Sunday, September 26, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sun, Sep 26, 2010 at 2:07 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Interest In Excess Of 8 50 On EPF Will Be Taxed

Posted: 26 Sep 2010 01:27 AM PDT


The government s surprise gift for workers isn t much of a gift after all The labour ministry has hiked the employees provident fund or EPF rate to 9 5 but a finance ministry notification says that anything in excess of

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DTC Proposes To Levy Wealth Tax On Productive Assets Held In Foreign Arms

Posted: 26 Sep 2010 01:24 AM PDT


The scope of wealth tax which is currently levied on unproductive assets like jewellery yacht and aircraft will be extended to productive assets like equity or preference shares held by an Indian company in its overseas subsidiary

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Use Of Detective Services By Indian Companies To Keep Check On Employees And Rival Companies Is On High

Posted: 26 Sep 2010 01:20 AM PDT


Corporate espionage is on the rise in the country with the digital medium offering an extremely fertile ground for its perpetuation nbsp An increasing number of companies are also hiring private detectives to keep tabs on both th

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SEZs To Be Operational Before March 2014 To Get Tax Benefits Under The Proposed Direct Taxes Code

Posted: 26 Sep 2010 01:14 AM PDT


The deadline of March 2014 under the proposed Direct Taxes Code DTC for making new special economic zone units operational if they are to get tax benefits is likely to speed up development of these SEZs by entrepreneurs a repor

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Bhupen Dalal S Flat To Be Auctioned To Recover Income Tax Dues

Posted: 26 Sep 2010 01:09 AM PDT


In a setback to stockbroker Bhupen Dalal an accused in the 1992 securities scam a special court has allowed his posh flat in upscale Altmount Road area here to be auctioned to recover income tax dues running into crores of rupees

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Govt Neutralises Tax Impact Of First Year Of DTC Regime By Withdrawing Profit Linked Incentives

Posted: 26 Sep 2010 01:07 AM PDT


Government today said its proposals on withdrawing profit-linked exemptions in Direct Taxes Code will bring in over Rs 50 000 crore and make the exchequer little bit richer despite moderation in tax rates nbsp Government would bri

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Sebi Likely To Tighten Norms On IPO Advertisements

Posted: 26 Sep 2010 12:39 AM PDT


Incensed over the planting of articles and wrongful advertisements in the run up to a company s public offer market regulator Sebi today pulled up merchant bankers and said it is considering coming out with revised norms on IPO

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Mahindra Satyam Will Delist From New York Stock Exchange NYSE

Posted: 26 Sep 2010 12:34 AM PDT


Mahindra Satyam formerly Satyam Computer Services will delist from the New York Stock Exchange or NYSE after realising that it cannot meet the October 15 deadline for preparing financial statements under US accounting standards

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According To Chicago Convention Service Tax On Air Tickets Charged By Indian Government Is Illegal IATA

Posted: 25 Sep 2010 01:31 AM PDT


The International Air Transport Association IATA has termed the service tax charged on air tickets by the Indian government as illegal according to the Chicago Convention According to the Chicago Convention service tax on

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SC Stays Passing Of Any Order In The Case Of Maruti Suzuki India Related To Payment Of Brand Licensing Fee And Royalty

Posted: 25 Sep 2010 01:27 AM PDT


The Supreme Court on Thursday stayed the Income Tax department from passing any order in the case related to payment of brand licensing fee and royalty by auto major Maruti Suzuki India to parent Suzuki Motor Corporation A thre

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MCA S Notice Regarding Renewal Of Certified Filing Centres Cfc

Posted: 25 Sep 2010 01:18 AM PDT


The Ministry revived the Scheme of Certified Filing Centres CFCs and renewed the same for a further period of three years from July 01 2010 nbsp The registration process for the renewed Scheme started from 1st July 2010 and was

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No SMS Service To Bank Customers For Transactions

Posted: 25 Sep 2010 01:15 AM PDT


Bank customers and equity trading account holders have stopped getting transaction alerts on their mobiles as the government has put a ban on bulk SMS service in wake of the pending judgement in the Ayodhya title suit In view of

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ICWA In A Historic Accord With Russian Accounting Institute

Posted: 25 Sep 2010 01:12 AM PDT


The Institute of Cost and Works Accountants of India ICWAI and the Institute of Professional Accountants and Auditors of Russia IPAR have signed a Memorandum of Understanding in Moscow in the presence of Shri R Bandyopadhyay S

