| CIBIL may soon come up with database of mortgage defaulters Posted: 08 Jul 2010 08:22 PM PDT Credit Information Bureau (India) Ltd (CIBIL) said it will come out with a database on mortgage defaulters and is also looking at expanding client base to telecom and insurance companies. "We will come up with a database of mortgage defaulters very...
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| Final decision on physical settlement in derivative segment expected within a month Posted: 08 Jul 2010 08:17 PM PDT Nearly four months after giving the in-principle approval for physical settlement in the derivative segment, a final decision on the matter is just round the corner. The discussions between the stock exchanges and the regulatory officials are in the...
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| Suggestions of the ICAI on the Revised Discussion Paper on the Direct Taxes Code Posted: 08 Jul 2010 08:13 PM PDT A Revised Discussion Paper (RDP) on Direct Taxes Code (DTC) has been released by the CBDT on 15th June, 2010, taking into consideration the vital and critical issues raised by the various stakeholders on the DTC. It is extremely satisfying to note...
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| Media companies filed petition against imposition of service tax on copyright services Posted: 08 Jul 2010 07:41 PM PDT PVR Pictures, Balaji Telefilms, Yash Raj Films and UTV Motion Pictures have moved the Delhi High Court against the government's recent decision to levy service tax on copyright services. In a writ petition filed before the court on Wednesday, PVR...
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| SEZ developers step up demand for continued Income-Tax exemptions, Seek Centre, States intervention Posted: 08 Jul 2010 07:34 PM PDT The likelihood of new units in Special Economic Zones losing Income-Tax exemptions in the Direct Taxes Code regime has stepped up representations to the Centre. According to the DTC revised draft, units coming up in SEZs after the implementation of...
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| Do not ignore the importance of filing annual wealth tax returns Posted: 08 Jul 2010 07:29 PM PDT The season to file income tax returns is on and most taxpayers will try to quickly wrap up the process. But most people ignore the importance of filing annual wealth tax returns. Govind Pathak, a certified financial planner, explains, "If you start...
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| Supreme Court rejects Third Party Administrators (TPAs) tax deduction appeal Posted: 08 Jul 2010 07:22 PM PDT This is the latest twist to the two-year dispute between tax authorities and third party administrators, or TPAs. On Tuesday, the Supreme Court dismissed an appeal against the Bombay High Court order which held that TPAs — which are typically...
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| Service Tax Planning – Limits of Management Consultancy Services Posted: 08 Jul 2010 07:10 PM PDT Meaning:- Section 65(105)(r) of Finance Act, 1994 defines taxable service as any service provided or to be provided to any person by a management or business consultant1 in connection with the management of any organization or business, in any...
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| FEMA Circular on Compounding of Contraventions under Foreign Exchange Management Act, 1999 Posted: 08 Jul 2010 07:07 PM PDT The provisions of Section 15 of FEMA permit compounding of contraventions and empowers Reserve Bank of India ("RBI") to compound any contravention, except under section 3 (a) of FEMA on an application made by the person committing such...
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| External Commercial Borrowings – Liberalization to avail ECB by Infrastructure Finance Companies Posted: 08 Jul 2010 07:01 PM PDT As per the extant External Commercial Borrowing (ECB) policy, Infrastructure Finance Companies (IFCs) i.e. Non-Banking Finance Companies (NBFCs) categorized as IFCs by the Reserve Bank were permitted to avail of ECBs for on-lending to infrastructure...
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| Storage and Supply of goods in India through an independent third party gives rise to fixed place permanent establishment in India Posted: 08 Jul 2010 06:50 PM PDT Depending on the facts, the activity of storage and supply of goods in India by a foreign enterprise may need examination to determine impact of the above ruling. For the purpose of the computation of the profit, a PE should be regarded as separate...
