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May 31, 2010

TaxGuru.in : Legal & Tax Updates 01.06.2010

TaxGuru.in : Legal & Tax Updates (in this message: 28 new items)

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Notification No. 42/2010 – Customs (N.T.) mentioning rate of exchange of conversion of each of the foreign currency w.e.f. 1st June, 2010

Posted: 31 May 2010 07:32 PM PDT


Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall,...

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DIPP to define ''Group Company" soon to help Global Companies

Posted: 31 May 2010 07:20 PM PDT


The industry ministry today said it will come out with a definition of ''group company'' soon, a clarification that would help global companies like Wal-Mart to begin operations without violating norms. "We are working on a clarification.

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Government ordered SFIO investigation into Global Trust Bank case

Posted: 31 May 2010 07:16 PM PDT


Government ordered SFIO investigation into Global Trust Bank case

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LIC seeks price secrecy for IPO, FPO bids

Posted: 31 May 2010 07:13 PM PDT


State-owned insurer LIC has written a letter to the Securities & Exchange Board of India (SEBI) recently, asking for price secrecy in the bidding process for IPOs and FPOs, a source said. "LIC wrote a letter to SEBI after the Follow-on Public...

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Government willing to resolve tax disputes between tax department and foreign companies operating in India

Posted: 31 May 2010 07:07 PM PDT


Government of India has been keen to provide a suitable mechanism for resolution of tax disputes between the tax department and foreign companies operating in India. In this direction government inserted provisions relating to Advance Rulings vide...

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Two more centres to handle I-T returns digitally would be set up at Pune and Maneasar

Posted: 31 May 2010 07:02 PM PDT


Finance Minister Pranab Mukherjee today said that after Bangalore, two more centres that handle I-T returns digitally would be set up at Pune and Maneasar. The Finance Minister also asked the Income Tax Department to partner with the corporate...

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Surveyor can be appointed by IRDA to decide quantum of damages

Posted: 31 May 2010 06:55 PM PDT


Brushing aside the plea of New India Assurance Company that the IRDA (Insurance Regulatory and Development Authority) had no jurisdiction to entertain petition when the claim was solely denied by it, the court said the order appointing surveyors was...

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Consumer court concerned over billing by private telecom firms

Posted: 31 May 2010 06:54 PM PDT


The Delhi State Consumer Commission has expressed its concern over private telecom operators reportedly overcharging customers by including undue charges in the bill, which are not rectified unless the subscribers point them out. The Commission...

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Single arbitrator faster than arbitration panel

Posted: 31 May 2010 06:45 PM PDT


In an arbitration dispute, the intention of the parties as reflected in the agreement should be followed, a division bench of the Delhi high court stated last week while setting aside the order of the single judge bench in a dispute between Prime...

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Bank customers may soon withdraw up to Rs one lakh in a single day from ATM machines

Posted: 31 May 2010 06:37 PM PDT


Bank customers can soon withdraw up to Rs one lakh in a single day from ATM machines, and can shop for even an higher amount of Rs 1.25 lakh with their debit cards. Also, as much as Rs three lakh can be transferred in a day to another account...

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Non Matching of Your Prepaid tax Payment detail with department system will delay your Income Tax Refund further

Posted: 31 May 2010 06:32 PM PDT


This year, claiming a full income tax (I-T) refund could take longer than you expect if the amount mentioned in your return does not match that in the department's system. Bitten by a Rs 14-crore refund scam in December last year, I-T authorities...

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Swiss bank not willing to share info and alternatively offered to tax their foreign clients'

Posted: 31 May 2010 06:22 PM PDT


Swiss banks have offered to tax the money deposited with them by Indians and other foreigners and "immediately deliver the cash" to governments of respective countries, rather than sharing the details of their clients. Switzerland has come under...

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Easy Exit Scheme 2010 provides easy exit to defunct companies

Posted: 31 May 2010 06:16 PM PDT


THE government on Friday introduced a scheme that will facilitate easy exit for unlisted companies willing to wind up their defunct business. A defunct company is one whose business is lying in a dormant state. The new scheme will give such...

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Instructions for issue of Certificate of lower deduction or non-deduction of tax at source u/s 197

Posted: 31 May 2010 06:10 PM PDT


Section 197 of the Income-tax Act, 1961 – Deduction of tax at source – Certificate of lower deduction or non-deduction of tax at source – Instructions for issue of certificate u/s 197 mandatorily through ITD system.

