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Mar 21, 2010

Tax Updates from TaxGuru 21.03.2010

Updates from TaxGuru



    Income deemed to accrue or arise in India to non residents: Budget 2010

    Posted: 20 Mar 2010 10:41 AM PDT

    The question / dispute has been arising that where the Non-resident has rendered services from outside India whether the source of income shall be considered to be lying in India for the purpose of Section – 9. This dispute was settled by Hon'ble...

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    Union budget 2010 and impact on real estate industry

    Posted: 20 Mar 2010 10:24 AM PDT

    Interest subvention on housing loans: A scheme was introduced by the Finance Minister in Union Budget of 2009-10, wherein an interest subvention of 1% was available on housing loans of upto INR1 million, provided the cost of house does not exceed...

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    Budget 2010 and its Impact on Information technology (IT) industry

    Posted: 20 Mar 2010 09:32 AM PDT

    Budget 2010 proves to be a mixed bag for the IT industry. From a Technology Policy stand-point, the resolve of the Government in setting up a 'Technology Advisory Group', to look into various technological and systemic issues for effective tax...

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    Employees' contributions to Social Security Schemes paid before the due date of filing return of Income is allowable

    Posted: 20 Mar 2010 08:33 AM PDT

    Income tax - Sec 36(1)(va), 43B - Assessee deposits employer's contribution as well as employees' contribution to PF and ESI after due date - AO disallows and CIT(A) agrees with him - Assessee files application u/s 154 for rectification of mistake...

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    Applicability of relevant Corporate Laws for the CA Final (Old & New Course) – May 2010 Examinations

    Posted: 20 Mar 2010 07:59 AM PDT

    Applicability of relevant Corporate Laws for the CA Final (Old & New Course) - May 2010 Examinations

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    Tax rate applicable for A.Y. 2011-12 on Income, Dividend, Wealth, MAT, STT, Capital Gain and Presumptive Income

    Posted: 20 Mar 2010 06:04 AM PDT

    (a) In the case of a resident woman below the age of 65 years, the basic exemption limit is INR 190,000. (b) In the case of a resident individual of the age of 65 years or above, the basic exemption limit is INR 240,000 (c) Surcharge is not...

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    No capital gains on conversion of partnership into private limited company irrespective of subsequent change in the shareholding :AAR

    Posted: 20 Mar 2010 04:30 AM PDT

    No capital gains are accrued or arisen at the time of conversion of partnership into a private limited company under Part IX of the Companies Act, irrespective of subsequent change in the shareholding of such company [Umicore Finance Luxembourg (AAR...

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    Taxability of Non-resident on services rendered in India on purchase- AAR

    Posted: 20 Mar 2010 02:00 AM PDT

    This Article summarizes a recent ruling of the Authority for Advance Rulings (A.A.R. No. 825 OF 2009) in the case of Aramco Overseas Company B.V. (Applicant) on the issue of taxation of procurement support services rendered by the Indian liaison...

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    How to make the arbitration mechanism truly effective?

    Posted: 20 Mar 2010 01:36 AM PDT

    With a very laudable objective of speedy disposal of cases, Alternative Dispute Resolution Mechanism (ADR) is mooted. Among the modes of Alternative Dispute Resolution Mechanism, Arbitration is most discussed issue always as many agreements or...

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    Speculative loss of earlier years can be set off against profit earned on delivery-based share trading or deemed speculative business profit

    Posted: 19 Mar 2010 10:53 PM PDT

    CIT vs. Lokmat Newspapers (Bombay High Court) (Income Tax Appeal No 3005 of 2009). Speculative loss incurred in earlier years by a company can be set off against profit earned on delivery-based share trading transactions. The HC held that since the...

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    Payment made in pursuance of Cost Contribution Agreement by various entities of a Group in the R & D activities carried out centrally would not be liable to tax in India: AAR

    Posted: 19 Mar 2010 10:33 PM PDT

    ABB Limited (applicant), an Indian company, has various business divisions such as power products and systems, automation systems, process automation and robotics systems. The appellant is a part of the ABB Group, which is a leader in power and...

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    Custom duty circular on Rebate under Rule 18 on clearances made to SEZs

    Posted: 19 Mar 2010 09:23 PM PDT

    rebate under Rule 18 is admissible when the supplies are made from DTA to SEZ. The Circular also lays down the procedure and the documentation for effecting supply of goods from DTA to SEZ, by modifying the procedure for normal export. Clearance of...

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    Liquidity Adjustment Facility – Repo And Reverse Repo Rates increased by 0.25 percent

    Posted: 19 Mar 2010 09:07 PM PDT

    As a part of the calibrated exit strategy initiated in the Second Quarter Review in October 2009 and carried forward in the Third Quarter Review in January 2010, the Reserve Bank of India has decided to raise the repo rate under the Liquidity...

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