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Thursday, August 19, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Aug 19, 2010 at 9:45 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Receipt number to be quoted in Form 16/ 16A

Posted: 18 Aug 2010 08:09 PM PDT


Receipt number to be quoted in Form 16/16A will be generated by TIN. Receipt number will be generated for the quarterly TDS/TCS statements pertaining to FY 2010-11 and onwards uploaded to TIN. Receipt number generated will be of eight digits...

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The Birth of New Private Banks

Posted: 18 Aug 2010 08:08 PM PDT


After Bank of Rajasthan – ICICI Bank merger, while more old banks may fall prey to such inorganic growth hunger of banks wanting to become bigger in short run, another major development going to be in the banking space is the entry of new private...

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FAQs Relating to Work Related Visas Issued by India

Posted: 18 Aug 2010 08:07 PM PDT


The Ministry of Home Affairs has recently issued another set of FAQs in relation to the type of visa to be issued to Foreign Nationals in relation to their work related visits. Such FAQs are in continuation of the earlier clarifications issued by...

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Satyam Founder B Ramalinga Raju gets bail

Posted: 18 Aug 2010 08:06 PM PDT


Even as the Andhra Pradesh high court granted bail to B Ramalinga Raju, the prime accused in the Satyam Computers multi-billion-rupee scam, on Wednesday, citing his ill health as one of the reasons, doctors at the Nizam's Institute of Medical...

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A brief on Amendment in Foreign Trade (Development and Regulation) Act, 1992

Posted: 18 Aug 2010 08:06 PM PDT


The Foreign Trade (Development and Regulation) Amendment Bill, 2010, (Sill') has been passed by Rajya Sabha on 9 August 2010. The Bill seeks to amend the Foreign Trade (Development and Regulation) Act, 1992 ('the Act') which empowers the government...

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Urban land utilised for construction of a building with approval of prescribed authority is not subject to Wealth-tax under definition of "asset"

Posted: 18 Aug 2010 08:06 PM PDT


We feel, for interpreting the provisions of the amended statute, we have to keep in mind the recommendations of Dr. Raja Chelliah Committee report based on which the Wealth Tax Act is recast. Admittedly the assessee utilised the urban land for...

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Warehouse is taxable Asset under section 2(ea)(i) of Wealth-tax Act

Posted: 18 Aug 2010 08:05 PM PDT


We have also carefully examined the decision of Salvinder Singh 109 ITD 241 decided by respected co-ordinate bench wherein, the provisions of section 2(ea) of Wealth-tax Act were discussed and have noted that in that case the assessee had more than...

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Government orders inspection of Koda-related front companies

Posted: 18 Aug 2010 07:15 PM PDT


The government has ordered inspection of account books of two companies allegedly linked to former Jharkhand chief minister Madhu Koda, who is already under the scanner of Income Tax and Enforcement Directorate in an illegal money laundering case.

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GST Council not to Disturb or Alter Primacy of Legislature in the area of Taxation: FM

Posted: 18 Aug 2010 07:08 PM PDT


The Union Finance Minister Shri Pranab Mukherjee had a meeting with the Empowered Committee of State Finance Ministers to finalize the draft Constitutional Amendments on Goods and Services Tax, here today. Addressing the meeting, the Finance...

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FIPB approval proves Nexus of Hutch-Vodafone Deal with India

Posted: 18 Aug 2010 06:59 PM PDT


The Income-Tax department on Tuesday told the division bench of the Bombay High Court, hearing the Vodafone tax case, that approval from the Foreign Investment Promotion Board (FIPB) was critical to the $11-billion acquisition of Indian company...

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Duty & curbs on cotton exports to go from Oct 1

Posted: 18 Aug 2010 06:54 PM PDT


The government today said curbs on cotton exports and the Rs 2,500 per tonne duty on the shipments of the natural fibre would go from October 1. "Cotton exports on Open General Licence (OGL) will be allowed from October 1, which means unrestricted...

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SEBI circular on Transferability of Mutual Fund units

Posted: 18 Aug 2010 06:47 PM PDT


Regulation 37(1) of SEBI (Mutual Fund) Regulations, 1996 states that "a unit unless otherwise restricted or prohibited under the scheme, shall be freely transferable by act of parties or by operation of law." The spirit and intention of this...

