Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Sep 24, 2010 at 10:02 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Finance Ministry In A Fix Over The Proposed Implementation Of Point Of Taxation Rules For Service Tax From October 1
• Mahindra Satyam May Declare It S Financial For Last Two Years On September 29
• All About Trading In Shares Through Mobile Phone
• RoC May Be Empowered To Conduct Searches And Raids
• LIC Launches Endowment Plus Policy- ULIP Plan Under The New IRDA Regime
• Opposition By BJP Ruled States May Delay Implementation Of GST
• To Crack Down On Illegal Benami Transactions Govt Plans To Revamp Benami Transaction Act
• Income Tax Department Surveys Five Companies In Chandigarh
• IDFC Plans To Raise Rs 3 400 Cr Through Infra Bonds
• Supreme Court Likely To Hear Vodafone Case On September 27
• No Change In The Schedule Of The Chartered Accountants Examinations November 2010
• Direct Taxes Code Bill 2010- Provisions Affecting Mergers And Acquisitions
• Determination Of Fair Market Value Of The Property Other Than Immovable Property
• Brand Eligible For Depreciation
• Conversion Of Units Of UTI Into UTI Tax Free Bonds Would Not Be Treated As Transfer
• Order Passed By The Tax Officer After Applying The AAR Ruling In Petitioner S Own Case Cannot Be Revised By The Commissioner Based On Some Other AAR
• Mere Leasing Of Dredger Equipment Does Not Give Rise To A Permanent Establishment
• An Entity Cannot Be Disregarded Merely Because It Is A Tax Resident Of A Country With Which India Has A Favourable Tax Treaty
• Section 35 1 Iii Of The Income-tax Act 1961 Scientific Research Expenditure Approved Social Science Or Statistical Research Associations Or Institutions- Notification No 71 2010
• Items Excluded From Capital Market Exposure
• Measures To Streamline The Processing Of Departmental Litigation Before The Courts And Tribunal-Circular No 935 25 2010-CX
• Notification No 96 2010-Customs Notification About Import Anti Dumping Duty
• Circular No 130 12 2010 ST- Powers Of Adjudication Of Central Excise Officers In Service Tax Cases Instructions Regarding
• New Services Notified Through The Finance Act 2010 14 Of 2010 And Classification Under The Export Of Services Rules 2005 And Taxation Of Services Provided From Outside India And Received In India Rules 2006
• CA IPCC MAY 2010 Suggested Answers Of Information Technology And Strategic Management
• CA IPCC MAY 2010 Suggested Answers Of Auditing And Assurance
• CA IPCC MAY 2010 Suggested Answers Of Advanced Accounting
• CA IPCC MAY 2010 Suggested Answers Of Taxation
• CA IPCC MAY 2010 Suggested Answers Of Cost Accounting And Financial Management
• CA IPCC MAY 2010 Suggested Answers Of Business Laws Ethics And Communication
• CA IPCC MAY 2010 Suggested Answers Of Accounting
• CA PCC MAY 2010 Suggested Answers Of Cost Accounting And Financial Management
• CA IPCC MAY 2010 Suggested Answers Of Accounting

Finance Ministry In A Fix Over The Proposed Implementation Of Point Of Taxation Rules For Service Tax From October 1 Posted: 23 Sep 2010 05:41 AM PDT The finance ministry is in a fix over the proposed implementation of point of taxation rules for service tax from October 1 this year with the industry resisting transition to the accrual basis for taxation of services Simply put un [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mahindra Satyam May Declare It S Financial For Last Two Years On September 29 Posted: 23 Sep 2010 05:35 AM PDT For the first time since its founder admitted to falsifying the company s accounts Satyam nbsp Computer will come out with its financials for fiscal years 2008-09 and 2009-10 on September 29 The Board of Satyam now acquired by Ma [[ This is a content summary only. Visit www.taxguru.in for full article ]]

All About Trading In Shares Through Mobile Phone Posted: 23 Sep 2010 05:31 AM PDT With the Bombay Stock Exchange launching its mobile trading platform the stock market is all set to get a tech boost Especially since the National Stock Exchange also plans to launch a similar service in the first week of October A m [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RoC May Be Empowered To Conduct Searches And Raids Posted: 23 Sep 2010 05:28 AM PDT The registrar of companies RoC could be empowered to issue orders relating to conducting searches and raids The proposal mooted by the corporate affairs ministry can be part of the new companies Bill that is set to be intro [[ This is a content summary only. Visit www.taxguru.in for full article ]]

