UPDATES FROM TAX GURU 30.09.2009

UPDATES FROM TAX GURU  ICAI found two former auditors of Satyam Computer 'guilty A HIGH-POWERED panel of the Institute of Chartered Accountants of India (ICAI) — the nodal body in India for auditors — has prima facie found two former auditors of Satyam Computer and members of the software company's internal audit cell guilty of... CA decided to scrutinise the account books of all registered companies In a bid to avoid accounting frauds of the type that hit Satyam Computers, now called Mahindra Satyam, in January this year, the Ministry of Corporate Affairs (MCA) has decided to scrutinise the account books of all registered companies — listed as... SEBI asked BSE to improve its technology platform before listing of its own shares The Securities and Exchange Board of India (Sebi) has asked the 134-year-old Bombay Stock Exchange (BSE) to set its house in order before planning a listing. BSE had been planning to list on the exchange for a while and had approached Sebi for... MVAT circular on Procedure for on line submission of application for obtaining registration under the MVAT Act, 2002 TRADE CIRCULAR Date: 25th Sept, 2009 NO. MVAT/ Registration / e-101 Mumbai, Trade circular No:- 25T of 2009 Subject: - Procedure for on line submission of application for obtaining registration under the MVAT Act, 2002 Ref: - Notification no.... Will Government extended due date for filing Income Tax Return? September 30th is the Due Date for filing Income tax Returns for corporate assessees and those who come under compulsory audit. Virtually the Government of India is on a vacation, with Puja and other holidays. Yesterday was a holiday and tomorrow... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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UPDATES FROM TAX GURU 28.09.2009

UPDATES FROM TAX GURU (in this message: 2 new items) In mercantile method of accounting allowability of expenditure depend on liability to pay Posted: 27 Sep 2009 09:08 PM PDT SUMMARY OF CASE LAW Once the goods have been purchased, the invoices raised and the purchase considerations are accounted for in the books of the assessee, the expenditure can be said to have been incurred as per the method of accounting –... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FAQs on applicability of Surcharge and Cess on TDS after budget 2009 and on new TDS rate Posted: 27 Sep 2009 08:43 PM PDT 1. What is the date when the Finance Bill became Finance Act 2009? 19-08-2009 2. In which cases surcharge on TDS rates is NOT applicable? On all payment to residents On all payment to non-corporate non-residents On all payments to foreign ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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UPDATES FROM TAX GURU 26.09.2009

UPDATES FROM TAX GURU FAQ on the Exemption/ Refund Scheme for Exporters Refund scheme to exporters was introduced by notification n. 41/2007 dated 6th Oct 2007. The scope of refund was enhanced from time to time along with the procedural changes. To make the scheme simple and ensure speedier disposal, two notifications... Rating cannot be construed as a substitute for an exhaustive audit or a fraud detection The credit crisis has exposed weaknesses in many financial intermediaries. How can rating agencies ensure their views are more accurate and unbiased?  Despite due diligence, there is always scope for improvement. Credit rating agencies (CRA) do not... Income Tax Search at oldest and richest realtors of Mumbai One of the oldest and richest realtors of Mumbai, whose family once owned large parts of Powai and even donated land for setting up the IIT, is facing Income Tax (I-T ) trouble. I-T sleuths landed up at the residence and offices of Bhawani Shankar... Judgement holding s. 43B (f) (leave encashment) as unconstitutional stayed CIT vs. Exide Industries (Supreme Court) S. 43B (f) was inserted by the Finance Act, 2001 w.e.f. 1.4.2002 to provide that any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee shall be allowed as a... Due date for filing Income Tax Return been extended by one month in Pune, Sangli and Kolhapur The Government today extended the date for filing of income tax returns by a month in three districts of Maharashtra."The due date of filing income tax returns, due by September 30, 2009, of tax payer assessed to income tax in the districts... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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UPDATES FROM TAX GURU 25.09.2009

