| Expenditure on replacement of machinery is capital expenditure Posted: 09 Dec 2009 07:58 PM PST M/s. Sri Mangayarkarasi Mills (P) Ltd. ("assessee/SMMP Ltd."), engaged in the manufacture and sale of cotton yarn, incurred expenditure on replacement of machinery. While on one hand, SMMP Ltd. capitalized the said expenditure in its books of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Payment for non-compete right is not an intangible asset eligible for depreciation Posted: 09 Dec 2009 07:49 PM PST Srivatsan Surveyors Pvt. Ltd. („Appellant?) is engaged in the business of licensed surveyors and loss assessors under the Insurance Act, 1938. The Appellant entered into a non-compete covenant with its director, Mr. Srivatsan and paid a sum of Rs.10... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| DTC 2009 – Focus on Outbound investments from India Posted: 09 Dec 2009 07:42 PM PST As a first step towards simplifying and bringing about structural changes in direct taxes, the new Direct Taxes Code („Code?) Bill 2009 has been released for public debate. This is expected to be presented in the winter session 2009 of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| The Direct Taxes Code Bill, 2009 – Minimum Alternate Tax on Companies Posted: 09 Dec 2009 07:32 PM PST The concept of Minimum Alternate Tax ("MAT") was introduced in the Indian tax regime to widen the tax net. Often there were situations where companies declared both profits and dividends but were not liable to taxation on account of various... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| The Direct Taxes Code (DTC) Bill 2009 – Capital Gains Tax Posted: 09 Dec 2009 07:20 PM PST The definition of Capital asset continues in DTC. However the DTC classifies assets into two broad categories i.e. investment assets, and business assets. DTC envisages taxing income from transfer of investment assets as capital gains. Under the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Outright purchase of plant knowhow in the form of technical / engineering data, design, drawings is not royalty subject to withholding taxes Posted: 09 Dec 2009 07:06 PM PST Himachal Pradesh High Court holds that Outright purchase of plant knowhow in the form of technical / engineering data, design, drawings etc. is not royalty / fee for technical service, subject to withholding taxes Related posts:Compensation... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Analysis of Circular no. 7/2009 issued to withdraw earlier circular pertaining to non-resident taxation Posted: 09 Dec 2009 06:48 PM PST The Central Board of Direct Taxes (CBDT) had earlier issued a circular (Circular No. 23 dated July 23, 1969) clarifying the India tax liability of non-residents in respect of income accruing or arising through or from, a business connection in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Circular on Provisioning Requirement on Standard Assets for urban co-operative banks Posted: 09 Dec 2009 05:52 PM PST In terms of paragraph 2(a) of our circular UBD.PCB.Cir. No 29 / 09.11.600 / 2008-09 dated December 1, 2008, the provisioning requirements for all types of standard assets in case of Tier II UCBs had been reduced to a uniform level of 0.40 per cent... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Circular on Preservation of records – NSDL and CDSL Posted: 09 Dec 2009 05:39 PM PST In terms of regulations 38 and 49 of the SEBI (Depositories and Participants) Regulations, 1996 (hereinafter referred to as D&P Regulations, 1996), Depositories and Depository Participants are required to preserve the records and documents for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Profession tax rate hiked in Delhi Posted: 09 Dec 2009 05:31 PM PST A person earning over Rs 30,000 per month may have to pay a 'professional tax' of Rs 100-200 under new tax proposals unveiled by the MCD in its 2010-11 budget, which also envisaged a hike of five per cent in property tax rates. The civic agency will... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Assocham demanded uniform VAT structure of 8 percent for Petrol & Diesel Posted: 09 Dec 2009 05:26 PM PST The government should bring petrol and diesel under a uniform VAT structure of 8 per cent as the variation in state tax was putting additional burden of taxation, industry body Assocham today said. States sales tax on petrol varies from 33 per cent... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI directed RRBs to disclose commission received from mutual funds and insurers Posted: 09 Dec 2009 05:23 PM PST "Keeping in view the need for transparency in the interest of the customers... it has since been decided that Regional Rural Banks (RRBs) should disclose to the customers, details of all the commissions or other fees received, if any, from various... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Notification amending notification No. 6/2006 providing concessional rate of Central Excise duty on specified goods of Chapter 84-98 Posted: 09 Dec 2009 05:08 PM PST Amends principal notification No. 6/2006-Central Excise, dated the 1st March, 2006. - Seeks to provide concessional rate of Central Excise duty on specified goods of Chapter 84-98. Related posts:Circular Amending Notification No. 20/2006-Customs,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI circular on Auction of Government of India Dated Securities Posted: 09 Dec 2009 05:05 PM PST The Reserve Bank of India at Mumbai will conduct the auctions on December 11, 2009. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the Notifications (copies enclosed), which should be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Johnny and Service Tax Refund Part – VII Posted: 09 Dec 2009 02:24 AM PST In continuation of previous articles, elaborating the difficulties in getting the refund claim under different services, we in this article are unveiling the problems existing in the Service tax refund mechanism under Services of purchase or sale of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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