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Process of drawing of wire from wire rods amounts to manufacture of thing or article within meaning of section 80-IC of the IT Act, 1961

Posted: 18 Aug 2010 06:27 PM PDT


The controversy squarely involves interpretation and, construction of the words "manufacture" and, "production" . The word `manufacture' was not defined under the Act, uptill the insertion of section 2(29BA) by the Finance (No. 2) Act, 2009,...

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Assets of a company in liquidation cannot be disposed of at the mere pleasure of the company

Posted: 18 Aug 2010 06:24 PM PDT


If the business is going to be paralyzed, then, the court in appropriate cases can, for the benefit and interest of the company, save the transaction involving sale of assets of a company in liquidation; it is for enabling the company to continue as...

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Section 50C applicable only for computation of capital gains in real estate transaction in respect to seller only and not to purchaser

Posted: 18 Aug 2010 06:13 PM PDT


Section 50C creates a legal fiction for taxing capital gains in the hands of the seller and it cannot be extended for taxing the difference between apparent consideration and valuation done by Stamp Valuation Authorities as undisclosed investment...

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Valuation of Goods cleared in DTA by EOU's.- Circular No 933 /23 /2010-CX

Posted: 18 Aug 2010 05:44 PM PDT


In such cases 100% of the goods are cleared from the EOU to depot from where the sale is effected through consignment agents. CBEC has earlier issued Circular No 268/85-CX.8 dated 29. 09.1994, clarifying that valuation of goods in such situations ...

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Once source is proved, it is not possible to treat deposits collected from public under provisions of Companies Act as unexplained credits

Posted: 18 Aug 2010 05:36 PM PDT


When the scheme of financing adopted by the assessee company is explained in a convincing manner, it is not fair on the part of the lower authorities to treat a part of the deposits as unexplained only for the reason that inch-by-inch documentary...

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In the absence of clear finding as to concealment of income furnishing inaccurate particulars, initiation of penalty proceedings will be without jurisdiction

Posted: 18 Aug 2010 05:36 PM PDT


Even in a case where proceedings for detection of concealment is going on during the assessment proceedings, the assessee surrenders some income and AO drops the proceedings of detection of concealment by accepting assessee's surrender without...

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Penalty cannot be levied u/s 271D for receiving cash from borrower by a lender in violation of section 269SS

Posted: 18 Aug 2010 05:36 PM PDT


In our opinion, the Section 269SS and 271D are not applicable to the fact of the case since the assessee in this case received back the money in cash and not advanced money or accepted the loan in cash. The penalty In this case cannot be levied u/s...

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No direct decision in favour of Revenue for levy of service tax on the service component of a works contract prior to 1-6-2007

Posted: 18 Aug 2010 05:18 PM PDT


There is no" direct decision in favour of the Revenue for levy of service tax on the service component of a works contract prior to 01/06/2007. On the other hand, the judgment of the Hon'ble High Court in Indian National Shipowners 'Association case...

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Perpetual succession in appointment of trustee, cannot dis-entitle assessee-institution from getting registration u/s 12AA IT Act, 1961

Posted: 18 Aug 2010 05:18 PM PDT


A person who is contributing to the charitable cause may keep in his mind that the control of charitable activity may be with him or his family members, but that fact alone cannot dis-entitle the institution from registration unless any material is...

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On non-compliance with statutory condition precedent, reopening of an assessment cannot be sustained

Posted: 18 Aug 2010 05:18 PM PDT


The condition precedent in the proviso to Section 147 is that the income must have escaped assessment by the failure of the assessee to fully and truly disclose all material facts necessary for assessment for that Assessment Year.

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While granting registration u/s 12AA Commissioner not expected to see other provisions of the Income Tax Act, 1961

Posted: 18 Aug 2010 04:56 PM PDT


At the stage of granting registration u/s 12AA the Commissioner is not expected to bother himself about the other provisions of the Act and suppose to confine himself to the procedure of registration as laid down therein.

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Statement taken u/s. 133A during survey cannot have same value as evidence recorded during search u/s 132(4)

Posted: 18 Aug 2010 04:40 PM PDT


We heard the rival contentions. Before proceeding in this matter, we feel it is better to analyse the decision of Honb'le Madras ITAT decision in the case of Sivabala Devi, supra, as both the assessee and Ld. CIT(A) have placed their reliance on it....

