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Jul 21, 2010

TaxGuru.in : Legal & Tax Updates 22.07.2010

TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Infrastructures Bonds: New Tool to Save Tax

Posted: 21 Jul 2010 08:55 PM PDT


In this year's budget, Finance Minister made an announcement that deduction upto Rs 20000 would be allowed from the total income of taxpayer if investment is made in long term infrastructure bonds (which were to be notified later). This investment...

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Capital gains – I-T dept Notifies Cost Inflation Index for financial year 2010-11 or Assessment Year 2011-12

Posted: 21 Jul 2010 08:54 PM PDT


In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry...

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What is Form 16 (Salary Certificate) and how is it different from Form 16?

Posted: 21 Jul 2010 08:53 PM PDT


At the end of the year, you need to collect Form 16 from both your employers as that is the basis on which you would file your returns. When you join a new organisation, you should furnish your TDS details from the previous employer to your current...

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No Income Tax raids and surveys costing Government Rs 180 crore a day

Posted: 21 Jul 2010 08:46 PM PDT


Mumbai could lose at least Rs 5 crore a day for the next few days because there will be no Income Tax (I-T) raids and surveys, during which a large chunk of tax is collected. Nearly 90 per cent of the I-T department's staff across the country has...

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DTC, GST Bills likely to be introduced in the Monsoon session beginning next week

Posted: 21 Jul 2010 08:42 PM PDT


The government on Tuesday said the direct taxes code (DTC) Bill and a constitutional amendment bill to implement the goods and services tax (GST ) are likely to be introduced in the Monsoon session beginning next week. "It is our expectation that...

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Finance Minister to look into continuation of tax sops: SEZ developer

Posted: 21 Jul 2010 08:37 PM PDT


The revised discussion paper on the Direct Tax Code (DTC), which would overhaul the Income Tax Act, proposes tax exemptions only for the existing SEZ units. "In case no income tax benefit is provided to the new SEZ units, no entrepreneur would like...

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Speech of Finance Minister at the Meeting with the Empowered Committee of State Finance Ministers

Posted: 21 Jul 2010 08:35 PM PDT


As for specific issues, let me begin with the issue of exemption threshold under GST. In this regard, it was the suggestion of the Empowered Committee that the Centre should consider retaining the exemption threshold of Rs.1.5 crore (presently...

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Regarding levy of service tax on all taxable services relating to transmission and distribution of electricity -ST Notification No 45/2010

Posted: 21 Jul 2010 08:21 PM PDT


the Central Government is satisfied that a practice was generally prevalent regarding levy of service tax (including non-levy thereof), under section 66 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as 'the Finance Act'), on all...

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Insurance Funds Soon for Infrastructure: Pranab Mukherjee

Posted: 21 Jul 2010 08:17 PM PDT


The Union Finance Minister, Mr Pranab Mukherjee, on Tuesday said the Insurance Regulatory and Development Authority and the Planning Commission will develop a framework to give a further fillip to infrastructure financing by the insurance industry....

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Income-tax (Sixth Amendment) Rules, 2010 – Substitution of rules 30, 31, 31A, 31AA, 37CA, and 37D; Form Nos. 16, 16A and 27D; insertion of Form No. 24G and omission of rule 37A – Corrigendum to Notification No. 41/2010, dated 31-5-2010

Posted: 21 Jul 2010 08:11 PM PDT


Notification No. 55/2010 [F.No.142/27/2009-SO(TPL)], dated 19-7-2010.In the Notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 41/2010 dated 31st May, 2010 bearing S.O. 1261(E) and...

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Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions vide Notification No. 56, 57, 58/2010

Posted: 21 Jul 2010 08:07 PM PDT


Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions Notification No. 56/2010 [F.No.203/157/2009/ITA.II], dated 20-7-2010 It is hereby notified for general...

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Income Tax Return Filing deadline nears

Posted: 21 Jul 2010 07:59 PM PDT


An individual should pay the government a part of his income, which is known as Income Tax returns. It can be regularly filed either in physical or electronic form. Tax is not just a source of income for the government in order to increase their...

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GST may kick off in April next year with three rates

Posted: 21 Jul 2010 07:32 PM PDT


To begin with, next year, he suggested, the Centre will adopt a three-rate formula. While Mukherjee proposed that the rate of taxation for services be fixed at 8 per cent, a dual-rate regime for goods was recommended at the meeting of the empowered...

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Useful info for those who drive a vehicle

Posted: 21 Jul 2010 04:22 PM PDT


From now onwards, the Traffic Police cannot catch a motorist just to examine the driving license or vehicle documents.They can catch you only if you have violated any traffic laws or if you are driving drunk. Remember that when caught for traffic...

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New Bench will hear again the petition filed by Price Waterhouse challenging the jurisdiction of SEBI

Posted: 21 Jul 2010 02:22 PM PDT


A newly-constituted Division Bench at Bombay High Court will hear anew the petition filed by audit firm Price Waterhouse challenging the jurisdiction of capital market regulator SEBI to investigate its role in the multi-crore Satyam fraud.

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Real Estate- Wait and Watch

Posted: 20 Jul 2010 11:22 PM PDT


One of my friend who is a well renowned real estate promoter was struggling to pay his bank loan in the year 2008 when the recession have touched the shores of Indian real estate business. He had to almost sell all his properties of his own to pay...

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Sebi panel suggestes tax parity for shareholders who tender their shares in open offer and those who sell through the stock market

Posted: 20 Jul 2010 11:14 PM PDT


A Sebi panel has suggested tax parity be introduced for shareholders who tender their shares in open offer and those who sell through the stock market. According to the Sebi Takeover Advisory Committee, the open offer only provides an opportunity to...

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Filing Online Income Tax Return? Tips to secure your transaction

Posted: 20 Jul 2010 10:52 PM PDT


With July 31 just a couple of weeks away, it's time to get papers in order to file your taxes. The traditional method has been to hire a chartered accountant who does the needful. But now, with the advent of tax portals, even tax filing can be done...

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Warehousing permission to Storage Tanks mounted on a vehicle

Posted: 20 Jul 2010 06:04 PM PDT


Necessary action may immediately be taken to withdraw such facility, if any, granted by any field formation under your jurisdiction. It is also requested to advise such assesses to avail the option of rebate under Rule 18 of Central Excise Rules for...

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