Re: UPDATES FROM TAX GURU (in this message: 64 new items)

On Sun, Dec 6, 2009 at 9:37 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 64 new items)

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• Write back of provision of bad debts, not previously allowed as deduction, is not taxable
• Royalty paid for certain rights, which are not in the nature of "make available," can be charged to revenue account
• If certain activities are not realy services but more in the nature of stewardship/shareholder activities, the amounts cannot be taxed in India in the absence of a permanent establishment (PE)
• Reimbursement of custom duty by a non resident entity is not taxable u/s 44BB
• Over 30,000 tax litigations pending in ITAT, Most of them filed by department
• SEBI circular on dealings between a client and a stock broker (trading members included)
• Custom circular Rescinding Notification No. 62/2009-Customs, dated the 15th June, 2009
• Regarding anti dumping duty on ceramic glazed tiles other than vitrified tiles originating in or exported from China PR
• Circular Amending Notification No. 20/2006-Customs, dated 1st March, 2006
• Circular No. 824/1/2006-CX-Clarification regarding prospective implementation of orders
• Circular Regarding levy of service tax on'business auxiliary service'
• RBI circular on Credit Information Companies (Regulation) Act, 2005
• Marketing/Distribution of Mutual Fund/Insurance Products by Urban Cooperative Banks
• Changes to the Indian exchange regulations relating to the receipt and remittance of remuneration outside India
• Is rotation of auditors an answer to Satyam episode?
• Changing of law through issuance of circulars
• Section 50C of the Income tax Act — a tool to tackle menace of black money
• Independent Directors — Corporate governance in challenging times
• Worldwide Tax Trends Treatment of Tax Losses
• Corporate Governance and agency theory
• Are MAT companies liable to advance tax?
• Code of Ethics- DisciplinaryMechanism of ICAI-Part II
• Code of Ethics- Disciplinary Mechanism of ICAI- Part I
• Role of morality and estoppel in the delivery of justice
• Liability of Partners of Limited Liability Partnerships (LLP) — is it Limited?
• HR Management in the Accounting Practice
• Carry forward and set off of MAT credit u/s.115JAA and Allowability in the hands of amalgamated company
• Provident Fund contribution for International Workers
• Sue the accountant
• Basel II – Standardized Approach
• Enforcement Directorate conducted searches at the premises of realtor Emmar MGF
• FM likely to retain EET (exempt-exempt-tax) principle proposed in the Direct Tax Code
• Method of Voting – ICAI Council Elections – 2009
• Clarification apropos incorrect designation used by a section of media for Shri R.Vasudevan, member CLB
• ICAI organizing Three Months' Residential Programme on Professional Skills Development
• Direct tax collections register growth of 3.71% till November 2009
• ICAI president communication on derogatory mails
• Law Courses through Distance / Online Learning
• Salman Khan acquitted of tax evasion charges made against him
• Expenses incurred towards training cannot be termed as fee for technical services
• CBI recovered cash, FDRs and jewellery worth nearly Rs 1 crore from the residence of Vasudevan
• A study on Patent infringement Law in India
• Few tips to Prevent Income Tax Raids
• Corporate governance meaning and Principals
• Can a CESTAT Member who has not completed probation can be relived from his duty without assigning any reason?