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Sebi (Stock Brokers and Sub- Brokers) (Amendment) Regulations, 2010 – Amendment in regulations 6 and 11

Posted: 31 May 2010 06:01 PM PDT


Notification No. LAD-NRO/GN/2010-11/06/1097, dated 13-4-2010. In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend...

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Public Interest Litigation claims MCA discriminates against lawyers in ROC filings

Posted: 31 May 2010 09:10 AM PDT


The Ministry of Corporate Affairs (MCA) has sought time to respond to a public interest litigation (PIL) in Delhi High Court, which alleges that the Registrar of Companies (ROC) discriminates against lawyers by only allowing chartered accounts,...

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VAT Notification for Mandatory E-payment for Monthly Returns w.e.f. 01.06.2010 in Maharashtra

Posted: 31 May 2010 09:00 AM PDT


No VAT. 1510 /CR-64 /Taxation-1.— In pursuance of the powers conferred by sub-rule (1) of rule 45A of the Maharashtra Value Added Tax Rules, 2005, the Government of Maharashtra hereby specify that, with effect from 1st June 2010, every registered...

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Manufacturing companies with a paid-up capital of Rs 50 crores or more may be required to get their cost accounting records audited by a statutory cost auditor

Posted: 31 May 2010 08:23 AM PDT


Regulations regarding maintenance of cost accounting records and cost audit are likely to change. If the recommendations of the expert committee appointed by the Ministry of Corporate Affairs are accepted, all manufacturing companies with a paid-up...

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Foreign audit firms may soon get full practising rights in India

Posted: 31 May 2010 08:17 AM PDT


Foreign audit firms may soon get full practising rights in India. Recommendations to give them full rights and make them accountable are in the final report on the multi-crore Satyam Computers scam submitted by the Institute of Chartered Accountants...

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No permanent establishment under DTAA if three criteria are not fulfilled

Posted: 31 May 2010 08:11 AM PDT


Airlines Rotables vs. JDIT (ITAT Mumbai). The assessee, a UK company, entered into an agreement with Jet Airways under which it agreed to provide Jet Airways with two segments of services, first, to carry out repairs and overhauling of aircraft...

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Finance Minister dedicates the centralized processing center (CPC) of the Income Tax Department, Bengaluru to the Nation

Posted: 31 May 2010 08:06 AM PDT


The introduction of electronic filing of I-T returns, e-payment of taxes, establishment of the national network (TAXNET), and consolidation of the Regional Computer Centers into the National Data Center have laid the foundation for the next...

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Timeshare membership fee taxable over the period of contract: ITAT Chennai (SB)

Posted: 31 May 2010 07:56 AM PDT


This Tax Alert summarizes a recent ruling of the Special Bench of the Chennai Income Tax Appellate Tribunal (SB) [ITA Nos. 2412 to 2416/Mds/2005] in the case of M/s Mahindra Holidays & Resorts (India) Ltd. (Taxpayer) on the issue of taxability,...

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Fees for Technical Services, even if rendered outside India are taxable consequent to retrospective amendment in Section 9 by the Finance Act, 2010

Posted: 31 May 2010 07:55 AM PDT


Mumbai Tribunal Ruling: Fees for Technical Services, even if rendered outside India, are taxable consequent to retrospective amendment in Section 9 by the Finance Act, 2010 (Ashapura Minichem Limited v. ADIT)(ITA No. 2508/M/2008)

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If Assessee fail to furnish explanation/basis for wrong claims then Penalty may be imposed u/s. 271(1)(c) of the Income Tax Act

Posted: 31 May 2010 07:53 AM PDT


Delhi High Court Ruling: If the assessee makes a claim which is not only incorrect in law but is also wholly without any basis and the explanation furnished by him for making such a claim is not found to be bonafide, it would be difficult to say...

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Transfer Pricing Provision: ITAT underscored the importance of taxpayers making accurate transaction adjustments on account of different conditions in varying locations

Posted: 31 May 2010 07:52 AM PDT


ITAT Ruling: Transfer Pricing - Sec 92 – While benchmarking a controlled transaction, mere selling of an identical product to unrelated party is not sufficient for applying Comparable Uncontrolled Price (CUP) as the most appropriate method unless...

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Receipts of NRI for contract executed outside India cannot be taxed under the special provisions if the same is not taxable under the general provisions of the Indian Tax Law

Posted: 31 May 2010 07:51 AM PDT


This Tax Alert summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2010- TII-41-ITAT-MUM-INTL] in the case of J Ray McDermott Eastern Hemisphere Ltd. (Taxpayer). The ITAT held that receipts pertaining to transportation and...

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Special Bench Ruled Timeshare Membership fee is taxable over the term of contract



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