Re: UPDATES FROM TAX GURU (in this message: 20 new items)

On Thu, Nov 26, 2009 at 9:35 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 20 new items)

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• Deductibility of interest on funds borrowed for acquiring controlling interest
• IT seizures up 4.5 times in Gujarat in comparison to last year
• RBI Directions for opening and operation of Accounts and settlement of payments for electronic payment transactions involving intermediaries
• Getting Occupation Certificate (OC) a builder's duty
• Company Law Board (CLB) will get a fresh set of members soon
• GST registration will be through uniform PAN-linked business identification number
• Consitution will be amended to introduce GST
• State governments to monitor violation of FDI regulation in retail sector
• Competition Act may include imprisionment provision
• Finance Ministry started the process of pre-Budget consultations
• Govt will no reinvestigations matters handled by arrested CLB member R Vasudevan
• Appointments of Hon'ble Sr. Vice President and Vice Presidents to ITAT
• Deduction U/s. 80HHC allowable while computing book profit even if there are no normal profits
• PricewaterhouseCoopers wins the "India Tax Firm of the Year" Award
• NSE will allow brokers to buy and sell mutual funds through its terminals
• Banks are instructed to accept cheques written in regional languages
• CDSL launched e-Voting System for Corporates
• Finmin set up working committee to review existing policy on foreign portfolio investment
• Johnny and Service Tax Refund Part – V
• Result of CPT Online (for Exam. held on 24th & 25th Oct. 2009) Declared

Deductibility of interest on funds borrowed for acquiring controlling interest Posted: 25 Nov 2009 07:34 PM PST This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) in the case of Panatone Finvest Ltd.(Taxpayer) [2009-TIOL-717-ITAT-MUM]. The Taxpayer incurred interest expenditure on the funds borrowed for investing in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IT seizures up 4.5 times in Gujarat in comparison to last year Posted: 25 Nov 2009 07:07 PM PST The Income Tax department in Gujarat executed 422 warrants in 2008-09 compared to 158 in the previous year and has managed to seize assets worth Rs 45.45 crore, which is up significantly from last fiscal's Rs 10.89 crore. The figures were given out... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI Directions for opening and operation of Accounts and settlement of payments for electronic payment transactions involving intermediaries Posted: 25 Nov 2009 07:02 PM PST The use of Electronic/Online Payment modes for payments to merchants for goods and services like bill payments, online shopping etc. has been gaining popularity in the country. With a view to safeguard the interests of the customers and to ensure... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Getting Occupation Certificate (OC) a builder's duty Posted: 25 Nov 2009 06:59 PM PST Consumer Disputes Redressal Forum orders Dharia Developers to immediately act on obtaining Occupation Certificate for a property owner who bought his flat in 2006.Obtaining Occupation Certificate (OC) should be a must-have document for those... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Company Law Board (CLB) will get a fresh set of members soon Posted: 25 Nov 2009 06:53 PM PST The government has put its act together to see that the Company Law Board (CLB), the quasi-judicial body that gives verdicts on litigation and complaints that come under the purview of the Companies Act, gets a fresh set of members soon. This is in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

GST registration will be through uniform PAN-linked business identification number Posted: 25 Nov 2009 06:46 PM PST The model legislation for the introduction of goods and services tax (GST) will have a provision for registration of individuals and companies which pay the tax.The registration will be done through a uniform PAN-linked business identification... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Consitution will be amended to introduce GST Posted: 25 Nov 2009 06:42 PM PST The Constitutional amendment will be the basis for the new tax regime and will be followed by adoption of separate state and Central GST laws. The last amendment to the Constitution dealing with a financial matter was in 2000, when the Centre was... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

