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Mar 10, 2010

Updates from TaxGuru 11.03.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 21 new items)



FAQ on General principles Governing HUF

Posted: 10 Mar 2010 07:53 PM PST

Hindu Undivided Family ("HUF") which is same as joint Hindu family is a body consisting of persons lineally descendant from a common ancestor, including their wives and unmarried daughters, who are staying together jointly; joint in food, estate and...

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S&P CNX Nifty – Frequently Asked Questions

Posted: 10 Mar 2010 07:47 PM PST

1. What are the essentials of a stock market index ? 2. What do the ups and downs of an index mean? 3. What is the basic idea of an index? 4. What kind of averaging is done? 5. What is the portfolio interpretation of index movements? 6....

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Income tax provisions related to Transfer pricing and arms length price

Posted: 10 Mar 2010 07:35 PM PST

The Finance Act, 2001 substituted section 92 with a new section and introduced new sections 92A to 92F in the Income-tax Act, relating to computation of income from an international transaction in order to facilitate the computation of reasonable,...

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Existing taxation provision of Long term capital gains may continue in DTC

Posted: 10 Mar 2010 07:24 PM PST

The government is likely to maintain the distinction between short term and long-term capital gains to encourage long-term savings, as it deliberates the draft direct taxes code. The finance minister said in his Budget speech that the new direct...

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Tax planning to be done once Exempt Gratuity Limit Increase to 10 Lakh

Posted: 10 Mar 2010 07:20 PM PST

With the government raising the gratuity limit, it makes sense to negotiate for a higher basic salary to ensure a better payout. The Union cabinet's decision to raise the tax-free gratuity limit from Rs 3.5 lakh to Rs 10 lakh is likely to become a...

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Convergence with International Financial Reporting Standards

Posted: 10 Mar 2010 06:48 PM PST

The Government has informed Lok Sabha that the Government has adopted the approach of convergence of Accounting Standards issued under the Companies Act, 1956 with the International Financial Reporting Standards (IFRS), keeping in view the...

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No proposal for any upper cap on the number of independent directors: Union Government

Posted: 10 Mar 2010 06:35 PM PST

The Companies Bill, 2009 has not proposed any upper cap on the number of independent directors, but, sub-clause (3) of clause 132 of the Companies Bill, 2009 provides that at least one-third of total directors shall be independent directors to be...

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The number of pending cases in CBI decline

Posted: 10 Mar 2010 06:32 PM PST

The main reasons for the pendency are, time taken in collection and scrutiny of voluminous documents, examination of large number of witnesses, scientific and forensic examination of exhibits, obtaining expert advice and shortage of officers at the...

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20 IITS to be set up during 11th Plan to overcome manpower shortage

Posted: 10 Mar 2010 06:08 PM PST

Although, the proposal is for setting up all twenty IIITs in Public Private Partnership (PPP) mode, since industry participation may not be forthcoming in some States like in the North East, it is proposed that IIITs in the North East may be set up...

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Vigilance cases against 54 all India Service Officers in 2009

Posted: 10 Mar 2010 06:05 PM PST

The CVC does not issue sanction for prosecution. However, the Commission advised sanction for prosecution in the year 2008 and 2009 in 107 and 131 cases respectively. In pursuance of the Commission's advice, the Competent Authorities have imposed...

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Verification Status of PEII, IPCE/ATE, PCE, Final & Final (New Course) for November Examinations

Posted: 10 Mar 2010 06:00 PM PST

# Roll Numbers of candidates where no change in marks found click here All these candidates has been intimated by post. Roll Numbers of candidates where change in marks found but there is no change in result or exemption in applied papers found...

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Leviability of cess on tractors under Tractor Cess Rules, 1992

Posted: 10 Mar 2010 05:44 PM PST

It has been brought to the notice of the Board that Hon'ble High Court of Himachal Pradesh in the case of Indo Farm Tractors & Motors Ltd. V/s UOI [2008(222) ELT184 (HP)], has held that Automobile Cess Rules are not applicable for imposition of...

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Export warehousing –Extension of facility at Gautam Budh Nagar in the state of Utter Pradesh and Nagpur in the state of Maharashtra

Posted: 10 Mar 2010 05:41 PM PST

The matter has been examined. Board is of the view that extension of the facility of export warehousing to Gautam Budh Nagar district in the state of Uttar Pradesh and Nagpur district in the state of Maharashtra would facilitate the trade and...

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CBEC instruction on Powers of Commissioner (Appeals) to remand cases

Posted: 10 Mar 2010 05:19 PM PST

Section 35A(3) of the Central Excise Act, 1944 / Section 128A(3) of the Customs Act, 1962 as it existed before 11.5.2001 provided that Commissioner (Appeals) shall, after making such further enquiry as may be necessary, pass such order, as he thinks...

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Rajasthan State Budget for the Year 2010-11: An Overview

Posted: 10 Mar 2010 05:13 PM PST

The Chief Minister (Finance Minister) presented the State Budget for the Year 2010-11 on Tuesday 09th March 2010 in the State assembly for the second time in his second tenure. There was not much for the trade and industry in the budget except some...

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ICAI advocates flexibility in depreciation rates for companies

Posted: 10 Mar 2010 05:04 PM PST

The CA institute favours a regime where depreciation rates for company law purposes are based on the useful life of an asset. The depreciation rates should also be indicative and not prescriptive as is the case now, Mr Amarjit Chopra, President of...

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Get Income Tax Refund for A.Y. 2008-09, even if TDS not matching

Posted: 10 Mar 2010 04:46 PM PST

In all the returns filed in ITR-1 and ITR-2 for the A. Y. 2008-09, where the aggregate TDS claim does not exceed Rs four lakh and where the refund computed does not exceed Rs.25,000; the TDS claim of the tax payer concerned should be accepted at the...

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Corrigendum to Notification No 17-2010 Service Tax

Posted: 10 Mar 2010 04:43 PM PST

In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 17/2010-Service Tax, dated the 27th February, 2010 published in the Gazette of India, Extraordinary, Part II, Section [More...] 3, Sub-section...

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For ICWAI students June 2010 will be Last attempt under old Syllabus

Posted: 10 Mar 2010 04:36 PM PST

The last examinations under SYLLABUS 2002 would be held in June 2010. From December 2010 term onwards, examinations shall be held only under the REVISED SYLLABUS, 2008

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ICAI planning to open coaching classes for CA students

Posted: 10 Mar 2010 04:34 PM PST

The Institute of Chartered Accountants of India (ICAI), in a bid to save time and money of students pursuing the Chartered Accountancy programme as they complete their course is planning to provide them with coaching classes taught by the faculty...

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Budget 2010-11- Levying tax on Medical Services – The Case of Delivering a Deformed Baby

Posted: 10 Mar 2010 08:21 AM PST

Health services undertaken by hospitals or medical establishments for the employees of business organizations and health services provided under health insurance schemes offered by insurance companies.

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