Fwd: TaxGuru.in : Legal & Tax Updates

---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Aug 25, 2010 at 9:41 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

---

• ICAI likely to seek powers to penalise errant audit firms with prior approval from government
• Depreciation-Allowability-Trucks in the names of directors
• Can the valuation done by any authority of the State Government for the purpose of payment of stamp duty in respect of land or building be taken as actual sale consideration received by the purchaser?
• Can the notional interest on interest free deposit received by the assessee in respect of a shop let out on rent be brought to tax as "Business income" or "Income from house property"?
• Allowability of remuneration when partnership deed not specify the remuneration payable to each individual working partner but lays down the manner of fixing the remuneration
• Does the Central Board of Direct Taxes (CBDT) have the power under section 119(2)(b) to condone the delay in filing return of income?
• ICAI Special Counters on 25th/26th August,2010 for the receipt of filled-in Examination Form- 24th August,2010
• Gmail Now increases "Undo Send" Duration to up to 30 Seconds
• Is it so difficult to reform our Legal System or Judiciary?
• Development of IT infrastructure must before implementation of GST
• EX Satyam Chairman Mr B. Ramalinga Raju finally appears before the court
• Modification of ANF5A, ANF5B, Appendix 26 and Appendix 26A in Handbook of Procedures Vol.1 (RE:2010)
• Amendment in ANF8 Appendix 14-I-G and deletion of Appendix 14-II
• Amendment of ANF 4A and Appendix 11A, related to Advance Authorisation Scheme vide PUBLIC NOTICE No. 3 / (RE: 2010)/2009-2014,
• Amendments in the Reward/Incentive Schemes of Chapter 3 of FTP 2009-14:- Appendix 37A, Appendix 37D of Handbook of Procedure Vol. 1
• Handbook of Procedures (Volume 1) incorporating Annual Supplement as updated on 23rd August, 2010
• Foreign Trade Policy, 2009-2014 incorporating the Annual Supplement as updated on 23rd August, 2010
• Shri Salman Khurshid to launch an E-Learning Module on Corporate Governance tomorrow
• ICAI invites Suggestions/views from all members with regard to the changes/ modifications required in the Code of Ethics, 2009 in view of the revised edition of IFAC Code of Ethics( 2010)
• Place of effective management essential to substantiate the residential status of the Mauritius company while claiming the capital gains exemption in India
• Fiscally transparent partnership firm eligible for tax treaty benefits and application of "force of attraction" rule to profits indirectly attributable to PE

ICAI likely to seek powers to penalise errant audit firms with prior approval from government Posted: 24 Aug 2010 07:25 PM PDT The Institute of Chartered Accountants of India (ICAI) is likely to ask for powers to penalise errant audit firms, but only with prior approval from the government. The ICAI Council, the apex decision-making body that met last week, was divided on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Depreciation-Allowability-Trucks in the names of directors Posted: 24 Aug 2010 07:00 PM PDT Income tax - Sec 32(1) - Assessee-company claims depreciation on trucks registered in the name of Director - Revenue disallows - Tribunal allows the appeal - held, since the vehicles have been purchased in the name of the Director only for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Can the valuation done by any authority of the State Government for the purpose of payment of stamp duty in respect of land or building be taken as actual sale consideration received by the purchaser? Posted: 24 Aug 2010 06:49 PM PDT The Assessing Officer added the difference between purchase price disclosed in the sale deed and purchase price of the property adopted for the purpose of paying the stamp duty to the total income of the assessee as income from unexplained sources.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Can the notional interest on interest free deposit received by the assessee in respect of a shop let out on rent be brought to tax as "Business income" or "Income from house property"? Posted: 24 Aug 2010 06:46 PM PDT The assessee had received interest free deposit in respect of shops given on rent. The Assessing Officer added to the assessee's income notional interest on the interest free deposit at the rate of 18 per cent simple interest per annum on the ground... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Allowability of remuneration when partnership deed not specify the remuneration payable to each individual working partner but lays down the manner of fixing the remuneration Posted: 24 Aug 2010 06:43 PM PDT In a case where the partnership deed does not specify the remuneration payable to each individual working partner but lays down the manner of fixing the remuneration, would the assessee-firm be entitled to deduction in respect of remuneration paid... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Does the Central Board of Direct Taxes (CBDT) have the power under section 119(2)(b) to condone the delay in filing return of income? Posted: 24 Aug 2010 06:38 PM PDT The assessee filed his return of income which contains a claim for carry forward of losses a day after the due date. The delay of one day in filing the return of income was due to the fact that the assessee had not reached the Central Revenue... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Special Counters on 25th/26th August,2010 for the receipt of filled-in Examination Form- 24th August,2010 Posted: 24 Aug 2010 06:35 PM PDT To facilitate the candidates of November-2010 C.A. Examinations for submitting the filled in CA Examiantion forms , four special counters will be operational in the adjoining premises of the Institute of Chartered Accountants of India viz, Institute... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Gmail Now increases "Undo Send" Duration to up to 30 Seconds Posted: 24 Aug 2010 06:31 PM PDT Do you remember those "Oops" moments when you send email to someone and soon it occurs that you have missed something? This is where the "Undo Send" feature of Gmail comes in. It has saved me several times by undoing the sent emails. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Is it so difficult to reform our Legal System or Judiciary? Posted: 24 Aug 2010 06:29 PM PDT The legal system in India and the judiciary has reached a stage now where the public openly criticise the judiciary and the News Channels debate even the judgments delivered by the Constitutional Courts. It is an open fact in my opinion that the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Development of IT infrastructure must before implementation of GST Posted: 24 Aug 2010 06:29 PM PDT Goods and Service tax (GST) is the most talked about topic in the field of indirect taxation today in India. Everybody is keenly waiting for the proposed GST draft which will replace the existing system of VAT in India. The central government wants... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