State governments to monitor violation of FDI regulation in retail sector Posted: 25 Nov 2009 06:40 PM PST It has directed them to create a "suitable mechanism" to hold periodic scrutiny against violation of Foreign Exchange Management Act (FEMA). The move comes after it was found that some foreign retail companies or joint ventures, which had permission... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Competition Act may include imprisionment provision Posted: 25 Nov 2009 06:33 PM PST "Besides the hefty fine, jail sentences were awarded to companies found violating the clauses of the competition law in Europe. While in India the maximum penalty ends with a fine, it might not be surprising that an imprisionment provision will be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Finance Ministry started the process of pre-Budget consultations Posted: 25 Nov 2009 06:26 PM PST With just three months left for the Union Budget 2010-11, the Ministry of Finance has started the process of pre-Budget consultations. A first round of pre-Budget meetings with the various ministries has already taken place.The ministry has also... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Govt will no reinvestigations matters handled by arrested CLB member R Vasudevan Posted: 25 Nov 2009 06:24 PM PST Vasudevan, who was director investigation and inspection ministry of corporate affairs before joining the CLB three months ago, was looking into high profile cases like the Satyam and the Sesa Goa fraud. "No we don't need to relook, it is the SFIO... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Appointments of Hon'ble Sr. Vice President and Vice Presidents to ITAT Posted: 25 Nov 2009 06:07 PM PST Hon'ble Shri R.V. Easwar, Judicial Member, has been elevated as Senior Vice President and posted to the Mumbai Bench of the Tribunal with effect from 25th November 2009. Shri. Easwar has qualified as LLM and ACA and practised as a lawyer from 1975... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Deduction U/s. 80HHC allowable while computing book profit even if there are no normal profits Posted: 25 Nov 2009 06:02 PM PST The assessee's income was computed u/s 115JB as it had no income under the normal provisions of the Act. The assessee claimed that despite the absence of normal profits, it was eligible for deduction u/s 80HHC in computing the book profits under... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

PricewaterhouseCoopers wins the "India Tax Firm of the Year" Award Posted: 25 Nov 2009 06:00 PM PST Speaking on the occasion, Dinesh Kanabar, PwC tax leader, India said, "It is a tremendous achievement and we are delighted to receive this award. The award is in recognition of our commitment towards partnering with our clients in one of the most... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

NSE will allow brokers to buy and sell mutual funds through its terminals Posted: 25 Nov 2009 05:46 PM PST India's National Stock Exchange (NSE) will allow brokers to buy and sell mutual funds through its terminals from Nov. 30, the exchange said. The Securities and Exchange Board of India had earlier in the month permitted stock exchanges to offer their... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Banks are instructed to accept cheques written in regional languages Posted: 25 Nov 2009 05:23 PM PST Reserve Bank of India (RBI) vide its Master Circular dated July 1, 2009 has advised all Scheduled Commercial Banks (excluding Regional Rural Banks) that all cheque forms would be printed in Hindi and English. The customer may, however, write cheques... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CDSL launched e-Voting System for Corporates Posted: 25 Nov 2009 05:21 PM PST We take the pleasure in announcing that CDSL Ventures Ltd., a wholly owned subsidiary of Central Depository Services (India) Limited (CDSL), has designed an electronic voting system as an alternative to the paper-based postal ballot process, to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Finmin set up working committee to review existing policy on foreign portfolio investment Posted: 25 Nov 2009 05:12 PM PST To encourage foreign portfolio investment, the Finance Ministry has set up a working group for suggesting changes in the existing policy on foreign capital inflows by FIIs, NRIs and venture capital funds. The 16-member group on portfolio... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Johnny and Service Tax Refund Part – V Posted: 25 Nov 2009 05:07 PM PST The assesses claiming refund orders under Insurance services are experiencing enormous complexities in getting their refund orders passed on vague and futile justifications that not only are annoying and irritating the assessees but also deprives... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Result of CPT Online (for Exam. held on 24th & 25th Oct. 2009) Declared Posted: 25 Nov 2009 01:06 AM PST The results of CPT online examination held on 24th and 25th October 2009 has been declared on 24th November 2009. Related posts:Results of the CA PE – II and PCE held in November, 2008 are likely to be declared on 29th January, 2009 around 2... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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