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Ban On Bulk SMS And MMS Extended

Posted: 25 Sep 2010 01:10 AM PDT


The Ministry of Communications and Information Technology has today issued orders in consultation with the Ministry of Home Affairs to all Mobile Telecom Service Providers in the country that all bulk SMS and all bulk MMS messages s

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ICAI S Comments On Draft Regulations For Sebi Substantial Acquisition Of Shares And Takeover Regulations 2010

Posted: 25 Sep 2010 12:55 AM PDT


ICAI S COMMENTS ON DRAFT REGULATIONS FOR SEBI SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVER REGULATIONS 2010 nbsp AUGUST 31 2010 Part I Observations on Fundamental Issues nbsp Takeover Regulations Advisory

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FM Optimistic Of Economy Growing Over 8 75 Pc In FY11

Posted: 25 Sep 2010 12:37 AM PDT


Finance Minister Pranab Mukherjee on Thursday exuded confidence that the Indian economy will post better growth than 8 75 per cent this fiscal as projected by the economic survey nbsp I am optimistic that at the end of

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FII Investment Limit In Government Securities And Corporate Bonds Increased By US 5 Billion

Posted: 25 Sep 2010 12:36 AM PDT


The Government has increased the current limit of Foreign Institutional Investors Fll investment in Government Securities by US 5 billion raising the cap to US 10 billion and the incremental limit of US 5 billion be inve

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A Profile Of Banks 2009-10

Posted: 25 Sep 2010 12:34 AM PDT


The Reserve Bank of India has today placed on its website A Profile of Banks 2009-10 The publication A Profile of Banks 2009-10 the nbsp sixth volume in the series provides a nbsp bank-wise and bank group-wise infor

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Approval For Introducing The National Identification Authority Of India Bill 2010 In Parliament

Posted: 25 Sep 2010 12:31 AM PDT


The Cabinet today approved the proposal for introducing the National Identification Authority of India Bill 2010 in Parliament The Bill proposes to constitute a statutory authority to be called the National Identification Auth

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Stock Trading Via Mobiles

Posted: 25 Sep 2010 11:52 PM PDT


Dr Sanjiv Agarwal India will soon enter into an era where investors can indulge in stock trading via their mobile phones from any where in the world irrespective of what they may be doing at that particular moment You can vis

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DTC 2010 Introduces Investment Linked Tax Incentives Instead Of Profit Based Incentives Available Under The Income Tax A

Posted: 25 Sep 2010 02:09 AM PDT


Under the Income Tax Law ITL tax incentives linked to the profits of the relevant business profit-linked incentives are available for a specified number of years Direct Taxes Code DTC 2010 proposes to withdraw or substit

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DTC- 2010- Major Amendments Related To Assessment Appeal Penalty And Withholding Tax

Posted: 25 Sep 2010 01:52 AM PDT


Direct Tax Code DTC 2010 consolidates the withholding tax provisions as well as the procedural law dealing with reporting of income including branch profits net wealth and dividends distributed To ensure compliance with

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Johnny And Service Tax Refund-Series- II Part- 1- INVOICE

Posted: 24 Sep 2010 11:44 PM PDT


We have already written one complete series of articles for the refund of service tax to exporters under notification no 41 2007-ST The litigation on the same is still going on The Government has come up with the new notifica

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Sub-sections 2 And 3 Of Section 14A And Rule 8D Are Constitutionally Valid

Posted: 25 Sep 2010 02:32 AM PDT


Bombay High Court rules on prospective operation of Rule 8D and upholds the constitutional validity of sub-sections 2 and 3 of section 14A and Rule 8D

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Reopening Of Assessment Under Section 147 For Mistakes That Could Be Rectified Under Section 154 Is Invalid

Posted: 25 Sep 2010 02:25 AM PDT


The High Court held that notice issued for reopening the assessment which could be rectified under section 154 is invalid

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Licenses And Approvals Are Intangible Asset And Eligible For Depreciation Under The IT Act S 263 Revision Only On Ground Of Non-application Of Min

Posted: 25 Sep 2010 12:29 AM PDT


The assessee a hotel incurred expenditure on acquiring licenses and permissions from various government bodies This was classified as goodwill in the books and depreciation was claimed on the ground that it was an intangibl

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