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Persons deputed by foreign company to an Indian company cannot be considered as its PE in India when services rendered by them are independent and not under control of that company

Posted: 18 Aug 2010 04:14 PM PDT


No income would arise to the American company in India in the course of deputing personnel to an Indian company who work under the control and supervision of the Indian company and carry out the work allotted to them by the Indian Company and the...

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Co-operative society eligible for deduction u/s 80P(2)(a)(i) on Interest Income from banks on deposits and balance in saving account

Posted: 18 Aug 2010 04:14 PM PDT


The salient features of the impugned case have already been noted by us namely, that the assessee is a Co-operative Society, set up by the Government of Punjab registered under the Punjab Co-operative Societies Act, 1961. The Assessing Officer has...

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Payment made by AAI to Raytheon company (RC) for supply of software for `Automation upgrade for third runaway at IGI Airport' can be legitimately brought within fold of Article 12(4)(b), if not article 12(3) of Indo-US Tax Treaty

Posted: 18 Aug 2010 03:56 PM PDT


he applicant (hereafter referred to as `AAI') which is a Public Sector Undertaking set up under the Airport Authority of India Act has entered into a contract dated 11/12/2007 for "Automation Upgrade for third runway at IGI Airport, New Delhi" with...

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Indo-US Treaty: Consideration received by American company from applicant-Indian company for providing Architectural design services is liable to be taxed in India as fees for included services'

Posted: 18 Aug 2010 03:56 PM PDT


Whether the compensation payable to Hellmuth, Obata + Kassabaum L.P., USA under clause VA of the Agreement dated October 15, 2008 can be disintegrated in three parts; viz., (a) for development and sale of designs (b) consultancy for construction...

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Reopening of an assessment on mere change of opinion without any tangible material is unsustainable

Posted: 18 Aug 2010 03:13 PM PDT


We are conscious of the circumstance that in the present case the re-opening of assessment is sought to be effected within a period of four years of the expiry of the relevant assessment year. However, it is now a well settled position of law that a...

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A special provision in the I-T Act cannot be pressed into service to deny the benefit which is otherwise due to FII under the tax treaty provisions notwithstanding their conflict with the domestic law of income tax

Posted: 18 Aug 2010 02:13 PM PDT


Whether the profits/losses from futures and options contracts (derivative transactions) carried out on the Indian Stock exchanges are in the nature of "Business income" in the hands of the applicant under the provisions of the Act read with the...

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ICAI to seek oversight of audit firms

Posted: 18 Aug 2010 09:25 AM PDT


Accounting profession watchdog Institute of Chartered Accountants of India (ICAI) will seek an amendment to the Chartered Accountants Act to expand its regulatory powers to cover audit firms. Currently, the institute has powers to regulate only its...

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SEBI circular on Review of norms for investment and disclosure by Mutual Funds in derivatives

Posted: 18 Aug 2010 05:42 AM PDT


The cumulative gross exposure through equity, debt and derivative positions should not exceed 100% of the net assets of the scheme. Mutual Funds shall not write options or purchase instruments with embedded written options.The total exposure...

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GST Bill will be tabled in Parliament next week

Posted: 17 Aug 2010 06:30 PM PDT


The roadmap to implement a countrywide goods and services tax (GST) has entered its final lap, with the Centre easing its federal stronghold to make it happen. Finance Minister Pranab Mukherjee will seek Cabinet approval for the Constitution...

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Operational Guidelines for the Swavalamban Scheme Announced

Posted: 17 Aug 2010 05:59 PM PDT


The Government of India has approved the Operational Guidelines for the Swavalamban Scheme which was announced by the Union Finance Minister in his speech of 2010-11. The Scheme is applicable to all citizens in the unorganised sector who join the...

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Withdrawal of Medical (Cashless) Insurance Products by Public Sector Insurance Companies

Posted: 17 Aug 2010 05:04 PM PDT


Statement in Response to Calling Attention Motion Notice on Unilateral Revision / Withdrawal of Medical (Cashless) Insurance Products by Public Sector Insurance Companies. The Minister of State for Finance Shri Namo Narain Meena made the following...