• SEBI Circular on Limitation period for filing of Arbitration reference
• IRDA seek exemption of Third Party Administrators (TPAs) from Tax Deducted at Source (TDS)
• Satyam Directors say that CBI report on Satym fraud may not necessarily present financial position and liabilities of the company
• Post-Satyam Scam Forensic auditing on increase to track fraud
• CBI accused internal auditor with "willful suppression of auditing irregularities"
• Provisioning Coverage for Advances – Second Quarter Review of Monetary Policy for the Year 2009-10
• RBI circular on Credit Information Companies (Regulation) Act, 2005
• Establishment of Connectivity with both depositories NSDL and CDSL
• Financial Inclusion by Extension of Banking Services – Use of Business Correspondents (BCs)
• Debatable issues are not "mistakes apparent from the record" u/s 154
• No capital gains in a business reorganization if consideration not determinable. Transfer pricing law does not apply if there is no income
• Observance of ICAI Election Code of Conduct on the Date of Polling
• Appointments in Competition Commission of India
• Finance Act, 2003, which deleted second proviso to section 43B, will operate retrospectively w.e.f. 1-4-1988
• Johnny and Service Tax Refund Part – VI
• Partial and Full Partition of Hindu Undivided Family (HUF) and Income Tax provisions
• Low dividend or no dividend by a Company cannot be termed as oppression of minority shareholders
• Prerequisites for issue of valid notice for reopening of assessment under the Income Tax Act, 1961
• All overseas payments are subject to withholding tax, whether or not the income is taxable : Karnataka High Court

Write back of provision of bad debts, not previously allowed as deduction, is not taxable Posted: 05 Dec 2009 07:15 AM PST The taxpayer was a banking company. In the current appeal, the Revenue's grievance was that the CIT(A) had erred in directing that the written back "provision of bad-debts" was not taxable as "business income" especial y when a deduction of a sum... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Royalty paid for certain rights, which are not in the nature of "make available," can be charged to revenue account Posted: 05 Dec 2009 07:05 AM PST The taxpayer was a wholly owned subsidiary of Denso Thermal Systems, Italy. The taxpayer was engaged in the business of manufacturing certain automobile products and selling the same in India and abroad. For the impugned assessment year, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

If certain activities are not realy services but more in the nature of stewardship/shareholder activities, the amounts cannot be taxed in India in the absence of a permanent establishment (PE) Posted: 05 Dec 2009 06:26 AM PST The applicant is a US-based manufacturer engaged in manufacturing of engineering goods and is also an R&D-based service provider. It entered a cost al ocation agreement with its India-based group company. The applicant raises invoices on the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Reimbursement of custom duty by a non resident entity is not taxable u/s 44BB Posted: 05 Dec 2009 06:17 AM PST The taxpayer was a company incorporated under Hong Kong laws. It filed its return of income declaring total income of INR196 million. AO noticed that the taxpayer had not offered for tax the amount received toward reimbursement of expenses, which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Over 30,000 tax litigations pending in ITAT, Most of them filed by department Posted: 05 Dec 2009 05:41 AM PST Over 30,000 tax litigations are pending in the Income Tax Appelate Tribunals across the country, though most of these appeals are filed by the tax department and not the assessees, Minister of State for Finance S S Palanimanickam said in the Lok... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI circular on dealings between a client and a stock broker (trading members included) Posted: 05 Dec 2009 05:27 AM PST This is in continuation of circulars (a) No. SMD/SED/CIR/93/23321 dated November 18, 1993 specifying the norms for regulation of transactions between clients and brokers, (b) No. SEBI/MIRSD/DPS-1/Cir-31/2004 dated August 26, 2004 specifying the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Custom circular Rescinding Notification No. 62/2009-Customs, dated the 15th June, 2009 Posted: 05 Dec 2009 05:21 AM PST In exercise of the powers conferred by sub-sections (1) and (2) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 13, 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Regarding anti dumping duty on ceramic glazed tiles other than vitrified tiles originating in or exported from China PR Posted: 05 Dec 2009 05:19 AM PST Whereas, in the matter of import of ceramic glazed tiles other than vitrified tiles where at least one of the sides (length or width) exceeds 17 inches or 431.80 millimeters (mm) or 43.18 centimeters (cm) or 1.4167 feet (hereinafter referred to as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Circular Amending Notification No. 20/2006-Customs, dated 1st March, 2006 Posted: 05 Dec 2009 04:40 AM PST In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Circular No. 824/1/2006-CX-Clarification regarding prospective implementation of orders Posted: 05 Dec 2009 04:31 AM PST Attention is invited to Board's Circular No. 824 /1 /2006-CX dated 16 th January, 2006 on the aforesaid subject. It has been reported that some of the Commissionerates have taken a view that once an order has been passed on issues like... