UPDATES FROM TAX GURU 01.07.2009

UPDATES FROM TAX GURU Clarification regarding deduction under section 80-IB(10) in respect of undertakings developing building and housing projects Government may disallow the depreciation allowance that charitable organisations claim New TDS Rules related to mentioning of Unique Transaction Number(UTN) in ITR kept in abeyance Clarification regarding deduction under section 80-IB(10) in respect of undertakings developing building and housing projects Posted: 30 Jun 2009 09:00 PM PDT Instruction No. 4/2009, dated 30-6-2009 Under sub-section (10) of section 80-IB an undertaking developing and building housing projects is allowed a deduction of 100% of its profits derived from... Government may disallow the depreciation allowance that charitable organisations claim Posted: 30 Jun 2009 09:24 AM PDT The government is considering a proposal to disallow the depreciation allowance that charitable organisations claim, following a recommendation by the income-tax department. Officials close to the... New TDS Rules related to mentioning of Unique Transaction Number(UTN) in ITR kept in abeyance Posted: 30 Jun 2009 06:39 AM PDT The CBDT has finally come out with a much awaited Press Release relating to the new TDS rules. All of us were anxiously waiting for some news about the Unique Transaction Numbers that are required...

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UPDATES FROM TAX GURU 27.06.2009

UPDATES FROM TAX GURU Clarification regarding deduction under section 80-IB(10) in respect of undertakings developing building and housing projects Government may disallow the depreciation allowance that charitable organisations claim New TDS Rules related to mentioning of Unique Transaction Number(UTN) in ITR kept in abeyance Clarification regarding deduction under section 80-IB(10) in respect of undertakings developing building and housing projects Posted: 30 Jun 2009 09:00 PM PDT Instruction No. 4/2009, dated 30-6-2009 Under sub-section (10) of section 80-IB an undertaking developing and building housing projects is allowed a deduction of 100% of its profits derived from... Government may disallow the depreciation allowance that charitable organisations claim Posted: 30 Jun 2009 09:24 AM PDT The government is considering a proposal to disallow the depreciation allowance that charitable organisations claim, following a recommendation by the income-tax department. Officials close to the... New TDS Rules related to mentioning of Unique Transaction Number(UTN) in ITR kept in abeyance Posted: 30 Jun 2009 06:39 AM PDT The CBDT has finally come out with a much awaited Press Release relating to the new TDS rules. All of us were anxiously waiting for some news about the Unique Transaction Numbers that are required...

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UPDATES FROM TAX GURU 26.06.2009

UPDATES FROM TAX GURU ICAI may announce its report on Satyam Fraud and auditors involvement on 09th July 2009 Posted: 29 Jun 2009 08:15 PM PDT The ICAI investigation focused on the financial reporting, accounting and auditing aspects of the $1 billion fraud at technology service provider Satyam, and is expected to include recommendations on... Revised Procedure for Remittances to non-residents u/s. 195 of the Income Tax Act w.e.f. 1st July, 2009 Posted: 29 Jun 2009 07:44 PM PDT Circular  No.     04/2009,New Delhi, the 29th June, 2009, F.No.142/19/2007-TPL Government of India, Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) Subject:-  Remittances ... Section 80-IA relief has to be deducted before computing section 80-HHC relief Posted: 28 Jun 2009 10:08 PM PDT In the Case of :- ACIT vs. Hindustan Mint, Decided by: (ITAT 5 Member Special Bench at Chennai), SUMMARY OF CASE LAW:- In ACIT Vs Rogini Garments108 ITD 49 the Special Bench at Chennai held that... Non-Compete fees are tax-depreciable intangible assets: ITAT Chennai Posted: 28 Jun 2009 09:58 PM PDT The Chennai Income Tax Appellate Tribunal (ITAT) has issued three rulings addressing the contentious issue of whether noncompeting fees paid by the acquirer of a business constitute tax deductible... ICAI may ban two auditors of Price Waterhouse, S Gopalakrishnan and S Talluri Posted: 28 Jun 2009 09:40 PM PDT Institute of Chartered Accountants of India (ICAI) came under immense public scrutiny after the auditor's role being questioned in the whole of Satyam fiasco.Now, almost after six months after the... Remuneration to partner should be Authorised by Partnership deed but quantification not necessary Posted: 28 Jun 2009 09:34 PM PDT In Asstt. CIT v. Suman Construction (2009) 27 (II) ITCL 329 (Pune 'A'-Trib) the assessing officer had noticed that the assessee had claimed salary to partners of Rs. 2,20,000. However, in his opinion... Requirement for formation of Limited Liability Partnership Limited Liability Partnership (LLP) in India Posted: 28 Jun 2009 08:39 PM PDT Partner There should be atleast 2 persons (natural or artificial) are required to form a LLP. In case any Body Corporate is a partner, than he will be required to nominate any person (natural) as its... With Regards,  CA Sandeep Kanoi Website: http://www.taxguru.in/ Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 25.06.2009

