Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Aug 11, 2010 at 10:00 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Matching TDS data is big issue for Assessee and Department
• Very few takers for the `Easy Exit Scheme – 2010′
• High Court dismisses petition challenging tax exemption MLAs of Punjab
• States given veto power along with the Centre in the proposed GST council
• Delayed payment of foreign travel tax (FTT) attract penalty under the provision of the Finance Act, 1979 : Bombay HC
• Payment of Annual Membership/Certifacte of Practice Fee for the Year 2010-11
• Eligibility to appear in CA Final Examination – November, 2010 Examination and onwards
• Relaxation from undergoing Orientation Programme and extension of completion date of Information Technology Training (ITT)
• Important Announcement for students of Final Course and their Eligibility to appear in the Final Examination
• Finance Minister not averse to more fiscal, monetary steps to ease inflation
• Service tax on commission received by Primary Dealers dealing in Government Securities regarding
• Government proposes to modernize corporate Governance
• Dealers filing quarterly MVAT return to Pay VAT online from 1st October 2010
• DTC proposes to substitute profit-linked incentives with investment-linked deductions for SEZs

Matching TDS data is big issue for Assessee and Department Posted: 10 Aug 2010 08:12 PM PDT Tax deducted at source (TDS) has become a problematic issue with the income tax department as in more than 50% TDS refund cases it is facing an uphill task in matching the data provided in the assessee's income tax returns with the TDS deductor's... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Very few takers for the `Easy Exit Scheme – 2010′ Posted: 10 Aug 2010 08:09 PM PDT With more than 26,000 companies vanishing from the radar of the Registrar of Companies (RoC) in Andhra Pradesh, the ministry of company affairs (MCA) has come up with a scheme to help defunct companies complete formalities for a proper closure. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

High Court dismisses petition challenging tax exemption MLAs of Punjab Posted: 10 Aug 2010 08:04 PM PDT The Punjab and Haryana High Court on Monday dismissed a petition challenging tax exemption to Members of the Legislative Assembly (MLAs) of Punjab. Dismissing the petition filed by one Manmohan Singh of Ludhiana, a division bench today held that... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

States given veto power along with the Centre in the proposed GST council Posted: 10 Aug 2010 07:59 PM PDT The Centre, in a redrafted constitutional amendments bill for the proposed Goods and Services Tax (GST), has suggested that the states also be given a veto power along with the Centre in the proposed GST council so that every decision taken by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Delayed payment of foreign travel tax (FTT) attract penalty under the provision of the Finance Act, 1979 : Bombay HC Posted: 10 Aug 2010 07:56 PM PDT In a setback to foreign carrier companies, the Bombay high court has ruled that delayed payment of foreign travel tax (FTT) could attract penalty under the provision of the Finance Act, 1979. Rejecting the plea of petitioners Malaysian Airlines,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Payment of Annual Membership/Certifacte of Practice Fee for the Year 2010-11 Posted: 10 Aug 2010 07:22 PM PDT The annual Membership and Certificate of Practice fees (if member holds certificate of practice) became due and payable on 1st April, 2010. Circulars advising members to pay the membership/certificate of practice fee were sent to individual members... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Eligibility to appear in CA Final Examination – November, 2010 Examination and onwards Posted: 10 Aug 2010 07:16 PM PDT We are glad to inform that the Council at its 297th meeting held in August, 2010 decided to simplify eligibility requirement s for Final Examination to mitigate the hardship being faced by the students of various streams i.e. Intermediate/ PE -II... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Relaxation from undergoing Orientation Programme and extension of completion date of Information Technology Training (ITT) Posted: 10 Aug 2010 07:10 PM PDT In view of the discontinuation of Professional Education (Examination-II), all students of erstwhile Intermediate/ Professional Education (Course-II) shall have to switchover to Integrated Professional Competence Course (IPCC) to continue their... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Important Announcement for students of Final Course and their Eligibility to appear in the Final Examination Posted: 10 Aug 2010 06:47 PM PDT Accordingly, PE-II students who shifted to PCC or to PCC and then to IPCC or to IPCC shall be allowed to take the Final examination during the last 12 months of their prescribed period of articled training. Students, who remained in PE-II stream and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Finance Minister not averse to more fiscal, monetary steps to ease inflation Posted: 10 Aug 2010 06:41 PM PDT The Reserve Bank is constantly watching monetary expansion. To improve the supply position, import doors are kept open and as and when some steps are called for, we will be in a position to take them," he said in an interview to private news channel. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Service tax on commission received by Primary Dealers dealing in Government Securities regarding Posted: 10 Aug 2010 06:34 PM PDT The matter has been examined. Underwriting service is taxable by virtue of section 65 (105) (z) of the Finance Act, 1994. In the definition of taxable service, two technical terms are mentioned, namely underwriting and underwriter. The term... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Government proposes to modernize corporate Governance Posted: 10 Aug 2010 06:23 PM PDT The Government has said that it proposes to modernize corporate Governance through simpler, accountability obligated, transparent and democratic company law. Stating this intention of the Government in written reply to a question in the Rajya Sabha,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Dealers filing quarterly MVAT return to Pay VAT online from 1st October 2010 Posted: 10 Aug 2010 06:14 PM PDT In pursuance of the powers conferred by rule 45A of the Maharashtra Value Added Tax Rules, 2005, the Government of Maharashtra hereby specify that, with effect from the 1st October 2010, every registered dealer liable to file quarterly returns,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

DTC proposes to substitute profit-linked incentives with investment-linked deductions for SEZs Posted: 10 Aug 2010 06:08 PM PDT The Finance Ministry said on Tuesday that the Direct Taxes Code (DTC) proposes to substitute the currently available profit-linked incentives with investment-linked deductions for specified sectors including developers of Special Economic Zones... [[ 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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