Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Aug 2, 2010 at 9:47 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Constitutional validity of amendment made by Finance Act, 2010 to construction services challenged
• Examination Results – A Mixed Bag:ICAI President
• An unregistered private trust cannot open a Demat account in its name and in the name of Gods or Goddesses
• SEZ may retain income tax concessions even after introduction of the Direct Taxes Code
• Taxes Outstanding Against Multi-National Company
• Indian Cricket Board refuses to give Rs 100 crore donation to CWG Oraganising Committee
• Release of Interest Subvention to Public Sector Banks etc. to ensure short term crop loans to farmers
• DLF Cyber City Developers Limited approved as industrial infrastructure undertakings under Section 80-IA of the Income-tax Act, 1961
• CUSTOMS Notification No 68/2010 (NT), 30-07-2010, Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001

Constitutional validity of amendment made by Finance Act, 2010 to construction services challenged Posted: 01 Aug 2010 08:49 PM PDT Construction of a complex intended for sale by the builder before, during or after construction is deemed to be a service provided by the builder to the buyer;No service tax is leviable if entire payment for the property is paid by the buyer after... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Examination Results – A Mixed Bag:ICAI President Posted: 01 Aug 2010 08:10 PM PDT The results of the latest CA Final Examination (May, 2010) and Common Proficiency Test-Paper Pencil Mode (June, 2010) are out. Overall, the results have been a mixed bag. While the results of CA Final Examination are disappointing, the results for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

An unregistered private trust cannot open a Demat account in its name and in the name of Gods or Goddesses Posted: 01 Aug 2010 08:01 PM PDT It is true that under Income Tax Act individual income received by a particular trust for a particular deity may be treated as income of said deity, but provisions of Income Tax Act cannot be relied upon so far as opening of Demat account is... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

SEZ may retain income tax concessions even after introduction of the Direct Taxes Code Posted: 01 Aug 2010 07:28 PM PDT Units located in special economic zones (SEZ) are likely to retain the income tax concessions even after introduction of the Direct Taxes Code. A compromise is being worked out by the commerce and revenue departments, though a continuation of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Taxes Outstanding Against Multi-National Company Posted: 01 Aug 2010 07:14 PM PDT No separate database regarding the outstanding demand against Multi-National Company (MNCs) as a separate category or class is maintained. However, the total outstanding demand against companies as on 1.4.2009 was Rs. 75,509 crore out of which Rs.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Indian Cricket Board refuses to give Rs 100 crore donation to CWG Oraganising Committee Posted: 01 Aug 2010 07:07 PM PDT After a meeting of its Working Committee at the Cricket Centre here, the BCCI said it would not be able to extend financial help to the October 3 to 14 event, the build-up to which has been marred by construction delays and now allegations of money... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Release of Interest Subvention to Public Sector Banks etc. to ensure short term crop loans to farmers Posted: 31 Jul 2010 10:17 PM PDT The Union Cabinet today gave its approval for the release of a sum of Rs.4,868 crore (subject to actuals) as interest subvention to Public Sector Banks (PSBs), Regional Rural Banks (RRBs) and Cooperative Banks and to NABARD for refinance to RRBs and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

DLF Cyber City Developers Limited approved as industrial infrastructure undertakings under Section 80-IA of the Income-tax Act, 1961 Posted: 31 Jul 2010 10:02 PM PDT Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) hereinafter referred to as the said Act), has framed and notified a scheme for industrial... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

CUSTOMS Notification No 68/2010 (NT), 30-07-2010, Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 Posted: 31 Jul 2010 08:17 PM PDT 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 www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

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Palash Biswas
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