax, penalty and interest for filing VAT appeal
• No application yet for grant of 'Maharatna' status
• GST rate may be fixed at 16%
• Good news for CAs: CAG called for an increase in statutory audit fees of public sector undertakings
• Rajasthan HC ruling on giving arrears of rent under section 25 B of the Income Tax Act irked apex court
• ICAI announced relaxation of 9 months study course period to converted to IPCC students
• IFRS deferred by a year and will be applicable from 01.04.2011
• RBI move to allow Restructuring of bad loans helped bank, Industry and economy
• Promulgation of the Daman and Diu Civil Courts (Amendment) Regulation, 2009
• Amendment to the National Council for Teacher Education Act, 1993
• MCA asked ROC to review accounts of 5 companies
• Time to specify negative/exempt services for taxation instead of taxing selected services
• SC dismissed the Income Tax department's plea alleging that former Nasscom chief Kiran S Karnik had evaded tax
• Income Tax raid- What to do?
• Planning commission favoured phased withdrawal of stimulus
• Real estate sector demanded rationalisation of floor space index and tax benefits
• Deduction U/s. 10A of the Income Tax Act is allowable without set off of losses of non-eligible units
• Bad debts written off cannot be a factor to determine the Arms length price under any of the Transfer Pricing methods prescribed in the Income Tax Act, 1961
• C Forms under CST Act can be submitted even at the appellate stage
• Capital gains under Income Tax Act 1961

GJF opposed provisions related to stock seizure, MAT and TDS on payment for gold, diamonds, jewellery etc provided in new DTC Posted: 08 Feb 2010 06:59 PM PST The Gems and Jewellery Federation (GJF), the national body of the jewellery trade in the country, has made a representation to the Ministry of Finance to seek modifications in the proposals in the Direct Taxes Code (DTC). The apex body is objecting... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SC will examine the plea of Punjab government related to mandatory deposit of 25% of the tax, penalty and interest for filing VAT appeal Posted: 08 Feb 2010 06:53 PM PST The Supreme Court has decided to examine the plea of Punjab government pertaining to the provision of its VAT law which according to the government provides no exemption to the assessees from the mandatory deposit of 25% of the tax, penalty and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

No application yet for grant of 'Maharatna' status Posted: 08 Feb 2010 06:49 PM PST Two weeks after it sought applications for granting the 'Maharatna' status along with greater autonomy for CPSUs, the Department of Public Enterprises has not received any response from the administrative ministries. "We are awaiting response from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

GST rate may be fixed at 16% Posted: 08 Feb 2010 06:02 PM PST The long-awaited reform of India's indirect taxes system is set to get a fillip , with a broad consensus forming within the finance ministry on a rate of 16% for the proposed Goods and Services Tax (GST) for both Centre and states combined. To be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Good news for CAs: CAG called for an increase in statutory audit fees of public sector undertakings Posted: 08 Feb 2010 06:00 PM PST The country's apex audit body Comptroller and Auditor General of India (CAG) has called for an increase in fees paid to statutory auditors of all government companies. In a communication sent to managing directors of public sector undertakings... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Rajasthan HC ruling on giving arrears of rent under section 25 B of the Income Tax Act irked apex court Posted: 08 Feb 2010 05:53 PM PST The high court had said that the provision of Section 25B of the Income Tax Act is clarificatory in nature and should be given retrospective effect. The apex court, however, said, such findings of the high court was uncalled for after hearing the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI announced relaxation of 9 months study course period to converted to IPCC students Posted: 08 Feb 2010 05:48 PM PST An Important Announcement for Students of Erstwhile Intermediate/ Professional Education (Course – II)/ Professional Competence Course (PCC) who have mean while converted to Integrated Professional Competence Course (IPCC) – relaxation of nine... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IFRS deferred by a year and will be applicable from 01.04.2011 Posted: 08 Feb 2010 05:41 PM PST On January 22, 2010 the Ministry of Corporate Affairs issued the road map for transition to IFRS. It is clear that India has deferred transition to IFRS by a year. In the first phase, companies included in Nifty 50 or BSE Sensex, and companies whose... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI move to allow Restructuring of bad loans helped bank, Industry and economy Posted: 08 Feb 2010 05:35 PM PST Did the restructuring of bad loans done by the Reserve Bank of India a year ago help small and medium enterprises recover and also curtail the build-up of bank's bad loans, or did it just delay the recognition of bad loans? [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Promulgation of the Daman and Diu Civil Courts (Amendment) Regulation, 2009 Posted: 08 Feb 2010 05:25 PM PST Promulgation of the Daman and Diu Civil Courts (Amendment) Regulation, 2009 to amend the Goa, Daman and Diu Civil Courts Act, 1965, as in force in the Union Territory of Daman and Diu. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Amendment to the National Council for Teacher Education Act, 1993 Posted: 08 Feb 2010 05:23 PM PST The Union Cabinet today approved a proposal from the Ministry of Human Resource Development to amend the National Council for Teacher Education Act, 1993 to clarify its applicability to matters relating to norms for minimum qualification for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