LIC Launches Endowment Plus Policy- ULIP Plan Under The New IRDA Regime Posted: 23 Sep 2010 05:25 AM PDT Life Insurance Corporation of India has introduced its ULIP plan under the new IRDA regime following the launch of its Pension Plus which is the first Unit-linked Pension Plan under the new regime Endowment Plus is LIC s 14th pl [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Opposition By BJP Ruled States May Delay Implementation Of GST Posted: 23 Sep 2010 05:21 AM PDT Stance of BJP-ruled states unchanged The stalemate between the Centre and the states over the introduction of the Goods and Services Tax GST continued on Monday with some states opposing the changes suggested by the central gover [[ This is a content summary only. Visit www.taxguru.in for full article ]]

To Crack Down On Illegal Benami Transactions Govt Plans To Revamp Benami Transaction Act Posted: 23 Sep 2010 05:16 AM PDT nbsp Worried over the speedy growth of a parallel economy in the country with black money amounting to almost one-fourth of India s GDP the government is planning to crack down on such illegal transactions at least those related [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Department Surveys Five Companies In Chandigarh Posted: 23 Sep 2010 05:10 AM PDT The Income Tax Department Chandigarh today carried out surveys on as many as 10 premises belonging to five companies The entities on which surveys were carried out are Silver Oaks Hospital Mohali Atop Fasteners Meltonics Industri [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IDFC Plans To Raise Rs 3 400 Cr Through Infra Bonds Posted: 23 Sep 2010 05:07 AM PDT Infrastructure lending major IDFC is planning to raise up to Rs 3 400 crore through the issue of long-term bonds and the public offer is likely to open in the first week of October The company has already filed the draft papers wi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Supreme Court Likely To Hear Vodafone Case On September 27 Posted: 23 Sep 2010 03:59 AM PDT The Supreme Court is likely to hold a preliminary hearing in the landmark Vodafone International Holdings case on Monday next September 27 British telecom operator Vodafone had on September 14 filed an appeal with the Supreme Cou [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Change In The Schedule Of The Chartered Accountants Examinations November 2010 Posted: 22 Sep 2010 08:08 PM PDT NO CHANGE IN THE SCHEDULE OF THE CHARTERED ACCOUNTANTS EXAMINATIONS NOVEMBER 2010 Enquiries are being received about possible change in the schedule of the Chartered Accountants examinations to be held from November 8th to 22nd 201 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Taxes Code Bill 2010- Provisions Affecting Mergers And Acquisitions Posted: 23 Sep 2010 06:13 AM PDT Background -The draft Direct Taxes Code along with a Discussion Paper was released on 12 August 2009 for public comments to simplify direct tax legislation in India Subsequently comments were solicited from the public and [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Determination Of Fair Market Value Of The Property Other Than Immovable Property Posted: 23 Sep 2010 06:04 AM PDT 1 0 BACKGROUND Section 56 of the Income Tax Act 1961 provides for taxability of income which is not chargeable to income-tax under any of the heads specified in section 14 items A to E thereof It provides for such income to be cha [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Brand Eligible For Depreciation Posted: 23 Sep 2010 06:18 AM PDT In this case the ITAT has held that the agreements entered into by the assessee viewed together in their entirety pertain to a single transaction of purchase of assets Accordingly the amount paid for non-compete fees was considered [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Conversion Of Units Of UTI Into UTI Tax Free Bonds Would Not Be Treated As Transfer Posted: 23 Sep 2010 06:16 AM PDT An important proposition reiterated by this ruling is that conversion of UTI units into Tax free bonds would not be treated as transfer for the purpose of section 45 of the ITA This principle laid down by the Tribunal is important as [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Order Passed By The Tax Officer After Applying The AAR Ruling In Petitioner S Own Case Cannot Be Revised By The Commissioner Based On Some Other AAR Posted: 23 Sep 2010 06:10 AM PDT Prudential Assurance Company Limited the Petitioner or the Company a sub-account duly registered with the Securities and Exchange Board of India SEBI filed a writ petition Writ petition no 866 of 2010 with the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mere Leasing Of Dredger Equipment Does Not Give Rise To A Permanent Establishment Posted: 23 Sep 2010 06:01 AM PDT Mumbai Income-tax Appellate Tribunal the Tribunal in the case of DDIT v Nederlandsche Overzee Baggermaatschappiji BV 2010-TII-78-ITAT-MUM-INTL the assessee has analysed whether the lease of a dredger would be considered a [[ This is a content summary only. Visit www.taxguru.in for full article ]]