UPDATES FROM TAX GURU ICAI may announce its report on Satyam Fraud and auditors involvement on 09th July 2009 Posted: 29 Jun 2009 08:15 PM PDT The ICAI investigation focused on the financial reporting, accounting and auditing aspects of the $1 billion fraud at technology service provider Satyam, and is expected to include recommendations on... Revised Procedure for Remittances to non-residents u/s. 195 of the Income Tax Act w.e.f. 1st July, 2009 Posted: 29 Jun 2009 07:44 PM PDT Circular  No.     04/2009,New Delhi, the 29th June, 2009, F.No.142/19/2007-TPL Government of India, Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) Subject:-  Remittances ... Section 80-IA relief has to be deducted before computing section 80-HHC relief Posted: 28 Jun 2009 10:08 PM PDT In the Case of :- ACIT vs. Hindustan Mint, Decided by: (ITAT 5 Member Special Bench at Chennai), SUMMARY OF CASE LAW:- In ACIT Vs Rogini Garments108 ITD 49 the Special Bench at Chennai held that... Non-Compete fees are tax-depreciable intangible assets: ITAT Chennai Posted: 28 Jun 2009 09:58 PM PDT The Chennai Income Tax Appellate Tribunal (ITAT) has issued three rulings addressing the contentious issue of whether noncompeting fees paid by the acquirer of a business constitute tax deductible... ICAI may ban two auditors of Price Waterhouse, S Gopalakrishnan and S Talluri Posted: 28 Jun 2009 09:40 PM PDT Institute of Chartered Accountants of India (ICAI) came under immense public scrutiny after the auditor's role being questioned in the whole of Satyam fiasco.Now, almost after six months after the... Remuneration to partner should be Authorised by Partnership deed but quantification not necessary Posted: 28 Jun 2009 09:34 PM PDT In Asstt. CIT v. Suman Construction (2009) 27 (II) ITCL 329 (Pune 'A'-Trib) the assessing officer had noticed that the assessee had claimed salary to partners of Rs. 2,20,000. However, in his opinion... Requirement for formation of Limited Liability Partnership Limited Liability Partnership (LLP) in India Posted: 28 Jun 2009 08:39 PM PDT Partner There should be atleast 2 persons (natural or artificial) are required to form a LLP. In case any Body Corporate is a partner, than he will be required to nominate any person (natural) as its... With Regards,  CA Sandeep Kanoi Website: http://www.taxguru.in/ Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 25.06.2009

UPDATES FROM TAX GURU Income Tax department filed appeal in ITAT against Mayawati demanding tax of 10 crore In fresh trouble for Uttar Pradesh Chief Minister Mayawati, the Income Tax Department has filed two appeals in the Income Tax Appellate Tribunal (ITAT) demanding additional tax of about Rs 10 crore... Swiss government agreed to share data on tax evasion cases with India The Swiss government has agreed to loosen its banking secrecy laws and share data on tax evasion cases that India may be pursuing, as part of a renegotiation of the Double Taxation Avoidance... Portfolio managers need to operate through individual bank accounts for each customer for providing portfolio management services The Securities and Exchange Board of India (Sebi) has finally come out with a circular to clear the ambiguities surrounding new guidelines for portfolio management services (PMS). The regulator said... Employees' Provident Fund rate will not change in financial year 2009-2010 The Employees' Provident Fund Organisation will not be able to pay more than 8.5 per cent interest on PF deposits during 2009-10 as it has no reserves left following a Rs 139 crore (Rs 1.39 billion)... Circular on Criteria and Manual for Scrutiny of Service Tax Return (ST-3) Circular No. 113/7/2009-ST, dated 23-4-2009 The Working Group on Central Excise and Service Tax re-engineering, constituted by the Board has prepared a Return Scrutiny Manual for Service Tax... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 24.06.2009

UPDATES FROM TAX GURU

MVAT Trade Cir - 20T of 2009 - Grant of Administrative Relief to unregistered dealer Posted: 23 Jun 2009 07:38 AM PDT TRADE CIRCULAR Date: 23.06.2009 No.DC(A&R)/Adm-6/VAT- 2009/Adm. Relief (Trade Cir.No.- 20 T of 2009) Sub: Grant of Administrative Relief to unregistered dealers. Ref:...

SEBI decision on Transparency in payment of commission to Mutual Fund distributors Posted: 23 Jun 2009 07:36 AM PDT PR No.192/2009 SEBI Board Meeting The Board met as on 18-07-2009 and took the following decisions: (i)     Listing of IPO on stock exchange with nationwide trading terminals An unlisted company...

The Institute of Chartered Accountants of India (ICAI) called for changing the existing curriculum system Posted: 23 Jun 2009 07:28 AM PDT The Institute of Chartered Accountants of India (ICAI) today called for changing the existing curriculum system by bringing in branches of specialisation. Talking to reporters here, ICAI President...

With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 23.06.2009

UPDATES FROM TAX GURU ICAI announcement on Indian CA firms having affiliation with international entities/network Posted: 22 Jun 2009 10:20 AM PDT Indian CA firms having affiliation with international entities/network - (22-06-2009)ANNOUNCEMENT (For Mandatory compliance) Indian CA firms having affiliation with international entities/network... Income tax sleuths detected tax evasion worth around Rs 14 crore Posted: 22 Jun 2009 10:13 AM PDT Income tax sleuths on Friday detected tax evasion worth around Rs 14 crore from five developers-cum- real estate agents of Mohali.  This is considered to be the biggest detection made by the... Infrastructure to generate Unique transaction Number (UTN) still not in place Posted: 22 Jun 2009 10:00 AM PDT The problem, though, is that infrastructure to generate UTNs is still not in place, leaving income tax assessees in a lurch as July 31, 2009, the last date to file returns for the financial year... Government considering proposal to streamline rates applicable for tax deducted at source Posted: 22 Jun 2009 09:21 AM PDT This follows a recommendation from the income tax department that TDS rates should be structured in three slabs of between one and five per cent for any stream of income. TDS is the final tax payable... LIC will provide facility to Claim LIC benefits at any of its branches Posted: 22 Jun 2009 09:17 AM PDT The country's largest insurer Life Insurance Corporation, has decided to operationalise a system within two years that will allow policy holders to claim benefits and pay premium at any of its over.... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 22.06.2009

