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Jul 10, 2009

UPDATES FROM TAX GURU 10.07.2008

UPDATES FROM TAX GURU



No tax on Foreign telecom firms for carrying calls abroad: AAR


Foreign telecom firms operating without a permanent establishment in India are no more required to pay any tax on income from carrying international calls and data services in pacts with domesticoperators. Giving a ruling on an application from...


Union Budget 2009- Amendments proposed in respect of charitable Trusts



Medical and Educational Institutions : Extension of time limit for filing applications for tax exemption under section 10(23C) : Now such institutions having receipts of more than rupees one crore can file an application for seeking exemption till...


Amendments made in union budget 2009 in section 80IB (10) related to Housing Projects



Further restrictions on benefits in respect of Housing Projects : In the run up to the budget virtually every stake holder in the real estates wanted that benefits of section 80IB(10) of the Income Tax Act, 1961 be restored which have ceased to be...


Practice as advocate not required for appointment as HC judge



Mahesh Chandra Gupta vs. UOI (Supreme Court)Shri. Satish Chandra, former ITAT Member, was appointed judge of the Allahabad High Court on 6.8.2008. The appointment was challenged on the ground that he had not practiced for even a day as an advocate...


New Pan Provisions Very Harsh; Even non- residents need to Comply new provisions



PAN is the basic 'penetrating needle' for the Income tax Department to rope in every income earning person. It is a fact that our taxbase continues to be a major concern for policy makers. And in order to widen the taxpayers' base...


Taxation of transfer of land or building or both w.r.t. section 50C as amended in union budget 2009



The existing provisions of section 50C provide that where the consideration received or accruing as a result of the transfer of a capital asset, being land or building or both, is less than the value adopted or assessed by a stamp valuation...


Gifts and deemed Gifts of Properties brought under tax net



Under the existing provisions, in a nutshell, gifts received by individuals and HUFs, only as sum of money from non relatives in excess of Rs.50000/- per annum are taxable. Gifts on the occasion of marriage or under a will are also outside the tax...


Bad news for salaried person: FBT abolished



Employees enjoying perks such as rent-free accommodation, cars, chauffeurs, credit cards and club memberships may have to pay tax on the value of these benefits, with the government proposing a shift in the tax burden on perquisites (perks) from the...


Balancing charge is not chargeable to tax: Supreme Court



Nectar Beverages vs. DCIT (Supreme Court) The assessee purchased bottles and crates costing less than Rs. 5,000/- and was allowed 100% depreciation thereon u/s 32 (1) (ii). When the bottles and crates got worn out, they were sold by the assessee....


No service tax on Individual Lawyers practicing in own name and law proprietorships concerns



Many legal outfits will not come within the purview of the service tax proposed to be imposed on legal consultancy services as they operate as sole proprietorships, say experts. As the service tax will apply on advice provided by a business entity...




With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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UPDATES FROM TAXGURU