Fwd: TaxGuru.in : Legal & Tax Updates

---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Nov 29, 2010 at 9:51 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

---

• New Study To Estimate Size Of Black Money
• How NRIs Can Apply For PAN Card In India
• I-T Dept Introduces New Number For Taxpayers For Tax Filing
• Govt Tightens PF Norms For Overseas Workers In India
• LIC S New Premium Crosses Rs 50 000 Crore During Apr-Oct
• TDS Wing Of I-T Department Surveys Pharma Companies
• Big Real Estate Companies Under The Income Tax Department Scanner Post Bribes For Loan Scam
• IFRS Expected To Be Released By December-end
• Alleged Bogus Income Tax Refunds Scam Detected In Ludhiana
• Bombay High Court S Notice Regarding Writ Petition Hearing
• CAP Financial Benefits Earned By Independent Directors
• Central Bank Launches Doorstep Banking
• Finance Minister S Address At 42nd Annual Conference Of SIRCof ICAI
• ICSI Alert To Its Members Regarding Unauthorised Website
• Bank Of Baroda Hikes Retail Term Deposit Rates By Up To 75 Bps
• Payment Of Hire Charges On Bareboat Charter Basis Is Not Taxable If The Agreement For Hire Was Executed Outside India And Vessel Was Delivered Situa
• Pendency Before A Statutory Forum Of A Similar Matter In Respect To Transaction With A Different Party Is No Bar To Seek Advance Ruling
• Construction PE Clause Determines Existence Of PE In Case Of Engineering Procurement Commissioning Services Provider In Oil Fields Construction
• Consideration For Strategic Consulting Services Cannot Be Considered As Fees For Technical Services Or Royalty Prior To Amendment To India-Switzerland
• Supply Of Software Is Not Transfer Of Copyright But Only Transfer Of Copyrighted Article And Such Payment Is Not Royalty Under India-Israel Tax Treaty
• Payment Received For Sale Of Copyright Article Does Not Amount To Royalty Under The India USA Tax Treaty
• Losses On Un-matured Forward Contracts Cannot Be Considered As Notional Or Contingent In Nature
• Rules 6 2 And 6 3 Of Cenvat Credit Rules 2002 Not Applicable When Assessee Is Engaged In Trading Activity And Providing Output Services - Cestat
• Delhi Tribunal Seeks To Examine Board Meetings Etc To Decide Place Of Management
• Rejection Of Application By AO For Lower Or Nil Withholding Is An Order Eligible For Revision By CIT
• SEBi Issues Circular For Mutual Funds
• Automated Income Tax For Private Concern Employees Preparation Fy 10-11 Quarterly Annualy Including Salary Statement Form-16 ITR-I 10E HRA Exemp
• Automated Income Tax Salaried Person Preparation Fy 10-11 Quarterly Annualy Including Salary Statement Form-16 ITR-I 10E HRA Exemp

New Study To Estimate Size Of Black Money Posted: 29 Nov 2010 12:45 AM PST After a gap of 25 years the government has set the ball rolling again for estimating black money in India as well as the causes of its generation and has sought proposals from national institutes on the subject nbsp Finance Minister [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How NRIs Can Apply For PAN Card In India Posted: 29 Nov 2010 12:28 AM PST Non-resident individuals and organisations need to have a Permanent Account Number PAN number if they receive an income and need to file returns in India PAN is issued by the Income Tax IT Department to all assessees and qu [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T Dept Introduces New Number For Taxpayers For Tax Filing Posted: 28 Nov 2010 05:36 AM PST Taxpayers will now have to procure a new number for filing returns and making any communication with the Income Tax department The unique Document identification number DIN on the lines of numbers like PAN and TAN will be quote [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt Tightens PF Norms For Overseas Workers In India Posted: 28 Nov 2010 05:33 AM PST India has tightened norms for withdrawal of provident fund by overseas workers employed in the country prohibiting them from taking back this money until they are 58 years old or are incapacitated An international worker may withd [[ This is a content summary only. Visit www.taxguru.in for full article ]]