UPDATES FROM TAX GURU  Mere reference of assessee's name in the statement under section 132(4) is not sufficient to invoke the proceedings under section 158BD SUMMARY OF CASE LAW The factum of falsity cannot be assumed or inferred but has to be proved on the basis of material or evidence; no adverse inference can be drawn merely because the appeal... Dharamendra Textile's case cannot be said to hold that section 11AC would apply to every case of non-payment or short payment of duty SUMMARY OF CASE LAW Penalty under section 11AC is punishment for an act of deliberate deception by the assessee with the intent to evade duty by adopting any of the means mentioned in the section;...   Satyam Computers renamed as Mahindra Satyam Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra Sunday renamed the IT major as "Mahindra Satyam". The logo will be adopted from the Mahindra Group. 'This strategic... A resident can be treated as agent of non- resident if he receives income directly or indirectly from or through the person of India SUMMARY OF CASE LAW Any person from or through whom the non-resident is in receipt of any income directly or indirectly can be treated as an agent of the non-resident; the sole requirement of... To invoke section 153A of IT Act, 1961 it is necessary to comply with the provisions of section 132(1) SUMMARY OF CASE LAW Before invoking the provision of section 153A it would be necessary to comply with the provisions contained under section 132(1); the mere issue of warrant of authorization...   Provision for warranty under section 37 of IT Act, 1961 is allowable if in past defects were there in products: SC SUMMARY OF CASE LAW If the historical trend indicates that large number of sophisticated goods were being manufactured in the past and in the past if the facts established show that defects existed...   How to surrender Multiple PAN, Request for New PAN Card if old is lost and for changes or correction in PAN data Request for New PAN Card or/and Changes or Correction in PAN data You can submit the application in the form "Request for New PAN Card or/and Changes or Correction in PAN data" in the following...

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UPDATES FROM TAX GURU 21.06.2009

UPDATES FROM TAX GURU Frequently Asked Question on fringe benefit tax (FBT) PART- 4 76. Whether expenditure incurred on prizes/rewards to employees for achievements is liable to FBT? Any expenditure incurred on prizes/rewards to employees for achievements would fall within the scope... Frequently Asked Question on fringe benefit tax (FBT) PART- 3 51. Whether expenditure incurred during in-house employee training would be considered as conference expense and liable to FBT? The FBT is not envisaged for levy on the expenditure incurred for the... Frequently Asked Question on fringe benefit tax (FBT) PART- 2 32. Whether gross expenses or net expenses (i.e. net of recovery) are to be considered for the purposes of FBT? For example, part of the expenses on various items like travel, may be recovered from.... Frequently Asked Question on fringe benefit tax (FBT) PART- 1 The Central Board of Direct Taxes has issued a list of frequently asked questions with answers on Fringe Benefit Tax, clarifying some issues raised by the trade and industry at different fora after... The Maharashtra Tax Laws (Levy, Amendment and Validation) Bill, 2009 passed in 2009 Mahrashtra Government Budget L.A.BILL No.XIV of 2009 A BILL Further to amend certain tax laws in operation in the State of Maharashtra WHEREAS it is expedient further to amend certain tax laws in operation in the State of... Circular on Validity of Form 'I' under Central Sales Tax Act issued by Sales Tax Department TRADE CIRCULAR No.VAT/2008/ Noti/27/Adm- 6/ Mumbai,Dt. 20.06.09 (Trade Cir.No.- 19 T of 2009) Sub: Form 'I' under Central Sales Tax Act. Ref:  Clarification on Trade Circular No.8T of 2005 dt..... Deloitte may be the new statutory auditor of Satyam The Satyam scam had its auditors PWC red in the face. Raju had cooked the books for many years and did the auditors fail or were partners in the crime, is for the investigative agencies to find... Government Notified rules related to Delisting of listed shares Government Notifies Delisting Rules The Securities Laws (Amendment) Act enacted in 2005, incorporated section 21(A) in the Securities Contract Regulation Act (SCRA) to allow delisting of... Ex- President, Ex- Senior Vice-President, Ex-Vice-President and Members cannot practice before ITAT Ministry of Law & Justice, Department of legal Affairs, New Delhi Notification Dated : 3rd June 2009 GSR 889 (E). In exercise of the powers conferred by the Proviso to section 309 of the... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 19.06.2009

