WorkShop On XBRL For Practicing Members Of ICWAI Posted: 20 Feb 2011 12:19 PM PST 
The Committee for Digitization of Balance Sheet and Annual Reports filed with MCA through MCA-21 Ministry of Corporate Affairs has proposed to implement e-filing in XBRL Format in phased manner starting from April 2011 In this connec [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Will Help India Unravel Black Money Trail- Mauritius Posted: 20 Feb 2011 11:35 AM PST 
Facing flak over its tax-friendly regime allegedly facilitating the flow of black money Mauritius has promised full support to India s quest for unearthing the source and destination of such illicit wealth nbsp At the same time t [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
500 Tax Information Exchange Pacts Signed - Pranab Posted: 20 Feb 2011 11:33 AM PST 
Indian Finance Minister Pranab Mukherjee has said about 500 tax information exchange agreements have been signed between different countries across the globe a development that will help fight the menace of tax evasion and track i [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Sebi Wants IPO Forms Short And Simple Posted: 20 Feb 2011 11:31 AM PST 
As part of its efforts to make it easier for investors to enter the stock market through public issues Sebi is considering making application forms simpler and shorter for the IPOs nbsp The market regulator is also considering [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Markets For GST Rollout Clarity In DTC In The Budget Posted: 20 Feb 2011 11:29 AM PST 
Market experts are pitching for clarity in tax on long-term gains under the proposed DTC a clear timeline for rolling out Goods and Services Tax among other key measures in the upcoming 2011-12 budget nbsp Stock markets in Feb [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Govt May Miss Disinvestment Target Of Rs 40 000 Cr For FY 11 Posted: 20 Feb 2011 11:28 AM PST 
The government may miss the target of garnering Rs 40 000 crore through disinvestment as SAIL s follow-on public offer is now expected to hit the market in the next fiscal due to volatile stock market No no we will wait Th [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Govt Mulls Simple Norms Strict Scrutiny On Foreign Funds Posted: 20 Feb 2011 11:27 AM PST 
The government is considering a simple and streamlined set of norms for all kinds of overseas investments into capital markets but wants such foreign investors to undergo a stricter scrutiny process nbsp The move could facilitate [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Give Equal Tax Treatment To Overseas Resident Indians-Hinduja Posted: 20 Feb 2011 11:26 AM PST 
Seeking equal treatment in investment and taxation between overseas and resident Indians diversified conglomerate Hinduja Group today said amnesty must be given to bring back black money from foreign soil to India nbsp In a pr [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Excise Hike Of 2 Pc Likely In 2011-12 Budget Posted: 20 Feb 2011 11:25 AM PST 
The government is likely to increase excise duty by 2 per cent in sectors like FMCG and automobiles as well as raise service tax in the forthcoming Budget to reduce the fiscal deficit a report said nbsp SMC Global Securities Ltd [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
CII Ask Govt To Ease Overseas M Amp A Regulations Posted: 20 Feb 2011 11:23 AM PST 
Terming existing corporate laws as complex and not conducive to overseas M amp A by domestic firms CII today asked the government to facilitate such deals by easing regulatory norms to increase the presence of Indian firms in globa [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Over 600 Bilateral Tax-related Pacts Inked Worldwide Posted: 20 Feb 2011 01:42 AM PST 
In an indication of improving tax transparency over 600 bilateral pacts related to exchange of tax information have been inked worldwide in less than two years ever since the influential G20 leaders pledged to crackdown on tax hav [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Deloitte Survey- Only 7pc Of Companies Confident To Comply With New Lease Accounting Standards Posted: 20 Feb 2011 01:35 AM PST 
The new lease accounting standards proposed by the Financial Accounting Standards Board FASB and the International Accounting Standards Board IASB may have come at a wrong time as only 7 percent of the companies polled by Deloit [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Corporate America Sends Budget Wish List To Pranab Posted: 20 Feb 2011 01:17 AM PST 
Corporate America wants Indian Finance Minister Pranab Mukherjee to give positive indications on raising the FDI cap in insurance sector and opening multi-brand retailing during presentation of budget nbsp In their wish list to M [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
India Malaysia Sign Comprehensive Market Opening Pact Posted: 20 Feb 2011 01:15 AM PST 
India and Malaysia today signed a comprehensive market opening pact that throws up myriad trade opportunities for both sides and gives a boost to India s Look East Policy and the prospects for its economic integration with South-Ea [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Tax-evader Stud Farm Owner Hasan Ali Khan Appears Before Tax Authorities Posted: 20 Feb 2011 01:12 AM PST 
Hasan Ali Khan the Pune-based real estate consultant and stud farm owner who is alleged to have stashed away over USD 8 billion in foreign banks today appeared before Income Tax authorities apparently in connection with notices [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Maharashtra Govt Scraps Maha Mumbai SEZ Notification Posted: 20 Feb 2011 01:07 AM PST 
Signalling an end to the Reliance-led Maha Mumbai Special Economic Zone SEZ in Raigad Maharashtra Government has said farmers are free to utilise their lands as they deem fit nbsp The government has taken an important decisi [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Expenses Disallowed Under Section 40A 3 And 40A 3A Of Income Tax Act 1961 Posted: 20 Feb 2011 10:52 PM PST 
Section 40A 3 of Income Tax Act 1961 provides for disallowance of expenses in respect of which a payment or aggregate of payments made to a person in a day otherwise than by an account payee cheque drawn on bank or account payee b [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
CLB S Power To Set-aside Agreements Contracts Under Section 397 398 Posted: 20 Feb 2011 02:33 PM PST 
