Fwd: TaxGuru.in : Legal & Tax Updates

---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Dec 10, 2010 at 10:25 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

---

• CBI Arrests IRS Probationer And Superintendent Of Central Excise For Demanding And Accepting Bribe
• Announcement Of Setting Up Of SICASA Branch At Udupi
• IFRS Expected To Be Effective From April 2011
• Income Tax Officials Raid 23 BPTP Offices
• Clean Chit To Banks Housing Finance Cos On Foreclosure Penalty
• Chartered Accountants Discuss New Ideas In The Field Of Social Audit
• Six Weeks Residential Programme For PCC IPCC PE-II Students Newly Qualified Chartered Accountants
• ICAI - Announcement Of Setting Up Of CICASA Branches At Noida Gwalior Beawar Agra And Bhilai
• Home Loan Interest Rates May Go Upward By January 2011
• Procurement Law In Making - Salman Khurshid
• Disallowance U S 14A Of Expenditure Incurred In Relation To Exempt Income
• Stay Application In ITAT Maintainable Despite Non-filing Of Stay Petition Before Lower Authorities
• Non-Residents Are Allowed To Toggle Between The DTAA And The Income Tax Act Whichever Is Beneficial To Them
• Payment For Procurement Of Support Services From Foreign Affiliate Not Liable To Tax In India
• An Asset Management Company Can Be Treated As An Agent Of Non-resident Investors
• Sale Of Business Information Report By A Non-resident Can Not Be Treated As Royalty Taxable In India
• Subscription Income Received By A Foreign Entity From Indian Clients Is Not Royalty In Accordance With The India-Ireland Tax Treaty
• Taxability Of Benefit Of Waiver Of Loans And Unpaid Interest For Borrower
• Transfer Pricing Adjustment Can Be Made Only To The International Transactions
• Mumbai ITAT Rules On Deductibility Of Business Expenditure Incurred For The Purpose Of Business
• AAR Rules On Taxability Of Software Payments As Per India-Netherlands Tax Treaty
• Landmark SC Decision Defining Inputs In Maruti Suzuki Case Doubted Issue Referred To Larger Bench Of SC
• Ownership Of Units Two Or More Undertakings Under The Same Ownership Status Of The Unit
• RBI Circular On Smart Order Routing - Clarification
• Balances Held By State And Central Co-operative Banks With IDBI Bank Limited - Treatment For CRR SLR Purpose

CBI Arrests IRS Probationer And Superintendent Of Central Excise For Demanding And Accepting Bribe Posted: 09 Dec 2010 10:27 PM PST MUMBAI DEC 09 2010 THE CBI has nabbed an AC and a Superintendent of Central Excise Nanded Division Maharashtra for demanding and accepting a bribe of Rs 18 000 - from the complainant Complainant the Manager of a private co [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Announcement Of Setting Up Of SICASA Branch At Udupi Posted: 09 Dec 2010 02:52 PM PST November 29 2010 Announcement The Institute of Chartered Accountants of India New Delhi-110 002 In pursuance of Regulation 8 1 5 of the Chartered Accountants Regulations 1988 read with Rule 4 of the Chartered Accountan [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IFRS Expected To Be Effective From April 2011 Posted: 09 Dec 2010 02:19 PM PST Corporate India is likely to switch to the new accounting system as per schedule as all pending issues related to tax implications required for convergence with International Financial Reporting Standards IFRS have been addressed [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Officials Raid 23 BPTP Offices Posted: 09 Dec 2010 02:13 PM PST Income Tax officials on Tuesday conducted a search-and-seize operation on several premises of real estate company BPTP under alleged cases of tax evasion The search was carried out in 23 offices of the company across the NCR to asc [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clean Chit To Banks Housing Finance Cos On Foreclosure Penalty Posted: 09 Dec 2010 02:10 PM PST The levy of a penalty by banks and housing finance companies for foreclosure of home loans does not amount to abuse of dominant position the Competition Commission of India CCI ruled on Tuesday quashing borrowers hopes that t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Chartered Accountants Discuss New Ideas In The Field Of Social Audit Posted: 09 Dec 2010 01:51 PM PST The Institute of Chartered Accountants of India ICAI functioning under the aegis of the Ministry of Corporate Affairs organized here today a seminar on Social Audit A plethora of new ideas in this emerging field were discussed b [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Six Weeks Residential Programme For PCC IPCC PE-II Students Newly Qualified Chartered Accountants Posted: 09 Dec 2010 09:52 AM PST Six Weeks Residential Programme on Professional Skills and Development has been initiated by Board of Studies ICAI for the benefit of Chartered Accountancy Students and newly qualified Chartered Accountants All the students who have [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI - Announcement Of Setting Up Of CICASA Branches At Noida Gwalior Beawar Agra And Bhilai Posted: 09 Dec 2010 06:33 AM PST November 29 2010 Announcement The Institute of Chartered Accountants of India New Delhi-110002 In pursuance of Regulation 8 1 5 of the Chartered Accountants Regulations 1988 read with Rule 4 of the Chartered Accountants Students [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Home Loan Interest Rates May Go Upward By January 2011 Posted: 09 Dec 2010 04:49 AM PST Bringing prudence in lending to home borrowers the Reserve Bank of India RBI today increased provisioning for teaser loan rates by 160 basis points from 0 4 per cent to 2 per cent For the first time the central bank has sought t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Procurement Law In Making - Salman Khurshid Posted: 09 Dec 2010 04:27 AM PST The government will devise a national procurement law that will clearly lay down principles to make the process for all organisations including PSEs transparent and competitive to minimise bidder collusion and frauds A proposed nat [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Disallowance U S 14A Of Expenditure Incurred In Relation To Exempt Income Posted: 09 Dec 2010 05:26 AM PST This Article summarizes recent decisions Bombay and Kerala High Courts on the issue of disallowance of expenditure incurred in relation to exempt income by way of dividend on shares nbsp The first ruling is of the Bombay HC in t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Stay Application In ITAT Maintainable Despite Non-filing Of Stay Petition Before Lower Authorities Posted: 09 Dec 2010 10:52 PM PST In view of the decision in Broswel Pharmaceutical Inc vs ITO 83 TTJ 126 All it is not mandatory on the part of the assessee to move application before the Revenue Authorities for granting of stay of outstanding demand Accordingly t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Non-Residents Are Allowed To Toggle Between The DTAA And The Income Tax Act Whichever Is Beneficial To Them Posted: 09 Dec 2010 05:13 AM PST Ruling allows the non-resident assessees to toggle between the DTAA and the Act The logic of the decision is also in consonance with the provisions of the section 90 2 of the Act which allows the non-residents to be governed by the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Payment For Procurement Of Support Services From Foreign Affiliate Not Liable To Tax In India Posted: 09 Dec 2010 05:08 AM PST Authority for Advanced Ruling AAR held that payment for procurement of support services vis-a-vis business marketing information technology and strategy from foreign affiliate company are not Fees for Technical Services FTS and r [[ This is a content summary only. Visit www.taxguru.in for full article ]]