UPDATES FROM TAX GURU Govt may plug gaps in tax evasion laws to stop treaty shopping The party could end soon for domestic and multinational companies that do tax planning only to avoid paying taxes in India. The government is set to usher in the next stage of reforms in taxation,... ITAT Mumbai Bench Constitution for the period from 22.06.09 to 26.06.09 The Following Benches will not function during the period 22.06.09 to 26.06.09:-"A-1, B-1, E-1,K, SMC & WT "The cases are adjourned to respective dates. Please see separate Notice.Sd/-(D.... New profession Tax Rates after Mahrashtra Government Budget & Provisions Profession Tax is a State level Tax in India on Professions, Trades, Callings and Employments. The following Indian states levy Profession Tax - West Bengal, Karnataka, Maharashtra, Andhra Pradesh,... Govt. may extend exemption on inter-corporate dividends further down the chain of corporate subsidiaries The finance ministry is considering a proposal to extend the tax exemption on inter-corporate dividends further down the chain of corporate subsidiaries in the upcoming Union Budget, a long-standing... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 18.06.2009

UPDATES FROM TAX GURU  ICAI guideline to members for regulator compliance with ICAI rules Posted: 17 Jun 2009 05:38 AM PDT CHECK-LIST FOR IMPORTANT REGULATORY COMPLIANCE Description ,Application Form & Time Limit 1. Annual Membership and Related fees: A) Becomes due and payable on 1 April of the year B) Form 'A'... MoF inserts new rule 21 in Securities Contracts Rules for delisting of securities Posted: 17 Jun 2009 05:23 AM PDT Notification Dated 10.06.2009 In exercise of the powers conferred by clause (ha) of sub-section (2) of section 30 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Central... RBI circular on RTGS Transactions to all banks participating in RTGS Posted: 17 Jun 2009 05:17 AM PDT RBI/2008-09/499 - DPSS (CO) RTGS No. 2246 / 04.04.002 / 2008 - 2009 Dated : June 16, 2009 RTGS Transactions As per the RTGS Business Guidelines, funds that cannot be credited to the account of the... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 17.06.2009

UPDATES FROM TAX GURU  Government likely to come up with export sops for the textiles industry Posted: 16 Jun 2009 10:43 AM PDT The government is likely to come up with export sops for the domestic textiles industry in the upcoming Budget, including a rise in duty drawback rates. The over $55-billion industry, one of the ... Govt. Considering increase in Excise duty on some products Posted: 16 Jun 2009 10:27 AM PDT The Union finance ministry is considering an increase in the central excise duty for some of the products that had benefited from the two rounds of reductions announced by the government as part of... Companies once delisted have to wait for 10 years to relist Posted: 16 Jun 2009 10:23 AM PDT Companies cannot relist themselves on the bourses for up to ten years after their delisting, instead of two years as was the case earlier. The re-listing of a company can be done only after ten... Finance Budget for 2009-10 will be presented on July 6, 2009 Posted: 16 Jun 2009 10:21 AM PDT The Budget Session of Parliament will commence from July 2 and the General Budget for 2009-10 will be presented to the Lok Sabha on July 6.. The schedule for the Budget Session of Parliament was... Budget will not address the taxation issue related to limited liability partnerships Posted: 16 Jun 2009 10:15 AM PDT Corporate Affairs Minister Salman Khursheed has said, contrary to expectation, the Budget will not address the taxation issue related to limited liability partnerships. The issue will be clarified... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 16.06.2009

UPDATES FROM TAX GURU Accounting guidelines on carbon credits effective from July 1 : ICAI Posted: 15 Jun 2009 08:11 PM PDT Accounting guidelines on carbon credits will come into force from July 1. "The Council of the Institute of Chartered Accountants of India (ICAI) has scheduled a meeting between June 18-20 to approve... Government may hike Home Loan interest Payment exemption to Rs 2.5 lakh Posted: 15 Jun 2009 08:06 PM PDT The government is considering a proposal to hike income-tax exemption Make these charges part of your budget available for interest payment on home loans to Rs 2.5 lakh a year, to boost demand and... Income Tax deprtment released software utility for E-Filing of ITR-5 and ITR-6 Posted: 15 Jun 2009 07:39 PM PDT E-Filing for AY 2009-10 has been enabled for all ITR forms. Income Tax Department released on yesterday 15/06/2009 software utility for E-Filing of Income tax Return for Partnership firms  i.e. ITR-5... Sebi notifies delisting norms for delisting of shares from a stock exchange Posted: 15 Jun 2009 07:04 PM PDT The market regulator securities and exchange board of India (Sebi) has notified the Sebi (Delisting of Equity Shares) regulations, 2009, which would govern the normal guidelines to be followed by a... CLB shifted offce from Shastri Bhawan to Paryavaran Bhawan GOVERNMENT OF INDIA COMPANY LAW BOARD Shastri Bhawan, 5th Floor, 'A' Wing, Dr. Rajendra Prasad Road, New Delhi-l 10001 Dated: 09.06.2009 OFFICE ORDER The Company Law Board, New Delhi is in the... Foreign companies underwriting income not taxable in India: ITAT Posted: 15 Jun 2009 06:38 PM PDT Foreign firms earning through underwriting services in India without having a permanent establishment here will not be required to pay tax on that income, tax tribunal said in a ruling. Income Tax... Profile/Resume format for empanelment of eligible Chartered Accountant Firms in Corporation Bank Posted: 15 Jun 2009 06:28 PM PDT Profile/Resume sent through E-mail will not be considered for empanelment. Only properly filled in and duly signed Hard copy of the Profile/Resume as per the Format will be considered for empanelment... ICAI entering into domain of ICSI by setting up corporate affairs standards Posted: 15 Jun 2009 10:06 AM PDT The accounting and auditing regulator, the Institute of Chartered Accountants of India (ICAI), is set to enter a new area, till now a domain of the Institute of Company Secretaries of India (ICSI),... Clarification on Lease of space on shift basis in IT/ITES SEZ & Disaster Management/Recovery Centre Posted: 15 Jun 2009 10:00 AM PDT F.No.C.3/6/2009-SEZ Government of India Ministry of Commerce and Industry Department of Commerce Udyog Bhawan, New Delhi Dated the 3rd June , 2009 INSTRUCTION NO. 13 Subject: Clarification on... Section 53F of the Competition Act, 2002 - Term of Office of Chairperson and Members of Appellate Tribunal Posted: 15 Jun 2009 09:56 AM PDT NOTIFICATION NO S.O. 1404 (E), DATED 4-6-2009 In exercise of the powers conferred by section 53C read with section 53F of the Competition Act, 2002 (12 of 2003), the Central Government hereby... ICAI approved formation of a Directorate of Accounting Technicians Posted: 15 Jun 2009 09:50 AM PDT The Executive Committee of the Institute of Chartered Accountants of India (ICAI) in its meeting held on 8th June 2009 has decided to approve formation of a Directorate of Accounting Technicians... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 15.06.2009

