Re: UPDATES FROM TAX GURU (in this message: 7 new items)

On Sun, Dec 20, 2009 at 9:34 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 7 new items)

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• Allowability of depreciation on the Bombay Stock Exchange Membership Card
• Section 14A submission accepted by AO can not be sent back to AO for reconsideration by tribunal
• UCBs – List of Terrorist individuals / organizations – under UNSCR 1267 (1999) and 1822(2008) on Taliban / Al-Qaida Organisation
• UCBs – KYC Norms/AML Standards/Combating Financing of Terrorism CFT (RBI/2009-10/260)
• Press Note on Liberalization of Foreign Technology agreement policy
• Never ending bailout
• If you salary has larger proportion of perquisites then you will need to pay more tax for this year

Allowability of depreciation on the Bombay Stock Exchange Membership Card Posted: 19 Dec 2009 09:03 AM PST Recently, the Bombay High Court in the case of CIT v. Techno Shares & Shares Limited and Various other Stock Broking Houses (ITA no. 971 of 2006 and 218 of 2007) held that the depreciation cannot be granted on Bombay Stock Exchange Membership... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Section 14A submission accepted by AO can not be sent back to AO for reconsideration by tribunal Posted: 19 Dec 2009 08:16 AM PST The Bombay High Court ruled that once the taxpayer's submissions with respect to section 14A was accepted by a tax officer, the Tribunal cannot send back the same matter for the tax officer's re¬consideration. Recently, the Bombay High Court in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

UCBs – List of Terrorist individuals / organizations – under UNSCR 1267 (1999) and 1822(2008) on Taliban / Al-Qaida Organisation Posted: 19 Dec 2009 07:18 AM PST Please refer to our circular UBD (PCB) CO.BPD. Cir. No. 15 / 14.01.062 / 2009-10 dated October 22, 2009 on the above subject. We have since received from Government of India (Ministry of External Affairs) copies of notes dated September 3, 2009;... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

UCBs – KYC Norms/AML Standards/Combating Financing of Terrorism CFT (RBI/2009-10/260) Posted: 19 Dec 2009 07:11 AM PST The Financial Action Task Force (FATF) has issued a further Statement on October 16, 2009 on the subject (copy enclosed). UCBs are accordingly advised to take into account risks arising from the deficiencies in AML / CFT regime of Iran, Uzbekistan,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Press Note on Liberalization of Foreign Technology agreement policy Posted: 19 Dec 2009 07:04 AM PST The existing policy of Government of India on the payment of royalties under Foreign Technology Collaboration provides for automatic approval for foreign technology transfers involving payment of lumpsum fee of US$ 2 million and payment of royalty... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Never ending bailout Posted: 19 Dec 2009 06:57 AM PST Banking trouble never seems to end for the world. Even despite of pumping huge funds to bailout and buying up crisis lead bank mortgage assets the story still remains to be unfolding few funds more to be spent. This time the number have taken a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

If you salary has larger proportion of perquisites then you will need to pay more tax for this year Posted: 18 Dec 2009 08:16 PM PST It's not often that the taxman comes to sting you five-and-a-half months after the budget speech. But finance minister Pranab Mukherjee's decision to abolish the fringe benefits tax (FBT) last July is only now being clarified by the taxman, and the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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Palash Biswas
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