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Circular Regarding levy of service tax on'business auxiliary service' Posted: 05 Dec 2009 04:28 AM PST Whereas the Central Government is satisfied that a practice was generally prevalent regarding levy of service tax ( including non-levy thereof ), under section 66 of the Finance Act, 1994 ( 32 of 1994) (hereinafter referred to as the Finance Act),... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI circular on Credit Information Companies (Regulation) Act, 2005 Posted: 05 Dec 2009 04:26 AM PST The Government had in exercise of powers conferred by Section 35 of the Act issued (Removal of Difficulties) Order, 2008 dated January 24, 2008 extending the last date for taking membership of at least one credit information company by credit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Marketing/Distribution of Mutual Fund/Insurance Products by Urban Cooperative Banks Posted: 05 Dec 2009 04:20 AM PST Please refer to our circulars UBD.No.BPD.PCB.Cir9/09.11.200/2003-04 dated August 18, 2003 and UBD.PCB. Cir.No.42/09.11.200/2006-07 dated May 7, 2007 permitting Urban Cooperative Banks (UCBs) to undertake insurance business as corporate agent and/or ... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Changes to the Indian exchange regulations relating to the receipt and remittance of remuneration outside India Posted: 05 Dec 2009 04:14 AM PST Payment of salary outside India to employees of a foreign company who are on secondment to an office, branch, subsidiary or joint venture in India (Indian entity) of the foreign company. The remittance of salary received by foreign nationals whilst... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Is rotation of auditors an answer to Satyam episode? Posted: 05 Dec 2009 01:59 AM PST The question whether there should be a system of rotation of statutory auditors introduced to avoid repetition of Satyam episode has been raised in some quarters. In the past, the Government had tried to introduce this system by proposing amendments... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Changing of law through issuance of circulars Posted: 05 Dec 2009 01:55 AM PST Till today the law on the subject of repairing and maintenance of roads and other infrastructural facilities was clear in the minds of all stakeholders (barring a few service tax commissionerates). There was this discussion that maintenance and/or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Section 50C of the Income tax Act — a tool to tackle menace of black money Posted: 05 Dec 2009 01:50 AM PST The Government has been rightly concerned about the component of black money in real estate transactions and consequent evasion of tax. With a view to curb the said menace and to tax the unaccounted money, the Government has time and again made... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Independent Directors — Corporate governance in challenging times Posted: 05 Dec 2009 01:41 AM PST While in most of the countries in the world, the top executives are trying to survive their jobs and positions and while this is the first time when maximum CEOs are hated by their shareholders, the independent Directors are trying to run away from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Worldwide Tax Trends Treatment of Tax Losses Posted: 05 Dec 2009 01:35 AM PST In the current times where several MNCs are facing the issue of operating losses (the term 'operating losses' for the purpose of this article denotes business losses) in various jurisdictions, it becomes imperative for them to evaluate the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Corporate Governance and agency theory Posted: 05 Dec 2009 01:23 AM PST 'Corporate Governance' — these words have been hitting the headlines of financial magazines for quite some years, particularly post Enron, and in India they have once again triggered debates post Satyam scam. Satyam — this word would no longer be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Are MAT companies liable to advance tax? Posted: 05 Dec 2009 01:18 AM PST Currently companies are required to pay MAT tax if the tax payable under normal provisions of the Act is lower than 10% (15% w.e.f. A.Y. 2010-11) of the book profit as defined u/s.115JB of the Act. An issue which arises is whether an assessee liable... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Code of Ethics- DisciplinaryMechanism of ICAI-Part II Posted: 05 Dec 2009 12:32 AM PST In the first part, I discussed the broad para-meters such as — the importance of Code of Ethics (COE), important statistics about the disciplinary cases, reasons for delays in disposal, procedure adopted by the Council prior to the CA Amendment Act,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Code of Ethics- Disciplinary Mechanism of ICAI- Part I Posted: 05 Dec 2009 12:26 AM PST We are currently in the diamond jubilee year of our Republic as well as of our Institute. The motto of our nation is Satyameva Jayate (Truth alone triumphs). We can only dream of poetic justice of truth winning over untruth. In this Kaliyug, real... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Role of morality and estoppel in the delivery of justice Posted: 05 Dec 2009 12:22 AM PST Intended or not, an influence, or a dis-proportionate bearing of supplementary factors on the process of legal adjudication could result in a deviation from the set precedents of judicial thought. One such concept discussed here is Morality, as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Liability of Partners of Limited Liability Partnerships (LLP) — is it Limited? Posted: 05 Dec 2009 12:12 AM PST The Limited Liability Partnership Act, 2008 ('the LLP Act') was brought into force with effect from 31st March 2009 to permit formation of Limited Liability Partnerships ('LLPs') in India. The main focus of the LLP Act is to permit a partnership... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

