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Mar 7, 2010

Updates from TaxGuru 08.02.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 11 new items)



Scrutiny assessment under the Income Tax Act 1961

Posted: 07 Mar 2010 07:40 PM PST

The Scrutiny Assessments under Income Tax Act 1961 are made u/s 143(3). For many years now many of the returns of the assesses are accepted as they are being filed by the assesses and intimation is sent u/s 143(1) and only fewer cases are selected...

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Income Tax Act : A few words

Posted: 07 Mar 2010 07:19 PM PST

Income Tax Act is a comprehensive as well as a complex enactment of fiscal Statutes of the country. With the passage of time it has undergone various changes keeping in view the socio economic needs of the society and the broader objective of...

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All you need to know about tax planning for financial year 2009-10 or Assessment Year 2010-11

Posted: 07 Mar 2010 08:24 AM PST

As the financial year draws to a close, we all start feeling the heat and realise that yes, now we have to invest in order to save tax. Whilst investing with tax saving and tax planning in mind is the key, these investments must be part of a larger...

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Amount eligible for tax holiday is specific to each undertaking of the Taxpayer: Chennai Special Bench

Posted: 07 Mar 2010 07:18 AM PST

whether the losses of an undertaking of the Taxpayer which is not eligible for tax holiday (Non-eligible Undertaking), are required to be set off against the profits of another undertaking of the Taxpayer which is eligible for tax holiday (Eligible...

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Fees received on assignment of contractual rights not taxable: Authority of Advance Ruling

Posted: 07 Mar 2010 07:03 AM PST

The AAR held that the fee received by US Co from the Applicant is in the nature of business profits of US Co and the same is not taxable in India in the absence of US Co constituting a permanent establishment (PE) in India under the India-US tax...

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Supreme Court rules write off of debt is sufficient for claiming bad debts

Posted: 07 Mar 2010 06:43 AM PST

In a recent ruling Supreme Court in the case of TRF Ltd. on the issue of whether a taxpayer, while claiming deduction of bad debts in its return of income, is required to establish that the debts have, in fact, become irrecoverable. The SC held that...

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Budget 2010: Direct and Indirect Tax Proposals for Oil and gas Sector

Posted: 07 Mar 2010 06:24 AM PST

Last year's budget had introduced an investment linked tax incentive for specified business including the business of laying and operating a cross country natural gas or crude or petroleum oil pipeline network for distribution, including storage...

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Major Highlights of Karnataka State Budget 2010 -11

Posted: 07 Mar 2010 05:55 AM PST

VAT exemption on paddy, rice, wheat, pulses and products of rice and wheat extended for one more year from 1.4.2010. Tax on Masala Powder Mixtures, Macaroni, Sports Trophies, Shields and Medals, all kinds of scrap, Electric generators of less...

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New Chinese Weapon: Currency

Posted: 07 Mar 2010 02:08 AM PST

China has been the prime leader of 2009 in economic recovery competition. The stimulus package has helped china to have a GDP growth rte of 10% beyond the forecast of any economist across the world. China apart from stimulus package the undervalued...

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Inflation Shadow is Part of Higher GDP

Posted: 06 Mar 2010 11:18 PM PST

We have been hearing after the budget that increase in the limits of tax slab followed with some other measures which will result to increase the flow of funds on the street will spook inflation. It has now become caller tune of Indian economy....

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CA Placement : Top Salary zooms to 70 lakh

Posted: 06 Mar 2010 11:07 PM PST

Creating a record in its placement history, the Institute of Chartered Accountants of India (ICAI) has placed three of its candidates at a record salary of close to Rs 70 lakh with Singapore-based Olam International. This is the highest ever salary...

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