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Apr 2, 2010

Updates from TaxGuru 03.04.2010

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

Analysis of eligibility criteria and other procedural guidelines for the establishment of Branch office / Liaison office by foreign entities in India

Posted: 02 Apr 2010 09:04 PM PDT

Under the current regulations, an application from a foreign entity to establish BO / LO in India is considered on the basis of the following Basic criteria: If principal business of the foreign entity falls under sectors where 100 percent foreign...

With effect from 1 April 2010 higher rate of tax applies for tax withholding where PAN is not provided

Posted: 02 Apr 2010 08:24 PM PDT

The Finance Act, 2009 introduced new provisions (section 206AA) in the Income-tax Act, 1961 (the Act). As per these provisions any person entitled to receive any sum on which tax is deductible under the Act shall furnish its Permanent Account Number...

Revised Guidelines for grant of Employment Visas to Foreign Nationals

Posted: 02 Apr 2010 08:11 PM PDT

The Ministry of Labour & Employment & Training has issued revised guidelines Vide notification no. DGE&T-M-26025/4/2009-MP (G) dated December 22, 2009 regarding eligibility criteria in respect of issuance of Employment Visas (EV) to...

Transfer Pricing: Importance' of FAR analysis and guidance on some basic parameters to be considered in selecting appropriate' comparables

Posted: 02 Apr 2010 07:59 PM PDT

Chandigarh Tribunal (Special Bench) ruling in the case of DCIT vs. M/s Quark Systems Pvt. Ltd. (ITA No. 100/Chd/2009) and M/s Quark Systems Pvt. Ltd. vs. ITO, Ward 5(4) (ITA No. 115/Chd/2009) re-states the 'importance' of FAR analysis and provides...

Taxability of Architectural services provided by a limited partnership under the provisions of DTAA with USA

Posted: 02 Apr 2010 06:46 PM PDT

AAR Ruling: Architectural services provided by a limited partnership is liable to tax as "fees for technical / included services" as per the provisions of India-US Double Taxation Avoidance Agreement [HMS Real Estate Pvt. Ltd. (A.A.R. No. 832 of...

Clarification on refund of input taxes to exporter of Services under Notification 5/2006-CE (NT) dated 14 March 2006 ("Refund Notification")

Posted: 02 Apr 2010 06:23 PM PDT

While the Refund Notification has been in existence for more than three years, the Service tax department has been somewhat slow in processing the refund claims, on account of various procedural grounds. One of the primary issues of contention in...

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Delhi VAT rates after Notification

Posted: 02 Apr 2010 05:39 PM PDT

AMENDMENTS IN RATE OF ITEMS WEF 01.04.2010. 1. In the first schedule appended to Delhi value Added tax Act, 2004(Delhi Act 3 of 2005, hereinafter refer to as the "principal Act" (a) The commodity mentioned at S1 no. 73 and 74 shall be omitted. ...

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RBI relaxed norms for assets classification in respect of advances pertaining to Projects under Implementation

Posted: 02 Apr 2010 05:32 PM PDT

RBI has eased asset classification infrastructure and project loan guidelines, which in turn will lower the amount of bad loans in the books of banks. Till now, a bank had to classify a project loan as a 'sub-standard' asset if commercial operations...

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ICAI panel suggested formation of separate regulatory framework to oversee foreign firms working in India

Posted: 02 Apr 2010 05:25 PM PDT

A panel formed by the apex body of accountants to study the fallout of the scam at Satyam Computer Services Ltd has suggested the formation of a separate regulatory framework to oversee foreign entities providing a range of management consultancy,...

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Clarification on dealings between a client and a stock broker

Posted: 02 Apr 2010 09:13 AM PDT

This is with reference to SEBI circular No. MIRSD/SE/Cir-19/2009 dated December 3, 2009 in terms of which the stock brokers were directed to take necessary steps to implement the circular immediately and ensure its full compliance in respect of all...

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397/398 – the role of Company Law Board – Indian Company Law

Posted: 02 Apr 2010 09:00 AM PDT

As we all aware, section 397/398 of the Companies Act, 1956 deals with oppression and mismanagement and the protection to the minority against the majority. The law makers could not have expected that a situation will come where a majority are...

With Regards, 
CA Sandeep Kanoi 

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