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Monday, January 25, 2010

Fwd: UPDATES FROM TAX GURU (in this message: 15 new items)



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Jan 25, 2010 at 9:36 AM
Subject: UPDATES FROM TAX GURU (in this message: 15 new items)
To: palashbiswaskl@gmail.com


UPDATES FROM TAX GURU (in this message: 15 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Getting income tax details of third person under RTI is still not easy task

Posted: 24 Jan 2010 07:16 PM PST

If you thought getting income tax details of a third person would be an easy task following the recent order of Central Information Commission (CIC), then you are mistaken. In a case filed by Delhi-based chartered accountant R.K. Gupta, the CIC had...

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ATM transaction not free for banks

Posted: 24 Jan 2010 07:12 PM PST

ATM transactions may have become free for customers, but banks now have to pay Re 1 for every ATM transaction that is routed through the National Financial Switch — the backbone of ATM networks in the country. The charge has been introduced after...

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Government overhauled its Income Tax intelligence wing to speed up investigation of high value cases & stop new tax evasion methods

Posted: 24 Jan 2010 07:09 PM PST

The Finance Ministry has overhauled its Income Tax intelligence wing in order to speed up investigation of high value cases of Rs 10 lakhs and above and stop new methods of tax evasion. Commissioners of Income Tax (CITs) of the Central Information...

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Income Tax scrutiny will be tougher, Department increasing the number of Assessing officers who will scrutinise the cases

Posted: 24 Jan 2010 07:05 PM PST

Income tax evaders are being pushed into an increasingly tight corner – the I-T department is planning restructuring that will help assessing officers spend more time on an assessee than they do now. Currently in Mumbai, an assessing officer, the...

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High Court declined to stay Company Law Board order on Gold Tobacco

Posted: 24 Jan 2010 06:36 PM PST

The Bombay High Court has disposed of Golden Tobacco Company's appeal against a judgment of the Company Law Board (CLB) on January 19, 2009, which stayed resolutions passed by the company's board. The court on Friday asked the CLB to pass a judgment...

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FBT First Instalment of June Quarter Paid-Refund or Adjustment?

Posted: 24 Jan 2010 06:35 PM PST

The Finance Bill (No.2), 2009 could be presented on Sixth of July, 2009 due to formation of new government but by that time many corporate assessees had already paid the first instalment under the belief that the Finance Bill has yet to be accorded...

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Election Result- Vasai branch of WIRC

Posted: 24 Jan 2010 06:09 PM PST

Elections to the Vasai branch of WIRC were conducted on 23-01-2010 to constitute a managing committee of 8 members. The voting was about 30%. The results were declared on the same days which are as under:-

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Financial Inclusion -Series 2 (Product Designing @ Target Costing)

Posted: 24 Jan 2010 06:25 AM PST

Promoting Financial Inclusion can be made through Innovative Policies in partnership with efficient cost management and product designing using target costing keeping consumers purchasing parity. Cost management is an old term where the most common...

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Requirement of clubbing of turnover for the purpose of section 44AB in case assessee is carrying on more than one business

Posted: 24 Jan 2010 05:00 AM PST

Tribunal has also placed reliance on yet another judgment of the Supreme Court. ported in (1972) ITR 83 page 27 (Hindustan Steel Limited v. State of Orissa), where it dealt with the provisions contained in Orissal Sales Tax Act. While considering...

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Sudden Selling Trigger

Posted: 23 Jan 2010 10:38 PM PST

It time for a profit booking. Sound pretty harsh and surprised that I have started the topic with a bang of sell trigger. Yes you are correct to read what I wrote. Last week the equities markets in US and Asian economies went for a vacation of free...

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Surplus arising to a partner from transaction of contribution of land held by it to a firm as capital contribution shall be taxable u/s 45

Posted: 23 Jan 2010 09:35 PM PST

and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course of making the transaction of transferring or contributing the land to the partnership firm as capital contribution, the...

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Payment made by a member to its stock exchange for VSAT/Lease line/BOLT/Demat charges is not fee for technical services u/s194J

Posted: 23 Jan 2010 09:29 PM PST

For the purposes of this clause, "fees for technical services* means any consideration (including any lump sum consideration) for the rendering of any managerial, technical or consultancy services (including the provision of services of technical or...

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Settlement Commission is given power u/s. 245H to reduce penalty but same need to be exercised judiciously and not arbitrarily

Posted: 23 Jan 2010 09:23 PM PST

it will be in the interest of justice to set aside the final order passed by the Settlement Commission and to remand the matter back to the Settlement Commission for hearing parties afresh and to pass orders as per law. Facts and circumstances noted...

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Writ petitions are not maintainable where issue involved is essentially a question of fact under provisions of IT Act, 1961 and Rules framed thereunder

Posted: 23 Jan 2010 09:18 PM PST

Therefore, since the writ petitions are now dismissed and liberty has been granted to approach the Department, the petitioners granted four weeks time to approach the concerned authority under the provisions of the Act seeking for appropriate...

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Sustainability of orders passed by Settlement Commission in violation of section 245D(4) of IT Act, 1961

Posted: 23 Jan 2010 09:10 PM PST

Chapter XIX-A is a complete Code in itself as regards settlement of cases for having provided a complete mechanism other than procedure provided under the IT Act. Legislature conferred all powers upon Settlement Commission being vested in IT...

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--
Palash Biswas
Pl Read:
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