TaxGuru.in : Legal & Tax Updates 08.06.2010

TaxGuru.in : Legal & Tax Updates (in this message: 12 new items) Download Latest Form 16, 16A, 27D, 24G and other forms related to TDS in Excel Format along with related notification and Circular Posted: 07 Jun 2010 08:35 PM PDT Recently Income Tax department issued one after one circular making amendment in provisions related to TDS. Department has made so many amendments that we even lost the counts of amendments made in TDS laws during the last few months, Department has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Summary/Analysis of recent CBDT amendment of rules relating to TDS/TCS Posted: 07 Jun 2010 08:30 PM PDT The Central Board of Direct Taxes (CBDT) had recently notified Rules 30, 31, 31A, 31AA, 37A, 37CA and 37D (Rules) pertaining to tax deducted/collected at source (TDS/TCS) in February 2010. The above notification validated the procedural compliances... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Amendments to the Payment of Gratuity Act- An overview of accounting implications Posted: 07 Jun 2010 08:20 PM PDT In India, the Payment of Gratuity Act, 1972 (Act) requires entities with ten or more employees to pay gratuity benefit to their employees at the time of termination of employment. The act also provides that if an entity is covered under the act... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Despite TDS u/s 195, payer is liable as "agent" u/s 163: ITAT Mumbai Posted: 07 Jun 2010 08:15 PM PDT The assessee purchased shares of an Indian company from Alcan Inc, Canada. Alcan filed an application u/s 197(1) for issue of a TDS certificate on the basis that the capital gains was Rs. 317.71 crores and tax at 10% was chargeable. The AO issued a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] To constitute fixed place permanent establishment three criterias needs to be satisfied Posted: 07 Jun 2010 08:10 PM PDT Mumbai Ruling: In order to constitute a fixed place permanent establishment (PE), three criteria have to be satisfied viz. (a) the physical criterion (existence of physical location) (b) subjective criterion (right to use that place) and (c)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Rule 6(2) and Rule 6(3) of the CENVAT Credit Rules, 2004 are not attracted when an assessee is engaged in providing 'taxable output services' and 'trading activity' Posted: 07 Jun 2010 08:05 PM PDT The CESTAT (Ahmedabad Bench) in case of Orion Appliances Ltd. v. CST, Ahmedabad. [Arising out of Appeal No. ST/120/09 and order dated 07-05-2010J has observed that Rule 6(2) and Rule 6(3) of the CENVAT Credit Rules, 2004 are not attracted in case... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Vodafone moved Bombay High Court challenging 12,000 crore tax liability imposed by Income Tax department Posted: 07 Jun 2010 05:39 PM PDT Vodafone moved Bombay High Court on 07th June 2010, challenging the income tax (I-T) department's right to levy a tax on its $11.1-billion deal in 2007 to acquire Cayman Island-based Hutchison International's stake in Hutchison Essar. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Inquiries mount after PwC 'failed to notice' mistakes Posted: 07 Jun 2010 05:33 PM PDT PricewaterhouseCoopers is facing an inquiry by accounting regulators into its failure to notice that JP Morgan was paying up to £16 billion of clients' money into the wrong bank accounts. Last week the Financial Services Authority fined the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Finance Ministry Constitutes Technical Advisory Group for Unique Projects Posted: 07 Jun 2010 05:27 PM PDT Ministry of Finance has constituted the Technical Advisory Group for Unique Projects (TAGUP). This Committee has been constituted in pursuance of the Finance Minister's Budget Speech 2010-11 wherein he proposed to set up a Technology Advisory Group... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Tata Teleservices claimed special auditor found nothing wrong in its books of account Posted: 07 Jun 2010 05:24 PM PDT "We are delighted with the special auditors' validation that all payments and dues, including license fees and spectrum charges have been paid by TTSL, as per the license conditions and the applicable ruling of the telecom tribunal TDSAT," the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] ICAI Building Committees of Regional Councils and Branches Posted: 07 Jun 2010 05:21 PM PDT This has reference to Circular no. No. Council Affairs/M-626/2010 dated 29th March, 2010 communicating that the Building Committees constituted in the past in Branch, Regional & central levels be dissolved and accordingly all such Committees... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Important Issues Pertaining To NCLT after The Judgment Of Supreme Court? Posted: 07 Jun 2010 09:32 AM PDT I am very happy to see the judgment of the Supreme Court on National Company Law Tribunal. I have read the judgment of Justice Jayasimha Babu of Madras High Court regarding the constitution of National Company Law Tribunal and Appellate Tribunal in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai