Fwd: TaxGuru.in : Legal & Tax Updates

---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Aug 9, 2010 at 10:00 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

---

• Minimum Alternate Tax (MAT) provisions not applicable to foreign companies if no physical presence in India
• Transfer of shares by a foreign company to its wholly owned Indian subsidiary not taxable in India
• Full value of consideration is totally different from the concept of Fair market value
• Highlights of Supreme Court decision on NCLT issue
• Conversion of Company into Limited Liability Partnership (LLP) – Amendment to Finance Bill 2010
• FEMA – Change in Pricing Guidelines for issue of shares to non-residents
• Mumbai ITAT upholds per hour billing rate published by NASSCOM for a specific business segment as an external CUP in determining the arm's length price
• Total amount of transfer pricing adjustment cannot exceed the absolute amount of revenue realized by the associated enterprise from third parties
• Referencer on Secretarial Audit as issued by ICSI
• Government uncovered 44 crore of untaxed money
• Private sector banks could be allowed to handle provident fund and pension payments of government employees
• Section 86(1A) of the Finance Act, 1994 – Appeals – Constitution of Committee u/s 86(1A) – Service Tax- Amendment in Notification No. G.S.R. 354(E), dated the 12-5-2007
• Payment in kind to foreign company in respect of Income derived in India is liable for tax deduction : SC
• Fake doctor's son makes movie debut
• ICAI proposes to start coaching classes for students through virtual classrooms
• Presumptive Income Schemes for Small Assessees under Income Tax Act 1961
• VAT Notification on Refund of VAT allowed to British Deputy High Commissions in Mumbai

Minimum Alternate Tax (MAT) provisions not applicable to foreign companies if no physical presence in India Posted: 08 Aug 2010 08:59 PM PDT The applicant is a company incorporated in the United States and is a leading manufacturer of engineered bearings, alloys etc. The applicant has a significant shareholding in an Indian listed company, which was initially set up as joint venture with... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Transfer of shares by a foreign company to its wholly owned Indian subsidiary not taxable in India Posted: 08 Aug 2010 08:55 PM PDT Praxair Pacific Limited (PPL ), a company incorporated in Mauritius, proposes to transfer its 74% equity stake in Jindal Praxair Oxygen Company Private Limited (JPOCPL) to its wholly owned subsidiary in India, Praxair India Private Limited (Praxair... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Full value of consideration is totally different from the concept of Fair market value Posted: 08 Aug 2010 08:48 PM PDT Reliance Communications Infrastructure Ltd. ("RCom") transferred shares of Reliance Infocomm Ltd. (RIL) worth INR. 50 crores at face value (INR.1) to one of the promoters (market value of shares being INR. 53.7).As per the promoter, the shares were... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Highlights of Supreme Court decision on NCLT issue Posted: 08 Aug 2010 08:41 PM PDT The National Company Law Tribunal (NCLT) was expected to take over the role of the High Court (in dealing with company law matters such as sanctioning of schemes of arrangement, ordering winding up of companies, dealing with petitions for oppression... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Conversion of Company into Limited Liability Partnership (LLP) – Amendment to Finance Bill 2010 Posted: 08 Aug 2010 08:18 PM PDT The Finance Bill 2010, introduced provisions for conversion of private companies / unlisted companies into LLP along with conditions for tax neutrality of such conversions. One of the conditions for tax neutrality is that the total sales, turnover... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

FEMA – Change in Pricing Guidelines for issue of shares to non-residents Posted: 08 Aug 2010 08:15 PM PDT The pricing in regard to issue and transfer of shares to non-residents were governed by the CCI guidelines. Theses have been replaced with the discounted cash flow method which is based on the future earnings. However, RBI has made a distinction in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Mumbai ITAT upholds per hour billing rate published by NASSCOM for a specific business segment as an external CUP in determining the arm's length price Posted: 08 Aug 2010 08:04 PM PDT The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently pronounced its ruling on an appeal originating from a transfer pricing adjustment imposed on 3 Global Services Private Limited ("assessee"). The assessee operates in the voice... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Total amount of transfer pricing adjustment cannot exceed the absolute amount of revenue realized by the associated enterprise from third parties Posted: 08 Aug 2010 07:57 PM PDT This judgment emphasizes the fact that total amount of transfer pricing adjustment cannot exceed the absolute amount of revenue realized by the associated enterprise from third parties and idle capacity adjustment should be allowed to the taxpayer... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Referencer on Secretarial Audit as issued by ICSI Posted: 08 Aug 2010 07:44 PM PDT The Ministry of Corporate Affairs, Government of India released CORPORATE GOVERNANCE VOLUNTARY GUIDELINES 2009 on December 21, 2009. The preamble to Guidelines states that "These guidelines provide for a set of good practices which may be... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Government uncovered 44 crore of untaxed money Posted: 08 Aug 2010 06:52 PM PDT The Finance Ministry today said it has uncovered around Rs 44 crore of untaxed money parked by 18 Indian nationals with LGT Bank in the European tax haven of Liechtenstein and have raised a tax demand of Rs 24 crore. "Assessments have been made... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Private sector banks could be allowed to handle provident fund and pension payments of government employees Posted: 08 Aug 2010 06:47 PM PDT Private sector banks could be allowed to handle provident fund and pension payments of government employees, giving them access to large amount of low-cost funds. The proposal is in response to a demand by the public sector banks for an increase in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Section 86(1A) of the Finance Act, 1994 – Appeals – Constitution of Committee u/s 86(1A) – Service Tax- Amendment in Notification No. G.S.R. 354(E), dated the 12-5-2007 Posted: 08 Aug 2010 06:42 PM PDT In exercise of the powers conferred by sub-section (1A) of Section 86 of the Finance Act, 1994 (32 of 1994), the Board hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance, Department of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Payment in kind to foreign company in respect of Income derived in India is liable for tax deduction : SC Posted: 08 Aug 2010 06:19 PM PDT PAYMENT made in kind too is liable to be taxed in India, said the Supreme Court in a ruling last month. The apex court in July dismissed an appeal filed by Kanchanganga Sea Foods, an Andhra Pradesh-based company, which was asked to pay tax on the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Fake doctor's son makes movie debut Posted: 08 Aug 2010 06:15 PM PDT On the run from the law for one year and now out on bail, fake doctor Munir Khan managed to monitor the production of his younger son Munish's debut film. Titled Payback (any reflection of the victims' sentiments is purely coincidental), the film,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

ICAI proposes to start coaching classes for students through virtual classrooms Posted: 08 Aug 2010 05:58 PM PDT The Institute of Chartered Accountants of India soon proposes to start coaching classes for students through virtual classrooms, the Institute's Vice-President, Mr G Ramaswamy, told journalists here on Sunday. "We will facilitate more virtual... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Presumptive Income Schemes for Small Assessees under Income Tax Act 1961 Posted: 08 Aug 2010 09:38 AM PDT There are many presumptive income schemes for small businessmen engaged in civil construction, transport business, retailers etc. A person covered under these schemes can declare his income under these sections on presumptive basis and can get... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

VAT Notification on Refund of VAT allowed to British Deputy High Commissions in Mumbai Posted: 06 Aug 2010 05:52 PM PDT In exercise of the powers conferred by sub-section (1) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends the Government Notification, Finance Department, No. VAT.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

You are subscribed to email updates from LEGAL & FINANCIAL UPDATES FROM TAX GURU To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/