An Entity Cannot Be Disregarded Merely Because It Is A Tax Resident Of A Country With Which India Has A Favourable Tax Treaty Posted: 23 Sep 2010 05:58 AM PDT The Mumbai Income-tax Tribunal the Tribunal in a recent judgment in the case of Satellite Television Asia Region v ADIT 2010-TII-58-ITAT-MUML-INTL held that the Assessing Officer AO cannot consider the assessee a Permanent [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35 1 Iii Of The Income-tax Act 1961 Scientific Research Expenditure Approved Social Science Or Statistical Research Associations Or Institutions- Notification No 71 2010 Posted: 23 Sep 2010 04:58 AM PDT Section 35 1 iii of the Income-tax Act 1961 Scientific research expenditure Approved social science or statistical research associations or institutions Notification No 71 2010 F No 203 68 2009 ITA-II dated 7 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Items Excluded From Capital Market Exposure Posted: 23 Sep 2010 04:52 AM PDT Items excluded from Capital Market Exposure nbsp Circular No DBOD No Dir BC 41 13 03 00 2010-11 dated 21-9-2010 nbsp Please refer to para 2 3 4 i of our Master Circular DBOD No Dir BC14 13 03 00 2010-11 dated July 1 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Measures To Streamline The Processing Of Departmental Litigation Before The Courts And Tribunal-Circular No 935 25 2010-CX Posted: 23 Sep 2010 04:41 AM PDT Circular No 935 25 2010-CX New Delhi dated the nbsp nbsp nbsp 21st nbsp nbsp September 2010 nbsp Sub - nbsp nbsp nbsp Measures to streamline the processing of departmental litigation before the Courts and Tr [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Notification No 96 2010-Customs Notification About Import Anti Dumping Duty Posted: 23 Sep 2010 04:17 AM PDT Notification No nbsp 96 2010-Customs nbsp New Delhi the 21st September 2010 G S R nbsp nbsp nbsp nbsp nbsp nbsp nbsp E - Whereas in the matter of imports of Sodium Tripoly Phosphate STPP hereinafter refer [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Circular No 130 12 2010 ST- Powers Of Adjudication Of Central Excise Officers In Service Tax Cases Instructions Regarding Posted: 22 Sep 2010 04:29 PM PDT Circular No 130 12 2010 ST F No 137 68 2010 CX 4 Government of India Ministry of Finance Department of Revenue Central Board of Excise amp Customs New Delhi the 20th September 2010 To [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New Services Notified Through The Finance Act 2010 14 Of 2010 And Classification Under The Export Of Services Rules 2005 And Taxation Of Services Provided From Outside India And Received In India Rules 2006 Posted: 22 Sep 2010 04:26 PM PDT [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA IPCC MAY 2010 Suggested Answers Of Information Technology And Strategic Management Posted: 23 Sep 2010 10:20 AM PDT CA IPCC MAY 2010 Suggested Answers of Information Technology and Strategic Management [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA IPCC MAY 2010 Suggested Answers Of Auditing And Assurance Posted: 23 Sep 2010 10:19 AM PDT CA IPCC MAY 2010 Suggested Answers of Auditing and Assurance [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA IPCC MAY 2010 Suggested Answers Of Advanced Accounting Posted: 23 Sep 2010 10:18 AM PDT CA IPCC MAY 2010 Suggested Answers of Advanced Accounting [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA IPCC MAY 2010 Suggested Answers Of Taxation Posted: 23 Sep 2010 10:17 AM PDT CA IPCC MAY 2010 Suggested Answers of Taxation [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA IPCC MAY 2010 Suggested Answers Of Cost Accounting And Financial Management Posted: 23 Sep 2010 10:14 AM PDT CA IPCC MAY 2010 Suggested Answers of Cost Accounting and Financial Management [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA IPCC MAY 2010 Suggested Answers Of Business Laws Ethics And Communication Posted: 23 Sep 2010 10:12 AM PDT CA IPCC MAY 2010 Suggested Answers of Business Laws Ethics and Communication [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA IPCC MAY 2010 Suggested Answers Of Accounting Posted: 23 Sep 2010 10:12 AM PDT CA IPCC MAY 2010 Suggested Answers of Accounting [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA PCC MAY 2010 Suggested Answers Of Cost Accounting And Financial Management Posted: 23 Sep 2010 08:40 AM PDT CA PCC MAY 2010 Suggested Answers of Cost Accounting and Financial Management [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA IPCC MAY 2010 Suggested Answers Of Accounting Posted: 22 Sep 2010 11:17 PM PDT CA IPCC MAY 2010 Suggested Answers of Accounting [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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