Re: UPDATES FROM TAX GURU (in this message: 19 new items)

On Fri, Dec 18, 2009 at 9:38 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 19 new items)

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• Short term capital losses subject to STT can be set off against Short term capital gains not subject to STT
• Payments made by telecasting companies to satellite companies for telecommunication or broadcasting constitutes royalty
• Sale in course of import by transfer of documents of title to goods before the goods crosses Custom Frontiers of India ((High Seas Sale)
• The difference between the market price and the issue price of the ESOP is not an allowable expenditure
• Government approval not be required for paying royalty to foreign firms
• Government decided to hike the minimum wages to Rs 100 from existing Rs 80 per day
• Government can earn Rs 50,000 crore by faster disposal of tax related cases pending in various tribunals and courts
• Empanelment with SBI of audit firms for concurrent audit of treasury operations
• Frequently asked questions on tax deducted as source (TDS)
• CBEC amends Tariff Value of Brass Scrap and Poppy Seeds – Amendment in Notification No. 36/2001-Cus (N. T.), dated, 3rd August 2001
• SEBI Cir No. IMD/FII & C/41/2009 on allocation methodology of debt investment limits to FIIs
• Competition (Amendment) Bill, 2009 got the Approval of parliament
• Company Law in India – A Brief
• List of terrorist individuals/organisations – under UNSCR 1267(1999) and 1822 (2008) on Taliban/Al-Qaida Organisation
• Conversion of DTA unit to STPI unit – eligible for deduction under Section 10A
• Comprehensive insurance policy for vehicles covers the pillion rider: Delhi High Court
• PwC executive director Amrish Shah quits; could see major churn involving senior partners
• Modifications in the existing SEBI circulars for Mutual Funds
• Prudential Treatment of different types of Provisions in respect of Loan Portfolios

Short term capital losses subject to STT can be set off against Short term capital gains not subject to STT Posted: 17 Dec 2009 07:41 PM PST The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short Term Capital Gains (STCG) arising from sale of shares on or after 1 October 2004 on a stock exchange which are subject... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Payments made by telecasting companies to satellite companies for telecommunication or broadcasting constitutes royalty Posted: 17 Dec 2009 07:26 PM PST Conflicting decisions of the Income-tax Appellate Tribunal (the Tribunal) concerning similar payments in the case of Asia Satellite Telecommunications Co. Ltd. v. DCIT [2003] 85 ITD 478 (Delhi ITAT) and DCIT v. Pan AmSat International Systems Inc.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Sale in course of import by transfer of documents of title to goods before the goods crosses Custom Frontiers of India ((High Seas Sale) Posted: 17 Dec 2009 06:40 PM PST Please explain sale in course of import by transfer of documents of title to goods before the goods crosses Custom Frontiers of India ((High Seas Sale) with special reference to when the goods crosses Custom Frontiers of India. A dealer in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

