Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Mar 19, 2011 at 9:46 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Non-Compete Fee Not Taxable – Supreme Court
• FVU version 3.1 and 2.130 released by NSDL having Amended file format and applicable to e-TDS/TCS statement pertaining to FY 2010-11 and onwards
• Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit
• Acceptance of e-TDS/TCS statements in Pen Drive
• ICAI requires technically par excellent, professionally successful, academically brilliant, administratively capable human resources
• Black money case – Hasan Ali's income multiplied in 6 years to Rs 54,268 cr, says CAG report
• Employee opting for voluntary retirement scheme has no right to withdraw
• RTI- A citizen has a right to safeguard the privacy
• Only Caretaker has a Right to move Petition for Right to Die
• Whether High Court could invoke Article 311(2)(b) of Constitution while passing recommendation for removal of subordinate judge
• CA Pramod Agrawal faces Rs 100 crore income tax demand

Non-Compete Fee Not Taxable – Supreme Court Posted: 18 Mar 2011 06:33 PM PDT Compensation received under Non-Competition Agreement became taxable as a capital receipt and not as a revenue receipt by specific legislative mandate vide Section 28(va) and that too with effect from 1.4.2003. Hence, the said Section 28(va) is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FVU version 3.1 and 2.130 released by NSDL having Amended file format and applicable to e-TDS/TCS statement pertaining to FY 2010-11 and onwards Posted: 18 Mar 2011 05:56 PM PDT Key features of File Validation Utility (FVU) version 3.1 FVU 3.1 will be applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards and will be mandatory w.e.f April 01, 2011. Mandatory to quote Mobile No. in quarterly TDS/TCS... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit Posted: 18 Mar 2011 05:33 PM PDT Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit in the first quarter but in subsequent quarters has exceeded threshold limit (as issued by the Directorate of Income Tax – Systems). ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Acceptance of e-TDS/TCS statements in Pen Drive Posted: 18 Mar 2011 05:27 PM PDT Submission of e-TDS/TCS statement has been enabled in Pen Drive in addition to the existing option of CD. Deductors /Collectors are advised to check the feasibility of acceptance of statement in pen drive with TIN Facilitation centers before... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI requires technically par excellent, professionally successful, academically brilliant, administratively capable human resources Posted: 18 Mar 2011 05:18 PM PDT ICAI requires technically par excellent, professionally successful, academically brilliant, administratively capable human resources for various top, senior, middle level positions including for entry level positions in its headquarters at... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Black money case – Hasan Ali's income multiplied in 6 years to Rs 54,268 cr, says CAG report Posted: 18 Mar 2011 04:30 PM PDT Income of Pune-based stud farm owner Hasan Ali Khan multiplied by over 100 times in six years from Rs 529 crore to Rs 54,268 crore in 2006-07, reveals CAG report tabled in Parliament today. Khan, who is presently in custody of the Enforcement... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Employee opting for voluntary retirement scheme has no right to withdraw Posted: 17 Mar 2011 11:21 PM PDT Petitioner was an employee in the 1st respondent - Organization M/s. HMT Ltd. Petitioner availed of a voluntary retirement scheme as on 31.3.2003 that was mooted by the employer and as a result he received an amount of Rs. 6,01,270/-. The employer... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RTI- A citizen has a right to safeguard the privacy Posted: 17 Mar 2011 11:13 PM PDT Right to privacy has been a subject matter and reiterated in the State of Andhra Pradesh and District Registrar and Collector, Hyderabad and another versus Canara Bank and others (2005) 1 SCC 496. However, the said right is not an absolute right.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Only Caretaker has a Right to move Petition for Right to Die Posted: 17 Mar 2011 11:05 PM PDT (1) Euthanasia - Right to die - Legality - In 1973, petitioner, staff nurse at King Edward Memorial Hospital (KEM hospital), was sexually assaulted and choked, leaving her blind, deaf, paralysed and in a vegetative state - In 1999, 'X' as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether High Court could invoke Article 311(2)(b) of Constitution while passing recommendation for removal of subordinate judge Posted: 17 Mar 2011 11:02 PM PDT Service - Preparation of judgments through third party - Removal from service - Legality (i) Whether High Court was justified in dispensing with enquiry while passing order recommending appellant's removal (ii) Whether order of removal passed by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA Pramod Agrawal faces Rs 100 crore income tax demand Posted: 17 Mar 2011 10:43 PM PDT Pramod Agrawal, chartered accountant accused of swindling crores of public money, has been slapped with a tax demand of over Rs 100 crore. This is probably biggest ever demand from an assessee in the region. Not just that, the income tax department... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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