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May 16, 2010

Legal & Tax Updates - 17.05.2010

TaxGuru.in : Legal & Tax Updates (in this message: 25 new items)

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ICAI recommends jail in audit fraud cases

Posted: 16 May 2010 08:22 PM PDT


The Institute of Chartered Accountants of India (ICAI) has recommended strict penal action, including imprisonment, for auditors who are found associated with serious accounting frauds. It also wants the Ministry of Corporate Affairs to frame a code...

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Summary of circular on clarification regarding availment of CENVAT credit on input services

Posted: 16 May 2010 08:12 PM PDT


This article summarizes Circular No 122/03/2010 -ST F. No. 137/71/2009 - CX.4 dated 30 April 2010 (Circular) providing clarification on issues arising in respect of the availment of CENVAT Credit in relation to book adjustments for Associated...

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Analysis of MCA's Clarifications on IFRS roadmap in India

Posted: 16 May 2010 07:54 PM PDT


The Core Group constituted by MCA for convergence of Indian Accounting Standards with the International Financial Reporting Standards (IFRS) had announced the approach and timelines for achieving convergence with IFRS on 22 January 2010 and a...

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Consolidated FDI Policy Framework as specified in Circular No. 1 of 2010 is effective from 1 April 2010

Posted: 16 May 2010 07:20 PM PDT


Recently, the Government of India released the consolidated policy framework for Foreign Direct Investment ('FDI') in India. This policy framework contained in Circular No. 1 of 2010 is effective from 1 April 2010. The underlying rationale of the...

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Summary of New pricing norms prescribed by RBI for issue of shares to person resident outside India

Posted: 16 May 2010 06:59 PM PDT


The Reserve Bank of India (RBI) has issued a Notification no. FEMA 205/2010-RB dated 7 April 2010 which has amended the pricing norms for issue of shares by an Indian company to a person resident outside India. This Notification comes into force...

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Analysis of new valuation rules to determine fair market value of a property other then immovable property for the purpose of section 56

Posted: 16 May 2010 06:52 PM PDT


As per section 56(2)(vii)(c)(ii) of the Income-tax Act, 1961 (the Act) if an individual or a Hindu undivided family receives any property other than immovable property on or after 1 October 2009 for a consideration which is less than the Fair Market...

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India Moving towards Global tax transparency, Will enter Agreement with nine Countries

Posted: 16 May 2010 06:40 PM PDT


Income Tax Act, 1961 was recently amended to enable India to enter into agreements with specified non-sovereign jurisdictions. Pursuant to this amendment, the Government of India (Government) has recently issued Notification no. 22/2010 dated 8...

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Taxpayer obligated to withhold tax only if payment is chargeable to tax under the provisions of Income Tax Act

Posted: 16 May 2010 09:27 AM PDT


This Tax Alert summarizes a recent ruling of the High Court (HC) of Delhi in the case of Van Oord ACZ India (P) Ltd. (Taxpayer) [2010-TIOL-187-HC-DEL-IT] on withholding tax obligation arising under the provisions of the Indian Tax Law (ITL) in...

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How NRI can manage Assets/liabilities in India without being present

Posted: 16 May 2010 09:12 AM PDT


Indians planning to immigrate from India are normally worried as to how there affairs in India would be handled in there absence from India. They may appoint someone to act for and on there behalf, during there absence from India and ensure the...

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AAR on taxability of payments made for support services

Posted: 16 May 2010 08:53 AM PDT


This Tax Alert summarizes a recent ruling of the Authority for Advance Rulings (AAR) in the case of Ernst and Young Pvt. Ltd. (Applicant) on the taxability of payments made for support services provided by an affiliate in the UK to the Applicant....

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AAR grants Capital Gain exemption under the India-Mauritius Tax Treaty to E*Trade Mauritius – Treaty Shopping permissible within the legal framework

Posted: 16 May 2010 08:37 AM PDT


The Authority for Advance Rulings (AAR) in the case of E*Trade Mauritius Ltd. (AAR No. 826 of 2009) has held that that capital gains arising from the sale of shares in an Indian company would be exempt from tax in India under Article 13(4) of the...

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Service tax on Promotion of 'brand' of goods, services, events, business entity etc.

