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Saturday, December 19, 2009

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



On Sat, Dec 19, 2009 at 9:36 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

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

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Consideration for permission to use TDR / FSI not chargeable to tax: ITAT Mumbai

Posted: 18 Dec 2009 07:57 PM PST

The assessee co-op housing society gave permission to a developer to construct 2 floors and 8 flats on the building belonging to the society by using the TDR / FSI available to the developer. In consideration, the developer paid Rs. 26 lakhs to the...

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Tribunals upheld the concept of 'make available' and held specified services not Fees for technical services

Posted: 18 Dec 2009 07:48 PM PST

Tribunals upheld the concept of 'make available' and held specified services not Fees for technical services Mumbai and Bangalore bench of Tribunal upheld the concept of 'make available' in two different cases and held that the specified services...

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Government considering amendments to Right to Information (RTI) Act

Posted: 18 Dec 2009 06:59 PM PST

The Union government is contemplating a bunch of amendments to its flagship Right to Information (RTI) Act to stop 'mischievous and frivolous' queries through the right that is aimed at bringing more transparency in government services.The proposed...

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RCOM registered complaint with ICAI against the special government-appointed auditor

Posted: 18 Dec 2009 06:54 PM PST

The Anil Dhirubhai Ambani Group (ADAG) has registered a formal complaint with the accounting regulator – the Institute of Chartered Accountants of India (ICAI) - against the government-appointe d auditor for claiming that its flagship company,...

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Tax burden of salaried increased as they have to pay taxes on perquisites as pre FBT norms returned back

Posted: 18 Dec 2009 06:26 PM PST

Salaried taxpayers enjoying perks, such as chauffeur-driven cars, will see their tax outgo jumping in the next three months as the government changed the way these perks are valued and lumps their whole year collection to three months. The Central...

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Pay tax on perquisites for the whole year in next three months, double whammy for taxpayers

Posted: 18 Dec 2009 06:15 PM PST

Your tax burden has just gone up, with the government today issuing the new guidelines for taxation of perquisities. In fact, it could be a double whammy, as you have to pay the additional tax liability for the whole of this financial year over the...

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FBT replaced by perquisites, Government notified rules related to valuation of perquisites

Posted: 18 Dec 2009 06:09 PM PST

Employees will now have to pay taxes on perquisites given to them by their employers as the Central Board of Direct Taxes has notified the much-awaited rules for valuation of the benefits. With these rules, the fringe benefit tax (FBT) being paid by...

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SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2009

Posted: 18 Dec 2009 09:40 AM PST

Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2009 - Amendment in regulations 2,10,29,42,50, 96,98, Schedules VIII, XI and insertion of regulation 55A. Related posts:Comparison...

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Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) Section 24- Investment in Government and other approved securities by Urban Co-operative Banks (UCBs)

Posted: 18 Dec 2009 09:31 AM PST

2. With a view to disseminating information on the SLR status of a Government security, it has been decided that: (i) the SLR status of securities issued by the Government of India and the State Governments will be indicated in the Press Release...

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Commercial taxes department has conducted 298 raids from April to November this year

Posted: 18 Dec 2009 09:26 AM PST

The commercial taxes department has conducted 298 raids from April to November this year. These statistics were placed before the House by chief minister Digambar Kamat, who holds the finance portfolio, during Question Hour on Thursday. The...

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Insurance companies, while settling third party insurance claims, cannot deduct tax at source

Posted: 18 Dec 2009 09:23 AM PST

Insurance companies, while settling third party insurance claims, cannot deduct tax at source (TDS) on the interest earned on the compensation amount, ruled Bombay high court. A division bench of justice Sharad Bobde and justice SJ Kathawalla, in an...

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Government notified rules for valuation of perquisites for the financial year 2009-2010

Posted: 18 Dec 2009 09:09 AM PST

In exercise of the power conferred by section 295 read with sub-section (2) of section 17 of the Income Tax Act, 1961 (43 of 1961) , the central Board of Direct taxes hereby makes the following rules further to amend the Income Tax Rules, 1962...

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Views solicited on the Indian Trusts (Amendment) Bill, 2009

Posted: 18 Dec 2009 08:55 AM PST

Views and suggestions are solicited on the Indian Trusts (Amendment) Bill, for submission to the Hon'ble Parliamentary Standing Committee. Please click for text of the Indian Trusts (Amendment) Bill, 2009 alongwith statement of Objects and...

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Simple understanding of GST

Posted: 18 Dec 2009 08:19 AM PST

Q.1 What does GST seeks to achieve? Ans. GST is a major indirect tax reform in India which takes VAT to its logical conclusion. GST would avoid burden of multiple taxation (tax on tax) with a cascading effect. GST seeks to rule out...

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Important Announcement on Empanelment in the panel prepared by Office of C&AG and Bank Branch Auditors' Panel prepared by ICAI

Posted: 18 Dec 2009 06:44 AM PST

The Council of the Institute at its 242nd meeting held in April, 2004 had decided that there shall be a cut off date for condonation of cases for empanelment purposes as on 1st January and the cases received beyond the cut off date will not be...

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Non-Advocates cannot give legal opinions: Bombay High Court

Posted: 18 Dec 2009 06:38 AM PST

Foreign Law Firms are not eligible to open liaison offices or to practice law in India. Even giving an opinion on a legal matter amounts to "practise of law". Non-Advocates cannot practise law. Related posts:Bombay High Court dismissed about 400...

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BSE, NSE will open at 9 a.m. from January 4, 2010

Posted: 18 Dec 2009 06:24 AM PST

The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have decided to postpone new trading timings to January 4, 2010. The two exchanges on Wednesday said that the market would open at 9 a.m. effective December 18 an advancement of...

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Under "block of assets", user of individual assets is not required: Delhi High Court

Posted: 18 Dec 2009 06:17 AM PST

The assessee purchased machinery which was not put to use during the year though it formed a part of the "block of assets". On the question whether depreciation on the said machinery was allowable, the Tribunal held that once a particular asset...

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Rescinds Notification No. 74/2009 – Customs, dated 22-06-2009

Posted: 18 Dec 2009 05:33 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...

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Palash Biswas
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