| Mumbai Tribunal rules on computation of 'duration test' for determining existence of 'Construction PE' Posted: 23 Apr 2010 09:14 PM PDT 
Mumbai Income Tax Appellate Tribunal (Tribunal) [2010-TIOL-195-ITAT-MUM] in the case of Valentine Maritime Mauritius Ltd (Taxpayer), on the taxability of certain contracts executed in India. The issue primarily focused on how the 'duration test' of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SC rules on credit entry in debtor's account not necessary for bad debt write off deduction Posted: 23 Apr 2010 09:05 PM PDT 
The Taxpayer had reduced the amount debited to the Profit and Loss Account (P&L) from the Loans and Advances/Debtors Account (Debtors A/c) on the assets side of the Balance Sheet. Considering this, the SC held that such a treatment constituted... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| IT department will send notice to MSM for no deduction of tds on 425-crore 'facilitation fee' paid to WSG's Mauritius arm. Posted: 23 Apr 2010 08:50 PM PDT 
The income-tax (I-T) department is all set to send a notice to MSM, formerly known as Sony Entertainment Television (SET), in connection with the Rs 425-crore 'facilitation fee' it paid to World Sport Group 's (WSG) Mauritius arm. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Lalit will come out clean: KK Modi Posted: 23 Apr 2010 08:47 PM PDT 
GODFREY Phillips India chairman KK Modi on Thursday said he was confident his son, Lalit Modi, would come out unscathed from the ongoing investigations against him. "These are just charges that they (income-tax officials) have put on Lalit. I feel... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CA, CS, ICWA asked to report suspicious fund movements directly to government Posted: 23 Apr 2010 08:42 PM PDT 
The government has asked chartered accountants, cost accountants and company secretaries to directly report to the home ministry cases of suspicious fund movements in an out of companies, as it looks to crack down on money laundering and terror... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Listing amnesty schemes for defaulting companies received enthusiastic response Posted: 23 Apr 2010 08:37 PM PDT 
(CSE), have received an enthusiastic response from many of the defaulting companies. The exchanges have managed to relist over 500 companies by waiving off penalties triggered by non-compliance with exchange listing rules. Regional stock exchanges... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| IPL investigation limited to financial irregularities and tax violations Posted: 23 Apr 2010 08:35 PM PDT 
Govt says investigations only into financial irregularities, no plan to get into business of sport. The Union government will limit its investigations to financial irregularities and tax violations by the Indian Premier League (IPL), its 10... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| RBI's role alleged in derivatives scam Posted: 23 Apr 2010 08:31 PM PDT 
An affidavit filed in the Supreme Court (SC) regarding a derivatives scam has alleged that regulatory agencies were part of a deep-rooted conspiracy that resulted in losses of Rs 25 lakh crore to the industry. The affidavit has been filed by an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Bill to raise gratuity ceiling to Rs 10 lakh from current Rs 3,50,000 introduced in Lok Shabha Posted: 23 Apr 2010 08:25 PM PDT 
A bill to raise the ceiling of gratuity for employees to Rs one million (Rs 10 lakh) from the current level of Rs 3,50,000 was introduced in the Lok Sabha on Thursday. The Payment of Gratuity (Amendment) Bill 2010, introduced by Minister of State... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| RBI may permit banks to engage individual to act as business correspondent Posted: 23 Apr 2010 08:20 PM PDT 
The Reserve Bank today said it may permit banks to engage any individual to act as business correspondent (BC), a move that will provide more flexibility to banks for taking services to rural areas. The central bank proposes to permit banks to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| BSE reduces membership deposit by 90% for new members Posted: 23 Apr 2010 08:06 PM PDT 
Bombay Stock Exchange Limited (BSE) has reduced membership deposit and fee requirements for new members in the BSE's Cash and Equity Derivatives segments with immediate effect. In the new offer by the Exchange membership can be obtained by paying a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| FM likely to prescribe minimum 25 per cent public holding for listed companies next month Posted: 23 Apr 2010 07:57 PM PDT 
Finance ministry is likely to prescribe the minimum 25 per cent public holding for listed companies next month. Official sources told PTI that a notification to this effect is likely to be issued next month by the ministry.While all future public... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government rejected demand of tax holiday for power sector and port trusts Posted: 23 Apr 2010 07:53 PM PDT 
The government today rejected the demands for tax exemption on setting up power plants, state maritime boards and port trusts, saying it was inconsistent in a moderate tax regime. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Holding companies need to register with RBI as core investment companies Posted: 23 Apr 2010 07:48 PM PDT 
Holding companies of business conglomerates will come under the radar of the Reserve Bank of India. Business groups will have to register these investment firms' holding shares on behalf of promoters with the central bank. These entities, which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| RBI extended low interest rate benefit to exporters up to June 30 Posted: 23 Apr 2010 07:43 PM PDT 
The Reserve Bank today extended the benefit of low interest rates for exporters up to June 30. The ceilings on interest rates on pre-shipment and post-shipment rupee-export credit were stipulated at benchmark prime lending rate minus 2.5 per cent. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| IPL telecast rights-related funds not used unlawfully: World Sports Group Posted: 23 Apr 2010 07:39 PM PDT 
Rejecting allegations of impropriety about its transactions related to the Indian Premier League, World Sports Group (WSG) today said it has not used funds received in connection with the IPL broadcast rights for "inappropriate or unlawful... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CBI planning to question ex-Satyam chairman B Ramalinga Raju via video conferencing Posted: 23 Apr 2010 07:36 PM PDT 
The CBI is planning to question ex-Satyam chairman B Ramalinga Raju via video conferencing as he continues to dodge the special CBI court's summons in connection with the multi-crore fraud in the IT firm he founded. Raju, the prime accused in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Narendra Modi seeks lifting of ban on cotton export Posted: 23 Apr 2010 07:33 PM PDT 