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IRDA circular on Advertisements of Life Insurance Products

Posted: 17 Aug 2010 03:17 PM PDT


Attention is invited to Regulation 2 (d) of IRDA (Insurance Advertisements and Disclosures) Regulations, 2000 & Part – IV of Guidelines for Unit Linked Life Insurance Products issued vide Circular 032/IRDA/ACTL/Dec-2005 dated December 21, 2005...

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Committee headed by dy. Governor, RBI set-up for Comprehensive Review of National Small Savings Fund

Posted: 17 Aug 2010 03:04 PM PDT


As a follow-up to one of the recommendations of the 13th Finance Commission, the Government has set-up a committee headed by Deputy Governor, Reserve Bank of India for comprehensive review of National Small Savings Fund (NSSF) structure, interest...

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Performance of RRBS Reviewed; Directed to Focus on Financial Inclusion; to Open 2000 New Branches by March 2011

Posted: 17 Aug 2010 02:04 PM PDT


The profitability of RRBs, as a segment, has been improving. However, some of the factors responsible for losses in RRBs are identified as : low recovery, high NPA, low business level, low productivity per branch and per staff, high cost...

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Amended earlier Notification No. 44/2009-14 dated 21.05.2010 Cotton, not carded or combed free with effect from 01.10.2010- DGFT Notification No. 58/2009-2014

Posted: 17 Aug 2010 01:34 PM PDT


In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and 2.1 of the Foreign Trade Policy, 2009-14, and also read with Notification No. 26 (RE 2008)/2004-09...

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Export of Basmati Rice including PUSA Basmati Rice- DGFT Notification No. 57/2009-2014

Posted: 17 Aug 2010 01:12 PM PDT


With immediate effect existing entries at point no. 1 in the 'Nature of Restriction' against Sl. No. 45 AA (relating to export of Basmati rice including PUSA Basmati 1121) in Notification No. 55(RE-2008)/2004-09 dated 5th November, 2008 shall be...

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

No comments:

मैं नास्तिक क्यों हूं# Necessity of Atheism#!Genetics Bharat Teertha

হে মোর চিত্ত, Prey for Humanity!

मनुस्मृति नस्ली राजकाज राजनीति में OBC Trump Card और जयभीम कामरेड

Gorkhaland again?আত্মঘাতী বাঙালি আবার বিভাজন বিপর্যয়ের মুখোমুখি!

हिंदुत्व की राजनीति का मुकाबला हिंदुत्व की राजनीति से नहीं किया जा सकता।

In conversation with Palash Biswas

Palash Biswas On Unique Identity No1.mpg

Save the Universities!

RSS might replace Gandhi with Ambedkar on currency notes!

जैसे जर्मनी में सिर्फ हिटलर को बोलने की आजादी थी,आज सिर्फ मंकी बातों की आजादी है।

#BEEFGATEঅন্ধকার বৃত্তান্তঃ হত্যার রাজনীতি

अलविदा पत्रकारिता,अब कोई प्रतिक्रिया नहीं! पलाश विश्वास

ভালোবাসার মুখ,প্রতিবাদের মুখ মন্দাক্রান্তার পাশে আছি,যে মেয়েটি আজও লিখতে পারছেঃ আমাক ধর্ষণ করবে?

Palash Biswas on BAMCEF UNIFICATION!

THE HIMALAYAN TALK: PALASH BISWAS ON NEPALI SENTIMENT, GORKHALAND, KUMAON AND GARHWAL ETC.and BAMCEF UNIFICATION! Published on Mar 19, 2013 The Himalayan Voice Cambridge, Massachusetts United States of America

BAMCEF UNIFICATION CONFERENCE 7

Published on 10 Mar 2013 ALL INDIA BAMCEF UNIFICATION CONFERENCE HELD AT Dr.B. R. AMBEDKAR BHAVAN,DADAR,MUMBAI ON 2ND AND 3RD MARCH 2013. Mr.PALASH BISWAS (JOURNALIST -KOLKATA) DELIVERING HER SPEECH. http://www.youtube.com/watch?v=oLL-n6MrcoM http://youtu.be/oLL-n6MrcoM