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| Consideration for assignment of supply agreement not taxable in the absence of Permanent Establishment in India Posted: 08 Jul 2010 06:45 PM PDT The AAR upheld the contention that a transfer for the purpose of capital gain should be a legal transfer. The transfer of rights and obligations even if not binding on the third party are still binding on the parties to the agreement therefore...
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| Research activities of branch office can lead to a 'permanent establishment' if not characterized as preparatory or auxiliary in nature Posted: 08 Jul 2010 06:40 PM PDT Under the specific facts of the case the research activities were held to be in the nature of core business activities and not preparatory and auxiliary services so as to be covered in the exclusionary Article for Fixed Place PE.
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| Right to subscribe the additional shares arises on the date when the company decides to come out with the right offer Posted: 08 Jul 2010 06:36 PM PDT The assessee held certain number of equity shares in a listed Indian Company and the company issued equity secured partly convertible debentures (PCDs) for cash at par to its shareholders on right basis.The assessee received an offer to subscribe...
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| Additional declaration & undertaking for registration of FII and sub-account Posted: 08 Jul 2010 06:33 PM PDT There is no change made in the SEBI (Foreign Institutional Investors) Regulations 1995, regarding the eligibility criteria for registration of FII or its sub-account. SEBI has also not defined the terms PCC / SPC / MCV. SEBI has not made clear what...
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| Payment for sponsorship rights cannot be termed as royalty Posted: 08 Jul 2010 06:28 PM PDT There was no transfer of copyright or the right to use the copyright by the foreign company to the tax payer and therefore the payment would not fall within article 13(3)(c) of the Tax Treaty. The reference in Article 13(3)(c) is to "any copyright"...
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| Services provided for purchase of goods to be exported from India may not be eligible for exemption provided under Income-tax provisions Posted: 08 Jul 2010 06:24 PM PDT The sourcing activity of non-resident purchaser or an agent of such non-resident purchaser for exports of goods outside India will only be covered by the exclusion clause under deeming provisions of section 9(1 )(i) of ITA. A mere service provider...
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| Filling stations in Punjab need not calculate input or output tax on purchase and sale of petrol and diesel under Punjab VAT Act, 2005 Posted: 08 Jul 2010 06:20 PM PDT Filling Station dealers i.e. Retail outlets of oil companies are not required under the Punjab VAT Act 2005 to calculate output tax or input tax on the sale and purchase of petrol and diesel in view of explanation 8 which was added lately to section...
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| Payments towards workshop conducted for dissemination of information which is a part of study course cannot be termed as FIS Posted: 08 Jul 2010 05:36 PM PDT Payments towards workshops and learning programmes conducted by institutes, where no technical knowledge, experience or skills were shared or made available to the participants, could not be termed as "fees for included services".
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| Payments for referral services cannot be termed as fees for technical services (FTS) Posted: 08 Jul 2010 05:30 PM PDT The receipts in the nature of referral fees do not constitute "fee for technical services". Further, in the absence of a PE in India, the same cannot be subject to tax in India.
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| Ultimate Holding Company should not be considered as beneficial owner of gains arising to Subsidiary Company on sale of investments held by such Subsidiary Company Posted: 08 Jul 2010 05:20 PM PDT The applicant, a Dutch company was incorporated on 11 August 2008. On 6 November 2008, it acquired all the shares of an existing Indian company from another group company located in Germany. The shares were acquired for a consideration of INR 100...
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| FII's Income from trading in futures and options is business income Posted: 08 Jul 2010 05:13 PM PDT FII's income from trading in futures and options is in the nature of business income. Special provisions under the domestic tax laws i.e. Section 1 15AD does not preclude FII's from earning business income in India.
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| Common Disputes -FAQ in Partnership Firm Posted: 08 Jul 2010 05:10 PM PDT I have taken on rent particular premises. Later I entered into a partnership. The firm so formed is carrying on its business on the premises taken on rent by me. Does it amount to subletting? A. It does not amount to sub letting. When a person after...
