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Tuesday, August 3, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Aug 3, 2010 at 9:46 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Any disclosure made subsequent to seizure of incriminating material cannot be called voluntary

Posted: 02 Aug 2010 08:46 PM PDT


When the disclosure is made subsequently to the seizure of incriminating material, the disclosure is made because of adverse consequences and such disclosure is not voluntary. On the facts of the case, the disclosure was made pursuant to search and...

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Consequences of Filing Income Tax Return After Due Date

Posted: 02 Aug 2010 08:45 PM PDT


The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it...

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Is It Wrong To Express Opposition When The Judge Departs From The Settled Practice?

Posted: 02 Aug 2010 08:44 PM PDT


I have great respect for judiciary and legal profession. I have heard about the eminent lawyers in India like H.M.Seervai and his courage and commitment to the chosen principles. I have studied that he was so courageous and never compromised with...

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Biyani offers 50 crore Salary Package to former CEO of ICICI Prudential Life Insurance

Posted: 02 Aug 2010 08:42 PM PDT


Ever heard of a Rs. 50-crore compensation package? That's what V Vaidyanathan, former managing director (MD) and CEO of ICICI Prudential Life Insurance, has been offered to shift loyalties to Future Capital Holdings, the finance company promoted by...

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Revision of Contribution Rate Under Employees Pension Scheme (EPS), 1995

Posted: 02 Aug 2010 08:28 PM PDT


The employer and employee contribute to the Provident Fund each @ 12% of wages. Out of employer share of Provident Fund, 8.33% contribution is diverted to Employees' Pension Fund.The rate of contribution by the Employer to Employees' Pension Fund...

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Tax SOPS for Industrial Parks

Posted: 02 Aug 2010 08:19 PM PDT


Section 80-IA [4 (iii)] of the Income Tax Act, 1961 provides for a tax holiday for 10 out of 15 years in respect of profits of any undertaking which develops, develops and operates or maintains and operates an industrial park or special economic...

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CJI says government must consult the judiciary in selecting prosecutors

Posted: 02 Aug 2010 07:26 PM PDT


Chief Justice of India S.H. Kapadia pointed out that the government took away powers under Section 24 of the Criminal Procedure Code, under which Public Prosecutors were appointed in consultation with the Chief Justices of the High Courts. "Why the...

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Doctors prohibited from accepting gifts from pharma companies

Posted: 02 Aug 2010 07:16 PM PDT


Ministry of Health & Family Welfare, in consultation with Medical Council of India, has recently taken more stringent steps to curb malpractices resorted to by the doctors by amending the Indian Medical Council (Professional conduct, Etiquette...

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Supreme Court rules Directors not responsible for dishonoured cheque

Posted: 02 Aug 2010 06:36 PM PDT


The Supreme Court ruled last week that prosecution for issuing a cheque which was dishonoured for want of credit in the bank can be initiated only against the person who issued the cheque and not against the company or directors who were not aware...

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Secondary packing on goods leaving factory not to attract excise duty

Posted: 02 Aug 2010 05:50 PM PDT


Secondary packing on fabrics leaving the factory gate for upcountry customers would not attract excise duty, the Supreme Court stated last week in the judgment , National Leather Cloth Manufacturing Co vs Union of India, setting aside the ruling of...

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IT Notification No. 65/2010-Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 3-7-2001

Posted: 02 Aug 2010 05:35 PM PDT


In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry...

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Non-Compliance of Certain Provisions of The Companies Act by Owners of IPL Cricket Teams

Posted: 02 Aug 2010 05:30 PM PDT


The Government has said that preliminary information/reports have indicated non-compliance of certain provisions of the Companies Act, 1956 by owners of some Indian Premier League (IPL) cricket teams. Giving this information in written reply to a...

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Notification No. 62/2010-Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 3-7-2001

Posted: 02 Aug 2010 04:36 PM PDT


In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry...

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SEZs in the Country

Posted: 01 Aug 2010 08:51 PM PDT


In addition to seven Central Government Special Economic Zones (SEZs) and 12 State/Private Sector SEZs set up prior to the enactment of SEZ Act, 2005, formal approval has been accorded to 576 proposals out of which 358 SEZs have been notified. A...

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SEBI circular on Reporting of OTC transactions in Certificates of Deposit and Commercial Papers

Posted: 01 Aug 2010 08:51 PM PDT


FIMMDA was requested by RBI to set up a reporting platform to capture all OTC transactions in CDs and CPs, pursuant to a decision to introduce a reporting platform for all secondary market transactions in CDs and CPs.

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Brief details on major revisions to transfer pricing guidelines issued by OECD

Posted: 01 Aug 2010 07:19 PM PDT


On 22 July the Organisation for Economic Co-operation and Development (OECD) released major revisions of its transfer pricing guidelines. Please read on for brief details of these recent developments. Chapters I, II and III of the OECD Guidelines...

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--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/

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