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Mar 25, 2010

Updates from TaxGuru 25.03.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 13 new items)



It department looking to reopen Assessment of companies paying MAT

Posted: 24 Mar 2010 06:34 PM PDT

The Income Tax Department has decided to reopen assessments for three years, up to 2006-07, for companies paying the minimum alternate tax (MAT)., for companies paying the minimum alternate tax (MAT). MAT, inserted in the Income Tax Act in 1996-97,...

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Investigation in Satyam case by ICAI at final stage

Posted: 24 Mar 2010 06:22 PM PDT

The government today allayed apprehensions that accounting regulator ICAI was not working speedily against auditors involved in the accounting fraud in erstwhile Satyam Computers, even as the US counterpart has already banned two such auditors.

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Circular on Procedure for electronic filing of Service Tax returns and for electronic payment of service tax

Posted: 24 Mar 2010 06:12 PM PDT

Attention is also invited to Notification No. 04/2010-Central Excise (NT) and No. 01/2010-ST both dated 19.02.2010 providing for mandatory electronic filing of Excise and Service Tax returns and payment of excise duty and service tax by all the...

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Govt. plans to introduce unique document id number for Income Tax communications

Posted: 24 Mar 2010 06:01 PM PDT

After introducing unique account numbers for taxpayers (PAN) and those for tax deductors (TAN), the government will this fiscal introduce a unique document identification number (DIN) to be quoted on "every" income tax related communication.

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Government may not roll back 10 per cent service tax on air travel proposed in budget 2010

Posted: 24 Mar 2010 05:57 PM PDT

he Budget proposal to charge 10 per cent service tax on air travel may not be rolled back, as the government expects to raise between Rs 600 and Rs 1,000 crore annually through the measure. Maintaining that the government plans to explore new...

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More then two-fold rise in Income Tax department appeals in Supreme Court

Posted: 24 Mar 2010 05:53 PM PDT

In spite of having various appellate tribunals and commissions within its establishment, the Income Tax Department has registered a more than two-fold rise in appeals in Supreme Court in cases involving crores of rupees of the exchequer.

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Making unsustainable claims do not amount to furnishing inaccurate particulars and Penalty u/s. 271 (1) (c) cannot be imposed

Posted: 24 Mar 2010 05:40 PM PDT

The assessee claimed deduction u/s 36 (1) (iii) for interest paid on loan taken for purchase of shares. The interest was disallowed u/s 14A. Penalty u/s 271 (1) (c) was levied on the ground that the claim was unsustainable which was deleted by the...

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The obligation to deduct the TDS u/s 195 (1) arises only when the payment is chargeable to tax

Posted: 24 Mar 2010 05:26 PM PDT

The assessee, an Indian company remitted mobilization & demobilization charges of Rs. 8.65 crs by way of reimbursement to its parent company, a company based in Netherlands. The assessee applied to the AO u/s 195 (2) for a Nil withholding rate...

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Corrigenda to TDS Rules – Amendment in IT (First Amendment) Rules, 2010

Posted: 24 Mar 2010 09:49 AM PDT

In the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct taxes), number 9/2010 dated 18-02-2010 bearing S.O. 424(E) and published in the Gazette of India, Extraordinary, Part II, Section 3,...

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Initial Public offer – Issues, Pricing and Capital Market

Posted: 24 Mar 2010 12:26 AM PDT

Issue Price - Final Price at which Equity Shares are issued and allotted in terms of the Red Herring Prospectus. Issue Price is decided by the Company in consultation with the Book Running Lead Manager on the Pricing Date.

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Budget 2010 provided Special Incentive to Hotel Industry U/s. 35AD of Income Tax Act, 1961

Posted: 23 Mar 2010 09:35 PM PDT

The Finance Act, 2009 inserted Section 35AD to allow deduction of capital expenditure (other than land, goodwill and financial instrument) incurred by the assessee engaged in the business of setting up and operating cold chain facility, warehousing...

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Amendment to VAT act by ordinance is Legal

Posted: 23 Mar 2010 09:32 PM PDT

In a significant development, Speaker of Maharashtra Assembly Mr Dilip Walse-Patil allowed the government to table an ordinance seeking to amend the Value Added Tax Bill. On March 18, when the bill was first presented, the Opposition protested the...

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Government may soon ban FDI in cigarette manufacturing and allied products

Posted: 23 Mar 2010 09:28 PM PDT

The commerce and industry ministry has recommended a ban on foreign direct investment in cigarette manufacturing and allied products involving tobacco, an official said. "We have sent the note to ban FDI in cigarette manufacturing and allied...

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