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| Mere reimbursement of costs based on a cost sharing agreement not liable to withholding tax Posted: 08 Jul 2010 10:08 AM PDT ABB Limited, an Indian company (ABB India) and ABB Research Limited, Zurich, a Swiss company (ABB Zurich) are part of the ABB group. The group is engaged in the manufacturing of power products and systems technologies and has business activities...
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| Consortium members working together with independent scope not an AOP Posted: 08 Jul 2010 10:05 AM PDT Merely coming together and acting in cooperation with each other for the purpose of executing the work while each member carries on its own scope of work independently does not reasonably lead to the conclusion that an AOP has been formed.
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| Supply of customized software and enabling client personnel to handle the system amounts to "fees for included services" under the India-US tax treaty Posted: 08 Jul 2010 09:46 AM PDT Under the specific facts of the case, customization of standardized software specific to client specifications was held to be "fees for included services" as the software developer made available technical knowledge, experience or skill to the...
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| Shri Salman Khurshid Presents ICWAI 7th National award for Excellence in Cost Management Posted: 08 Jul 2010 12:40 AM PDT BHEL bags 7 awards while LG electronics wins the first award in Private Manufacturing (Large) Category-Shri Salman Khurshid, Minister of Corporate Affairs, here today presented the 7th National Award for Excellence in Cost Management- 2009. BHEL...
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| Supreme Court remands back I-T pleas against Essar, Glaxo to Bombay High Court Posted: 08 Jul 2010 12:03 AM PDT The Supreme Court remanded the income tax department's plea back to the Bombay High Court that had allowed Essar Shipping to claim depreciation on foreign exchange loans taken for ship purchase. A bench headed by Chief Justice SH Kapadia while...
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| Company Law Board gives Mahindra Satyam time till September 30 to publish various mandatory documents Posted: 08 Jul 2010 12:02 AM PDT IT firm Mahindra Satyam (erstwhile Satyam Computer) said that the Company Law Board has given it time till September 30 to publish various mandatory documents."The Hon'ble Board (Company Law Board) has permitted extension of time up to September 30,...
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| Sebi Limits Exposure Margin for Exchange Traded Equity Derivatives to 5% Posted: 07 Jul 2010 11:52 PM PDT SEBI has revised exposure margin requirements for exchange traded equity derivatives. The regulator, based on market feed back, has decided that the exposure margin shall be in excess of five per cent or 1.5 times, which ever is higher. The earlier...
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| Congress-ruled states demand protection against any loss of revenue from the switchover to GST Posted: 07 Jul 2010 11:44 PM PDT Chief Ministers of the Congress-ruled states on Wednesday asked the Centre to protect states against any loss of revenue from the switchover to goods and services tax (GST). "The general feeling (among the states) is that there should not be any...
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| Centre-state GST disputes to be heard by new tribunal Posted: 07 Jul 2010 09:05 PM PDT The draft constitutional amendments, vital for the introduction of the proposed Goods and Services Tax (GST), have proposed the setting up of a tribunal to resolve the disputes arising between the Centre and states in the proposed GST council.
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| Clarification on holding of goods by units in FTWZ Posted: 07 Jul 2010 04:09 PM PDT I am directed to say that in a meeting held in Department of Commerce with FTWZ Developers doubts were raised as to whether units in FTWZ can hold goods on behalf of foreign buyer, DTA supplier and buyer. 2. It is clarified that FTWZ units can hold...
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| Draft guidelines on Compensation of Whole Time Directors/Chief Executive Officers/Risk takers and Control function staff Posted: 07 Jul 2010 02:25 PM PDT Flawed incentive compensation practices in the financial sector were one of the important factors contributing to the recent global financial crisis. Employees were too often rewarded for increasing the short-term profit without adequate recognition...
