Revised Section 44AD – Is it really a palpable transformation?

Revised Section 44AD – Is it really a palpable transformation? Posted: 12 May 2011 08:20 PM PDT Recently, the Section 44AD has been revised and now it is applicable to all businesses instead of only to civil construction business. On the other outset, limit of tax audit u/s 44AB is increased to Rs. 60 lakh from earlier limit of Rs. 40 lakh.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Tax planning by conversion of stock in trade into capital asset Posted: 12 May 2011 08:19 PM PDT When a capital asset is converted into stock in trade then capital gain u/s 45(2) of Income Tax Act arises in the year of sale and not in the year of conversion. But in vice versa situation i.e conversion of stock in trade into capital asset there... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Summary of FAQ on Applicability of Employees' Provident Fund and Pension Scheme to International Workers Posted: 12 May 2011 08:15 PM PDT The Employees' Provident Fund Organisation ('EPFO') has issued updated Frequently Asked Questions (FAQs) on 6 May 2011 in context of applicability of the Employees' Provident Fund Scheme, 1952 (EPFS) and Employees' Pension Scheme, 1995 (EPS), which... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CCI (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 Posted: 12 May 2011 06:49 PM PDT Categories of transactions not likely to have appreciable adverse effect on competition in India. In view of the duty cast upon the Commission under section 18 and powers conferred under section 36 of the Act, and having regard to the mandate given... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Minister for Corporate Affairs stresses to expedite the Process of Liquidation Of Companies Posted: 12 May 2011 06:30 PM PDT Union Minister for Corporate Affairs Shri Murli Deora has desired that concerted action to be taken to expedite the process of liquidation of companies which is currently taking inordinately long. In the conference of Official Liquidators organised... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Securities Scam – SC dismisses Appeal filed by Mehta's ; Creditors may get Rs 1000 Cr Posted: 12 May 2011 06:28 PM PDT The Supreme Court, by an order dated 6th May 2011, upheld the notifications by the Custodian regarding involvement of Smt. Rasila S. Mehta and Smt. Rina S. Mehta in the securities scam of 1992. They are, respectively, the mother and sister-in-law of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Brief on Judgment of the Supreme Court Dated 11.5.2011 on Bhopal Gas Tragedy Posted: 12 May 2011 06:13 PM PDT Government has taken note of the judgment of the Supreme Court dated 11.5.2011 rejecting the curative petition filed by the CBI to reconsider the judgment of the Supreme Court dated 13.9.1996. The principal grounds on which the curative petition has... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt nets Rs. 7.90 lakh cr in taxes in FY'11; FM appreciates I-T department Posted: 12 May 2011 06:03 PM PDT The government has collected an unprecedented Rs. 7.90 lakh crore in taxes in 2010-11 while refunds worth Rs. 74,000 crore have been issued during the fiscal, Finance Minister Pranab Mukherjee said on Wednesday. There has been an unprecedented... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CAG may review transfer pricing case, says I-T dept Posted: 12 May 2011 05:55 PM PDT Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India, Director General of Income Tax (DGIT) RN Dash said while addressing a seminar organised by Assocham. Multinational corporations often use... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Corrigendum to Circular no. 09/2011 dated 31.03.2011 related to Filing of Balance Sheet and Profit and Loss Account in XBRL mode Posted: 12 May 2011 10:33 AM PDT Corrigendum to Circular no. 09/2011 dated 31.03.2011 In the said circular for clauses (i) and (ii) of paragraph 2 under the Heading Coverage in Phase I, the following shall be substituted and read as :­ (i) All companies listed in India and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Service tax Circular on prosecution for specified offences Posted: 12 May 2011 10:17 AM PDT With the enactment of Finance Act, 2011 (No.8 of 2011), Section 89 which provides for prosecution of specified offences involving service tax, becomes a part of Chapter V of Finance Act, 1994. Prosecution provision was introduced this year, in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CORRIGENDUM – Manual filing and processing of bills of entry / shipping bills – stringent checks required to prevent misuse -reg Posted: 12 May 2011 10:09 AM PDT The Board has taken a serious note of the cases of misuse detected on account of manual documentation as well as of casual manner in which this facility is being extended, which is prone to be detrimental to revenue. Accordingly, to redress the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI – Monthly Bulletin – May 2011 Posted: 12 May 2011 07:16 AM PDT The May issue of the Bulletin issue carries six special articles: (i) Developments in India's BoP during Third Quarter of 2010-11: Trade, Invisibles and Capital Account, (ii) Union Budget 2011-12: An Assessment (iii) Railway Budget 2011-12: An... [[ This is a content summary only. Visit www.taxguru.in for full article ]] ICAI – Transfer/Termination of Articleship with prior approval of institute Posted: 12 May 2011 07:10 AM PDT As informed earlier vide announcement dated 2nd July 2010, ICAI is allowing the articled assistants to seek transfer/termination of articleship only on permissible grounds and the articled assistants are advised to get the consent of the Institute... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Review of Utilization of 13th Finance Commission Grants Posted: 12 May 2011 07:09 AM PDT A meeting was held under the Chairpersonship of Secretary (Justice) to review the utilization of 13th Finance Commission grants, E-courts project, Gram Nyayalayas, infrastructure support for the subordinate judiciary, undertrial prisoners, family... [[ This is a content summary only. Visit www.taxguru.in for full article ]] IT authorities quiz Kanimozhi, Kalaignar TV MD Posted: 12 May 2011 12:05 AM PDT Tamil Nadu chief minister M Karunanidhi's daughter Kanimozhi was today questioned by Income Tax authorities for about 90 minutes over the Rs 200 crore transaction from Shahid Balwa-owned DB Realty to Kalaignar TV, in which she holds a minority... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Expenditure on voluntary retirement scheme is tax deductible even if the scheme is not in accordance with the exemption provision for the employees Posted: 12 May 2011 12:04 AM PDT Delhi ITAT in the case of Sony India Pvt. Ltd. v. ACIT [I.T.A. Nos. 4008, 4114 & 4994(Del)/2010] held that deduction in respect of expenses incurred pursuant to a Voluntary Retirement Scheme can be claimed under section 35DDA of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Payment to US companies for 'developing tooling' and 'validating new process for manufacture' of wheels is taxable as fees for included services Posted: 11 May 2011 11:59 PM PDT Recently, the Chennai bench of the Income-tax Appellate Tribunal in the case of Wheels India Ltd. v. ACIT I.T.A No. 1793/Mds/2006 (Chennai) held that payment made to US companies for 'developing tooling' and 'validating new process for manufacture'... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Finance Ministry to take up 42 foreign direct investment (FDI) proposals Next Week Posted: 11 May 2011 10:48 PM PDT The Finance Ministry will take up 42 foreign direct investment (FDI) proposals, including that of BNP Paribas , Tata Steel and PTC India Financial Services, next week. The Foreign Investment Promotion Board (FIPB) headed by Economic Affairs... [[ This is a content summary only. Visit www.taxguru.in for full article ]] FM Hopes for Further Moderation in Food Inflation in Coming Weeks Posted: 11 May 2011 10:30 PM PDT Union Finance Minister Shri Pranab Mukherjee said while the current trend in food inflation is welcome and we hope to see further moderation in food inflation in the coming weeks. He said that however, there are concerns on the price momentum in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] SEBI- Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes(PNs) activity Posted: 11 May 2011 10:24 PM PDT Please refer to SEBI Circular No. CIR/IMD/FIIC/1/201 1 dated January 17, 2011 related to the new reporting format of ODIs/PNs activity. Subsequently, SEBI received representations from a number of FIIs seeking various clarifications on the new... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Sam Pitroda gets ITU World Telecommunication and Information Society Award 2011 Posted: 11 May 2011 10:24 PM PDT The International Telecommunication Union (ITU), the leading United Nations agency for Information and Communication Technology, is marking its 146th anniversary of establishment on 17 May this year by recognizing eminent personalities who have made... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Export Grows 34.4 Percent in April 2011 – Commerce Secretary Posted: 11 May 2011 10:15 PM PDT India's exports have registered a growth of 34.4% during April 2011, at US $ 23.9 billion. Stating this at a press interaction here today, Shri Rahul Khullar, Commerce Secretary, informed that during the interaction, with press, India's imports in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Black money case – SC pulls up Enforcement Directorate Posted: 11 May 2011 10:04 PM PDT The Supreme Court today pulled up the ED for filing a charge sheet against Pune-based stud farm owner Hasan Ali Khan in a case of alleged money laundering without informing a high-level committee formed by the government to monitor probe in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Karnataka launches e-payment for commercial tax payers Posted: 11 May 2011 09:52 PM PDT Karnataka today became the first state in the country to launch an e-payment system for commercial tax payers. Speaking at the launch, Reserve Bank of India Deputy Governor Shyamala Gopinath wanted such a system to be adopted by other states. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]] SC asks Centre to frame guidelines on phone tapping Posted: 11 May 2011 09:46 PM PDT The Supreme Court today asked the Centre to frame guidelines for interception of telephone conversations in order to prevent illegal phone tapping by service providers. The central government must frame certain statutory guidelines in this regard to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Edelweiss Tokio Life Insurance Company Limited Registered with IRDA to carry the Life Insurance business in India Posted: 11 May 2011 09:30 PM PDT Edelweiss Tokio Life Insurance Company Limited, a joint venture life insurance company promoted by Edelweiss Capital Limited and Tokio Marine and Nichido Fire Insurance Company, Japan has been registered as a Life Insurer under Section 3 of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] National Disaster Management Guidelines on Ensuring Disaster Resilient construction of Buildings and Infrastructure Posted: 11 May 2011 09:30 PM PDT The National Disaster Management Authority (NDMA), Government of India has formulated guidelines on ensuring disaster resilient construction of buildings and infrastructure financed through banks and other lending institutions (A copy of NDMA... [[ This is a content summary only. Visit www.taxguru.in for full article ]]