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May 28, 2010

Legal & Tax Updates- 28.05.2010

TaxGuru.in : Legal & Tax Updates (in this message: 17 new items)

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DGTT Public Notice No. 67/ 2009-14- Amendment in Appendix 13, Appendix 22 C and Appendix 27

Posted: 27 May 2010 08:00 PM PDT


PUBLIC NOTICE No. 67/ 2009-14, NEW DELHI: the May 25, 2010. Subject: Amendment in Appendix 13, Appendix 22 C and Appendix 27. In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of...

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DGTT- Notification No. 47/2009-2014-Import policy of radial tyres

Posted: 27 May 2010 07:57 PM PDT


In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in Schedule –1...

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Income Tax department released ITR-2 E-filing Return Preparation Software For A.Y. 2010-11

Posted: 27 May 2010 07:45 PM PDT


ITR-2:This form is applicable to both Individuals & HUFs who have one or more of the following sources of income. In addition, they may have one of the sources of income specified for ITR-1. Income / loss from house property; Capital gain /...

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Section 90 of the Income-tax Act, 1961 – Double Taxation Agreement – Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Finland

Posted: 27 May 2010 07:35 PM PDT


Whereas, an Agreement and the Protocol between the Government of Republic of India and the Government of the Republic of Finland for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed at...

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Forex derivative loss: No relief in sight for Indian Companies

Posted: 27 May 2010 07:14 PM PDT


Indian corporate sector has raised significant funds through foreign currency loans like FCCBs, ECBs, etc., during FY07 and FY08. The corporate sector had preferred to keep its forex payable positions un-hedged in anticipation of appreciating INR...

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Income tax department launches drive to speed up Income Tax Refund

Posted: 27 May 2010 07:10 PM PDT


The income tax department has launched a drive to file corrected returns with a view to do away with the problem of held-up refunds and the tax already paid not being credited to the assessees' name. A large number of people whose tax is deducted at...

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Pension regulator sought tax relief on investments in New Pension Scheme (NPS)

Posted: 27 May 2010 07:07 PM PDT


The interim pension regulator has sought tax relief on investments in the New Pension Scheme (NPS) to make it more attractive to employees of private sector firms. The Pension Fund Regulatory and Development Authority (PFRDA) has written to the...

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Special Courts For Cheque Bounced Cases- Veerappa Moily

Posted: 27 May 2010 07:01 PM PDT


The Law Commission in its report had recommended that pendency of large number of cases relating to cheque bouncing tarnish the image of business. Cases relating to dishonoured cheques affect business within and outside the country. It said cheque...

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Government proceeding against 50 tax evaders having black money in LGT Bank

Posted: 27 May 2010 06:32 PM PDT


The government has served notices on 50 people for stashing black money abroad and evading taxes. Sources told that the government is proceeding against the 50tax evaders on the basis of documents received from Germany in April last year.

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Section 50C does not apply to "rights" in land & building like tenancy rights

Posted: 27 May 2010 06:29 PM PDT


The assessee, a tenant in a flat, sold tenancy rights for Rs. 30 lakhs and offered long-term capital gains on the basis that the said sum was the consideration. The AO took the view that as the market value adopted the Sub-Registrar was Rs....

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New Companies Bill 2009 will provide duped investors better deal

Posted: 27 May 2010 06:26 PM PDT


The ministry of corporate affairs is looking to amend the disgorgement clause under Companies Act, 1956 to strengthen the mechanism for compensating duped investors by recouping funds from wrong-doers and paying them back to investors.

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Income tax relief for Salary Received in Advance and on Arrears of Salary Received for earlier years

Posted: 27 May 2010 06:20 PM PDT


Any income due or received by an employee from his employer or former employer is taxable under the head `salaries' as per the provisions of the Income Tax Act, 1961. It is pertinent to note that the salary earned in respect of a particular...

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A brief on National Company Law Tribunal (NCLT) and challenges ahead

Posted: 27 May 2010 06:14 PM PDT


Scope of Work:- The Companies (Second Amendment) Act, 2002 suggested the creation of a national tribunal would look into most corporate matters in the country. It will be responsible for handling all pending matters before the Company Law Board, the...

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RBI Guideline on issue of shares by an Indian company to a non-resident and transfer of shares of an Indian company from a resident to a non-resident, or vice versa

Posted: 27 May 2010 06:02 PM PDT


New guidelines on private firm's share do not provide guidance on the use of DCF method, be it in terms of discount rates or to compute cash flows into perpetuity. A series of regulatory and tax changes has completely changed the rules for...

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Government Notified date from which new Gratuity Limit of 10 lakh will come into force

Posted: 27 May 2010 05:51 PM PDT


S.O. 1217(E). In exercise of power by sub section (2) of section 1 of the Payment of Gratuity (Amendments) Act, 2010(15 of 2010), the central Government hereby appoints the 24thday of May, 2010 the on which said act will come into force.

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Section 24 of the Banking Regulation Act, 1949 – Shortfall in Maintenance of Statutory Liquidity Ratio (SLR) – Additional Liquidity support under Liquidity Adjustment Facility (LAF)

Posted: 25 May 2010 08:08 PM PDT


At present, banks obtain liquidity from the Reserve Bank under the liquidity adjustment facility (LAF) against the collateral of eligible securities that are in excess of their prescribed statutory liquidity ratio (SLR). It has been decided that, in...

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NBFCs – Prevention of Money Laundering Amendment Rules, 2009 – Obligation of Banks/FIs

Posted: 25 May 2010 08:07 PM PDT


Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of...

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