Re: UPDATES FROM TAX GURU (in this message: 24 new items)

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

UPDATES FROM TAX GURU (in this message: 24 new items)

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• Expenditure on convertible debentures held to be deductible
• Income-tax Ombudsman : An appraisal
• S. 90 Relief in computing TDS u/s.192
• Scope of clause (a) of explanation to S. 115JB —the amount of Income-tax paid or payable, and the provision therefore
• PWC chairman step down before the end of his tenure
• IT department opened New Aayakar Seva Kendra (ASK) at Chandigarh
• MCA plan to introduce XBRL as reporting language for its MCA 21 portal
• Clarification on issues related to reversal of cenvat credit on WIP/ finished goods written off in the books of accounts
• ICAI declared fresh date for polling in respect of booth captured
• Ministry of Corporate Affairs to Celebrate 'India Corporate Week' From 14th to 21st December
• Scope of appeals from ITAT orders u/s. 260A of Income-tax Act, 1961 and S. 15 of N.T.T. Act, 2005
• IT department keeping track of advance tax paid by the companies to increase direct tax collection
• FEMA – Summons issued by Enforcement Directorate in exercise of power vested in them cannot be quashed: Madras HC
• ICAI booth been captured during election voting
• On revision of tax treaty Switzerland will exchange details of bank accounts with India
• Tax dispute resolution Coverage, Scope, Problems, Challenges, Suggestions & Motive
• CBDT expecting 10-15% year-on-year increase in direct tax collections by December 15
• Assessments and Monitored Assessments under the Income-tax Act, 1961
• Disallowances u/s.14A of Income-tax Act
• Classical Accountancy to IFRS (A bird's-eye view) Part II
• Classical Accountancy to IFRS (A bird's-eye view) Part I
• Step-down Indian subsidiaries of multinational corporations — are these public companies?
• Transfer pricing Management fees — Are you following the best practices? Part II
• Transfer Pricing Management fees : Are you following the best practices? Part I

Expenditure on convertible debentures held to be deductible Posted: 08 Dec 2009 07:36 PM PST Secure Meters Ltd. („the assessee?) is engaged in the business of manufacture of energy meters. The Assessing Officer (AO) inter-alia disallowed expenses on the issue of convertible debentures on the basis that it was capital in nature. This was... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Income-tax Ombudsman : An appraisal Posted: 08 Dec 2009 07:26 PM PST The institution of the Ombudsman has been functioning in Mumbai . This is perhaps a good time to assess how it has functioned so far and what needs to be done to improve its effectiveness. 2. Over the last six months, it has dealt with about 325... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

S. 90 Relief in computing TDS u/s.192 Posted: 08 Dec 2009 07:15 PM PST Introduction: Reaping benefits of privatisation, liberalisation and globalisation, many Indian companies, especially the IT and ITES companies, have been able to establish thumping international presence. To ensure timely delivery, installation,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Scope of clause (a) of explanation to S. 115JB —the amount of Income-tax paid or payable, and the provision therefore Posted: 08 Dec 2009 07:10 PM PST S. 115JB(1) of the Income-tax Act, 1961 (Act in short) provides for payment of a minimum alternate tax in case the Income-tax computed on the total income falls short of 10% of the book profits of the company. For ensuring that companies do not... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

PWC chairman step down before the end of his tenure Posted: 08 Dec 2009 07:00 PM PST Almost a year after it was rattled by the Satyam scam, auditing firm PricewaterhouseCoopers (PwC) on Monday announced a sudden change of leadership of India operations as its chairman Ramesh Rajan stepped down prematurely to make way for Gautam... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IT department opened New Aayakar Seva Kendra (ASK) at Chandigarh Posted: 08 Dec 2009 06:42 PM PST AAYAKAR Seva Kendra (ASK) is a one stop computerized shop for the taxpayers to obtain services promised by the Department in its Citizens' Charter in a time bound manner. In order to achieve these objectives, Sevottam provides for a front office to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