Imminent Massive earthquake in the Himalayas

Palash Biswas on Citizenship Amendment Act

Mr. PALASH BISWAS DELIVERING SPEECH AT BAMCEF PROGRAM AT NAGPUR ON 17 & 18 SEPTEMBER 2003 Sub:- CITIZENSHIP AMENDMENT ACT 2003 http://youtu.be/zGDfsLzxTXo

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THE HIMALAYAN TALK: PALASH BISWAS BLASTS INDIANS THAT CLAIM BUDDHA WAS BORN IN INDIA

THE HIMALAYAN TALK: INDIAN GOVERNMENT FOOD SECURITY PROGRAM RISKIER

http://youtu.be/NrcmNEjaN8c The government of India has announced food security program ahead of elections in 2014. We discussed the issue with Palash Biswas in Kolkata today. http://youtu.be/NrcmNEjaN8c Ahead of Elections, India's Cabinet Approves Food Security Program ______________________________________________________ By JIM YARDLEY http://india.blogs.nytimes.com/2013/07/04/indias-cabinet-passes-food-security-law/

THE HIMALAYAN TALK: PALASH BISWAS TALKS AGAINST CASTEIST HEGEMONY IN SOUTH ASIA

THE HIMALAYAN VOICE: PALASH BISWAS DISCUSSES RAM MANDIR

Published on 10 Apr 2013 Palash Biswas spoke to us from Kolkota and shared his views on Visho Hindu Parashid's programme from tomorrow ( April 11, 2013) to build Ram Mandir in disputed Ayodhya. http://www.youtube.com/watch?v=77cZuBunAGk

THE HIMALAYAN TALK: PALASH BISWAS LASHES OUT KATHMANDU INT'L 'MULVASI' CONFERENCE

अहिले भर्खर कोलकता भारतमा हामीले पलाश विश्वाससंग काठमाडौँमा आज भै रहेको अन्तर्राष्ट्रिय मूलवासी सम्मेलनको बारेमा कुराकानी गर्यौ । उहाले भन्नु भयो सो सम्मेलन 'नेपालको आदिवासी जनजातिहरुको आन्दोलनलाई कम्जोर बनाउने षडयन्त्र हो।' http://youtu.be/j8GXlmSBbbk

THE HIMALAYAN DISASTER: TRANSNATIONAL DISASTER MANAGEMENT MECHANISM A MUST

We talked with Palash Biswas, an editor for Indian Express in Kolkata today also. He urged that there must a transnational disaster management mechanism to avert such scale disaster in the Himalayas. http://youtu.be/7IzWUpRECJM

THE HIMALAYAN TALK: PALASH BISWAS CRITICAL OF BAMCEF LEADERSHIP

[Palash Biswas, one of the BAMCEF leaders and editors for Indian Express spoke to us from Kolkata today and criticized BAMCEF leadership in New Delhi, which according to him, is messing up with Nepalese indigenous peoples also. He also flayed MP Jay Narayan Prasad Nishad, who recently offered a Puja in his New Delhi home for Narendra Modi's victory in 2014.]

THE HIMALAYAN TALK: PALASH BISWAS CRITICIZES GOVT FOR WORLD`S BIGGEST BLACK OUT

THE HIMALAYAN TALK: PALASH BISWAS CRITICIZES GOVT FOR WORLD`S BIGGEST BLACK OUT

THE HIMALAYAN TALK: PALSH BISWAS FLAYS SOUTH ASIAN GOVERNM

Palash Biswas, lashed out those 1% people in the government in New Delhi for failure of delivery and creating hosts of problems everywhere in South Asia. http://youtu.be/lD2_V7CB2Is

THE HIMALAYAN TALK: PALASH BISWAS LASHES OUT KATHMANDU INT'L 'MULVASI' CONFERENCE

अहिले भर्खर कोलकता भारतमा हामीले पलाश विश्वाससंग काठमाडौँमा आज भै रहेको अन्तर्राष्ट्रिय मूलवासी सम्मेलनको बारेमा कुराकानी गर्यौ । उहाले भन्नु भयो सो सम्मेलन 'नेपालको आदिवासी जनजातिहरुको आन्दोलनलाई कम्जोर बनाउने षडयन्त्र हो।' http://youtu.be/j8GXlmSBbbk