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

On Sat, Dec 12, 2009 at 9:37 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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• Service Tax on Legal Services – Some Controversial Issues
• Amendments to Section 56(2) with respect to Deemed Gifts and transfer of movable & immovable property
• Issues arising out of & Implications of A & G Projects Judgment – The way out
• Critical Analysis of Inter-State Works Contract
• Opinion – Levy of VAT on Transfer of Assets
• Can karta of HUF sell ancestral immovable property with out the consent of other members, Right and relief to buyer?
• Sales in transit meaning, procedure, case Laws and Legal provisions
• Section 90A – DTAA – In case of agreements entered into between specified associations and adopted by Central Government for granting relief Specified territory and specified association
• Section 120 (1) and (2) of the Income-tax Act, 1961 – Income-tax authorities – Jurisdiction of Amendment in Notifications No. S.O. 732(E), dated 3-7-2001
• Section 10(39) of the Income-tax Act, 1961 Exemptions Notified persons, notified sporting events and Specified income
• Use of residential premises for professional/business/office purposes
• Government asked CBDT to put MIS system to track and recover Income tax arrears
• Government not in favour of supervision of commercial activities of banks by MPs
• Implementation of IFRS from April 2011 government sure, industry not so sure
• IBA seek government permission for banks to issue tax-free bonds to finance infrastructure projects
• SC held bank liable to compensate for payment without verification of signature
• After Retail Investor Sebi extended ASBA facility to corporate and HNIs
• ICSI recommended to fix the limit for maximum number of listed companies where one can be a director to seven
• India UK will discuss recognition to ICAI's members by ICAEW and relaxation in Visa Norms
• Law of arbitration – company matters

