Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Dec 18, 2010 at 9:38 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Income-tax Department Opens Investigations Into 15 Companies Owned By MP Jagan Mohan Reddy
• Spectrum Case- CBI Tracks Hawala Flow Into Realty
• No Video Calls Without Government Clearance
• ICWAI 8th National Award For Excellence In Cost Management - 2010
• FAQ On Service Tax On Receipt Of Services From Outside India Import Of Services
• FAQ On Export Of Services And Taxable Service Used In Relation To Export Of Goods
• FAQ S On Convergence Of Indian Accounting Standards Convergence IFRS
• Section 195- Deductibility Of Tax On Disputed Payment
• Interest On Fixed Deposit Made For Business Purpose Should Be Considered As Business Income And Not As Income From Other Sources
• Captive Service Provider Cannot Be Compared With Infosys Technologies Limited- Delhi ITAT
• Pass-through Costs Paid To Third Party Vendors Not To Be Included In Cost Base For Determining Net Profit Margin

Income-tax Department Opens Investigations Into 15 Companies Owned By MP Jagan Mohan Reddy Posted: 17 Dec 2010 02:24 PM PST In a move that is certain to invite charges of political witch-hunt the income-tax department has opened investigations into 15 companies owned by rebel Congress MP Jagan Mohan Reddy including Bharti Cements and Jagruti Publicatio [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Spectrum Case- CBI Tracks Hawala Flow Into Realty Posted: 17 Dec 2010 02:19 PM PST The CBI probe into the trail of funds allegedly invested by A Raja and his aides focuses on tracking money that flowed out of India via hawala channels and was then pumped back into the booming south Indian realty sector through reg [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Video Calls Without Government Clearance Posted: 17 Dec 2010 03:28 AM PST As private telecom operators gear up to launch full-fledged 3G services the Department of Telecommunications has asked three telecom service providers Airtel Tata and Reliance Communications that have already started offer [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICWAI 8th National Award For Excellence In Cost Management - 2010 Posted: 17 Dec 2010 03:26 AM PST ICWAI invites entries for participation in nbsp ICWAI 8th National Award for Excellence in Cost Management - 2010 nbsp The Questionnaire is designed to obtain information on cost management practices for evaluation [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FAQ On Service Tax On Receipt Of Services From Outside India Import Of Services Posted: 17 Dec 2010 10:55 PM PST 1 What is the statutory provision regarding taxing of services provided from outside India and received in India nbsp Section 66A of the Finance Act 1994 inserted with effect from 18 4 2006 provides that where any taxable s [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FAQ On Export Of Services And Taxable Service Used In Relation To Export Of Goods Posted: 17 Dec 2010 10:51 PM PST 1 What is Export of Services Whether export of services is exempted from Service Tax What constitute export of service is defined in the Export of Service Rules 2005 The export of taxable services is exempted from Service Tax [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FAQ S On Convergence Of Indian Accounting Standards Convergence IFRS Posted: 17 Dec 2010 02:34 PM PST 1 What is IFRS nbsp International Financial Reporting Standards IFRS are a set of accounting standards developed by the International Accounting Standards Board IASB These are becoming the global standard for the preparat [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 195- Deductibility Of Tax On Disputed Payment Posted: 17 Dec 2010 10:35 PM PST the assessee-company had made various payments to its holding company M s Alstom Holdings France but no deductions of tax at source were made - there is justification for the assessee s conviction at the time of payment that no ta [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest On Fixed Deposit Made For Business Purpose Should Be Considered As Business Income And Not As Income From Other Sources Posted: 17 Dec 2010 10:14 PM PST Mumbai bench of the Income-tax Appellate Tribunal the Tribunal held that interest income earned on fixed deposit made for the purpose of business should be considered as business income and not as income from other sources Furt [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Captive Service Provider Cannot Be Compared With Infosys Technologies Limited- Delhi ITAT Posted: 17 Dec 2010 09:46 PM PST ITAT Delhi held that a captive service provider assuming minimal risks cannot be compared to a large company like Infosys Technologies Limited which assumes all risks leading to greater rewards [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pass-through Costs Paid To Third Party Vendors Not To Be Included In Cost Base For Determining Net Profit Margin Posted: 17 Dec 2010 09:40 PM PST The ITAT Delhi held where a taxpayer engaged in rendering advertising and related services to its Associated Enterprises AEs is also acting as an intermediary between the AEs and the third party vendor to rent advertisement space fr [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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