Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Aug 17, 2010 at 9:58 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Tax Authority can not treat the Taxpayer as a conduit when there is commercial justification for the Taxpayer's existence
• IFRS: Impacts of the new revenue recognition proposals
• Royalty paid by Non-resident to another Non-resident is not taxable if not related to and borne by PE in India
• Is CAG report leaks defense secrets?
• Concealing facts before arbitrator is fraud
• Requirement to mention the firm registration number allotted by ICAI in all reports issued, including certificates, by members of the ICAI
• Mahindra Satyam can retain tax amount from settlement amount payable to Upiad
• Service tax on commercial training and coaching – Whether 'donation' is 'consideration'
• Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Notification Nos. 58 to 70/2010
• Appointment of Auditors of Government Owned Companies
• Working of independent Directors in Central Public Sector Enterprises
• Telecom Comapanies can offer Zero Rental Plans
• FDI in Telecom Sector
• Auditing Norms And the Indian Premier League Teams
• SEBI asks brokers to return idle cash to investors
• Govt making every effort to control high inflation: Manmohan Singh

Tax Authority can not treat the Taxpayer as a conduit when there is commercial justification for the Taxpayer's existence Posted: 16 Aug 2010 09:01 PM PDT Satellite Television Asia Region Advertising Sales BV (Taxpayer) [2010- T11-58-ITAT-MUML-INTL]: Mumbai Income Tax Appellate Tribunal:- The Tax Authority sought to disregard the existence of the Taxpayer and taxed the income in the hands of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IFRS: Impacts of the new revenue recognition proposals Posted: 16 Aug 2010 08:54 PM PDT Issue:-In late June 2010 the International Accounting Standards Board and US Financial Accounting Standards Board issued proposed changes to the recognition of revenue. The proposals aim to increase the consistency and comparability between the way... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Royalty paid by Non-resident to another Non-resident is not taxable if not related to and borne by PE in India Posted: 16 Aug 2010 08:47 PM PDT MSM Satellite Singapore Pte Ltd (SET), a tax resident of Singapore, is engaged in the business of acquiring television programs, motion pictures and sports events. It exhibits the same on its television channels from Singapore. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Is CAG report leaks defense secrets? Posted: 16 Aug 2010 07:33 PM PDT Take, for instance, India's solitary 50-year-old aircraft carrier INS Viraat. A careful reading of the latest CAG report makes it clear Viraat may just be a paper tiger, left as it is with only eight upgraded Sea Harrier jump-jets to operate from... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Concealing facts before arbitrator is fraud Posted: 16 Aug 2010 07:18 PM PDT The Supreme Court stated last week that concealment of facts from an arbitrator is an act of fraud and new facts which have a bearing on the award should be allowed to be brought before him. The court stated so while allowing the appeal of US-based... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Requirement to mention the firm registration number allotted by ICAI in all reports issued, including certificates, by members of the ICAI Posted: 16 Aug 2010 07:16 PM PDT Attention of the members is invited to the announcement regarding requirement relating to mentioning the firm registration number in the audit reports and resolution passed by the company for appointment of statutory auditors, published on page 1312... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mahindra Satyam can retain tax amount from settlement amount payable to Upiad Posted: 16 Aug 2010 07:02 PM PDT The Supreme Court of New York has asked Upaid Systems Ltd to cooperate with IDBI Bank, the Escrow Agent, and allow it to withhold any applicable taxes from the $70-million settlement amount. This might result in savings of taxes for the scam-hit... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on commercial training and coaching – Whether 'donation' is 'consideration' Posted: 16 Aug 2010 06:48 PM PDT A representation has been received seeking clarification whether donations and grants-in-aid received from different sources by a charitable Foundation imparting free livelihood training to the poor and marginalized youth, will be treated as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Notification Nos. 58 to 70/2010 Posted: 16 Aug 2010 06:42 PM PDT Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1794(E), dated 23rd October, 2007, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961),... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Appointment of Auditors of Government Owned Companies Posted: 16 Aug 2010 06:27 PM PDT The Government has said statutory auditors for Government Companies are appointed by the Comptroller & Auditor General of India (C&AG) in exercise of the powers conferred under section 619(2) of the Companies Act, 1956 as amended vide... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Working of independent Directors in Central Public Sector Enterprises Posted: 16 Aug 2010 06:24 PM PDT The Government has said that the Department of Public Enterprises has so far not issued any guidelines regarding the assessment of working of non-official Directors on the Board of Central Public Sector Enterprises (CPSEs). [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Telecom Comapanies can offer Zero Rental Plans Posted: 16 Aug 2010 06:18 PM PDT Regulation of Tariff has been mandated to Telecom Regulatory Authority of India (TRAI) vide the TRAI Act of 1997. As per the extant TRAI guidelines, there is no bar on offering tariff plans such as Zero Rental Plans provided that there are no fixed... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FDI in Telecom Sector Posted: 16 Aug 2010 06:15 PM PDT Composite FDI (Direct + Indirect) in telecom sector is 74%, which is sectoral cap. After increase of FDI limit from 49% to 74% in November 2005, the companies as per list given in the Annexure have utilized increased FDI ceiling for telecom services. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Auditing Norms And the Indian Premier League Teams Posted: 16 Aug 2010 06:08 PM PDT The Government has said that the Institute of Chartered Accountants of India (ICAI) has not reported any irregularities in the accounts and violations of auditing norms by some Indian Premier League (IPL) teams. This information was given by Shri... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI asks brokers to return idle cash to investors Posted: 16 Aug 2010 06:05 PM PDT Concerned over brokers misusing the funds lying in investors' trading accounts, market watchdog SEBI has asked the brokerage entities to return the clients' un-utilised cash at the end of every month or quarter. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt making every effort to control high inflation: Manmohan Singh Posted: 16 Aug 2010 06:02 PM PDT Under attack for rising prices, Prime Minister Manmohan Singh on Sunday said the government was making every possible effort to control "high inflation" and insulate poor from its adverse impact. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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