Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Dec 21, 2010 at 9:39 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Railways Decides To Replace 4-digit Numbering System With 5-digit
• Parliament S Standing Committee Criticises Government For Not Doing A Review Of Tax Exemptions Given To SEZ
• NRI Can Remit Upto 1 Million Dollar From Sale Of Inherited Property
• EPF - Better Investment Option For Future And For Good Return On Investment
• I-T Department To Open 10 Overseas Tax Units In Countries With Low Tax
• IOA Auditors Of Suresh Kalmadi To Help CWG Probe
• Wiki Leaks PWC Auditors Pressured By Russian Officials
• Johnny And Service Tax Refund Series- II - Part 5- Condition Relating To Time Limit Of One Year
• Pepsi Foods Ltd - Chapter Sub-Headings 2001 10 And 1904 10 Of The Central Excise Act
• An Order Executed In Parts By Exchange Can Not Be Considered As Multiple Transactions
• MAT Credit To Be Set Off Before Computing Advance-tax Shortfall And Liability For Section 234B 234C Interest
• S 158BD Proceedings Without Recording Written Satisfaction Void Statement Recorded In Search Cannot Form Sole Basis For S 158BD Addition
• Reimbursable Expenditure Received By The Assessee Cannot Form Part Of The Total Income Under DTAA Between India And USA

Railways Decides To Replace 4-digit Numbering System With 5-digit Posted: 21 Dec 2010 01:00 AM PST To make the transitions smooth and simple the Railways have decided to replace the existing four-digit numbering system for trains with five-digit nbsp Ministry has decided to use five digit for numbering trains in place of the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Parliament S Standing Committee Criticises Government For Not Doing A Review Of Tax Exemptions Given To SEZ Posted: 21 Dec 2010 12:58 AM PST Parliament s Standing Committee on Finance has criticised the government for not doing a review of the tax exemptions given to Special Economic Zones SEZs and an evalutation of the losses due to these nbsp In April the committee ha [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NRI Can Remit Upto 1 Million Dollar From Sale Of Inherited Property Posted: 21 Dec 2010 12:48 AM PST In the recent past the Reserve Bank of India RBI has revised the maximum amount that can be sent abroad without special permissions However these properties should not be agricultural land a farm house or a plantation nbsp An [[ This is a content summary only. Visit www.taxguru.in for full article ]]

EPF - Better Investment Option For Future And For Good Return On Investment Posted: 21 Dec 2010 12:33 AM PST Don t you hate it when you look at your salary slip and find that sundry deductions have pared it down But believe us you should actually feel happy about one of these deductions-the monthly contribution to the Employees Provident F [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T Department To Open 10 Overseas Tax Units In Countries With Low Tax Posted: 20 Dec 2010 12:56 AM PST The Income Tax Department has begun opening overseas tax units in countries with low tax Income Tax Department ha opened two offices so far in Singapore and Mauritius and by March we will open another eight overseas locations like [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IOA Auditors Of Suresh Kalmadi To Help CWG Probe Posted: 20 Dec 2010 12:48 AM PST The high-level V K Shunglu committee appointed by the prime minister to probe irregularities and alleged misappropriation of funds in the Commonwealth Games CWG 2010 has hired chartered accountants of Suresh Kalmadi-led Indian Oly [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Wiki Leaks PWC Auditors Pressured By Russian Officials Posted: 20 Dec 2010 12:46 AM PST US officials were told the PwC auditors of Russian gas giant Yukos may have been pressured into revising their audit opinion according to leaked diplomatic cables nbsp nbsp The confidential cable which forms part of the Wikileak [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Johnny And Service Tax Refund Series- II - Part 5- Condition Relating To Time Limit Of One Year Posted: 20 Dec 2010 10:55 PM PST In continuation of previous articles structuring complicatedness involved in getting the refund claim under various conditions relating to Invoice CHA service Port services and Amount of Rs 500 - we in this article are u [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pepsi Foods Ltd - Chapter Sub-Headings 2001 10 And 1904 10 Of The Central Excise Act Posted: 21 Dec 2010 01:08 AM PST The material facts are that the respondentassessee M s Pepsi Foods Ltd is engaged inter alia in the manufacture of edibles marketed under the names of Potato Chips Baked Cheetos Balls Monster Munch etc These are covered under [[ This is a content summary only. Visit www.taxguru.in for full article ]]

An Order Executed In Parts By Exchange Can Not Be Considered As Multiple Transactions Posted: 21 Dec 2010 12:21 AM PST The AO held the assessee to be a trader in shares assessed the gains as business profits on the ground that a there was high frequency sale transactions b there were instances where delivery was not taken and shares were sold [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MAT Credit To Be Set Off Before Computing Advance-tax Shortfall And Liability For Section 234B 234C Interest Posted: 21 Dec 2010 12:04 AM PST Full Bench whether MAT credit admissible in terms of Section 115JAA has to be set off against the tax payable assessed tax before calculating interest under Sections 234A B and C of the Income Tax Act 1961 There is no provisio [[ This is a content summary only. Visit www.taxguru.in for full article ]]

S 158BD Proceedings Without Recording Written Satisfaction Void Statement Recorded In Search Cannot Form Sole Basis For S 158BD Addition Posted: 20 Dec 2010 11:57 PM PST Income Tax - Section 158BD - Whether recording of satisfaction is mandatory before notice u s 158BD is issued - Whether statement of one of searched parties can have the sactity of books of accounts - Revenue s appeals dismissed [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reimbursable Expenditure Received By The Assessee Cannot Form Part Of The Total Income Under DTAA Between India And USA Posted: 20 Dec 2010 11:48 PM PST Reimbursable expenditure and the fee payable for technical services under DTAA between India and USA- the reimbursable expenditure received by the assessee cannot form part of the total income - since the development of infrastructure [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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