EX Satyam Chairman Mr B. Ramalinga Raju finally appears before the court Posted: 24 Aug 2010 06:28 PM PDT Mr B. Ramalinga Raju finally made a brief appearance on Tuesday before the special trial court going into the Satyam scam, managing to avoid media glare. It is nearly a year since the former founder and ex-chairman of Satyam Computer Services has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Modification of ANF5A, ANF5B, Appendix 26 and Appendix 26A in Handbook of Procedures Vol.1 (RE:2010) Posted: 24 Aug 2010 06:28 PM PDT In case of EPCG Authorisation for Projects as per para 5.1B of Policy, the basic customs duty would be 7.5%. Wherever, CVD is paid in cash and not subsequently Cenvated, CVD would not be taken for computation of net duty saved. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment in ANF8 Appendix 14-I-G and deletion of Appendix 14-II Posted: 24 Aug 2010 06:13 PM PDT The performance of EOUs would be reviewed by the Unit Approval Committee on six monthly basis i.e. April-September each year to be completed in the following quarter on the basis of QPRs/APR to be furnished by the EOUs. The formats of QPR/APR have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment of ANF 4A and Appendix 11A, related to Advance Authorisation Scheme vide PUBLIC NOTICE No. 3 / (RE: 2010)/2009-2014, Posted: 24 Aug 2010 06:05 PM PDT Sl No. 4C related to Chartered Engineer's certificate on import requirement for 4.7 cases, under the "Guidelines for the Applicants" in ANF 4A (Application form for Advance Authorisation) stands deleted and consequently Sl No. 4(d) shall become 4(c). [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendments in the Reward/Incentive Schemes of Chapter 3 of FTP 2009-14:- Appendix 37A, Appendix 37D of Handbook of Procedure Vol. 1 Posted: 24 Aug 2010 06:00 PM PDT In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures Vol.1 (Appendices and Aayat Niryat Forms)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Handbook of Procedures (Volume 1) incorporating Annual Supplement as updated on 23rd August, 2010 Posted: 24 Aug 2010 05:57 PM PDT In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby notifies the Handbook of Procedures (Volume 1) incorporating Annual Supplement as updated on 23rd August, 2010 as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Foreign Trade Policy, 2009-2014 incorporating the Annual Supplement as updated on 23rd August, 2010 Posted: 24 Aug 2010 05:55 PM PDT In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,1992 (No.22 of 1992) read with paragraph 1.2 of the Foreign Trade Policy, 2009-2014, the Central Government hereby notifies the Foreign Trade... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Shri Salman Khurshid to launch an E-Learning Module on Corporate Governance tomorrow Posted: 24 Aug 2010 09:27 AM PDT Shri Salman Khurshid, Minister of Corporate Affairs, will launch here tomorrow evening an e-learning module on Corporate Governance: Voluntary Guidelines 2009. It will be a joint effort of the Ministry of Corporate Affairs and Dun & Bradstreet... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI invites Suggestions/views from all members with regard to the changes/ modifications required in the Code of Ethics, 2009 in view of the revised edition of IFAC Code of Ethics( 2010) Posted: 24 Aug 2010 03:31 AM PDT Suggestions/views invited from all members with regard to the changes/ modifications required in the Code of Ethics, 2009 in view of the revised edition of IFAC Code of Ethics( 2010). Suggestions/views invited from all members with regard to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Place of effective management essential to substantiate the residential status of the Mauritius company while claiming the capital gains exemption in India Posted: 23 Aug 2010 09:15 PM PDT Mere tax residence certificate may not be the conclusive determinant of residential status of the Mauritius company. It may be essential to substantiate the residential status based on the place of effective management. Documents like board minutes... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Fiscally transparent partnership firm eligible for tax treaty benefits and application of "force of attraction" rule to profits indirectly attributable to PE Posted: 23 Aug 2010 09:05 PM PDT The Ruling recognizes that a partnership firm, albeit a fiscally transparent entity, can be regarded as an entity liable to tax and hence eligible for benefits under the DTAA. The Tribunal has also observed that the fiction of deeming the PE to be a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

You are subscribed to email updates from LEGAL & FINANCIAL UPDATES FROM TAX GURU To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

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