UPDATES FROM TAX GURU Merely because some optical fibre lines or connection lines have been laid, the road cannot get converted into a plant SUMMARY OF CASE LAW Merely because some optical fibre lines or connection lines have been laid, the road cannot get converted into a plant; even if the assessee constructs some restaurant etc., on... Merely because others follow the same accounting policy, it cannot be said to be beyond scrutiny SUMMARY OF CASE LAW Merely because other clubs follow the very same accounting policy, it cannot be said to be beyond scrutiny or verification as to the correctness and completeness of the...   Making and sale of advertising materials for customers is advertisement service liable for service tax SUMMARY OF CASE LAW The making and sale of advertising materials for customers in the form of banner or hoarding or film-slide, etc. is `advertisement' as defined under section 65(2); all...   If revenue believes that Assessee evaded tax by furnishing fake or exaggerated bills then they need not disclose the reason of search & seizure SUMMARY OF CASE LAW It is not the mandate of section 132 or any other provision in the Act that the reasonable belief recorded by the Designated Authority before issuing the warrant of...   Mere Sale of Brand name does not mean transfer of technical know-how SUMMARY OF CASE LAW The transfer of brand name does not have any meaning for the buyer until and unless the know-how for the manufacture of the formulations sold under that particular brand name, is... How to fill and file Income Tax Return( ITR-2) To file I-T returns, the choice for salaried individuals will be between the Indian Income Tax Return - 1 (ITR-1) and ITR-2 forms. If your earnings for the year are through salary income and interest...   With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 14.06.2009

UPDATES FROM TAX GURU Provision for Gratuity not to be added to calculate book profit U/s. 115JB of the Income-tax Act SUMMARY OF CASE LAW The provision of gratuity is an ascertained liability and the same falls outside scope of the provisions of clause (c) of the Explanation 1 to section 115JB of the Income-tax... The Commissioner of Income-tax cannot assume jurisdiction where the existence of two views is obvious CASE LAW DETAILS Decided by: ITAT, "B-1" BENCH : MUMBAI, In The case of:Neelam Mercantile Pvt. Ltd. v.ITO,  AppealNo. ITA No. 194/Mum/2008, Decided on: April 17, 2009 RELEVENT PARAGRAPH 7. The... Allowability of expenses claimed by PSU on direct operations/grants SUMMARY OF CASE LAW The grants and payment of royalty claimed under the head "expenses on direct operations/ grants" are not allowable under section 37(1), but they are allowable under section... Applicability of section 194C of IT Act qua film financing arrangement containing provision of recovery of advances/loans with interest SUMMARY OF CASE LAW Provisions of section 194C do not apply to the film financing arrangement of the kind in question. CASE LAW DETAILS Decided by: ITAT, `B' BENCH: MUMABI, In The case of: Muktha... News Broadcasters Association demanded exemptions from service tax News Broadcasters Association has demanded exemptions in service tax, fringe benefit tax and hike in government advertisement rates as part of its pre-budget proposals.. The proposals have been...

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UPDATES FROM TAX GURU 13.06.2009

UPDATES FROM TAX GURU How to Register Digital Signature for eFiling of Income Tax Returns using USB e-Token Posted: 12 Jun 2009 10:56 AM PDT A digital signature authenticates electronic documents in a similar manner a handwritten signature authenticates printed documents. This signature cannot be forged and it asserts that a named person... New scheme of filing of Income Tax Return and problems faced by the assessee Posted: 12 Jun 2009 10:03 AM PDT New scheme of filing of Income Tax Return for the financial year 2008-09 onward and the general problems which is being faced by the assessee and their consultants are narrated below : 1. Earlier... Government considering proposal to make tax audit reports mandatory for e-filing of income tax returns Posted: 12 Jun 2009 09:27 AM PDT The government is considering a proposal to make tax audit reports mandatory for e-filing of income tax returns. This follows a recommendation by the Income Tax (I-T) department after the Satyam... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 12.06.2009

