Fwd: TaxGuru : “Derivative trading income of FIIs taxable as capital gains, and not as ‘speculative’ income” plus 10 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sun, Jun 5, 2011 at 9:37 AM
Subject: TaxGuru : "Derivative trading income of FIIs taxable as capital gains, and not as 'speculative' income" plus 10 more
To: palashbiswaskl@gmail.com

TaxGuru : "Derivative trading income of FIIs taxable as capital gains, and not as 'speculative' income" plus 10 more

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• Derivative trading income of FIIs taxable as capital gains, and not as 'speculative' income
• Participation by shareholders in the general meeting through Audio Visual Electronic Communication Facility
• Participation by Directors in meeting of Board / committee of Directors through Audio Visual Electronic Communication Facility
• A relation between the business of a non-resident and activity carried on in India would result in a 'business connection' for the purpose of deemed accrual of income in India as well as for considering the resident as the agent of the non-resident
• Merely because assessee permitted to establish new industrial undertaking for manufacture of computer software as 100% EOU under STP scheme not sufficient to claim exemption u/s. 10B
• DPE against Finance Ministry 'diktat' on PSUs disinvestment
• Good news – Govt to give 8 per cent interest on PPFs closed between May 05-Dec 10
• Section 90 of the Income-tax Act, 1961 – Double Taxation Agreement – Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Mozambique
• IT : American Institute of Indian Studies, New Delhi notified as an approved organization under section 35(1)(iii) – NOTIFICATION NO. 31/2011
• SEZ – Setting up of a sector specific SEZ by Infoparks Kerala – Notification No. S.O. 1064(E), DATED 16-05-2011
• Insurance – IRDA's guidance note on Economic Capital for Non-Life Industry

Derivative trading income of FIIs taxable as capital gains, and not as 'speculative' income Posted: 04 Jun 2011 09:16 AM PDT In a recent ruling, in the case of LG Asian Plus Ltd. Vs. Asst. Director of Income-tax the Mumbai Income-tax Appellate Tribunal has held that income earned by a Foreign Institutional Investor from derivative trading would be taxable as `capital... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Participation by shareholders in the general meeting through Audio Visual Electronic Communication Facility Posted: 04 Jun 2011 09:15 AM PDT The Circular defines electronic mode to mean video conferencing facility i.e. audio-visual electronic communication facility (VCF) employed which enables all persons participating in that meeting to communicate concurrently with each other without... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Participation by Directors in meeting of Board / committee of Directors through Audio Visual Electronic Communication Facility Posted: 04 Jun 2011 08:06 AM PDT Government of India [GOI], Ministry of Corporate Affairs [MCA] has clarified its position on the Corporate Governance procedures under Companies Act, 1956 [the Act]. MCA has, on 20 May 2011, issued the General Circular No. 28/2011 [No.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

A relation between the business of a non-resident and activity carried on in India would result in a 'business connection' for the purpose of deemed accrual of income in India as well as for considering the resident as the agent of the non-resident Posted: 04 Jun 2011 06:58 AM PDT WSA Shipping (Bombay) Private Ltd v. ADIT (ITAT Mumbai), Assessee is engaged in the business of Cargo Consolidation commonly known in the business as Non Vessel Owners Cargo Carriers. The assessee is registered as a Multimodal Transport Operator... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Merely because assessee permitted to establish new industrial undertaking for manufacture of computer software as 100% EOU under STP scheme not sufficient to claim exemption u/s. 10B Posted: 04 Jun 2011 06:29 AM PDT Merely because the assessee had been permitted to establish a new industrial undertaking for the manufacture of computer software as 100% EOU under the STP scheme was itself not enough to record a finding that the said unit had in fact been... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DPE against Finance Ministry 'diktat' on PSUs disinvestment Posted: 04 Jun 2011 05:35 AM PDT With choppy conditions in the stock market, the Department of Public Enterprises (DPE) is in disagreement with the Finance Ministry on pushing PSUs for listing and follow-on public offers through a "diktat". The Department of Disinvestment, under... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Good news – Govt to give 8 per cent interest on PPFs closed between May 05-Dec 10 Posted: 04 Jun 2011 05:24 AM PDT The Government today said that PPF accounts of Hindu Undivided Families (HUFs) which were closed down between May 2005 and December 7 last year would get 8 per cent interest on the deposits. The Finance Ministry has issued the clarification in view... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 90 of the Income-tax Act, 1961 – Double Taxation Agreement – Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Mozambique Posted: 04 Jun 2011 05:14 AM PDT NOTIFICATION NO. 30/2011-FT&TR-II [F.NO.501/152/2000-FT&TR-II], dated 31-5-2011 - Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Republic of Mozambique for the avoidance of double... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IT : American Institute of Indian Studies, New Delhi notified as an approved organization under section 35(1)(iii) – NOTIFICATION NO. 31/2011 Posted: 03 Jun 2011 09:31 PM PDT NOTIFICATION NO. 31/2011 [F.NO.203/48/2010/ITA-II], DATED 1-6-2011 - It is hereby notified for general information that the organization American Institute of Indian Studies, New Delhi has been approved by the Central Government for the purpose of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEZ – Setting up of a sector specific SEZ by Infoparks Kerala – Notification No. S.O. 1064(E), DATED 16-05-2011 Posted: 03 Jun 2011 09:30 PM PDT NOTIFICATION NO. S.O. 1064(E), DATED 16-5-2011 - WHEREAS, M/s. Infoparks Kerala, a State Government organization, has proposed under section 3 of the Special Economic Zones Act, 2005 (28 of 2005) (hereinafter referred to as the said Act), to set up... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance – IRDA's guidance note on Economic Capital for Non-Life Industry Posted: 03 Jun 2011 09:30 PM PDT CIRCULAR NO. IRDA/ACT/CIR/MIS/111/05/2011, DATED 25-5-2011 - This technical note describes the framework for estimating Economic Capital (EC hereafter) for general insurance companies including standalone health insurers of India. Typically EC is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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