Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Aug 24, 2010 at 9:51 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Sebi plans to make listing of all mutual fund schemes mandatory
• Sharma allays fears on SEZ tax sops
• Fake income tax commissioner held for extortion
• Summary of Examiners' Comments on the Performance of Candidates [Final (Old) Course and Final (New) Course, May 2010 Examination]
• CA Inter and CA Final Result of June 2010 under Syllabus 2008 will be declared on 31.08.2010
• Know Your TDS, Advance Tax and Self Assessment Challan Status on Your Mobile
• Ignorance of the law cannot be an excuse for buying an illegal unit
• Temporary transfer of rights to copy in a limited manner chargeable to service tax: Department tells HC
• Onshore software development revenues of IT companies under tax scanner
• The Supreme Court asks tax authorities to get the help of technical experts while deciding income tax liability of cellular service providers
• Full and true disclosure of undisclosed income and their manner of acquisitions is mandatory for settlement
• CCI proposed setting up of state-level commissions to safeguard interests of small businesses
• Annual Supplement 2010-11 to FTP : Govt announces Rs 1,050 crore incentive for exporters
• Highlights of Annual Supplement 2010-11 to Foreign Trade Policy (FTP), 2009-14
• Speech of Minister of Commerce & Industry on Annual Supplement 2010-11 to the Foreign Trade Policy 2009-14 on 23.08.2010
• RBI not happy with failure of public sector banks in business process re-engineering

Sebi plans to make listing of all mutual fund schemes mandatory Posted: 23 Aug 2010 08:41 PM PDT Transactions in mutual fund schemes could soon become as easy as those in stocks. Securities and Exchange Board of India (Sebi) is planning to make listing of all schemes mandatory. These will include all debt, equity, open-ended and close-ended... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sharma allays fears on SEZ tax sops Posted: 23 Aug 2010 08:36 PM PDT Commerce and Industry Minister Anand Sharma today said that he has conveyed investor concerns over the proposed withdrawal of fiscal benefits to SEZs to Prime Minister Manmohan Singh and assured the industry of protecting the exemptions. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Fake income tax commissioner held for extortion Posted: 23 Aug 2010 08:20 PM PDT The crime branch of Delhi Police has arrested a 24-year-old man who allegedly posed as an income tax commissioner and demanded Rs 30 lakh from a businessman in return of closing a fictitious complaint against the victim. The accused, Dinesh Kumar,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Summary of Examiners' Comments on the Performance of Candidates [Final (Old) Course and Final (New) Course, May 2010 Examination] Posted: 23 Aug 2010 08:13 PM PDT In a move to facilitate the students, the Board of Studies has compiled the comments of the examiners on all the subjects of the Final (Old) Course and Final (New) Course examinations held in May, 2010. The group-wise general comments of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA Inter and CA Final Result of June 2010 under Syllabus 2008 will be declared on 31.08.2010 Posted: 23 Aug 2010 07:55 PM PDT Inter and Final Result of June 2010 under Syllabus 2008 will be declared on 31.08.2010. For Result check http://www.exam.icwai.org/result/default.asp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Know Your TDS, Advance Tax and Self Assessment Challan Status on Your Mobile Posted: 23 Aug 2010 07:37 PM PDT National Securities Depository Limited (NSDL) provides CIN (Challan Identification Number) based view of direct tax challans to taxpayers to know the status of challan on its web-site. In addition to the above facility, NSDL has launched a Short... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Ignorance of the law cannot be an excuse for buying an illegal unit Posted: 23 Aug 2010 07:30 PM PDT Padma Bhushan awardee and octogenarian Madhusudan Dhaky invested his lifetime savings into buying a flat. Little did he realise that the flat he bought was an illegal one. He is not alone to be duped, many property buyers fall prey to glib talks of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Temporary transfer of rights to copy in a limited manner chargeable to service tax: Department tells HC Posted: 23 Aug 2010 07:21 PM PDT The revenue department has contested the petition filed by PVR Pictures in the Delhi High Court against the government's decision to levy service tax on copyright services such as sale of music rights, sale of direct-to-home satellite TV rights, and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Onshore software development revenues of IT companies under tax scanner Posted: 23 Aug 2010 07:15 PM PDT When American Senator Charles Schumer described Indian software firms as `chop shops', few imagined that the taxman back home could add salt to the slur. Indeed, Indian income-tax authorities are beginning to claim tax on the money that software... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The Supreme Court asks tax authorities to get the help of technical experts while deciding income tax liability of cellular service providers Posted: 23 Aug 2010 07:07 PM PDT The Supreme Court has asked the Central Board of Direct Taxes (CBDT) and other tax authorities to get the help of technical experts while deciding income tax liability of cellular service providers. The order came after a batch of appeals by income... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Full and true disclosure of undisclosed income and their manner of acquisitions is mandatory for settlement Posted: 23 Aug 2010 07:01 PM PDT The Income Tax Settlement Commission, even after commencing the proceedings, is empowered to examine the authenticity of such full and true disclosure of the unaccounted return of the assessees, said the apex court dismissing the plea of real estate... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CCI proposed setting up of state-level commissions to safeguard interests of small businesses Posted: 23 Aug 2010 06:46 PM PDT The competition watchdog CCI has proposed setting up of state-level commissions to safeguard interests of small businesses and spread its reach to different parts of the country. The proposal forms part of the recommendations submitted to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Annual Supplement 2010-11 to FTP : Govt announces Rs 1,050 crore incentive for exporters Posted: 23 Aug 2010 06:40 PM PDT The government will provide an additional incentive of Rs.1,050 crore to labour- intensive sectors like handicrafts, handlooms and leather goods, whose exports have been badly hit by the downturn in the US and Europe, Commerce and Industry Minister... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Highlights of Annual Supplement 2010-11 to Foreign Trade Policy (FTP), 2009-14 Posted: 23 Aug 2010 06:30 PM PDT Shri Anand Sharma, Minister of Commerce and Industry while announcing the annual supplement 2010-11 to the Foreign Trade Policy 2009-14 stated that, "We are on course to achieve the export target of US$ 200 billion in the fiscal year 2010-11 and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Speech of Minister of Commerce & Industry on Annual Supplement 2010-11 to the Foreign Trade Policy 2009-14 on 23.08.2010 Posted: 23 Aug 2010 06:15 PM PDT Last year, when I presented the Foreign Trade Policy 2009-14 on 27 August, 2009, the world was passing through the greatest economic crisis we have seen in recent times. Economies and markets world-wide were in turmoil, causing a sharp contraction... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI not happy with failure of public sector banks in business process re-engineering Posted: 23 Aug 2010 04:44 PM PDT The Reserve Bank of India's plans to have access to banking data online from the industry is being stymied by state-owned banks' reluctance to use technology that they have already deployed. An angry RBI has told public sector banks that they have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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