UPDATES FROM TAX GURU      eFiling of Income Tax Returns with Digital Signature Certificate using .pfx file For Filing Income Tax Return with Digital Signature we have to follow the following procedure:- Prepare your Income Tax Return and Generate XML. Save XML file in your favourite location [Say...   LLPs may be treated on par with Partnerships for taxation THE Union Budget is expected to provide clarity on taxation of limited liability partnerships (LLPs) by treating them like partnership firms for tax purposes. A corporate tax is likely to be levied...   GST critical for economic reforms: Finance Minister Asking the state finance ministers to resolve the pending issues expeditiously, the Centre on Thursday said introducing Goods and Services Tax was critical for economic reforms. "We also need to...   Industry demand: Decontrol fuel price, restore tax holiday Freeing petrol and diesel prices from official control, restoring tax breaks on natural gas production and tax holiday for private oil refiners should be part of the government's agenda in the first...   Senior Citizens Savings Scheme, 2004 - Acceptance of Form 15-G from the Nominees Circular Ref. No. DGBA.CDD.H-10566/15.15.001/2008-09 Dated 5-6-2009 As you are aware, investors under Senior Citizens Savings Scheme, 2004 (SCSS) are eligible to file Form 15-G and 15-H to claim...   ICAI issued Email ID to file complain related to dummy articles and coaching The following email ids have been configured for lodging complaints relating to matters of dummy articles and coaching classes during non-permissible...   ICAI Membership and Certificate of Practice Fee for the year 2009 FOR THE ATTENTION OF MEMBERS Membership and Certificate of Practice Fee for the year 2009-2010 Annual Membership and Certificate of Practice fee for the year 2009-2010 was payable on 1st April 2009....   CAs may be roped to Audit the finances of sarpanches, BDO and other officials handling NREGP Chartered accountants may soon see their world expanding with the government considering a proposal deploying them in the countryside to audit the finances of sarpanches, block development officers... Download Calculator for Emi, ROC Fees, NSC, KVP, Post Office R.D. Interest, TDS, Income Tax, Service Tax, VAT, Custom Duty, HRA, Home Loan, TDS on Salary, Wealth Tax, 234ABC Interest and other useful calculators Download Emi Calculator, ROC Fees Calculator, NSC Interest Calculator, KVP Interest Calculator, Post Office R.D. Interest Calculator, TDS Calculator For A.Y. 2009-10 &n 2010-11 , Income Tax...   With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 11.06.2009

UPDATES FROM TAX GURU  No access to third party data on raid at ca offices The tax authorities have been rapped by the Delhi high court for attempting to snoop on some companies, including Maytas, although they were not the suspected evaders. Terming a search and seizure...   Notification on Section 120 of the Income Tax Act, 1961 SECTION 120 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES JURISDICTION OF - AMENDMENTS IN NOTIFICATION NO. SO 2022 (E), DATED 30-11-2007 NOTIFICATION NO. 47/2009 [F.No. 187/17/2007-IT(A-I)...   Accounting for taxes on income - AS 22-Treatment of deferred tax asset and liabilities Accounting for taxes on income - Accounting Standard 22 - Treatment of deferred tax assets (DTA) and deferred tax liabilities (DTL) for computation of capital CIRCULAR No.DNBS.PD/CC. No....   CBI conducts nationwide anti-corruption raids; books one ITO After a gap of two years the CBI today conducted coordinated nationwide anti-corruption drive, covering various PSUs, CPOs and revenue department officers. All the 16 Zones of the agency coordinated...   With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU  No access to third party data on raid at ca offices The tax authorities have been rapped by the Delhi high court for attempting to snoop on some companies, including Maytas, although they were not the suspected evaders. Terming a search and seizure...   Notification on Section 120 of the Income Tax Act, 1961 SECTION 120 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES JURISDICTION OF - AMENDMENTS IN NOTIFICATION NO. SO 2022 (E), DATED 30-11-2007 NOTIFICATION NO.. 47/2009 [F.No. 187/17/2007-IT(A-I)...   Accounting for taxes on income - AS 22-Treatment of deferred tax asset and liabilities Accounting for taxes on income - Accounting Standard 22 - Treatment of deferred tax assets (DTA) and deferred tax liabilities (DTL) for computation of capital CIRCULAR No.DNBS.PD/CC. No....   CBI conducts nationwide anti-corruption raids; books one ITO After a gap of two years the CBI today conducted coordinated nationwide anti-corruption drive, covering various PSUs, CPOs and revenue department officers. All the 16 Zones of the agency coordinated...   With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 09.06.2009

UPDATES FROM TAX GURU  ICAI president appeal members to Ensure effective practical training As you may be aware, in its endeavour to streamline and sustain the efforts of the Institute in providing effective training to articled assistants, the Council of the Institute has been taking... Income Tax Department will mail to individual assessees details of TDS The Income Tax Department will now mail to individual assessees the details of the tax deducted at source (TDS) on their Income from different sources like banks, employers or post offices.Officials...   With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 09.06.2009

