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Monday, August 9, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Aug 9, 2010 at 10:00 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Minimum Alternate Tax (MAT) provisions not applicable to foreign companies if no physical presence in India

Posted: 08 Aug 2010 08:59 PM PDT


The applicant is a company incorporated in the United States and is a leading manufacturer of engineered bearings, alloys etc. The applicant has a significant shareholding in an Indian listed company, which was initially set up as joint venture with...

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Transfer of shares by a foreign company to its wholly owned Indian subsidiary not taxable in India

Posted: 08 Aug 2010 08:55 PM PDT


Praxair Pacific Limited (PPL ), a company incorporated in Mauritius, proposes to transfer its 74% equity stake in Jindal Praxair Oxygen Company Private Limited (JPOCPL) to its wholly owned subsidiary in India, Praxair India Private Limited (Praxair...

[[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Full value of consideration is totally different from the concept of Fair market value

Posted: 08 Aug 2010 08:48 PM PDT


Reliance Communications Infrastructure Ltd. ("RCom") transferred shares of Reliance Infocomm Ltd. (RIL) worth INR. 50 crores at face value (INR.1) to one of the promoters (market value of shares being INR. 53.7).As per the promoter, the shares were...

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Highlights of Supreme Court decision on NCLT issue

Posted: 08 Aug 2010 08:41 PM PDT


The National Company Law Tribunal (NCLT) was expected to take over the role of the High Court (in dealing with company law matters such as sanctioning of schemes of arrangement, ordering winding up of companies, dealing with petitions for oppression...

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Conversion of Company into Limited Liability Partnership (LLP) – Amendment to Finance Bill 2010

Posted: 08 Aug 2010 08:18 PM PDT


The Finance Bill 2010, introduced provisions for conversion of private companies / unlisted companies into LLP along with conditions for tax neutrality of such conversions. One of the conditions for tax neutrality is that the total sales, turnover...

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FEMA – Change in Pricing Guidelines for issue of shares to non-residents

Posted: 08 Aug 2010 08:15 PM PDT


The pricing in regard to issue and transfer of shares to non-residents were governed by the CCI guidelines. Theses have been replaced with the discounted cash flow method which is based on the future earnings. However, RBI has made a distinction in...

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Mumbai ITAT upholds per hour billing rate published by NASSCOM for a specific business segment as an external CUP in determining the arm's length price

Posted: 08 Aug 2010 08:04 PM PDT


The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently pronounced its ruling on an appeal originating from a transfer pricing adjustment imposed on 3 Global Services Private Limited ("assessee"). The assessee operates in the voice...

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Total amount of transfer pricing adjustment cannot exceed the absolute amount of revenue realized by the associated enterprise from third parties

Posted: 08 Aug 2010 07:57 PM PDT


This judgment emphasizes the fact that total amount of transfer pricing adjustment cannot exceed the absolute amount of revenue realized by the associated enterprise from third parties and idle capacity adjustment should be allowed to the taxpayer...

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Referencer on Secretarial Audit as issued by ICSI

Posted: 08 Aug 2010 07:44 PM PDT


The Ministry of Corporate Affairs, Government of India released CORPORATE GOVERNANCE VOLUNTARY GUIDELINES 2009 on December 21, 2009. The preamble to Guidelines states that "These guidelines provide for a set of good practices which may be...

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Government uncovered 44 crore of untaxed money

Posted: 08 Aug 2010 06:52 PM PDT


The Finance Ministry today said it has uncovered around Rs 44 crore of untaxed money parked by 18 Indian nationals with LGT Bank in the European tax haven of Liechtenstein and have raised a tax demand of Rs 24 crore. "Assessments have been made...

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Private sector banks could be allowed to handle provident fund and pension payments of government employees

Posted: 08 Aug 2010 06:47 PM PDT


Private sector banks could be allowed to handle provident fund and pension payments of government employees, giving them access to large amount of low-cost funds. The proposal is in response to a demand by the public sector banks for an increase in...

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Section 86(1A) of the Finance Act, 1994 – Appeals – Constitution of Committee u/s 86(1A) – Service Tax- Amendment in Notification No. G.S.R. 354(E), dated the 12-5-2007

Posted: 08 Aug 2010 06:42 PM PDT


In exercise of the powers conferred by sub-section (1A) of Section 86 of the Finance Act, 1994 (32 of 1994), the Board hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance, Department of...

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Payment in kind to foreign company in respect of Income derived in India is liable for tax deduction : SC

Posted: 08 Aug 2010 06:19 PM PDT


PAYMENT made in kind too is liable to be taxed in India, said the Supreme Court in a ruling last month. The apex court in July dismissed an appeal filed by Kanchanganga Sea Foods, an Andhra Pradesh-based company, which was asked to pay tax on the...

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Fake doctor's son makes movie debut

Posted: 08 Aug 2010 06:15 PM PDT


On the run from the law for one year and now out on bail, fake doctor Munir Khan managed to monitor the production of his younger son Munish's debut film. Titled Payback (any reflection of the victims' sentiments is purely coincidental), the film,...

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ICAI proposes to start coaching classes for students through virtual classrooms

Posted: 08 Aug 2010 05:58 PM PDT


The Institute of Chartered Accountants of India soon proposes to start coaching classes for students through virtual classrooms, the Institute's Vice-President, Mr G Ramaswamy, told journalists here on Sunday. "We will facilitate more virtual...

[[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Presumptive Income Schemes for Small Assessees under Income Tax Act 1961

Posted: 08 Aug 2010 09:38 AM PDT


There are many presumptive income schemes for small businessmen engaged in civil construction, transport business, retailers etc. A person covered under these schemes can declare his income under these sections on presumptive basis and can get...

[[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

VAT Notification on Refund of VAT allowed to British Deputy High Commissions in Mumbai

Posted: 06 Aug 2010 05:52 PM PDT


In exercise of the powers conferred by sub-section (1) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends the Government Notification, Finance Department, No. VAT....

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

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