| Co-operative sugar mills gets breather on income-tax claims of Rs 2,500 crore Posted: 07 Jul 2010 08:29 PM PDT Cooperative sugar factories in Maharashtra have heaved a sigh of relief as the Supreme Court, in its recent order, has asked the Commissioner of Income Tax (Appeals) to re-look on the issue of income-tax claims of Rs 2,500 crore made on the mills... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| US company bribed several Indian firms to bag contracts Posted: 07 Jul 2010 08:24 PM PDT Officials of Indian PSUs like BHEL and NTPC appear to be the beneficiaries of bribes that were doled out by a California-based valve company to bag lucrative contracts, mostly for tools used in the construction of power plants. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Financial rights of women in India Posted: 07 Jul 2010 08:10 PM PDT The Hindu Civil Code, based on earlier religious practice, selected for the purpose, gives women to whom it applies various financial rights. This has been done through legal recognition of the ancient Hindu concept of stridhana. There is also an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Gist of 2010 Notifications in Service Tax Posted: 07 Jul 2010 08:03 PM PDT Ministry of Finance (Department of Revenue) , Government of India has issued as much as 43 notifications, viz Notification Nos 1 to 43 in 2010 so far , highest ever in just half year. Of these, 20 notifications have been issued on 22.6.2010 and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| No service Tax on international passengers who arrives in India in a transit flight Posted: 07 Jul 2010 07:29 PM PDT Going by the notification, a person who arrives in India in a transit flight is exempted from paying this additional levy, "provided he does not pass through immigration, does not leave the customs area and continues his journey to a place outside... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income-tax authorities can ask for evidence from Mauritius government to examine the authenticity of a taxpayer who claims exemption on capital gains tax provided under the Indo-Mauritius DTAA Posted: 07 Jul 2010 07:23 PM PDT Taxpayers who claim exemption from tax on capital gains by furnishing a residency certificate of Mauritius had better watch out. Now, income-tax (IT) authorities can ask for evidence from Mauritius government to examine the authenticity of a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CBDT Press Release on Tax collections during first quarter Posted: 07 Jul 2010 07:15 PM PDT Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent. Growth in Corporate Taxes was 21.65... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI want Delhi High Court to lift stay on Satyam Auditor Talluri Posted: 07 Jul 2010 07:09 PM PDT The Institute of Chartered Accountants of India (ICAI), said it will not initiate proceedings against S Gopalakrishnan, ex-partner of PricewaterhouseCoopers (PwC), for his alleged involvement in the multi-crore Satyam accounting scandal until the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| MCA plans to prohibit subsidiary company from floating 100 per cent owned company of its own Posted: 07 Jul 2010 07:01 PM PDT In a move that will make it difficult for large companies to have a pyramid-like holding structure, the Ministry of Corporate Affairs plans to prohibit a subsidiary company from floating a 100 per cent owned company of its own.In a string of new... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Mergers and Acquisitions will soon get cleared in 180 days Posted: 07 Jul 2010 06:58 PM PDT India Inc has reason to cheer with the Ministry of Corporate Affairs making it mandatory for the competition regulator, the Competition Commission of India, to clear M&A (mergers and acquisitions) proposals in just 180 days compared with 210... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Misuse of your credit card by others do not absolve you from liability Posted: 07 Jul 2010 06:54 PM PDT Twenty-year old Sharma did not know that a small negligence in keeping track of his credit would mean a bill of Rs 18 lakh, especially, since his credit limit was only Rs 55,000. A call, however, to the customer support of the bank confirmed the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Supreme Court upheld Dividend-Stripping Law in the case of Wallfort Shares & Stock Brokers Posted: 07 Jul 2010 06:28 PM PDT Wallfort Shares & Stock Brokers, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ITR 421 (Bom)) held that the 'loss' incurred by an assessee in 'dividend-stripping' transactions cannot be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SC rejects PIL seeking direction to scrutinise the accounts of the BCCI by CAG Posted: 07 Jul 2010 05:58 PM PDT Earlier, when Manjusha Wadhawa, counsel for the petitioner, said the accounts should be audited by the CAG for the transparent functioning of the BCCI as it represented the Indian team, Chief Justice S.H. Kapadia asked her whether at present the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| E&Y announces its intention to appoint non-executive directors to its global advisory board Posted: 07 Jul 2010 05:53 PM PDT The world's four biggest accounting firms are to appoint non-executive directors after coming under growing pressure from regulators over governance.Ernst & Young, which along with law firm Linklaters has been been accused of providing "window... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| HC asks tax department to determine an appropriate arm's-length pricing mechanism in Maruti royalty demand Posted: 07 Jul 2010 05:47 PM PDT In a ruling affecting the way multinational companies use brand names in India, and the tax demands raised on payments in this regard, the High Court here has laid down some principles in this regard. It did so while setting aside an order by Income... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| America probing offshore tax evasion by individuals having un-disclosed bank accounts in India Posted: 07 Jul 2010 05:40 PM PDT In a crackdown on offshore tax evasion, American authorities have begun a criminal probe into HSBC individual account holders, who may not have disclosed their accounts in India. Indian Finance Ministry officials admitted that authorities in New... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Profits from supply of shrink-wrapped software is not royalty- ITAT Bangalore Posted: 07 Jul 2010 05:27 PM PDT In CIT vs. Samsung Electronics 227 CTR 335 the Karnataka High Court has confined its decision to the issue of responsibility of the assessee u/s 195 in deducting tax at source before making remittances to non-residents. Even though the court held in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Bombay HC rules on the binding nature of an advance ruling Posted: 07 Jul 2010 05:16 PM PDT This decision of the HC reiterates the principle of the binding nature of an AAR ruling and clarifies that a subsequent adverse AAR ruling in respect of another taxpayer, even if given under comparable facts, cannot disturb this position. An AAR... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Increase in threshold for, public shareholding in listed companies – an update Posted: 07 Jul 2010 05:11 PM PDT For a new listing, at least 25% of each class of equity shares or debentures convertible into equity shares issued by the entity will be offered and allotted to the public. However, for entities with post-issue capital, calculated at offer price, of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Mandatory to sell helmets with two-wheelers: Supreme Court Posted: 07 Jul 2010 04:30 PM PDT Two-wheeler makers will now have to sell a helmet along with their bikes and scooters after the Supreme Court today dismissed a plea by the Society of Indian Automobile Manufacturers against such a step. A bench comprising Justice G S Singhvi and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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