Posted: 16 May 2010 05:51 AM PDT


Finance Bill 2010 inserted clause (zzzzq) in Section 65(105) of the Act so as to define taxable service as " service provided or to be provided to any person, by any other person, through a business entity or otherwise, under a contract for...

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Service tax on Services provided for maintenance of medical records of employees of a business entity

Posted: 16 May 2010 05:44 AM PDT


World over, business organizations maintain medical histories of their employees which are used not only for medical purposes but also for finding the suitability of a person for a particular job or for promotion etc. Increasingly, this activity is...

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Service tax on Health Services Provided Under Health Insurance Schemes Offered by Insurance Companies

Posted: 16 May 2010 05:40 AM PDT


Large number of health insurance schemes are being offered by the insurance companies under which charges for hospitalization, surgery, post-surgical nursing etc. are generally paid by the insurance company. Such insurance policies, which fall under...

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Service tax on Health services undertaken by hospitals or medical establishments for the employees of business organizations

Posted: 16 May 2010 05:38 AM PDT


It is proposed to insert clause (zzzzo) in Section 65(105) of the Act so as to define taxable service as "service provided or to be provided by any hospital, nursing home or multi-specialty clinic to an employee of any business entity, in relation...

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Service tax on Games of chance service

Posted: 16 May 2010 05:15 AM PDT


It is proposed to insert clause (zzzzn)in Section 65(105) of the Finance Act,1994(as amended from time to time)[hereinafter referred to as "the Act"] so as to define taxable service as "any service provided or to be provided to any person, by any...

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Acquisition and Transfer of Immovable Property in India by a person resident outside India- FAQ

Posted: 16 May 2010 05:08 AM PDT


These FAQs seek to cover the broad spectrum of issues relating to acquisition and transfer of immovable property in India by a non-resident Indian (NRI) or a foreign national of Indian origin (PIO) or a foreign national of non-Indian origin as also...

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What Memorandum of Association is all about?

Posted: 16 May 2010 04:41 AM PDT


Memorandum of Association is a document that regulates a firm's external activities and must be drawn up on the formation of a registered or incorporated firm. As the firm's charter it (together with the firm's articles of association) forms the...

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Notification No. 32/2010- Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions

Posted: 15 May 2010 10:49 PM PDT


It is hereby notified for general information that the organization M/s Foundation for Revitalization of Local Health Traditions, Bangalore, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35...

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The Uniform CPA Examination

Posted: 15 May 2010 10:24 PM PDT


Getting started:One of the world's leading licensing examinations, the CPA Examination serves to protect the public interest by helping to ensure that only qualified individuals become licensed as Certified Public Accountants (CPAs).

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Way to convert black in white on or before 31st May 2010

Posted: 15 May 2010 10:19 PM PDT


There is smarter lot of taxpayers who are nowadays trying to beat the May 31 deadline? The lot that's partly fuelling an unusual spurt in cash deals in recent weeks. Deals to organise a mountain of cash to pay a builder for a home or to keep off a...

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Companies having any government stake can be brought under the purview of the RTI: Delhi HC

Posted: 15 May 2010 09:56 PM PDT


The Delhi High Court Friday ruled that even those companies in which the government has a minority stake can be brought under the purview of the Right to Information (RTI) Act. Declaring National Agricultural Cooperative Federation of India Ltd...

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Empowered committee of State FMs discussed pending areas in GST with Union government

Posted: 15 May 2010 09:50 PM PDT


The Union government on Friday discussed some "pending areas" in the proposed Goods and Services Tax (GST) with the empowered committee of state finance ministers, and asked it to resolve the issues at the earliest to meet the April 2011 deadline...

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Quick appology may help in getting acquitted from contempt of court proceedings

Posted: 15 May 2010 09:45 PM PDT


Facing criminal contempt of court proceedings? Apologize unconditionally and as swiftly as possible. Dithering is fraught with the risk of landing in jail, the Supreme Court has warned. "An apology in a contempt proceeding must be offered at the...

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Government starts process to set up National Company Law Tribunal

Posted: 15 May 2010 09:34 PM PDT


To set up a Company Law Tribunal without further delay, the Ministry of Corporate Affairs has begun consultations to make the necessary amendments in the Companies Act. The move comes in the backdrop of the Supreme Court judgment recommending...

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