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May 30, 2010

Legal & Tax Updates 31.05.2010

TaxGuru.in : Legal & Tax Updates (in this message: 12 new items)

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Government proposed to amend Indian Stamp Act, 1899

Posted: 30 May 2010 08:14 PM PDT


The Department of Revenue, Ministry of Finance, has released the draft Amendment Bill ("Bill") containing the proposed amendments in the Indian Stamp Act, 1899 ("Act"). Changes are proposed in numerous provisions of the century old enactment. The...

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Income Tax Department started scrutiny of assets and expenditure details furnished to Election Commission

Posted: 30 May 2010 06:50 PM PDT


The Income Tax Department has started scrutiny of the assets and expenditure details furnished to the Election Commission by the candidates and MPs who fought Lok Sabha polls last year. The Election Commission (EC) has recently informed the...

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DTC may not override India's tax treaties with other countries

Posted: 30 May 2010 06:45 PM PDT


The finance ministry may drop a provision in the draft direct taxes code that allows local tax laws to override India's tax treaties with other countries, as it looks to avoid uncertainties over existing bilateral tax arrangements. The finance...

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Budget 2010- Provisions regarding issuance of Certificate for TDS/TCS by the deductor/collector (Section 203 & Section 206C)

Posted: 30 May 2010 06:36 PM PDT


The existing provisions contained in subsection 3 of Section 203 states that there is no requirement to issue a certificate by the deductor to the deductee if TDS has been deducted and paid as per the provisions of chapter XVII B. Similarly the...

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Analysis of Budget Amendment related to disallowance of expenses for late payment of TDS- Section 40(a)(ia)

Posted: 30 May 2010 06:30 PM PDT


As per existing provision, in case of TDS deducted as per Chapter XVII-B but the payment of the same not deposited with the Government within due date of section 139(1) for the last month of the previous year and within the last day of the financial...

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Post Budget taxability of Gifts and of Transactions without consideration or inadequate consideration

Posted: 30 May 2010 06:16 PM PDT


The Gift tax was abolished with effect from October 01,1998. Thereafter, the practice of bogus foreign gifts itself had started with Government offering immunity for such gifts as part of disclosure scheme, but then the practice continues even after...

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CBEC likely to notify New Services by Tuesday, but only w.e.f. 15th June 2010

Posted: 30 May 2010 05:50 PM PDT


Everyone is anxious to know from which date, New services covered by Union Budget 2010 will be taxable as CBEC has not yet issued any circular/Notification or press release on the same. We learnt from our sources that CBEC will notify the dates,...

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Assessments under Punjab Vat Act 2005

Posted: 30 May 2010 05:33 PM PDT


Assessment under the Punjab VAT Act 2005 is made u/s 29. The assessment under Punjab VAT Act is made after the filing of the VAT 20 i.e. annual return except in the case of Provisional Assessment. The assessment of Tax under section 29 of Punjab VAT...

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CA curriculum may be same for another five years: ICAI

Posted: 30 May 2010 09:42 AM PDT


To avoid confusion among students, the Institute of Chartered Accountants of India (ICAI) has decided not to change the curriculum of CA subject for another four to five years, said its vice-president G Ramaswamy.

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An Analysis of Company Law Settlement Scheme, 2010 and Easy Exit Scheme, 2010

Posted: 30 May 2010 09:37 AM PDT


With a view of provide an easy exit to the Companies which are desirous of getting the name struck off from the records of the ROC or are defunct companies i.e. such companies which are inoperative since incorporation or have commenced business but...

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BOR- ICICI Bank Merger- RAJ Bank Pays the Cost of Poor Governance

Posted: 30 May 2010 07:16 AM PDT


It's official now. The two banks - The Bank of Rajasthan Ltd and ICICI Bank Ltd, the two private sector banks, one old generation and the other new generation bank are set to marry soon. While the board of both banks have approved the in principle...

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397/398 – Oppression and Mismanagement – Bonafides – A Case Study – Indian Company Law?

Posted: 30 May 2010 06:57 AM PDT


We can find so many judgments of Constitutional Courts on section 397/398 of the Companies Act, 1956 and the courts have ruled and maintained some principles as to how the provisions of section 397/398 of the Companies Act, 1956 are to be...

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