| Merely coming together and acting in cooperation do not mean AOP has been formed Posted: 05 Apr 2010 08:23 PM PDT Merely coming together and acting in cooperation with each other for the purpose of executing the work while each member carries on its own scope of work independently does not reasonably lead to the conclusion that an AOP has been formed. A tax... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBDT want to book tax evaders under PMLA and looking to Jail Tax evaders Posted: 05 Apr 2010 08:11 PM PDT Tax evasion could land you behind bars if the country's direct taxes authority has its way. The central board of direct taxes wants to prosecute tax evaders under the tough anti-terror financing law, even as it looks to adopt a more friendly... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government taken first step towards the introduction of the goods and services tax Posted: 05 Apr 2010 08:06 PM PDT The government has taken the first concrete step towards the introduction of the goods and services tax. Since the introduction of the tax would require amendment to the Constitution, the government has sought the Supreme Court's opinion on the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Big 4 circumventing law to provide auditing services in the country Posted: 05 Apr 2010 08:00 PM PDT The big four global accountancy firms -- PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte -- are circumventing laws to provide auditing services in the country, says a report of an ICAI's committee."It has been noticed that MAFs... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| FDI in LLPs unlikely in near future Posted: 05 Apr 2010 07:50 PM PDT Limited liability partnership (LLP), the new business vehicle that the government introduced a year ago, is moving from one hurdle to another. While Budget 2010-11 has cleared the way for small companies to convert into LLPs through capital gains... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| FM proposed to tighten the foreign direct investment (FDI) regime in the country Posted: 05 Apr 2010 07:47 PM PDT Favours check on downstream investments by firms with minority foreign shareholding. The finance ministry has proposed to tighten the foreign direct investment (FDI) regime in the country. It has sought to route a larger number of investments by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICWA southern region placement- 100 picked out of 450 candidates Posted: 05 Apr 2010 07:37 PM PDT The Institute of Chartered and Works Accountants of India (ICWAI) southern region saw salary remaining at the same levels as last year, despite an economic recovery. Out of the 450 candidates who appeared for the campus placement, only 100 were... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| For 80HHC netting of Income not allowed- Bombay HC ruled in the case of CIT vs. Asian Star Co Posted: 05 Apr 2010 07:32 PM PDT Explanation (baa) to s. 80HHC requires that ninety per cent of receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature have to be reduced from the profits. The reason why items like brokerage etc... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| No TDS on contract manufacturing, Bombay HC ruled in the case of Glenmark Pharmaceuticals Posted: 05 Apr 2010 07:29 PM PDT the agreement was on a principal to principal basis, (ii) the manufacturer had his own establishment where the product was manufactured, (iii) the materials required in the manufacture of the article or thing was obtained by the manufacturer from a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Amendments to the Equity Listing Agreement : SEBI Posted: 05 Apr 2010 06:25 PM PDT As part of its review of the existing disclosure requirements and to bring more transparency and efficiency in the governance of listed entities, SEBI has made certain amendments to the Equity Listing Agreement, vide its circular dated 05 April... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| New grounds cannot be added in arbitration appeal to challenge the original award Posted: 05 Apr 2010 06:07 PM PDT The Supreme Court (SC) last week dismissed the appeal of Maharashtra against the order of the Bombay high court in an arbitration dispute with Hindustan Construction Company Ltd. The company was given Stage IV of the Koyna Hydro Electric Project and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Services from India to qualify for zero rating under the revised provisions Posted: 05 Apr 2010 06:04 PM PDT It is well known that exporters of services had faced serious problems in obtaining refunds of input taxes for a variety of reasons. In order to ameliorate the problem, the CBEC had issued Circular No. 120/01/2010-ST dated 19th January, 2010 to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Assessee need not withhold tax if such payments (to non-residents) are not chargeable to tax Posted: 05 Apr 2010 05:55 PM PDT The Delhi HC in a recent ruling has held that the Income tax Law does not fasten an obligation on the payer to withhold tax if such payments (to non-residents) are not chargeable to tax. In a departure from Karnataka HC decision, Delhi has held that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Jammu and Kashmir VAT rate changes w.e.f. 1st April 2010 Posted: 05 Apr 2010 05:46 PM PDT Effective 1 April, 2010, the basic rates of VAT in Jammu and Kashmir have been enhanced as mentioned below: Goods falling under Schedule C and liable to tax at 4%, other than the declared goods, as specified under Section 14 of the Central Sales... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Karnataka VAT rate changes w.e.f. 01.04.2010 Posted: 05 Apr 2010 05:42 PM PDT Effective 1 April, 2010, the basic rates of VAT in Karnataka have been enhanced as mentioned below: Rate of tax on goods falling under Schedule III, other than the declared goods, as specified under Section 14 of the Central Sales Tax Act, 1956... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| BJP to approach CVC over CAG revelations: Malhotra Posted: 05 Apr 2010 05:37 PM PDT BJP today rapped the city government for "large scale" financial irregularities as pointed out by the just-released CAG report and said it will approach the Central Vigilance Commission and Delhi Lokayukta for appropriate action against those... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Cag Seeks Stakeholders' Perception in audit work Posted: 05 Apr 2010 05:34 PM PDT The panel discussion here tomorrow is a landmark attempt by the Comptroller General of India to view the audit and results of audit through the perception of the stakeholders in specific and in general. The panel discussion will provide a forum for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Legal framework need to be re-crafted to enable CAG effectively discharge its constitutional responsibilities Posted: 05 Apr 2010 05:32 PM PDT The Lok Sabha Speaker Mrs Meira Kumar has pointed out that it was necessary to re craft the legal framework in a manner that enables the CAG to effectively discharge his constitutional responsibilities. She emphasized that the legal framework has to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA) Posted: 05 Apr 2010 05:27 PM PDT The next Eligibility Test for ISA PQC is scheduled to be held on Saturday the 08th May, 2010 from 08.00 a.m. to 12.00 p.m. A detailed notification giving list of centers would be hosted on Committee Portal at http://cit.icai.org by 15th April, 2010. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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