An Asset Management Company Can Be Treated As An Agent Of Non-resident Investors Posted: 09 Dec 2010 05:04 AM PST Asset management company can be treated as an agent of its non-resident investors under section 163 of the Income-tax Act 1961 the Act [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sale Of Business Information Report By A Non-resident Can Not Be Treated As Royalty Taxable In India Posted: 09 Dec 2010 04:52 AM PST ITAT held that the consideration paid by the taxpayer to foreign affiliates for purchase of Business Information Report BIR was not royalty within the meaning of explanation 2 iv to section 9 1 vi of the Income-tax Act 196 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Subscription Income Received By A Foreign Entity From Indian Clients Is Not Royalty In Accordance With The India-Ireland Tax Treaty Posted: 09 Dec 2010 04:39 AM PST Mumbai bench of the Income-tax Appellate Tribunal held that subscription income received by a foreign entity from Indian clients is not in the nature of Royalty in accordance with the India-Ireland tax treaty tax treaty Further th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Taxability Of Benefit Of Waiver Of Loans And Unpaid Interest For Borrower Posted: 09 Dec 2010 04:35 AM PST The ITAT ruled that waiver of unpaid interest which was not allowed as deduction in the past is not liable to tax under the specific provisions of Indian Tax Laws ITL which provide for taxation of remission of trading liability Th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing Adjustment Can Be Made Only To The International Transactions Posted: 09 Dec 2010 04:22 AM PST Payment of royalty and knowhow fee under an agreement can not be ignored by the Revenue while doing the Transfer Pricing analysis the transfer pricing adjustment can be made only to the international transactions and not transactions [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mumbai ITAT Rules On Deductibility Of Business Expenditure Incurred For The Purpose Of Business Posted: 09 Dec 2010 04:19 AM PST On the issue of deductibility of certain business expenditure incurred by the Taxpayer under the provisions of the Indian Tax Laws ITL The ITAT allowed the deduction of the expenditure which was found to be inextricably linked to [[ This is a content summary only. Visit www.taxguru.in for full article ]]

AAR Rules On Taxability Of Software Payments As Per India-Netherlands Tax Treaty Posted: 09 Dec 2010 04:04 AM PST In this Ruling Authority for Advance Rulings decided on taxability of certain computer software payments Having regard to the facts of the case the AAR distinguished between transfer of rights in copyrighted software and transf [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Landmark SC Decision Defining Inputs In Maruti Suzuki Case Doubted Issue Referred To Larger Bench Of SC Posted: 09 Dec 2010 03:39 AM PST After the Maruti Suzuki decision of the Supreme Court the scope of the term input to determine eligibility to CENVAT Credit appeared to have been narrowed down Recently the Supreme Court in the case of Ramala Sahkari Chini Mil [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Ownership Of Units Two Or More Undertakings Under The Same Ownership Status Of The Unit Posted: 09 Dec 2010 01:46 PM PST RBI 2010-11 305 RPCD SME amp NFS BC No 35 nbsp 06 02 31 P 2010-11 December 6 2010 To The Chairman Managing Director All Scheduled Commercial Banks excluding RRBs Madam Dear Sir Ownership of units Tw [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Circular On Smart Order Routing - Clarification Posted: 09 Dec 2010 01:41 PM PST CIRCULAR CIR MRD DP 36 2010 nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp December 09 2010 Sub Smart Order Routing SOR - Clarification nbsp 1 This is further to the SEBI circular no CIR MRD DP 26 2010 dated [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Balances Held By State And Central Co-operative Banks With IDBI Bank Limited - Treatment For CRR SLR Purpose Posted: 09 Dec 2010 03:12 AM PST nbsp Balances held by State and Central Co-operative Banks with IDBI Bank Limited - Treatment for CRR SLR Purpose nbsp RBI 2010-11 302 RPCD CO RCB BC No 34 07 02 01 2010-11 December 7 2010 nbsp The Chief Executive Officers [[ 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/