HR Management in the Accounting Practice Posted: 05 Dec 2009 12:05 AM PST As employers, we all want people who have the right attitude and appropriate and adequate skill sets to work for us. We would like to have a work environment in which our people enjoy working. We want our people to be committed to the Firm. And of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Carry forward and set off of MAT credit u/s.115JAA and Allowability in the hands of amalgamated company Posted: 04 Dec 2009 11:57 PM PST The reasons in support of and also against the issue under consideration have been set out above. The reasons in support of the argument that, amalgamated company can claim MAT credit of amalgamating company after merger, appears to be reasonable.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Provident Fund contribution for International Workers Posted: 04 Dec 2009 11:49 PM PST The Government of India has recently made fundamental changes in the Employees Provident Fund Scheme, 1952 and the Employees Pension Scheme, 1995 (collectively referred to as Indian Provident Fund schemes) which will impact the expatriates and the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Sue the accountant Posted: 04 Dec 2009 11:43 PM PST The role of modern day accounting professionals has come a long way, from a core accounting function to that of being viewed as a corporate gatekeeper. Today's professionals are not just auditors, certifying routine book of accounts, but also on the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Basel II – Standardized Approach Posted: 04 Dec 2009 08:11 PM PST The 1988 Basel Capital Accord ("Basel I") has been implemented as the capital adequacy standard for banks and has been adopted by more than 100 countries successfully. The fundamental objectives of the Accord were to strengthen the soundness and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Enforcement Directorate conducted searches at the premises of realtor Emmar MGF Posted: 03 Dec 2009 06:25 PM PST The Enforcement Directorate on Thursday conducted searches on the premises of realtor Emmar MGF in connection with the multi-crore illegal Hawala and investment case involving former Jharkhand Chief Minister Madhu Koda.The search followed the ED... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

FM likely to retain EET (exempt-exempt-tax) principle proposed in the Direct Tax Code Posted: 03 Dec 2009 06:23 PM PST The finance ministry is likely to retain the EET (exempt-exempt-tax) principle proposed in the Direct Tax Code on the lump sum amount a salaried taxpayer will receive from his investment in savings schemes such as the Public Provident Fund and other... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Method of Voting – ICAI Council Elections – 2009 Posted: 03 Dec 2009 06:06 PM PST 1) The elections to the Central/Regional Councils of our Institute are to be held on 5th December, 2009, in all cities. However, in Mumbai, Ahmedabad, Pune, New Delhi, Delhi, Kolkatta, Chennai, Bangalore and Hyderabad the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Clarification apropos incorrect designation used by a section of media for Shri R.Vasudevan, member CLB Posted: 03 Dec 2009 06:00 PM PST Reports have been published in a section of media indicating Shri R.Vasudevan as "Acting Chairman, Company Law Board" or "Company Law Board Chief". This is factually incorrect as he was never the Acting Chairman of the Company Law Board at any point... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI organizing Three Months' Residential Programme on Professional Skills Development Posted: 03 Dec 2009 05:55 PM PST (General Management, Personality Development and Communication Skills) A three months' residential programme on Professional Skills Development has been initiated for the benefit of CA students and newly qualified Chartered Accountants. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Direct tax collections register growth of 3.71% till November 2009 Posted: 03 Dec 2009 05:49 PM PST Net direct tax collections during first eight months of the present fiscal (up to November 2009) stood at Rs.1,83,822 crore, up from Rs.1,77,251 crore in the same period last fiscal, registering a growth of 3.71 percent. Growth in Corporate Taxes... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI president communication on derogatory mails Posted: 03 Dec 2009 05:38 PM PST email that was widely circulated in the name of the ICAI employees, maligning the Institute, the Council & the President in office. The email had grabbed a lot of attention as the communiqué was floated in the name of the employees and since... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Law Courses through Distance / Online Learning Posted: 03 Dec 2009 05:26 PM PST 'Distance Learning' as quoted by Dr. S B Mujumdar, Founder, Symbiosis International University is, "the education of the 21st century. The traditional method of teaching in a classroom called 'brick & mortar' education has failed to reach... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Salman Khan acquitted of tax evasion charges made against him Posted: 02 Dec 2009 07:03 PM PST According to Express India the Bombay High Court has dismissed a case which was filed by the Income Tax Department against the actor.The case accused Khan of declaring his income for the year 1999-2000 as Rs 2,95,09,771 when he had actually earned... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Expenses incurred towards training cannot be termed as fee for technical services Posted: 02 Dec 2009 06:48 PM PST We have considered the rival submissions carefully in the light of the relevant material on record as well as the decision cited by the parties. After careful perusal of various authorities relied on either side would show that they are quite... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBI recovered cash, FDRs and jewellery worth nearly Rs 1 crore from the residence of Vasudevan Posted: 02 Dec 2009 06:40 PM PST During the last one week's investigation into the bribery case against Company Law Board (CLB) member R Vasudevan, the Central Bureau of Investigation (CBI) has purportedly found that Vasudevan had made enough ill-gotten money. In fresh raids, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

A study on Patent infringement Law in India Posted: 02 Dec 2009 06:30 PM PST A Patent confers the exclusive right on the Patentee to make, distribute or sell the invention in India. This exclusive right is for 20 years. After 20 years, that invention becomes a public Domain. An infringement would be when any of three rights... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Few tips to Prevent Income Tax Raids Posted: 02 Dec 2009 06:02 PM PST One should not keep any unaccounted or undisclosed money, property or income popularly known as black money. If such a disclosure is made before its detection by the Income Tax Department, the chances of being trapped in a tax raid are minimized. A... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Corporate governance meaning and Principals Posted: 02 Dec 2009 05:51 PM PST Corporate governance (CG) is one of the most talked about topics in business, indeed in society, today. Google search revealed 513 news citations during a single week in June 2006. Most academics, business professionals, and lay observers would... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Can a CESTAT Member who has not completed probation can be relived from his duty without assigning any reason? Posted: 02 Dec 2009 05:33 PM PST RECENTLY the President of India was pleased to discharge Hon'ble member of the CESTAT Mr. PK Das, just a day before he was to complete his three year probation period. Can a Member of the Tribunal be sent home just like that? The answer,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI Circular on Limitation period for filing of Arbitration reference Posted: 02 Dec 2009 05:27 PM PST Based on the recommendations of the SMAC, it has now been decided that the limitation period of six months shall be computed from the end of the quarter during which the disputed transaction( s) were executed. Along with the exclusion mentioned... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IRDA seek exemption of Third Party Administrators (TPAs) from Tax Deducted at Source (TDS) Posted: 02 Dec 2009 05:26 PM PST The Insurance Regulatory and Development Authority (IRDA) has asked the Income-Tax Department and the Central Board of Direct Taxes (CBDT) to consider exemption of Third Party Administrators (TPAs) from Tax Deducted at Source (TDS). According to a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Satyam Directors say that CBI report on Satym fraud may not necessarily present financial position and liabilities of the company Posted: 02 Dec 2009 05:17 PM PST Mahindra Satyam on Wednesday said its financials are not necessarily, even as investors were roiled by reports that the accounting fraud in the company could be double the initial estimate of Rs 7,800 crore. "The company wishes to point out to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Post-Satyam Scam Forensic auditing on increase to track fraud Posted: 02 Dec 2009 05:05 PM PST Even as India's federal investigating agency last week stunningly doubled to US$3.02 billion the amount of money involved in the Satyam Computer Services scam exposed early this year, a tribe of forensic auditors is emerging to upgrade the country's... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBI accused internal auditor with "willful suppression of auditing irregularities" Posted: 02 Dec 2009 04:51 PM PST India's notorious Satyam Computer Services scandal has taken a turn for the worse, with the country's Central Bureau of Investigation (CBI) laying new charges against 10 defendants regarding fake invoices, inflated revenues, unauthorised loans and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Provisioning Coverage for Advances – Second Quarter Review of Monetary Policy for the Year 2009-10 Posted: 02 Dec 2009 04:44 PM PST At present, the provisioning requirements for NPAs range between 10 per cent and 100 per cent of the outstanding amount, depending on the age of the NPAs and the security available. Banks can also make additional specific provisions subject to a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI circular on Credit Information Companies (Regulation) Act, 2005 Posted: 02 Dec 2009 09:02 AM PST As you are aware, the Credit Information Companies (Regulation) Act, 2005 has been operationalised with effect from December 14, 2006. In terms of Section 15(1) of the Act, every credit institution has to become member of at least one credit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Establishment of Connectivity with both depositories NSDL and CDSL Posted: 02 Dec 2009 08:57 AM PST Establishment of Connectivity with both depositories NSDL and CDSL –Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement Related posts:Issue of No Objection Certificate for release of 1% of issue... