Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Mar 4, 2011 at 9:37 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• For s. 115JA/JB s. 80HHC deduction to be computed as per normal provisions & not on P&L profits
• ITAT Mumbai Rules despite high volume and short holding period, shares gain is STCG
• Mistake in Section 254(2) order cannot be rectified- ITAT Special Bench
• Scheme for Collection of Dues of (i) Central Board of Direct Taxes (ii) Central Board of Excise and Customs (iii) Departmentalised Ministries Account – Reporting and Accounting of March Transactions – Special Arrangements – Financial Year 2010-2011
• GST may not be implemented from April 2012
• DGFT- Export of Honey to USA and European Union
• Indians readily paying cash for virtual kisses
• Govt's green signal to Banking Laws Amendment Bill
• Treat tax payers as clients, FM tells IRS probationers
• CBI drafts list of ineligible cos on 2G scam, to send LRs
• RBI to upgrade high-value fund transfer system RTGS
• Regulatory sanctions in US embarrassing – HSBC Global Head
• Section 80-IA of the Income-tax Act, 1961 – Deductions – Profits and gains from industrial infrastructure undertakings, etc. – Notified undertaking
• Govt notifies United Stock Exchange of India Limited as recognized stock exchange u/s. 43(5) of Income tax Act
• Statutory Functioning of Competion Commission of India
• Corporate Social Responsibility (CSR) is Voluntary
• Cases of Merger and Amalgamation of Government Companies v
• Government regulates remuneration of officials of Government Companies
• Serious Fraud Investigation Officers (SFIO) have Investigated 61 Companies
• Investigation into Satyam Computer Scam under way
• Extension of Indian Development and Economic Assistance (IDEA) Scheme
• Budget Impact – Balancing the Young and Old Ones
• Highlights of Budget Amendment in Central Excise and Customs
• Rationalisation of Tax on Income distributed to unit holders dividend distribution tax
• Union budget 2011-12- A quick look
• All banks to have chief information officers soon- RBI
• Govt collects Rs 300 crore in penalties from new telecom operators

For s. 115JA/JB s. 80HHC deduction to be computed as per normal provisions & not on P&L profits Posted: 03 Mar 2011 07:27 PM PST In these appeals filed by the revenue, the only question raised is whether the assessees are entitled to deduction under Section 80HHC in the computation of book profit under Section 11 5JB of the Income Tax Act. Even though in respect of one... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ITAT Mumbai Rules despite high volume and short holding period, shares gain is STCG Posted: 03 Mar 2011 07:24 PM PST " On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in directing the A.O. to accept the claim of Short Term Capital Gain and Long Term Capital Gain on profit arriving from purchase & sale of shares instead of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mistake in Section 254(2) order cannot be rectified- ITAT Special Bench Posted: 03 Mar 2011 07:20 PM PST Padam Prakash (HUF) vs. ITO (ITAT Delhi Special Bench). If the application filed by the assessee is viewed in the light of aforementioned judicial pronouncements, then it will become clear that the relief which is being sought by the assessee by way... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Scheme for Collection of Dues of (i) Central Board of Direct Taxes (ii) Central Board of Excise and Customs (iii) Departmentalised Ministries Account – Reporting and Accounting of March Transactions – Special Arrangements – Financial Year 2010-2011 Posted: 03 Mar 2011 07:15 PM PST In view of the ensuing closing of Government Accounts for the financial year 2010-11, you may please reiterate the instructions to your branches regarding introduction of special messenger arrangements at your receiving branches (situated locally)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