UPDATES FROM TAX GURU    Additional comm. and registrar Manohar Tribhuvan caught red-handed while accepting bribe Posted: 08 Jun 2009 07:45 PM PDT Additional commissioner and registrar Manohar Bhagaji Tribhuvan (54) of the State Co-operation Department was on Monday evening caught red-handed by ACB officials, Pune unit, while accepting a bribe...   Maharashtra Govt Budget gives relief to small professional taxpayers; hikes VAT Posted: 08 Jun 2009 10:01 AM PDT In its recent Budget Maharashtra State Govt. And its Finance Minister offered a mixed bag for the industry, trade and individuals subjected to professional tax.. Keeping in mind not the economic...   I-T Department is probing tax evasion of Rs 800 crore Posted: 08 Jun 2009 09:54 AM PDT The I-T Department is probing tax evasion to the tune of Rs 800 crore by some stock brokers who are believed to be diverting profits, earned on trading in NSE, BSE and commodity markets, to...   IT department set trap for those who undervalue their properties Posted: 08 Jun 2009 09:50 AM PDT It's not just high-value property transactions that come under the IT's hawk eyes. The income tax department will scrutinize property deals of even Rs 5 lakh and above to tap tax dues. Thus, the trap...   UPA will focus on Small and Medium Enterprises (SME) Posted: 08 Jun 2009 09:45 AM PDT The UPA is back at a time faced with economic slowdown and hence, an immediate agenda of economic revival. The Small & Medium Enterprises (SME) is one of the high growth sector with over 40%...   Income tax department is set to start an online 'judicial reference system' Posted: 08 Jun 2009 09:41 AM PDT The income tax department is set to start an online 'judicial reference system' in order to streamline thousands of departmental cases being fought in various courts and I-T tribunals across the...   With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 08.06.2009

UPDATES FROM TAX GURU Download Fema Forms in Excel/Word Format for Free Posted: 06 Jun 2009 04:25 AM PDT We welcome you to view updated version of various Forms under Foreign Exchange Management Act (FEMA), 1999. This part shows all the Forms issued by the Reserve Bank of India since inception of FEMA,... Step in incorporation of Limited Liability Partnership Firm (LLP) Posted: 07 Jun 2009 07:53 AM PDT A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited... Audit of Co-Operative Housing & Credit Societies in Maharashtra Posted: 07 Jun 2009 03:50 AM PDT Various Laws Applicable to Co-op. Societies 1) The Maharashtra Co-op. Societies Act, 1960 (MCS Act) - having 167 sections effective from 26/1/1962 and The Maharashtra Co-op. Societies Rules, 1961 -... AAR rules on whether a liaison office can constitute a permanent establishment Posted: 07 Jun 2009 02:44 AM PDT SUMMARY OF THE AAR This alert summarizes a recent ruling of the Authority for Advance Ruling (AAR) [2009-TIOL-12-ARA–IT] in the case of K.T. Corporation (Applicant) on the issue of whether a Liaison... Centralise the procedure for the allotment of auditors : ICAI Posted: 07 Jun 2009 02:15 AM PDT The accounting regulator, Institute of Chartered Accountants of India (ICAI) has urged the government on centralising the procedure for the allotment of auditors. The institute is of the view that... Auditors cannot be forced to part with information of clients not related to search found in their laptops Posted: 07 Jun 2009 02:10 AM PDT Department cannot force auditors to part with information of clients not related to search, found in their laptops seized during search While conducting an audit of EMAAR on 11.9.2007, the... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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UPDATES FROM TAX GURU 06.06.2009

UPDATES FROM TAX GURU RBI ask to cut salary of CEO of ING Vysya Bank, Axis Bank and DCB The Reserve Bank of India, citing its powers as banking regulator, has put on hold the salaries of Chief Executive Officers of three private sector banks, ING Vysya Bank, Axis Bank and Development... Returns from annuity plans may not be taxed fully Individuals, who invest their savings in annuity plans offered by insurance firm, could see a drop in their tax burden. Insurance regulator IRDA is in talks with the government to make annuity-plans... MVAT Notification on Amemdment in Rules related to Charging contract FINANCE DEPARTMENT,Mantralaya, Mumbai 400 032, dated the 1st June 2009 Notification No.CR-53 dt.01/06/09 Maharashtra Value Added Tax Act, 2002. No. VAT-1507/CR- 53/Taxation- 1.- Whereas the... Chartered Accountants can Create WEBSITE on PD portal of ICAI Dear Member, We are happy to share with you that ICAI have launched newly revamped Professional Development Portal, www.pdicai.org of the Institute of Chartered Accountants of India. This site has... Department need not provide reason for search U/s. 132 Genom Biotech vs. DIT (Bombay High Court) Search & seizure action u/s 132 was undertaken at the assessee's premises. Thereafter an order of provisional attachment u/s 281B was passed. The... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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LEGAL & FINANCIAL UPDATES 05.06.2009