Gujarat Chief Minister Narendra Modi today appealed to the Central government to lift the ban on cotton exports imposed recently and also remove export duty on cotton with immediate effect. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Investor Education and Protection under section 205C of the Companies Act Posted: 23 Apr 2010 07:18 PM PDT 
The Government has said that under the provisions of section 205C of the Companies Act, the following amounts are required to be credited to the Investor Education and Protection Fund by the companies: (i) Amounts in the unpaid dividend... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| The Core Group on IFRS and the International Financial Reporting standards Council of Japan to Collaborate on a Common Platform Posted: 23 Apr 2010 07:11 PM PDT 
The core Group on IFRS constituted by the Ministry of Corporate Affairs, Government of India and the International Financial Reporting Standards Council of Japan here today jointly agreed to initiate the process of mutual dialogue and collaborate on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Cvc Disposed of 784 Cases in February 2010 , Major Penalty Proceedings Recommened Against 170 Officers Posted: 23 Apr 2010 06:55 PM PDT 
The Central Vigilance Commission disposed of 784 cases during February 2010 referred to it for advice. The Commission advised imposition of major penalty against 170 officers including 47 from M/o Railways, 20 from MCD, 16 from Bharat Petroleum... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Credit rating not necessary for Micro and Small Enterprise (MSE) to get concessional loan Posted: 23 Apr 2010 06:52 PM PDT 
Credit rating is not a necessary requirement for any Micro and Small Enterprise (MSE) to get loan from Banks and Financial Institutions at economical rates. However, credit rating serves as a trusted third party opinion on the creditworthiness of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| New Regional Directorates of The Ministry of Corporate Affairs Posted: 23 Apr 2010 06:44 PM PDT 
The Government proposes to set up two new Regional Directorates of the Ministry of Corporate Affairs. Giving this information in written reply to a question in the Lok Sabha, the Minister for Corporate Affairs, Shri Salman Khurshid, informed the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Modi asked 5 days in lieu of five year service Posted: 23 Apr 2010 06:40 PM PDT 
Embattled IPL Commissioner Lalit Modi today urged the BCCI to give him just five days to prepare answer for all the questions in lieu of his five year long services and he is unlikely to move court against IPL's governing council meet on April 26. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ULIP ban: SEBI and IRDA agreed to make Joint Application to court Posted: 23 Apr 2010 06:35 PM PDT 
As per Insurance Regulatory & Development Authority (Registration of Insurance Companies) Regulations, 2000 the life insurance includes contracts of both unit linked insurance products (ULIPs) and non-linked insurance products. However, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Auditors are less likely to find manipulated earnings Posted: 23 Apr 2010 06:25 PM PDT 
Auditors are less likely to find manipulated earnings when management directs their attention away from areas of financial statements that contain errors. Distraction and deception go hand in hand, whether in a magic act or at a dishonest company.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government worried on teaser home loan rates, Companies in a race to announce such schemes Posted: 23 Apr 2010 06:19 PM PDT 
Teaser home loan rates, which entice borrowers with a low fixed rate initially and then move to a floating rate, are a matter regulatory concern and may impact financial stability of the lenders, Parliament was informed on Friday. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income tax department continued surveys in connection with IPL Posted: 23 Apr 2010 06:17 AM PDT 
Continuing their round of 'survey' of the offices of all IPL teams, the income tax authorities on Thursday visited the Sahara Group's offices in Lucknow and Mumbai, the offices of GMR in Delhi and those of Red Chillies in Mumbai, owned by cine star... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income tax department issued notices to Knight Riders and Gameplan Sports, Posted: 23 Apr 2010 05:39 AM PDT 
The questions the Comptroller and Auditor General of India has asked the communications ministry under A Raja really cut to the heart of the heart of the 2G licence scam in 2008, a scam estimated by many to have cost the government around $8-10... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Soon unlisted companies may have to follow corporate governance rule Posted: 23 Apr 2010 05:13 AM PDT 
The government on Wednesday said that the Securities and Exchange Board of India (Sebi) guidelines which require listed companies to meet corporate governance norms for best practices in management may now be extended to unlisted companies as well. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Taxability of stipend received by Indian Resident Students out of India Posted: 23 Apr 2010 05:09 AM PDT 
Taxation for resident Indian students: All incomes earned in a foreign country are combined and taxed in India (applicable to students too, except for minors). The Income Tax (I-T) Act says an individual deputed in a foreign country on work for less... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| RRBs – Priority Sector Lending – Advances to Micro and Small Enterprises engaged in exports Posted: 23 Apr 2010 04:56 AM PDT 
Please refer to our circular RPCD.CO.RRB.BC.No. 20/03.05.33/2007-08 dated August 22,2007 on lending to priority sector, in terms of which finance granted by banks to micro and small enterprises as defined under the Micro, Small and Medium... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section 90 of the Income-tax Act, 1961 – Double taxation agreement – Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries or Specified Territories – Notified 'specified territory' Posted: 23 Apr 2010 04:42 AM PDT 
In exercise of the powers conferred by Explanation 2 to section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies "Hong Kong Special Administrative Region of the People's Republic of China" as 'specified territory'... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Petition under Section 397/398 – Maintainability – A Case Study Posted: 23 Apr 2010 02:37 AM PDT 
Law governing the rights of the minority, the propriety of the majority and the protection given to the shareholders under section 397/398 of the Act, is always very interesting and also complicated. There are many interesting and complicated issues... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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