The difference between the market price and the issue price of the ESOP is not an allowable expenditure Posted: 17 Dec 2009 06:24 PM PST Recently, the Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Ranbaxy Laboratories Ltd. has held that the difference between the market price and the issue price of the shares offered to employees under the Employee... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government approval not be required for paying royalty to foreign firms Posted: 17 Dec 2009 05:41 PM PST Indian companies paying royalty to foreign firms for technology transfer, use of brand name or trademark will no longer require government approval, as such payments have been allowed under the automatic route. ". it has been decided to permit, with... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government decided to hike the minimum wages to Rs 100 from existing Rs 80 per day Posted: 17 Dec 2009 05:29 PM PST Bringing relief to the working class of the country facing an unprecedented price rise, the government has decided to hike the minimum wages to Rs 100 from existing Rs 80 per day. "The decision to hike minimum wages to Rs 100 per day would be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government can earn Rs 50,000 crore by faster disposal of tax related cases pending in various tribunals and courts Posted: 17 Dec 2009 05:21 PM PST India Inc has informed the ministry of finance that the government can unlock a whopping Rs 50,000 crore in revenue if it fast-tracks cases related to direct and indirect taxes that are pending in various tribunals and courts. The Confederation of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Empanelment with SBI of audit firms for concurrent audit of treasury operations Posted: 17 Dec 2009 05:00 PM PST State Bank of India, having its Corporate Centre at Mumbai is India's leading Public Sector Bank having all India presence, branch network of over 12000 branches is interested in engaging an Audit firm of repute and proven track record to carry out... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Frequently asked questions on tax deducted as source (TDS) Posted: 17 Dec 2009 04:40 PM PST 1) Whether capitalization of interest payable attracts TDS U/S 194A? A) Yes, Capitalization of interest payable attracts the provisions of TDS. TDS is to be made on interest payment regardless of the fact whether borrower uses funds for acquiring... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBEC amends Tariff Value of Brass Scrap and Poppy Seeds – Amendment in Notification No. 36/2001-Cus (N. T.), dated, 3rd August 2001 Posted: 17 Dec 2009 09:07 AM PST In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI Cir No. IMD/FII & C/41/2009 on allocation methodology of debt investment limits to FIIs Posted: 17 Dec 2009 09:01 AM PST The debt requests in this regard shall be forwarded to the dedicated email id fii_debtrequests@sebi.gov.in. The window for first come first served process shall open at 23:59 PM IST, December 17, 2009. Time period for utilization of the allocated... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Competition (Amendment) Bill, 2009 got the Approval of parliament Posted: 17 Dec 2009 08:33 AM PST The Parliament has passed the the Competition (Amendment) Bill, 2009 which is to replace the Competition (Amendment) Ordinance, 2009 and to further amend section 66 of the Competition Act, 2002. Rajya Sabha passed it today, while the Lok Sabha had... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Company Law in India – A Brief Posted: 17 Dec 2009 08:26 AM PST In view of the vastness of the subject, the complications and listening at many of my colleagues, I have decided to present a small brief on Companies to be formed under the provisions of Companies Act, 1956, the difference between Private Limited... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

List of terrorist individuals/organisations – under UNSCR 1267(1999) and 1822 (2008) on Taliban/Al-Qaida Organisation Posted: 17 Dec 2009 06:20 AM PST State and Central Co-operative Banks are required to update the consolidated list of individuals/entities as circulated by Reserve Bank and before opening any new account, it should be ensured that the name/s of the proposed customer does not appear... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Conversion of DTA unit to STPI unit – eligible for deduction under Section 10A Posted: 17 Dec 2009 04:31 AM PST The agitation by the revenue is that the assessee company was not entitled to deduction under section 10A as the CIT (A) failed to appreciate the fact that the assessee had commenced manufacture, production of software prior to its registration as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Comprehensive insurance policy for vehicles covers the pillion rider: Delhi High Court Posted: 17 Dec 2009 04:25 AM PST The Delhi High Court has ruled that a comprehensive insurance policy for vehicles also covers the pillion rider on a two-wheeler and passengers in a car. Following the ruling, all 17 insurance companies providing insurance to two-wheelers and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

PwC executive director Amrish Shah quits; could see major churn involving senior partners Posted: 17 Dec 2009 02:59 AM PST Professional services firm PriceWaterhouseCoopers India on Tuesday witnessed the exit of executive director (tax practice) Amrish Shah, even as the industry was rife with rumors that the firm, which is the largest in India, could see a major churn... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Modifications in the existing SEBI circulars for Mutual Funds Posted: 17 Dec 2009 02:53 AM PST In terms of the provisions of Securities and Exchange Board of India Act, 1992, read with the provisions of the SEBI (Mutual Funds) Regulations, 1996, SEBI has issued various guidelines/circular s from time to time for compliance by Mutual Funds and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Prudential Treatment of different types of Provisions in respect of Loan Portfolios Posted: 17 Dec 2009 02:43 AM PST As per the extant instructions, provisions made for NPAs as per prudential norms are deducted from the amount of Gross NPAs to arrive at the amount of Net NPAs. In cases where banks make specific provision for NPAs in excess of what is prescribed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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