| The Delhi High Court reiterates that tax is not required to be deducted if the payment made to non-resident is not chargeable to tax in India Posted: 21 May 2010 08:56 PM PDT 
Recently, the Delhi High Court in the case of Maharishi Housing Development Finance Corporation Ltd. v. ACIT (ITA no. 222 of 2009) (Delhi) after following its own decision in the case of Van Oord ACZ India (P) Ltd v. CIT [2010-TIOL-1 87-HC-DEL-IT]... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Technical know how fee paid for acquiring a non exclusive licence to manufacture machines for the term of five years is revenue expenditure Posted: 21 May 2010 08:53 PM PDT 
Recently, the Bombay High Court in the case of M/s. Essel Propack Limited [2010-TIOL-209-HC-MUM-IT] held that the technical know how fee paid by the taxpayer for acquiring non exclusive licence to manufacture some machines, which was confined to the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Taxability of Payment for assignment of contractual rights in connection with the supply of products to foreign company not having PE Posted: 21 May 2010 08:51 PM PDT 
Recently, the Authority for Advance Rulings (AAR) in the case of Laird Technologies India Pvt. Ltd. [2010-TIOL-06-ARA-IT] has held that the fees received by the USA company for assigning contractual rights to the applicant for supply of products in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Taxability of transfer of shares of an Indian company from one non-resident to another non-resident for no consideration in the course of group reorganisation Posted: 21 May 2010 08:48 PM PDT 
Recently, the Authority for Advance Ruling (AAR) in the case of M/s Amiantit International Holding Ltd. [2010-TIOL-07-ARA-IT] held that the capital gains is taxable only when the applicant derive any profit or gain in the form of money or money's... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Taxability of income received by foreign company for procurement support services rendered by its Indian office to other foreign company Posted: 21 May 2010 08:46 PM PDT 
AAR held that income received by a foreign company for procurement support services rendered by its Indian office in connection with purchase operations undertaken by other foreign company in India, is taxable in India. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Companies bill at finalization state Posted: 21 May 2010 05:54 PM PDT 
The Parliamentary Standing Committee on Finance, which is examining the Companies Bill, has had 16 meetings so far and understood to have reached an advance stage in finalising its report. Mr R. Bandhyopadhyay, Secretary, Ministry of Corporate... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Delhi High Court granted stay to Home Solution Retail (I) Ltd in respect of service tax on renting of immovable property Posted: 21 May 2010 05:53 PM PDT 
Delhi High Court has again granted stay to Home Solution Retail (I) Ltd. in W.P. (C) No. 3398 of 2010 on 18.05.2010 from payment of service tax on renting of immovable property. The stay is not on services in relation to renting but on renting per... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CBI court rejects bail application of I-T commissioner Posted: 21 May 2010 05:46 PM PDT 
A special CBI court on Thursday rejected the anticipatory bail of income tax commissioner Anirudh Rai, who had come under the scanner in a corruption case involving his two juniors.CBI joint director Rishi Raj Singh said the CBI was yet to decide... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 23/2010-Central Excise (N.T.) Dated 20th May, 2010 Posted: 21 May 2010 05:43 PM PDT 
Notification No. 23/2010-Central Excise (N.T.), New Delhi, the 20th May, 2010. G.S.R. (E). - In exercise of the powers conferred by sub-section (1) of section 5 of the Central Excise Tariff Act, 1985 (5 of 1986), the Central Government, on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Gratuity Amount payable under Payment of Gratuity Act enhanced from Rs.3.5 lakhs to Rs 10 lakhs Posted: 21 May 2010 04:51 PM PDT 
It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.Amendment of section 4 of Act 39 of 1972.2. In section 4 of the Payment of Gratuity Act, 1972, in sub-section (3), for the words... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| PwC sought meeting with Khurshid on surrogate practices Posted: 21 May 2010 04:50 PM PDT 
Under pressure from the government to reveal the surrogate nature of its practices in India, senior officials from PricewaterhouseCoopers have sought a meeting with the corporate affairs minister Salman Khurshid next week to clarify its position. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| NRIs opposed Indian rule on passport surrender Posted: 21 May 2010 04:46 PM PDT 
A leading NRI group on Tuesday asked India to reconsider new rules that require them to surrender their Indian passports within 90 days upon acquisition of US citizenship, arguing these bring "undue and unnecessary" burden on the community. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes Posted: 21 May 2010 04:44 PM PDT 
In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Offer document of Companies should disclose if its directors were directory of company which was suspend from trading at any Stock Exchange for more than 3 months Posted: 21 May 2010 04:43 PM PDT 
The offer documents of companies raising capital shall contain disclosures from directors if they were directors of any company when the shares of the said company were suspended from trading by Stock Exchange(s) for more than 3 months during last 5... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| 397/398 – CLB/NCLT – The Concerns of Various Shareholders? Posted: 21 May 2010 09:22 AM PDT 
The Companies Act, 1956, though it requires some reforms as mooted through Companies Bill, 2009, is one of the finest legislations. Each provision or the section under the Companies Act, 1956 has a sound logic though there exist very few sections... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| DGFT- international accredited agencies for issuance of TAC/COP for import of vehicles Posted: 21 May 2010 01:47 AM PDT 
Subject : International accredited agencies for issuance of TAC/ COP for import of vehicles. In the Policy Circular No. 26(RE-2003)/2002-2007 dated 09.02.2004, the entry at S. No. 3 is amended to read as follows : [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| DGFT-Grant of Status Holders Incentive Scrip benefit to textile garments Posted: 21 May 2010 01:46 AM PDT 
This has reference to Para 3.16.4 of the FTP 2009-14 under which Textiles is one of the sectors entitled to Status Holders Incentive Scrip @ 1% of FOB value of exports made during 2009-10 and 2010-11. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Construction of Additional Lanes in Highway Project to get Deduction under Section 80IA of Income Tax Act Posted: 21 May 2010 12:52 AM PDT 
It has been clarified by the Central Board of Direct Taxes (CBDT) that widening of an existing road by constructing additional lanes as a part of a highway project by an undertaking would be regarded as a new infrastructure facility for the purpose... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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