Service Tax on Legal Services – Some Controversial Issues Posted: 11 Dec 2009 07:44 PM PST services provided by Chartered Accountants, Cost Accountants and Company Secretaries as well as by engineering and management consultants are presently charged to Service Tax. Although there is a school of thought that legal consultants do not... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Amendments to Section 56(2) with respect to Deemed Gifts and transfer of movable & immovable property Posted: 11 Dec 2009 07:38 PM PST Until the amendment made by the Finance (No.2) Act, 2009, the gifts were taxed only on receipt of sum of money; i.e., cash or cheque or bank draft in excess of Rs.50,000 in a year by any individual or HUF. Now, gifts of immovable and certain movable... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Issues arising out of & Implications of A & G Projects Judgment – The way out Posted: 11 Dec 2009 07:18 PM PST Under entry 92A of List I of the VII Schedule to the Constitution of India, the Parliament of India has the exclusive right to impose tax on sale or purchase of goods other than newspapers where such sale or purchase takes place in the course of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Critical Analysis of Inter-State Works Contract Posted: 11 Dec 2009 07:14 PM PST After amendment to the constitution by inserting Article 366(29A) providing definition of the term "taxes on sale or purchase of goods" to include deemed sales, States were empowered to levy tax on sale or purchase of goods involved in execution of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Opinion – Levy of VAT on Transfer of Assets Posted: 11 Dec 2009 07:06 PM PST The transaction involves a global acquisition of a banking business by the Purchaser from the Seller. Consequent thereto, all assets and liabilities in India will be acquired by the Purchaser from the Seller. The acquisition of the assets and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Can karta of HUF sell ancestral immovable property with out the consent of other members, Right and relief to buyer? Posted: 11 Dec 2009 07:01 PM PST Question:- A Karta of a HUF makes an agreement with another person to sell an ancestral immovable property for a consideration. His married sons refuse to execute the sale deed in the last minute saying that the sale consideration is nowhere near... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Sales in transit meaning, procedure, case Laws and Legal provisions Posted: 11 Dec 2009 06:53 PM PST Q.1 Please explain the scheme of "in transit sale" covered by section 6(2) of CST Act, 1956? Ans.: Section 3(a) of CST Act,1956 defines the interstate sale/purchase transaction. Section 3(b) defines the interstate sale effected by transfer of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Section 90A – DTAA – In case of agreements entered into between specified associations and adopted by Central Government for granting relief Specified territory and specified association Posted: 11 Dec 2009 06:30 PM PST In exercise of the powers conferred by clauses (a) and (b) of Explanation 2 to section 90A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following as specified territory and specified association respectively... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Section 120 (1) and (2) of the Income-tax Act, 1961 – Income-tax authorities – Jurisdiction of Amendment in Notifications No. S.O. 732(E), dated 3-7-2001 Posted: 11 Dec 2009 06:27 PM PST In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the Notification of the Government of India, Ministry... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Section 10(39) of the Income-tax Act, 1961 Exemptions Notified persons, notified sporting events and Specified income Posted: 11 Dec 2009 06:21 PM PST In exercise of the powers conferred by clause (39) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies, - (a) the Organising Committee Commonwealth Games, 2010 Delhi, India as the person;(b) the following... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Use of residential premises for professional/business/office purposes Posted: 11 Dec 2009 06:12 PM PST Can residential premises be used for professional or business office purposes? It is generally believed that only a part of the flat can be used for professional purposes and that no part of the flat can be used for business office purposes. However... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government asked CBDT to put MIS system to track and recover Income tax arrears Posted: 11 Dec 2009 05:52 PM PST Income-tax arrears against assessees — of Rs 2,01,276 crore as on March 31, 2009 — have once again become an issue, as Parliament's standing committee on finance has asked the Department of Revenue and the Central Board of Direct Taxes (CBDT) to put... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government not in favour of supervision of commercial activities of banks by MPs Posted: 11 Dec 2009 05:46 PM PST The government today shot down a suggestion in the Lok Sabha for setting up a committee under the Member of Parliament in respective constituencies for monitoring disbursement of loans by banks to priority sector like agriculture, small and medium... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Implementation of IFRS from April 2011 government sure, industry not so sure Posted: 11 Dec 2009 05:41 PM PST The corporate affairs ministry and the Institute of Chartered Accountants of India (ICAI) are confident of meeting the April 2011 deadline to shift to International Financial Reporting Standards (IFRS). But industry says a complete transition from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IBA seek government permission for banks to issue tax-free bonds to finance infrastructure projects Posted: 11 Dec 2009 05:36 PM PST Banks are making a strong pitch to the government for permission to issue tax-free bonds to fund infrastructure projects. Bankers, who are expected to again take up the issue with the finance ministry next week, are arguing that the bonds will help... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SC held bank liable to compensate for payment without verification of signature Posted: 11 Dec 2009 05:30 PM PST The Supreme Court has held that banks are liable to compensate a customer whose money is wrongly paid to another person without verifying the original signature of the account-holder as it amounted to deficiency of service. A bench of Justices D K... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

After Retail Investor Sebi extended ASBA facility to corporate and HNIs Posted: 11 Dec 2009 05:25 PM PST The market watchdog Sebi today extended the ASBA (application supported blocked amount) facility to corporate investors and high networth individuals (HNIs) to enable them to apply for IPOs or rights issue by keeping the application money in their... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICSI recommended to fix the limit for maximum number of listed companies where one can be a director to seven Posted: 11 Dec 2009 05:20 PM PST The Institute of Company Secretaries of India (ICSI) has recommended to the Government that the maximum number of listed companies where one can be a director be restricted to seven. ICSI has also mooted capping the tenure of independent directors... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

India UK will discuss recognition to ICAI's members by ICAEW and relaxation in Visa Norms Posted: 11 Dec 2009 05:16 PM PST The issues of opening up of accountancy services in India and recognition to Indian accountancy professionals in the UK are likely to get a push at the forthcoming India-UK talks on Corporate Governance. The key issue will be the reciprocal... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Law of arbitration – company matters Posted: 10 Dec 2009 11:32 PM PST A brief about Arbitration Mechanism: In order to reduce the delay in courts in the process of traditional adjudication mechanism, the Alternative Disposal Mechanism (ADR) was mooted. The dispute resolution through Conciliation, Arbitration and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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