UPDATES FROM TAX GURU  Loan waived by lender is not taxable in the hand of borrower SUMMARY OF CASE LAW Remission of a debt by the lender which was not claimed and allowed as a deduction to the borrower in any manner in any earlier previous year cannot be brought to tax either under section 41(1) or under section 28(iv) of... Section 143, read with sections 234A to 234C, of the Income-tax Act, 1961, and a SUMMARY OF CASE LAW Section 143, read with sections 234A to 234C, of the Income-tax Act, 1961, and articles 12 and 7 of the DTAA between India and USA – Assessment – General – Assessment years 2002-03 and 2003-04 – Whether... Two separate agreements to purchase a flat having two separate numbers do not mean that they are two residential units SUMMARY OF CASE LAW Merely because the assessee has entered jointly with two separate agreements to purchase a duplex flat having two separate numbers does not mean that they are two residential units. CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCH... Derivatives in which underlying asset is shares, will fall within the meaning of 'commodity' used in Sec. 43(5) of the Act SUMMARY OF CASE LAW If it is held that the transaction in derivatives does not fall in section 43(5), it will make clause (d) and Explanation thereto below section 43(5) introduced by Finance Act, 2005 to be redundant. CASE LAW DETAILS Decided by:... SEBI issued new code of conduct for intermediaries, including distributors of mutual funds The Securities and Exchange Board of India has issued a code of conduct for intermediaries, including distributors, of mutual funds. Asset management companies have been told not to deal with non-compliant intermediaries. They are to report such... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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UPDATES FROM TAX GURU 24.09.2009

UPDATES FROM TAX GURU Supreme Court admitted petition on applicability of service tax on selling of mutual fund products The Supreme Court has admitted a petition which has raised an important question: Is selling mutual fund products a taxable service?  The apex court headed by Justice S H Kapadia admitted an appeal filed by Commissioner of Service Tax stating that... ICAI requested for extension of due date for filing of return of Income Due to the fact that most of the establishments are virtually closed on account of festivals of Durga Pooja, Navratra's and Dussehra, representations were received from members all over the country posing the difficulties faced by them in... ICAI – Announcement for panel for outsourcing of work of Technical Scrutiny of Balance Sheets The Institute has received an Office Memorandum (OM) from the Ministry of Corporate Affairs. As per the OM, the Registrar of Companies will prepare a panel of professionals for Technical Scrutiny of Balance Sheets filled by the Companies for the... Government proposal to constitute a supervisory mechanism opposed by ICAI, ICSI and ICWAI A GOVERNMENT proposal to constitute a supervisory mechanism above the country's three statutory institutes for accounting, company secretaryship and cost accounting and allowing their members to provide services in each other's fields has been... Amendment in Electronic Furnishing of Return of Income Scheme, 2007 Notification No. 70/2009, dated 22-9-2009 In exercise of the powers conferred by sub-section (1B) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment in the notification of... Deduction u/s. 80C for tuition/school fees paid for education of children Who is Eligible: Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children's... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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UPDATES FROM TAX GURU 23.09.2009

UPDATES FROM TAX GURU In determining head for profit/loss on sale of shares intention of Assessee also need to be look into SUMMARY OF CASE LAW Where the intention of the assessee-company was to purchase and hold the shares of group companies as investment, the loss arising from transactions in the said shares was assessable under the head "income from other... Activities related to freight forwarding cannot be brought under CHA Services CASE LAW DETAILS Decided by: CESTAT, SOUTH ZONAL BENCH, BANGLAORE,  In The case of: DHL Lemuir Logistics Pvt. Ltd.  V Commissioner of Service Tax , Appeal No.:, Service Tax Appeal No. 389/2007, Decided on June 29, 2009 RELEVENT PARAGRAPH 6. We... Income Tax Refund for A.Y. 2008-09 may get delayed Even as income-tax payers grapple with non-acceptance of their returns, it's surely not a good time to expect refunds. Refunds across the country will be enormously delayed as the software at the new Centralised Processing Centre (CPC) of the... Listed companies may soon have to get done Quarterly cost audit Quarterly cost audit by internal auditors in the listed companies should be explored in consultation with the market regulator SEBI to improve corporate governance, an expert group appointed by Corporate Affairs Ministry has suggested. "The... Merchant Overtime Fee- Dispute on overtime By CA. Pradeep Jain and Sukhvinder Kaur [LLB (FYIC)] Merchant overtime fee (MOT charges) are the charges which are required to be paid by the exporter/ assessee who is availing the services of Central Excise Officers, in accordance with any... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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