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Nov 24, 2009

UPDATES FROM TAXGURU 25.11.2009

UPDATES FROM TAX GURU (in this message: 21 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

TDS rates chart after 01st October 2009 for financial year 2009-2010 and download calculator for 2009-2010

Finance minister made many changes in rules and section related to TDS in his Final budget presented in July 2009 which resulted in change in TDS rates which created confusion on applicability of surcharge and cess on TDS. It also created confusion...

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TDS rates for Financial Year 2009-10 (From 01st April 2009 to 30th September 2009)

As we all aware there were two budgets presented in year 2009. One was interim Budget presented by Finance Minister in Februar 2009 and other one was Final budget Presented by Finance Minister in parliament in July 2009. Normally Final Budget get...

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Income Tax department reopened Assessment of Indian Nationals on info from German Bank

"The German Tax authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT Bank of Liechtenstein…Assessments have been reopened under the Income Tax Act, 1961 in all...

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RBI appointed Dr. Subir Gokarn as Deputy Governor

Posted: 24 Nov 2009 06:48 PM PST

Dr. Subir Vithal Gokarn has today taken over as the Deputy Governor of the Reserve Bank of India.Dr. Gokarn has been appointed Deputy Governor for three years from the date of his taking over. He will be the fourth Deputy Governor, the other three...

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PWC asked for clarity on taxation rules regarding payments made for acquiring spectrum

"There is no specific provision in Indian tax laws governing the deductibility of the payments made for acquiring spectrum," a PwC report on the telecom sector said. With the allocation of spectrum, especially 3G being an issue of concern, rules...

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DIPP not in favour of unregulated investment in sectors with foreign investment caps

The Department of Industrial Policy and Promotion (DIPP) under the ministry of commerce and industry has disagreed with the Union finance ministry's view that there is need to regulate investment in sectors with foreign investment caps in respect of...

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Sorting / Processing of Notes – Installation of Note Sorting Machines

With the sheer increase in the number of physical bank notes in circulation and the increase in the number of counterfeit notes detected/seized in recent period it is apparent that steps have to be taken by all stakeholders to address the issue...

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Important Aspects of New VAT Audit Form -704

For non filing or late filing of the Audit Report, penalty at the rate of 0.1% of the turnover of sales is also leviable. As explained from beginning, under VAT Act the assessments will be sparing, based on selection criteria....

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Dispute resolution panels will allow MNCs to sort out their tax disputes in faster and cost effective manner

Multinational companies can now look forward to expeditiously settling their tax disputes in India. The Central Board of Direct Taxes on Monday announced the new rules for creation of special dispute resolution panels (DRP) that will allow foreign...

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Clarification on calculation of NFE as per Rule 53 of the SEZ Rules, 2006

I am directed to say that references have been received in this department seeking clarification on the currency in which NFE is to be calculated. The matter has been examined in this department and it is clarified that NFE is to be calculated in...

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MVAT Circular on Clarification regarding levy of tax on cutting of transportation charges

The Maharashtra Purchase Tax on Sugarcane Act, 1962 was amended in the year 2002 and year 2003. Thereafter, a Trade Circular cited at reference (1) was issued. By the aforesaid Trade Circular the effects of amendments were explained. In Para 2 of...

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Notification on Applicability of TDS u/s. 194J of IT Act' 1961 in the case of transactions by the TPAs with Hospitals etc

The services rendered by hospitals to various patients arc primarily medical services and, therefore, provisions of 194J are applicable on payments made by TPAs to hospitals" etc. Further for invoking provisions of 194J, there is no stipulation that...

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Experts view on FM statement on Tax treaty renegotiation with 77 countries

This tax treaty controversy is snowballing. First it was just the India Mauritius Double Tax Avoidance Treaty that was under a shadow and has been that way for a couple of years then the proposed Direct Tax Code released in August this year proposed...

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MVAT Notification on sales made to the diplomatic authorities and international bodies or organisations

In suppression of the Government Notification, Finance Department, No.VAT-1507/ CR-41/ Taxation-1, dated the 25th June 2007, the Government of Maharashtra hereby provides for grant of refund of the tax, collected by any registered dealer on his...

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RBI guideline on Fair Practice Code for Lenders and EMI calculation methods

Reserve Bank of India (RBI) has issued guidelines on 'Fair Practice Code for Lenders' which are required to be framed by Banks/Financial Institutions/ Non Banking Financial Companies (NBFCs) duly adopted by their respective Boards. These guidelines...

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MCA will provide training to its staff to check corporate frauds

The Ministry of Corporate Affairs has established Indian Institute of Corporate Affairs (IICA) to act as the capacity building support for the officers / officials of the Ministry on issues relating to effective corporate functioning and regulation....

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ICAI president communication regarding Election Code of Conduct

Attention : Candidates and Voters for the forthcoming elections.It has been brought to my notice that the Election Code of Conduct evolved by the Council is being violated by organizing parties and other programmes under one pretext or the...

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ITAT gets four new VPs; R V Easwar becomes Sr Vice President; posted to Mumbai

PROMOTION on performance is a positive signal every organisation whether in private or public sectors intends to send to all stakeholders. This is what the Selection Panel headed by the Supreme Court Judge has also tried to do in the case of ITAT....


CLB chairman arrested by CBI for accepting bribe

Acting chairman of Company Law Board R Vasudevan was arrested by CBI for allegedly taking bribe of Rs seven lakh from a company secretary to give a favourable verdict to a media house. Mr. Vasudevan was arrested from his official residence at HUDCO...


CBDT notified Constitution of DRPs in eight cities

Central Board of Direct Taxes has notified rules to regulate the procedure of the Dispute Resolution Panel (DRP) constituted under section 144C of the Income Tax Act, 1961 inserted by the Finance Act 2009. The rules came into effect from 20th...


Income-tax department sent notices to six Mumbai-based third party administrators (TPAs) to Pay TDS for last two years

The income-tax department last week sent notices to six Mumbai-based third party administrators (TPAs), who process insurance claims, askingthem to cough up Rs 117 crore for two consecutive financial years, beginning 2008-09. Related posts:TPAs...




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