GST may not be implemented from April 2012 Posted: 03 Mar 2011 07:12 PM PST The government today said it may not be possible to roll out the Goods and Services Tax (GST) from April next year, as the proposal needs consent from all the states. "...the (GST) legislation cannot be voted upon until the ratification is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT- Export of Honey to USA and European Union Posted: 03 Mar 2011 06:53 PM PST Notification No 26 (RE – 2010)/2009-2014. New Delhi, Dated: 28 February, 2011. Subkject:- Export of Honey to USA and European Union. S.O. (E) In exercise of powers conferred by Section 5 of the Foreign Trade (Development &... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Indians readily paying cash for virtual kisses Posted: 03 Mar 2011 06:29 PM PST Considered to be price sensitive and cautious purchasers, Indians in tier-2 and tier-3 cities are nevertheless paying between Rs 5 and Rs 20 to send virtual kisses and hugs over their mobile phones, claims Singapore-based applications developer... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt's green signal to Banking Laws Amendment Bill Posted: 03 Mar 2011 06:28 PM PST The government today gave green signal to the Banking Laws Amendment Bill that seeks to align the voting rights in banks in proportion with the equity holding. Presently, the voting rights of a shareholder is limited to 1 per cent in state-owned... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Treat tax payers as clients, FM tells IRS probationers Posted: 03 Mar 2011 06:27 PM PST Describing the committed taxpayers as "engines of economy", Finance Minister Pranab Mukherjee today exhorted the young IRS probationers to treat them as their clients and not as adversaries. "The assessee is no longer considered an adversary,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI drafts list of ineligible cos on 2G scam, to send LRs Posted: 03 Mar 2011 06:26 PM PST Zeroing on the criminal conspiracy relating to 2G scam among corporates, CBI is preparing a list of all ineligible telecom companies which had got the licences in 2008. Besides, CBI is conducting a "microscopic examination" of a deal between Tata... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI to upgrade high-value fund transfer system RTGS Posted: 03 Mar 2011 06:15 PM PST The Reserve Bank plans to upgrade its high-value online fund transfer system RTGS to enable handling of up to 50 lakh transactions a day and incorporate various new facilities for the bank customers. RTGS (Real Time Gross Settlement) system... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regulatory sanctions in US embarrassing – HSBC Global Head Posted: 03 Mar 2011 06:14 PM PST UK-based HSBC on Wednesday said regulatory sanctions being faced by the bank in the US is "embarrassing" and would have a bearing on its image. "Not positive... it's disappointing," HSBC Holding Plc Group Chairman Douglas J Flint told reporters when... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 80-IA of the Income-tax Act, 1961 – Deductions – Profits and gains from industrial infrastructure undertakings, etc. – Notified undertaking Posted: 03 Mar 2011 06:00 PM PST Income-tax : Section 80-IA of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial infrastructure undertakings, etc. - Notified undertaking. NOTIFICATION NO. 11/2011 [F.NO. 178/55/2008 (ITA-I)], DATED 24-2-2011. WHEREAS the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt notifies United Stock Exchange of India Limited as recognized stock exchange u/s. 43(5) of Income tax Act Posted: 03 Mar 2011 05:55 PM PST Income-tax : Section 43(5), clause (ii) of Explanation to clause (d) of proviso of the Income-tax Act, 1961 – Speculative transaction - Recognized Stock Exchange – Notified Recognized Stock Exchange. NOTIFICATION NO. 12/2011 [F.NO. 142/20/2010-SO... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Statutory Functioning of Competion Commission of India Posted: 03 Mar 2011 05:28 PM PST Shri R.P.N.Singh, Minister of State for Corporate Affairs informed the Lok Sabha in a written reply that Competition Commission of India (CCI) has started its statutory functioning. He informed that Section 3 and 4 of the Competition Act, 2002,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corporate Social Responsibility (CSR) is Voluntary Posted: 03 Mar 2011 05:28 PM PST Corporate Social Responsibility is Voluntary The Minister of State for Corporate Affairs, R.P.N. Singh stated that it is not mandatory for every company to have a corporate social responsibility. But the Government has issued "Corporate Social... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cases of Merger and Amalgamation of Government Companies v Posted: 03 Mar 2011 05:26 PM PST Cases of Merger and Amalgamation of Government Companies - The Minister of State for Corporate Affairs, Mr. R.P.N. Singh has stated that cases of Government Companies involving mergers and amalgamations presently under consideration of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government regulates remuneration of officials of Government Companies Posted: 03 Mar 2011 05:22 PM PST Minister of State for Corporate Affairs, Mr. R.P.N. Singh has said that the Government regulates the remuneration of managing directors / whole-time directors / managers (board level positions) in accordance with provisions of Schedule XIII of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Serious Fraud Investigation Officers (SFIO) have Investigated 61 Companies Posted: 03 Mar 2011 05:21 PM PST The Union Minister of State for Corporate Affairs Mr. R.P.N. Singh has stated that since inception, the Serious Fraud Investigation Officers have Investigated 61 Companies u/s 235 /237 of the Companies Act, 1956. Replying to a question in Lok Sabha... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Investigation into Satyam Computer Scam under way Posted: 03 Mar 2011 05:19 PM PST The Union Minister of State for Corporate Affairs, Mr. R.P.N. Singh has stated that the investigation into Satyam Computer Services Limited is underway by SFIO in association with CBI & ED to ascertain diversion/siphoning of funds including... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Extension of Indian Development and Economic Assistance (IDEA) Scheme Posted: 03 Mar 2011 02:33 PM PST The CCEA has approved the operating and extending Indian Development and Economic Assistance (IDEA) Scheme during the period 2010-11 to 2014-15 for both African and non-African countries. Under the IDEA scheme, Government supported Export and Import... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Budget Impact – Balancing the Young and Old Ones Posted: 03 Mar 2011 09:15 AM PST India in future is going to be a younger India with nearly 70 percent of India being of working age in 2025. Its demographic dividend of a relatively young population as compared to developed nations is an opportunity in the offing. The budget has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Highlights of Budget Amendment in Central Excise and Customs Posted: 03 Mar 2011 09:11 AM PST While the Finance Minister has said that his priorities were directed towards making taxes moderate, payment simple and collection of taxes easy for the tax collectors, the changes proposed result in higher indirect tax collection by over Rs. 11000... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rationalisation of Tax on Income distributed to unit holders dividend distribution tax Posted: 02 Mar 2011 11:31 PM PST Under the existing provisions contained in section 115R(2) of the Income-tax Act, a Mutual Fund is liable to pay additional income-tax on the amount of income distributed to its unit holders. It is proposed to levy additional income-tax at a higher... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Union budget 2011-12- A quick look Posted: 02 Mar 2011 08:20 PM PST FII's can invest directly in Mutual funds - This gains importance as MF industry has been battling volatility and cash crunch. The disinvestment target of Rs.40,000 cr is as expected. The previous highest disinvestment done by the govt was Rs.23,550... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

All banks to have chief information officers soon- RBI Posted: 02 Mar 2011 08:11 PM PST A senior official of the Reserve Bank today said all banks would have to create a position of chief information officers (CIOs) as well as steering committees on information security at the board level at the earliest, as envisaged under its IT... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt collects Rs 300 crore in penalties from new telecom operators Posted: 02 Mar 2011 03:06 AM PST The government has collected over Rs 300 crore in penalties from new telecom service providers that failed to roll-out their networks within the stipulated timeframe after getting licences and spectrum."As of last Friday, we have received Rs 300.04... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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