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Financial Inclusion by Extension of Banking Services – Use of Business Correspondents (BCs) Posted: 02 Dec 2009 08:54 AM PST Banks are permitted to appoint the following entities as BCs, in addition to the entities presently permitted: (i) Individual kirana/medical /fair price shop owners (ii) Individual Public Call Office (PCO) operators (iii) Agents of Small Savings... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Debatable issues are not "mistakes apparent from the record" u/s 154 Posted: 02 Dec 2009 08:46 AM PST The assessee filed a revision petition u/s 264 in which it claimed that the subsidy received by it from the government was a capital receipt and not chargeable to tax in view of P.J. Chemicals Ltd 210 ITR 830 (SC). The Petition was allowed by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

No capital gains in a business reorganization if consideration not determinable. Transfer pricing law does not apply if there is no income Posted: 02 Dec 2009 08:37 AM PST The applicant, a USA company, held shares in an Indian company. As part of a bankruptcy reorganization process, the shares in the Indian company together with other non-Indian assets & liabilities were transferred to other USA companies. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Observance of ICAI Election Code of Conduct on the Date of Polling Posted: 02 Dec 2009 08:26 AM PST In terms of the Election Code of Conduct evolved by the Council of the Institute of Chartered Accountants of India and the subsequent instructions, by way of an Announcement, issued by the Returning Officer, under the Chartered Accountants (Election... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Appointments in Competition Commission of India Posted: 02 Dec 2009 08:15 AM PST Competition Commission of India has invited applications from experienced professionals in Law, Economics and Financial Analysis fields for direct recruitment to various posts of the level of Deputy Director, Joint Director, Director and Advisor in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Finance Act, 2003, which deleted second proviso to section 43B, will operate retrospectively w.e.f. 1-4-1988 Posted: 02 Dec 2009 07:26 AM PST S. 43B (b) provides that any sum payable by way of contribution to a provident fund etc shall be allowed as a deduction only in the year of payment. The second proviso to s. 43B provided that the sums referred to in s. 43B (b) would not be allowed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Johnny and Service Tax Refund Part – VI Posted: 02 Dec 2009 07:13 AM PST In this unbroken series of articles on the issues relating to the problems faced by exporters under refund claim mechanism we herein are unveiling the VI th part of the same. Herein we are uncovering the problems existing in the Service tax refund... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Partial and Full Partition of Hindu Undivided Family (HUF) and Income Tax provisions Posted: 02 Dec 2009 02:47 AM PST Partition is the severance of the status of Joint Hindu Family, known as Hindu Undivided Family under tax laws.Under Hindu Law once the status of Hindu Family is put to an end, there is notional division of properties among the members and the joint... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Low dividend or no dividend by a Company cannot be termed as oppression of minority shareholders Posted: 01 Dec 2009 08:01 PM PST It is well established position that Articles of a Company are constituent document and are binding on the Company and its Directors. As aforesaid, the intention of Article 57 is that the share capital of the Company remains within the close knit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Prerequisites for issue of valid notice for reopening of assessment under the Income Tax Act, 1961 Posted: 01 Dec 2009 07:59 PM PST In the case of Mayawati v. CIT [2009] 222 CTR 117 (Delhi), it is nowhere mentioned that for drawing the presumption u/s 27 of the General Clauses Act, there is necessity of acknowledgment due. Related posts:Reopening notice even if served after... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

All overseas payments are subject to withholding tax, whether or not the income is taxable : Karnataka High Court Posted: 01 Dec 2009 07:26 PM PST Due to recent ruling of Karnataka High Court order, all overseas payments will now be subject to withholding tax, whether or not the income is taxable. Not only is this in dramatic contrast to previous High Court decisions, it's also a judgment... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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