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Mar 8, 2010

Tax Updates from TaxGuru 09.03.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 16 new items)



Union Budget–2010: Highlights of Amendment in Service Tax Act

Posted: 08 Mar 2010 07:40 PM PST

Hon'ble Finance Minister Shri Pranab Mukharjee has introduced the Finance Bill, 2010 in the Lok Sabha on the 26th of February, 2010. Clause 75 and 76 of the said bill covers the legislative changes relating to Chapter V of Finance Act, 1994 (i.e....

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RBI ordered special audit of Bank of Rajasthan

Posted: 08 Mar 2010 07:12 PM PST

The Reserve Bank of India (RBI) has ordered a special audit of the accounts of Bank of Rajasthan (BoR) following investigations into irregular dealings by the private sector bank. The regulator has appointed Deloitte Haskins & Sells to audit...

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DTC may have higher Turnover limit for LLP conversion without capital gain tax

Posted: 08 Mar 2010 07:08 PM PST

Large business entities willing to convert into Limited Liability Partnerships (LLPs) will have to wait for some more time with the government saying that it would consider raising the limit for capital gains tax exemptions as part of the Direct...

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Service tax on construction and sale of residential property and issues

Posted: 08 Mar 2010 06:17 PM PST

The issue of the imposition of service tax on construction and sale of residential property has long been a matter of concern for the real estate and construction industry as well as for buyers of such residential property. Before coming to the...

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Technical services by Non residents provided outside Indian but utilized in India is taxable

Posted: 08 Mar 2010 06:06 PM PST

As per Memorandum on Finance Bill, 2010 a source rule was inserted in section 9 of Income-tax Act in 1976 with an intention of bringing to tax fees for Technical Services by creating a deeming fiction that even in cases where services are provided...

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Buy Health insurance for you and your family to save tax

Posted: 08 Mar 2010 05:56 PM PST

Section 80D provides a deduction for contribution towards the health insurance premium to the extent of Rs 15,000 paid for self and family. If the policyholder is a senior citizen, the benefit can increase to Rs 20,000. Mostly people take only this...

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Budget 2010: Empowered Income tax department to cancel any charitable organisation's registration

Posted: 08 Mar 2010 05:50 PM PST

The Income Tax department has got the power to cancel any charitable organisation's registration that accords it the benefit of tax exemption. The department can annul the registration and the exemption emanating from it if the organisation is found...

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Bank need to deduct tds on accrual of interest not on mere Provisioning of the same

Posted: 08 Mar 2010 05:42 PM PST

However, this was creating problems for banks using Core-Branch Banking Solutions (CBS), which enables customers to access their accounts from any branch. The Indian Banks' Association in a representation to the Income Tax department had said that...

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Service tax provisions in budget 2010 impacting Film Industry

Posted: 08 Mar 2010 05:31 PM PST

When the finance minister in his budget speech acknowledged that the film industry has been experiencing difficulties while discussing the proposals relating to customs duties, it appeared that the industry was finally going to get a respite from...

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ICAI's Campus Placement Programme

Posted: 08 Mar 2010 05:07 PM PST

The Institute of Chartered Accountants of India (ICAI), working under the aegis of the Ministry of Corporate Affairs, organizes campus placement programme for the benefit of newly qualified Chartered Accountants twice every year. The first phase of...

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Penalty for pre-payment of home loans is under CCI radar

Posted: 08 Mar 2010 05:02 PM PST

The Government has informed Lok Sabha that the Competition Commission of India (CCI) has received information under section 19 of the Competition Act, 2002 against some Banks/Housing Finance Institutions with regard to anti-competitive agreements on...

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FM releases RBI Working Group Report on credit guarantee for Small & Medium Enterprises

Posted: 08 Mar 2010 04:37 PM PST

Mandatory doubling of the limit for collateral free loans to micro and small enterprises (MSEs) sector to Rs.10 lakh from the present Rs. 5 lakh, increase in the extent of guarantee cover, absorption of guarantee fees for the collateral free loans...

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Download Revision Test Papers (RTP) – May, 2010 Examination of PCC, IPCC, PE-II, FInal New and Final Old Course

Posted: 08 Mar 2010 04:27 PM PST

Accounting Technician Course , atc , Final (New) Course ,Final Course (Earlier Scheme) ,Integrated Professional Competence Course , ipcc , Professional Competence Course , Professional Education (Course - II) , revision test paper , Revision Test...

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Download Compilation of Suggested Answers Professional Competence Course( PCC) Cost Accounting

Posted: 08 Mar 2010 04:16 PM PST

CHAPTER 1 - BASIC CONCEPTS, CHAPTER 2 - MATERIAL, CHAPTER 3 - LABOUR, CHAPTER 4 - OVERHEADS, CHAPTER 5 - NON INTEGRATED ACCOUNTING, CHAPTER 6 - METHOD OF COSTING (I), CHAPTER 7 - METHOD OF COSTING (II), CHAPTER 8 - STANDARD COSTING, CHAPTER 9 -...

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Government set up monitoring Committee for vanishing companies

Posted: 08 Mar 2010 08:26 AM PST

The Government has informed Lok Sabha that a Coordination and Monitoring Committee (CMC), co- chaired by Secretary, Ministry of Corporate Affairs and Chairman, Securities and Exchange Board of India (SEBI) has been set up to look into issues...

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Share Transfers – Allegations of Forgery, Fraud Etc. – The Remedy – Indian Company Law?

Posted: 08 Mar 2010 08:23 AM PST

Share transfers: We all know the settled law that the Private Company can have restrictions in its Articles restricting the right of its shareholders in transferring the shares. There can not be any such restriction in the articles of Public...

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