MCA plan to introduce XBRL as reporting language for its MCA 21 portal Posted: 08 Dec 2009 06:35 PM PST The ministry of corporate affairs is planning to introduce extensible business reporting language (XBRL) for its MCA 21 portal, which is the database for 9 lakh companies in India. This means that the companies will also have to file their documents... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Clarification on issues related to reversal of cenvat credit on WIP/ finished goods written off in the books of accounts Posted: 08 Dec 2009 06:30 PM PST References have been received from field formations stating that as per Rule 3(5B) of CENVAT Credit Rules, 2004, if the value of inputs is fully written off, then the manufacture is required to pay an amount equal to cenvat credit taken. However,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI declared fresh date for polling in respect of booth captured Posted: 08 Dec 2009 06:27 PM PST No. 54-EL(1)/18/ 2009: In exercise of the powers vested under clause (2) of Para 6 of Schedule 6 to the Chartered Accountants (Election to the Council) Rules, 2006 read with Regulation 134 of the Chartered Accountants Regulations, 1988, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Ministry of Corporate Affairs to Celebrate 'India Corporate Week' From 14th to 21st December Posted: 08 Dec 2009 06:21 PM PST The President of India to Give Away the 'National Corporate Awards' on the Concluding Day. The Indian corporate sector, which has been growing at a rapid pace in the current decade, has been making significant contribution to the economic... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Scope of appeals from ITAT orders u/s. 260A of Income-tax Act, 1961 and S. 15 of N.T.T. Act, 2005 Posted: 08 Dec 2009 06:10 PM PST A remedy by way of appeal from the orders of ITAT is provided both u/s.260A of the Income-tax Act, 1961 and u/s.15 (w.e.f. 6-1- 2006) of the N.T.T. Act, 2005. Although appeals from the orders of ITAT are supposed to be filed only in the National Tax... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IT department keeping track of advance tax paid by the companies to increase direct tax collection Posted: 08 Dec 2009 05:59 PM PST Taxmen will keep a close watch on corporate advance tax payments as the income-tax department turns the heat on them to shore up direct tax collections that have grown in low single digits in the first eight months of the current financial year. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

FEMA – Summons issued by Enforcement Directorate in exercise of power vested in them cannot be quashed: Madras HC Posted: 08 Dec 2009 05:55 PM PST A summons issued by the Enforcement Directorate, Government of India, under Section 37 of the Foreign Exchange Management Act, 1999 could not be interdicted by the High Court on the ground that there was no application of mind and the documents... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI booth been captured during election voting Posted: 08 Dec 2009 05:43 PM PST The elections to the 21st Central Council and the 20th Regional Councils of the Institute of Chartered Accountants of India (ICAI) ran into rough weather after a booth capturing incident. At least four unidentified men, including one toting a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

On revision of tax treaty Switzerland will exchange details of bank accounts with India Posted: 08 Dec 2009 05:39 PM PST Switzerland has said exchanging details of bank accounts with India would be possible once the tax treaty, aimed at tracking black money, between the two nations is revised. "India and Switzerland are in renegotiations to adapt the existing double... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Tax dispute resolution Coverage, Scope, Problems, Challenges, Suggestions & Motive Posted: 08 Dec 2009 05:34 PM PST Tax dispute resolution in the Indian context hasn't particularly been an encouraging experience. While a portion of this taint could be attributed to complexity of tax laws and efficiency levels of the administrative process, a material reason is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBDT expecting 10-15% year-on-year increase in direct tax collections by December 15 Posted: 08 Dec 2009 05:24 PM PST Central Board of Direct Taxes (CBDT), the apex body that administers corporate and personal income-tax, expects a 10-15% year-on-year increase in collections by December 15, the last date for paying the third installment of advance tax, according to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Assessments and Monitored Assessments under the Income-tax Act, 1961 Posted: 08 Dec 2009 05:14 PM PST All taxpayers are assessed u/s.143, u/s.147, u/s.148 and u/s.153 of the Income-tax Act, 1961. After filing of return, when an asses see is being assessed by an Assessing Officer, he/she is required to file his/her submissions before the respective... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Disallowances u/s.14A of Income-tax Act Posted: 08 Dec 2009 04:56 PM PST S. 14A has been inserted in Chapter IV of the Income tax Act by the Finance Act, 2001, with retrospective effect from 1-4-1962. This Section provides for disallowance of expenditure incurred in relation to income which is not included in the total... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Classical Accountancy to IFRS (A bird's-eye view) Part II Posted: 07 Dec 2009 10:44 PM PST Normally every sovereign state provides a legal framework to decide about the accounting year. Every entity carrying on a business is required to prepare the final accounts as understood by us for pre-defined accounting year. [More...] Besides... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Classical Accountancy to IFRS (A bird's-eye view) Part I Posted: 07 Dec 2009 10:30 PM PST These are challenging times in many respects. A global financial meltdown in which India cannot escape without hurt, a gruesome terrorist attack on 26/11 on the financial capital of India i.e., our dear Mumbai, politicians' continuous play and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Step-down Indian subsidiaries of multinational corporations — are these public companies? Posted: 07 Dec 2009 10:23 PM PST Multinational corporations have been carrying on business in India through private limited companies ('Indian Companies') set up by them under the Companies Act, 1956 ('the Act'). Often, such private limited companies are not subsidiaries of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Transfer pricing Management fees — Are you following the best practices? Part II Posted: 07 Dec 2009 10:13 PM PST The article specified the criteria to determine whether an intra-group service has been rendered by a related entity. Once it has been concluded that a service has been rendered, the second of the two primary issues pertaining to intra-group... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Transfer Pricing Management fees : Are you following the best practices? Part I Posted: 07 Dec 2009 09:59 PM PST One of the most widely contested issues by Indian tax authorities during a transfer pricing audit is the amount paid for intra-group services to group companies often referred to as management or intra-group fees/charges. In fact, compensation for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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