UPDATES FROM TAX GURU Highlight of Maharashtra State Additional Budget 2009 Posted: 04 Jun 2009 11:13 AM PDT As Maharashtra braces up for polls and celebrates its golden jubilee year, it tabled a revenue-deficit budget for the year 2009-10 on 4th June 2009 that focuses on infrastructure development and... Submission of ITR V and Issues related thereto Posted: 04 Jun 2009 10:58 AM PDT It has been proposed under the IT Circular 3/2009 that if the return is electronically furnished under a digital signature, the tax-payer is not required to furnish the Form ITR-V with the Income-tax... Quoting of Unique transaction Number (UTN) in ITR and practical issues Posted: 04 Jun 2009 10:54 AM PDT It has been directed that ITR-1 to ITR-8 shall require the quoting of the relevant UTN for every TDS or TCS claim made by an assessee and that the credit for any TDS/TCS claim will be allowed only if... ITAT Mumbai Bench Funtioning Notice From 08.06.09 to 13.06.09 Posted: 04 Jun 2009 10:46 AM PDT NOTICE The following Benches will function during the period 08.06.09 to 12.06.09 " A, B, C, D, E, E-1, F, G, H, SMC " & SPECIAL BENCH ON 09.06.09 Sd/- (M.A.Bakshi) (Vice-President(... RBI ask banks to clear local cheques within a day and of outstation cheques within 14 days Posted: 04 Jun 2009 09:35 AM PDT Banks were told by the Reserve Bank of India  on Tuesday to ensure clearance of all local cheques within a day and of outstation cheques within 14 days. Compliance is to be reported within a... ITAT - The Bench shall Pronounce the Order! – Deemed Pronouncement Posted: 04 Jun 2009 01:26 AM PDT AS per Rule 34 of the Income-tax (Appellate Tribunal) Rules, 1963,  (1) The order of the Bench shall be in writing and shall be signed and dated by the Members constituting it.  (2) The Members... AAR on importance of the transfer pricing provision over the capital gains provision Posted: 04 Jun 2009 01:09 AM PDT The AAR upholds the importance of the transfer pricing provision over the capital gains provision in case of an international transaction  In a recent ruling in case of Canoro Resources Limited1.... Deemed dividend cannot be taxed in the hands of non-shareholder Posted: 04 Jun 2009 12:46 AM PDT Closely-held group companies that frequently borrow money from each other should make a mental note of a recent ruling by the income tax appellate tribunal (ITAT), a quasi-judicial tax authority. The... Delays in cheque clearing - case no. 82 of 2006 before National Consumer Disputes Redressal Commission Posted: 04 Jun 2009 12:32 AM PDT NOTIFICATIONS NO. DPSS.CO. (CHD) NO. 873 / 03.09.01/ 2008-09, DATED 24-11-2008 As you may be aware, during August 2006, a case was filed before National Consumer Disputes Redressal Commission, New... LLP conversion - Notifications for making conversion effective Posted: 04 Jun 2009 12:15 AM PDT In exercise of the powers conferred by sub-section (3) of section 1 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby appoints 31-5-2009 as the date on which... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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LEGAL & FINANCIAL UPDATES 04.06.2009

UPDATES FROM TAX GURU  E-Filing cares about your security more then earlier Posted: 03 Jun 2009 09:49 AM PDT E-Filing cares about your security!!! 1>E-Filing website is now running on SSL. SSL is an acronym for Secure Sockets Layer, a global standard security technology developed by Netscape in 1994....   Changes in E-Filing of ITR for A.Y. 2009-10 and E-Filing enabled Posted: 03 Jun 2009 08:59 AM PDT E-Filing for AY 2009-10 has been enabled.. You can  furnish the Form ITR-V to the Income-tax Department by mailing it to Income Tax Department , CPC, Post Box No - 1, Electronic City Post Office,...   Govt gave in-principle approval to DLF to withdraw 4 SEZs, asked to refund tax sops Posted: 03 Jun 2009 08:20 AM PDT The government gave in-principle approval to DLF on Tuesday to withdraw four of its IT, ITES special economic zones, which the realty major did not want to build in the face of slowdown in the real...   Government mulling levy of small cess on natural gas Posted: 03 Jun 2009 07:58 AM PDT The government is mulling levy of small cess on natural gas to fund construction of national gas highway network even as it plans to extend LPG reach to rural areas and launch smart cards for...   With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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LEGAL & FINANCIAL UPDATES 03.06.2009

UPDATES FROM TAX GURU ICAI asked amnesty for firms formed in Maharashtra Posted: 02 Jun 2009 08:08 AM PDT Introduction of Amnesty Scheme and on-line system for compliances/ registration of documents with the office of the Registrar of Firms, Maharashtra, Mumbai No. 1-CA(RepCom) /2009,  Dated : June 1,... Nomination of Chartered Accountants u/s 14A and 14AA of the Central Excise Act, 1944 for special audit Posted: 02 Jun 2009 07:56 AM PDT ICAI given the proposal of for Nomination of Chartered Accountants u/s 14A and 14AA of the Central Excise Act, 1944 for special audit. Copy of letter written by ICAI President CA. UTTAM PRAKASH... MCA made changes in Form No. 19, 20, 20A, 44 & 49[1] Posted: 02 Jun 2009 07:48 AM PDT Ministry of Corporate  Affairs vide Notification  G.S.R. 257(E) dated 17-04-09 has made the Companies (Central Government s)  General Rules and Forms (Second Amendment) Rules, 2009 and thereby... Power to condone delay beyond 180 days by High Court Posted: 02 Jun 2009 07:35 AM PDT Notifications & Circulars :-Circular No.888/8/2009-CX dated 21/5/2009 F.No.276/109/2007-CX.8A New Delhi, the 21st May, 2009. Government of India, Ministry of Finance, Department of... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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LEGAL & FINANCIAL UPDATES 02.06.2009

UPDATES FROM TAX GURU Cost Inflation Index meaning and Index for all the years Posted: 01 Jun 2009 10:12 AM PDT What is Cost Inflation Index(CII)? It is a measure of inflation that finds application in tax law, when computing long-term capital gains on sale of assets. Section 48 of the Income-Tax Act defines... Gold Price in India will be uniform in all markets soon Posted: 01 Jun 2009 09:43 AM PDT The days of spot prices of gold differing from one city to another will soon be over. The launch of the Indian Bullion Market Association, which will represent the Indian bullion trade and industry,... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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