| Routers and switches should be classified as part of computers and be eligible for 60% depreciation Posted: 12 Jul 2010 08:55 PM PDT 
In a recent decision Special Bench (SB) of the Mumbai Income Tax Appellate Tribunal in the case of Datacraft India Ltd. (Taxpayer) [ITA No.7462 & 754/ Mum/ 2007]on the issue of whether routers and switches can be classified as computer... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Mandatory for all Companies to File I-T Returns Electronically with Digital Signature Posted: 12 Jul 2010 08:54 PM PDT 
The Central Board of Direct Taxes (CBDT) has amended the Rules relating to electronic filing of income tax returns vide Notification No.49/2010 dated 9th July 2010. The amended Rules will apply with effect from the date of notification in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| 24th July to be celebrated as Income Tax Day Posted: 12 Jul 2010 08:53 PM PDT 
Income Tax department has decided to celebrate 24th July, as the annual Income Tax Day from this year, to mark 150 years of existence of this levy. "Since income tax was first levied as a duty in the year 1860 and the authority to levy that duty... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Taiwan and India's DTA negotiations look positive, says Envoy Posted: 12 Jul 2010 08:52 PM PDT 
Taiwan's ongoing negotiations with India on a Double Taxation Agreement ("DTA") look set to be concluded in the near future. "I can only say that things are moving very well. We are finalizing the details in the very, very near future," said Pradeep... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CBDT notifies mandatory e-filing of return with digital signature for companies Posted: 12 Jul 2010 08:41 PM PDT 
In a recent Notification No. 49/2010 dated 9 July 2010 (Notification) issued by the Central Board of Direct Taxes, modifying the permitted modes of filing return of income (ROI) for (i) companies and (ii) individuals and Hindu Undivided Families... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Former CCIT Dave exits KPMG, Will advice income tax department in Vodafone case Posted: 12 Jul 2010 08:37 PM PDT 
A former chief commissioner of the income-tax department, who was instrumental in preparing the revenue department's case for levying a tax on the $11-billion Vodafone-Hutch Essar deal, has resigned from professional services firm KPMG that has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Infrastructure finance companies can issue only 25 percent of incremental investment as tax-free infra bonds in a year Posted: 12 Jul 2010 08:34 PM PDT 
An infrastructure finance company can issue only 25 percent of its incremental investment as tax-free infra bonds in a year, says the finance ministry. "The volume of issuance (of tax free bonds) during this financial year will be restricted to 25... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CBI to reveal how it successfully investigated Satyam fraud Posted: 12 Jul 2010 08:29 PM PDT 
A high-level team of CBI sleuths, led by director Ashwini Kumar, will reveal how it successfully investigated India's biggest corporate fraud, involving the Hyderabad-based Satyam Computers. The disclosure will be made during the three-day... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Supplementary Study Paper-2010 on "Taxation" for IPCC/PCC students [Relevant for May 2011 and November 2011 examinations] Posted: 12 Jul 2010 08:26 PM PDT 
The Supplementary Study Paper is an annual publication, containing a discussion of the amendments made by the Annual Finance Act and Notifications/Circulars in income-tax and service tax. This publication is very important for updating your... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| No Cenvat for manufacturers of bottled beverages on excise-duty exempted broken bottles Posted: 12 Jul 2010 08:21 PM PDT 
The manufacturers of bottled beverages will no more be able to retain the Cenvat credit or the tax set-off paid on inputs, claimed on broken bottles if they have already claimed the excise duty exemption on them. After finding some instances of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Efforts on to restore cashless treatment facility Posted: 12 Jul 2010 08:18 PM PDT 
Concerned over the plight of patients after withdrawal of the cashless treatment facility by some hospitals at the behest of PSU insurance firms, noted heart surgeon Naresh Trehan on Monday said all-out efforts are underway to resolve the issue. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI directed mutual funds to have uniform exit load Posted: 12 Jul 2010 08:10 PM PDT 
The Securities and Exchange Board of India (SEBI) has directed mutual funds (MFs) to have a uniform exit load — a fee charged for early redemptions — for investments through the lumpsum route as well as systematic investment plans (SIPs). The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Convergence to IFRS will cost dearly to small companies not having ERP Posted: 12 Jul 2010 08:08 PM PDT 
The transition to International Financial Reporting Standards (IFRS), from the Indian Accounting Standards, effective April 1, 2011, would require companies to incur direct and indirect costs in areas such as training employees, hiring consultants... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Useful tips to save Income Tax for the Financial Year (FY) 2010-11 Posted: 12 Jul 2010 06:15 PM PDT 
Income from Salary:-Section 17 of the Income Tax (IT) Act is all about taxation under the head 'salary'. In most of the cases, it is impossible for a salaried person to avoid tax on his income, except by way of deduction under chapter VI A of the IT... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| 50 most likely Interview Questions and Answers Posted: 12 Jul 2010 05:35 PM PDT 
The most often asked question in interviews. You need to have a short statement prepared in your mind. Be careful that it does not sound rehearsed. Limit it to work-related items unless instructed otherwise. Talk about things you have done and jobs... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Post DTC and GST implementation tax collection expected to get double Posted: 12 Jul 2010 03:47 PM PDT 