MCA asked ROC to review accounts of 5 companies Posted: 08 Feb 2010 05:19 PM PST The Ministry of Corporate Affairs has asked the Registrar of Companies (RoC) to look into alleged accounting discrepancies in five companies, which include Grasim, Adani Exports, Vickers Systems, Gwalior Chemical Industries and Metrochem Industries,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Time to specify negative/exempt services for taxation instead of taxing selected services Posted: 08 Feb 2010 05:13 PM PST In June 2000, an expert group headed by NIPFP director M Govinda Rao observed that the 'selective approach to taxation of services is undesirable for this violates neutrality in taxation, leads to inadequate coverage in addition to raising several... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SC dismissed the Income Tax department's plea alleging that former Nasscom chief Kiran S Karnik had evaded tax Posted: 08 Feb 2010 05:07 PM PST The Supreme Court (SC) on Wednesday dismissed the Income Tax department's plea alleging that former Nasscom chief Kiran S Karnik had evaded tax to the tune of Rs 3.71 crore in 2002-03 when he was heading Discovery Networks.The I-T department... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Income Tax raid- What to do? Posted: 08 Feb 2010 05:02 PM PST Our Income Tax law allows all persons to self-assess their income and pay taxes. However, to protect the revenue base, unearth concealed income and to act as a deterrent, tax authorities have been vested with powers to conduct surveys and searches... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Planning commission favoured phased withdrawal of stimulus Posted: 08 Feb 2010 04:53 PM PST Expressing satisfaction at the 7.2 per cent growth estimates for this fiscal, the Planning Commission on Monday pitched for phased withdrawal of stimulus in the forthcoming budget to be unveiled by Finance Minister Pranab Mukherjee on February 26. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Real estate sector demanded rationalisation of floor space index and tax benefits Posted: 08 Feb 2010 04:49 PM PST Indian and foreign realty players, in a bid to cash in on the upturn in the economy, have made a strong pitch for rationalisation of floor space index in metros and Tier-II and -III cities. They want FSI to be in line with export benefits for the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Deduction U/s. 10A of the Income Tax Act is allowable without set off of losses of non-eligible units Posted: 08 Feb 2010 04:33 PM PST In respect of AY 2003-04, the assessee had an unit in Chennai which was engaged in software development and whose profits were eligible for deduction u/s 10A. The assessee had another unit in Delhi which was engaged in trading and had suffered a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Bad debts written off cannot be a factor to determine the Arms length price under any of the Transfer Pricing methods prescribed in the Income Tax Act, 1961 Posted: 08 Feb 2010 04:22 PM PST disallowance made by the Transfer Pricing Officer (TPO) to the royalty, to the extent of the bad debts written off by the Taxpayer, was not in accordance with the transfer pricing (TP) provisions of the Indian Tax Law (ITL). According to the ITAT,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

C Forms under CST Act can be submitted even at the appellate stage Posted: 08 Feb 2010 04:07 PM PST Under section 8(1) of the Central Sales Tax Act 1956 an Interstate sale to a registered dealer can be made at the concessional rate of Central sales tax i.e. @2% existing at this time. But for claiming concessional rate of CST the seller needs to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Capital gains under Income Tax Act 1961 Posted: 08 Feb 2010 04:01 PM PST Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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