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Dec 16, 2009

UPDATES FROM TAX GURU 17.12.2009

UPDATES FROM TAX GURU (in this message: 15 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Capital gain tax on Transfer of redevelopment rights?

Posted: 16 Dec 2009 07:51 PM PST

# As per the Development Control Regulations of the Municipal Corporation of Greater Bombay, 1991 ('DCR'), in the case of redevelopment of existing buildings, an additional FSI is granted tothe land owner. The additional FSI can be utilised in the...

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Income from Transfer of licensed software is not royalty

Posted: 16 Dec 2009 07:37 PM PST

The Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Infrasoft Limited v. ADIT [2009-TIOL-21-ITAT-DEL] has held that the amount received by the taxpayer company for transfer of the right to use the licenced software was...

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Issues under Income Tax on Shares & Securities Transactions

Posted: 16 Dec 2009 07:18 PM PST

With the tax authorities out to prove that the existence of a large number of transactions in shares is to be treated as business income, while the focus of assessees generally has been on trying to refute the tax authorities arguments through...

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Tax on Services but What is Service

Posted: 16 Dec 2009 07:06 PM PST

What constitutes 'Service' is certainly a subject matter of discussion. Its plain meaning is an Act of helpful Activity or Rendering of Assistance or Help. Service is generally a feeling in the form of efforts and excludes sale of goods or property...

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Section 14A of and date of applicability of Rule 8D, allowability on interest on investment held as stock in trade

Posted: 16 Dec 2009 06:58 PM PST

Whether for the purpose of disallowance under Section 14A of the Act:-(a) Rule 8D is to be considered as retrospective; Whether before application of Rule 8D the Assessing Officer should give a holding that he is not satisfied for the basis or...

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Frequently asked questions on section 115JB related to adjustment of Depreciation, Capital gain, Prior period Expenses, Loss etc

Posted: 16 Dec 2009 06:46 PM PST

Whether in determination of book profit u/s 115JB of I. T. Act, adjustment is to be made for:-(a) Depreciation not debited to P & L Account but a note is given in respect thereof; (b) Capital gain not credited to P & L account and taken to...

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Mumbai CBI raids ex-Commissioner of Income Tax (Appeal), XIV

Posted: 16 Dec 2009 05:50 PM PST

The Central Bureau of Investigation has registered a case against the then Commissioner Income Tax (Appeal), XIV, Mumbai U/s 13(2) r/w 13(1)(d) of PC Act. on the allegation that he had obtained pecuniary advantage to the tune of Rs. 50 lakhs...

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I-T department scrutnising frozen demat accounts having balance in excess of 10 lakh as on December 2008

Posted: 16 Dec 2009 05:35 PM PST

More than 6,300 frozen demat accounts are now finding some claimants, giving new leads to the Income Tax department's probe in the matter pertaining to Rs 6,700 crore of unclaimed stocks. A number of accounts were lying idle since 2007 and no...

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MCA announced new parameters for scrutiny of companies, cash at bank vital parameter for scrutiny

Posted: 16 Dec 2009 05:21 PM PST

he Ministry of Corporate Affairs (MCA) has worked out new parameters for scrutiny of companies. These are based on reports on the Satyam fraud investigation. In instructions to the Registrar of Companies (RoC), MCA has pointed to 'cash at bank' as a...

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CBEC issued clarification regarding labelling and repacking etc. amounting to manufacture.

Posted: 16 Dec 2009 05:14 PM PST

It has been brought to the notice of Board that certain dealers are receiving liquid chemicals in bulk in containers and offloading the same at the dealers' premises or godown into drums of 200ltrs for subsequent marketing of these materials to...

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Government will take inputs from various stake holders before giving final shape to DTC

Posted: 16 Dec 2009 05:09 PM PST

The government will take inputs from various stake holders before giving final shape to Direct Taxes Code, said the Finance Minister Pranab Mukherjee while addressing the second meeting of the parliamentary consultative committee attached to the...

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Finance commission recommend five GST exemptions, ONE GST rate of 12% and implementation from October 2010

Posted: 16 Dec 2009 05:02 PM PST

The Thirteenth Finance Commission's taskforce on the proposed goods and services tax (GST) has recommended a 5 per cent central GST and 7 per cent state GST on all goods and services, except five specific categories. It has proposed a zero rate for...

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Even exempt capital gains are includible in "book profits"

Posted: 16 Dec 2009 08:26 AM PST

The assessee earned long-term capital gains of Rs. 40.57 L which was not chargeable to tax u/s 54EC. As the said gains were credited to the P&L A/c, the assessee excluded the gains whilst computing "book profits" u/s 115JB in view of the...

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Department of posts to distribute new pension system

Posted: 16 Dec 2009 08:20 AM PST

The Department of Posts, Government of India, has been enlisted as a Point of Presence (PoP) for distribution of the New Pension System (NPS) by Pension Fund Regulatory & Development Authority (PFRDA). The Department of Posts (DOP) would, to...

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Impact of counterfeit currency on National Economy is negligible

Posted: 16 Dec 2009 08:17 AM PST

Impact of counterfeit currency on National Economy. Reserve Bank of India maintains that the volume of fake currency is negligible, at less than 0.001% (8 notes per million pieces) of the total notes in circulation and, therefore, there is no...

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