Direct tax collections in the country are likely to double after the proposed Direct Tax Code (DTC) and the Goods and Service Tax (GST) regime come into effect, a top government official has said. "We are moving towards a scenario where I think... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI asks government to stop giving projects to tainted audit firms Posted: 12 Jul 2010 02:49 PM PDT 
Accounting regulator ICAI has asked the government to stop giving assignments to tainted audit firms, a move that would discourage wrong doings and promote entities with honest track records. The Institute of Chartered Accountants of India (ICAI)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Builders must name banks they have mortgaged their land and apartments: RBI |Tax Guru [del.icio.us] Posted: 12 Jul 2010 08:33 AM PDT A master circular on housing finance issued by the RBI on July 1 has once again reiterated that builders publicly disclose names of the banks they have mortgaged their land and apartments to. However, d  |
| An update on possible renegotiation of India-Mauritius Tax Treaty |Tax Guru [del.icio.us] Posted: 12 Jul 2010 08:10 AM PDT A recent media report suggests that the Governments of India and Mauritius are slated to renegotiate the India-Mauritius Tax Treaty (Treaty). The Treaty is one of the few tax treaties that provides for an exemption, from taxation in India, of capital gains arising from alienation of shares of an Indian company. At this s  |
| India-US Competent Authorities negotiated on transfer pricing matters to resolve such disputes within a period of two years |Tax Guru [del.icio.us] Posted: 12 Jul 2010 08:04 AM PDT Recent negotiations between the Competent Authorities (CAs) of India and the USA under Article 27 of the India-US tax treaty (Tax treaty), which deals with the Mutual Agreement Procedure (MAP), provides for a dispute resolution mecha  |
| Common Disputes -FAQ in Partnership Firm |Tax Guru [del.icio.us] Posted: 12 Jul 2010 07:58 AM 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 taking premises on rent, enters into partnership firm to carry business, it did n  |
| FIIâs Income from trading in futures and options is business income |Tax Guru [del.icio.us] Posted: 12 Jul 2010 07:51 AM PDT The applicant is a public company incorporated in Canada. It is engaged in the business of banking and other financial services. It also trades in securities (including derivatives) in various parts of the world.  |
| 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 |Tax Guru [del.icio.us] Posted: 12 Jul 2010 07:47 AM PDT he 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 million.  |
| Vodafone hearing rescheduled to August 2 |Tax Guru [del.icio.us] Posted: 12 Jul 2010 07:39 AM PDT A court on Thursday rescheduled hearing of Vodafoneâs appeal against the countryâs tax department to Aug. 2, a Vodafone representative said. The Bombay High Court gave a new date after the counsel for the Indian tax office asked  |
| Payments for referral services cannot be termed as fees for technical services (FTS) |Tax Guru [del.icio.us] Posted: 12 Jul 2010 07:36 AM PDT The applicant, Real Resourcing Limited is a company incorporated in the UK and is a tax resident of the UK. The applicant provides recruitment services (the applicant places a candidate with an Indian company) and referral services (the applicant would refer potential Indian c  |
| Payments towards workshop conducted for dissemination of information which is a part of study course cannot be termed as FIS |Tax Guru [del.icio.us] Posted: 12 Jul 2010 07:31 AM PDT The applicant, Federation of Indian Chambers of Commerce and Industry (âFICCIâ) is a company registered under the Indian Companies Act, 1956.The applicant has received a job contract from Indo-US Science and Technology Foru  |
| ICAI wants reciprocal arrangement with other countries to ensure level playing field |Tax Guru [del.icio.us] Posted: 12 Jul 2010 07:26 AM PDT The Institute of Chartered Accountants of India (ICAI) has urged the government to ensure that Indian accounting firms get a level playing field in foreign countries, as the country is considering unrestricted practising rights to foreign firms.  |
| Filling stations in Punjab need not calculate input or output tax on purchase and sale of petrol and diesel under Punjab VAT Act, 2005 |Tax Guru [del.icio.us] Posted: 12 Jul 2010 07:19 AM 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 2(zg) explaining the sale price of oil companies in relation to the petrol and diesel  |
| Services provided for purchase of goods to be exported from India may not be eligible for exemption provided under Income-tax provisions |Tax Guru [del.icio.us] Posted: 12 Jul 2010 07:12 AM PDT The applicant, Aramco Overseas Company (AOC) is a Dutch tax resident company. It is a subsidiary of Saudi Arabian Oil Company (Saudi AramCo). AOC provides services in relation to supply chain management, technical support, finance support and administrative support to its hold  |
| Payment for sponsorship rights cannot be termed as royalty |Tax Guru [del.icio.us] Posted: 12 Jul 2010 07:02 AM PDT Sahara India Financial Corporation Ltd. (tax payer) had entered into an agreement with IMG Canada, a foreign company through IMC India for sponsorship of the international cricket tournament between India and Pakistan to be played in Canada.2. The sponsorship benefits inter-alia included:  |
| Additional declaration & undertaking for registration of FII and sub-account |Tax Guru [del.icio.us] Posted: 12 Jul 2010 07:00 AM PDT Securities and Exchange Board of India [SEBI] has amended the instructions for filling applications for registration of a Foreign Institutional Investor [FII] and sub-account of FII. Applicants are now required to provide additional declarations and undertakings along with th  |
| Right to subscribe the additional shares arises on the date when the company decides to come out with the right offer |Tax Guru [del.icio.us] Posted: 12 Jul 2010 06:54 AM 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.  |
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