There can be disputes between majority group and minority shareholders in any Company and these disputes come very frequently in closely held companies or Private Limited Companies The Companies Act 1956 provides certain rights to th [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Capital Gains Arising From Transfer Of The Development Right To Attract The Provisions Section 50C Of The Act Posted: 20 Feb 2011 11:12 AM PST 
Capital gains arising from transfer of the Development right to attract the provisions Section 50C of the Act nbsp Recently the Mumbai bench of Income-tax Appellate Tribunal the Tribunal in the case of Arif Akhatar Husssain [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Interest On Non Performing Assets Which Is Doubtful Of Recovery Taxable On Receipt Basis Posted: 20 Feb 2011 11:10 AM PST 
In a recent decision in the case of CIT v Vasisth Chay Vyapar Ltd Delhi High Court ITA 552 2005 dated 29 November 2010 the Delhi High Court in the context of loans given by a Non-Banking Financial Company NBFC held tha [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
No Disallowance Can Be Made In Case Of Payment To Non-residents In View Of Article 26 3 Of The DTAA With USA Posted: 20 Feb 2011 11:06 AM PST 
No disallowance can be made in case of payment to non-residents in view of Article 26 3 of the DTAA between India and the USA deduction of bad debts to be reduced by provision for rural advances In brief Disallowance under section [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Only The Expenses That Have Been Incurred After The Date Of Entering Into Agreement Are Liable For Mark-up Posted: 20 Feb 2011 11:04 AM PST 
Executive Summary -The Income Tax Appellate Tribunal the Tribunal of Hyderabad on 31 January 2011 pronounced its ruling in the case of M s Convergys Information Management India P Ltd Vs DCIT Hyderabad ITA No 229 H [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Transfer Pricing- Continuing Debit Balance Is Not An International Transaction Posted: 20 Feb 2011 10:59 AM PST 
The Mumbai bench of the Income Tax Appellate Tribunal ITAT recently pronounced its ruling in the case of M s Nimbus Communications Limited vs ACIT Circle 11 1 Mumbai for Assessment Year 2004-05 ITA No 659 7 Mum 09 on [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Transfer Pricing Circumstance When Assessee Not Entitled To Adjustment Of 5 Per Cent As Stipulated U S 92C 2 Posted: 20 Feb 2011 10:57 AM PST 
The assessee is not entitled to adjustment of 5 per cent as stipulated u s 92C 2 where only one of the several methods specified u s 92C 1 is applied by the assessee to determine the arm s length price nbsp Executive Summar [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Computation Of Gross Profit Margin Should Be Based On Audited Accounts And Should Not Be A Notional Figure Posted: 20 Feb 2011 10:41 AM PST 
Executive Summary-The Mumbai bench of the Income Tax Appellate Tribunal Tribunal recently pronounced its ruling in the case of Monsanto Holdings Private Limited vs Dy Commissioner of Income Tax Range - 8 2 Mumbai Bench ITA N [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
TPO Cannot Reject TP Method Adopted By Assessee On The Ground That The Comparables Are Wrongly Chosen Posted: 20 Feb 2011 10:16 AM PST 
TPO cannot reject TP method adopted by assessee on the ground that the comparables are wrongly chosen Further the ALP has to be determined with respect to an international transaction and not at an entity level nbsp Star Diamo [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
DRP Must Not Have Perfunctory Approach - Delhi High Court Posted: 20 Feb 2011 02:44 AM PST 
Brief - The DRP being an authority created under a statute and conferred with the powers has the obligation to act as a body living to the expectations which the law mandates The DRP has to afford adequate opportunity for persona [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Exemption U S 10 23C Vi Cannot Be Denied Merely Because There Is A Surplus Posted: 20 Feb 2011 02:41 AM PST 
Brief nbsp High Court held that It is not possible to carry on educational activity in such a way that the expenditure exactly balances the income and there is no resultant profit for to achieve this would not only be difficult [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Delhi HC Rules Block Assessment Order On Protective Basis Permissible Even For Block Assessment U S 158BC And 158BD Posted: 20 Feb 2011 02:31 AM PST 
Delhi HC rules block assessment order on protective basis Permissible even for block assessment u s 158BC and 158BD When there is no specific provision in the Income Tax Act for protective assessment power lies with the AO to mak [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Salary Taxable Only If It Accrues In India Posted: 20 Feb 2011 02:26 AM PST 
Salary taxable only if it accrues in India rules Bangalore Tax Tribunal nbsp ITO International Taxation Ward -1 3 Bangalore v Lohitakshan Nambiar Bangalore ITA T ITA No 1045 Bang 2009 2010-TII-201-ITA T-BANG-NRI [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
S 80-IA 5 Set Off Of Absorbed Loss- ITAT Declines To Follow HC Judgment Posted: 20 Feb 2011 02:23 AM PST 
Though a judgement of a non-jurisdictional High Court prevails over a judgement of the Special Bench the former cannot be followed even though it is the only High Court judgement on the point if rendered without having been in [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Removal Of Ban On Export Of Onions - DGFT Notification No 24 RE 2010 2009-2014 Posted: 20 Feb 2011 01:29 AM PST 
Notification No nbsp 24 RE 2010 2009-2014 nbsp New Delhi Dated nbsp 18th February 2011 Subject - Removal of ban on export of Onions S O E In exercise of powers conferred by Section 5 of the Foreign Trade [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
Prohibition On Export Of Milk Powders Including Skimmed Milk Powder Whole Milk Powder Dairy Whitener And Infant Milk Foods Casein And Casein Products Posted: 20 Feb 2011 01:23 AM PST 
Notification No 23 RE 2010 2009-2014 New Delhi Dated nbsp 18th February 2011 nbsp Subject - Prohibition on export of milk powders including skimmed milk powder whole milk powder dairy whitener and infant milk foods [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
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