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| ICAI presidents Message on Enhanced Students Initiatives, Harnessing Information Technology, Expanding Infrastructure, Creating Global CAs etc |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:08 AM PST Chinese philosopher Confucius had once said, ' The journey of a thousand miles begins with a single step.' As I take this first step as 58th President of the second largest accountancy body of the world, I wish to thank all those who have s  |
| Is Arbitration better suited to get corporate disputes resolved? |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:06 AM PST Unless there is an express bar under law and when there is an arbitration agreement either express or implied, a dispute between or among the parties can be referred to an Arbitrator or panel of Arbitrators as specifically agreed to. As everybody knows, Alternative  |
| Rights and duties of assessee during conduct of search under the Income Tax Act, 1961 |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:05 AM PST What remedy does the assessee have in case of misbehaviour of the officers? Ans. Misbehaviour may lead to some injury, damag  |
| Brief Note on Concepts Related to Search and Seizure in question- answer mode |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:05 AM PST I. ON MONEY Q.1 Whether book result can be disturbed in case of Assessment relating to search & seizure? Ans. Book result cannot be  |
| Book under construction flat before July 2010 to avoid 3.30% Service tax on Agreement Value |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:03 AM PST w service tax levy on construction service will come into effect. The cost of flats will go up 3.3% of the total purchase consideration once service tax begins to be levied on construction. The go  |
| IT department detected huge tax evasion by two steel companies |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:03 AM PST Income Tax department is understood to have detected an evasion of Rs 502 crore by two major steel manufacturers after it conducted searches and surveys against them in various parts of the country. T  |
| Government prosecuted over 13,000 companies during last three years for violation of provisions of Companies Act, 1956 |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:01 AM PST Government on Thursday said it has prosecuted over 13,000 companies during the three years ending 2008-09 for not following the provisions of the Companies Act. "As many as 13,437 companies were prosecuted for non-compliance of provisions of the Companies A  |
| Tax benefit from Equity Linked Saving Scheme (ELSS) and why to invest in it |Tax Guru [del.icio.us] Posted: 13 Mar 2010 09:01 AM PST Most of the tax saving instruments under Section 80C are savings-oriented instruments, with returns after adjusting for inflation either in the negative or slightly positive. The exceptions to  |
| Companies having permanent establishment in India will be taxed on their technical services fees at marginal tax rate |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:59 AM PST The finance ministry is hoping to recover about Rs 10,000 crore from non-resident service providers to oil and gas explorers in India. Finance Minister has inserted a clarification in the Finance Bill 2010-1  |
| Government may ask TPAs to get audited by external auditors to check delay in settlement of claims |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:59 AM PST The government may ask third party administrators (TPA) that provide cashless medical insurance service to undergo external audit following complaints of  |
| Audit Firms started hiring Chartered Accountants directly at CA Coaching Classes |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:57 AM PST At Ahmedabad-Based Fountainhead, a little-known coaching academy for chartered accountants, February 20 was a day of celebration. The two-year-old chartered accountants' training institute was playing host to a recruiting team  |
| Professionals are under Income Tax scanner after Mumbai-based lawyer disclosed income of 7.50 Crore |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:55 AM PST Mumbai based lawyers, doctors and film professionals are under Income-Tax department scanner, the department is planning to carry out a series of raids on such professionals,  |
| FAQs on Reverse Mortgage in India |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:54 AM PST Q.1.What is reverse mortgage? When you buy a house through a home loan, every EMI you pay towards servicing the loan increases your equity in the house. Once you payoff the loan in full, your  |
| Gift to doctors by Pharma Companies |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:53 AM PST The Indian Medical Council (Professional conduct, Etiquette and Ethics) Regulations, 2002 were amended by Medical Council of India with the prior approval of Government of India by inser  |
| Government to enter MOU with other countries to exchange information on money laundering and terror funding |Tax Guru [del.icio.us] Posted: 13 Mar 2010 08:51 AM PST The Government of India has authorized Financial Intelligence Unit – India (FIU-IND) to enter into Memorandum of Understanding (MOU) with FIUs of other countries to exchange information pertaining to money laundering  |
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