LIC S New Premium Crosses Rs 50 000 Crore During Apr-Oct Posted: 28 Nov 2010 05:30 AM PST The new premiums of country s largest insurer Life Insurance Corporation LIC has breached the Rs 50 000-crore mark during April-October period this year an increase of 66 per cent from the corresponding period last fiscal In the fi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

TDS Wing Of I-T Department Surveys Pharma Companies Posted: 28 Nov 2010 02:14 AM PST The Tax Deducted at Source TDS wing of the income tax I-T department on Friday conducted surveys on three major pharmaceutical companies following information of TDS rule violations The surveys were conducted on GlaxoSmithKlin [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Big Real Estate Companies Under The Income Tax Department Scanner Post Bribes For Loan Scam Posted: 28 Nov 2010 02:09 AM PST The tax department will take a close look at the expense accounts of real estate giants Emaar MGF Parsvnath Unitech DLF and others in the wake of the bribes-for-loan racket unearthed recently nbsp The Central Board of Direct Tax [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IFRS Expected To Be Released By December-end Posted: 28 Nov 2010 02:04 AM PST With just four months to go before the new internationally consistent financial reporting standards kick in the accounting professionals are awaiting clarification from the Ministry of Corporate Affairs on a number of issues particul [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Alleged Bogus Income Tax Refunds Scam Detected In Ludhiana Posted: 28 Nov 2010 02:01 AM PST An alleged scam involving realisation of bogus income tax refund has come to light here after a man tried to deposit fake refund cheques to the tune of Rs 47 lakh officials said today nbsp Police on the complaint of Ludhiana In [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bombay High Court S Notice Regarding Writ Petition Hearing Posted: 28 Nov 2010 01:39 AM PST NOTICE nbsp IT IS HEREBY notified for the information of the Advocates and the parties appearing in-person that in partial modification of the extant assignment of judicial work from Monday 22nd November 2010 nbsp I All Writ Petit [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CAP Financial Benefits Earned By Independent Directors Posted: 28 Nov 2010 12:54 AM PST There should be a cap on the pecuniary benefits earned by independent directors serving on boards of companies according to Mr N Ramanathan Managing Director Ponni Sugars nbsp At a panel discussion on issues relating to board of d [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Central Bank Launches Doorstep Banking Posted: 28 Nov 2010 12:43 AM PST Taking banking services to customers homes public sector lender Central Bank of India on Saturday launched a service through which a bank s representative will visit customers for carrying transactions and collecting cheques and [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Minister S Address At 42nd Annual Conference Of SIRCof ICAI Posted: 28 Nov 2010 12:40 AM PST Union Finance Minister Mr Pranab Mukherjee asked Chartered Accountants to apply Accounting Standards uniformly and assist in presenting the true picture of the financial health of the company while ensuring accountability in all aspec [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICSI Alert To Its Members Regarding Unauthorised Website Posted: 27 Nov 2010 10:05 AM PST MEMBER ALERT 26 11 2010 Dear Member The Institute has come across a website on the Council Regional Council Elections 2010 The said website has been created without the approval authority or knowledge of the Institute of Company Se [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bank Of Baroda Hikes Retail Term Deposit Rates By Up To 75 Bps Posted: 27 Nov 2010 03:13 AM PST Public sector lender Bank of Baroda BoB today announced an increase in the interest rate on certain retail term deposit schemes by up to 75 basis points with effect from November 29 The interest rates were hiked for deposits of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Payment Of Hire Charges On Bareboat Charter Basis Is Not Taxable If The Agreement For Hire Was Executed Outside India And Vessel Was Delivered Situa Posted: 28 Nov 2010 06:05 AM PST Payment of hire charges on bareboat charter basis is not taxable if the agreement for hire was executed outside India and vessel was delivered situated outside India at the time of entering into the agreement Recently the Authorit [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pendency Before A Statutory Forum Of A Similar Matter In Respect To Transaction With A Different Party Is No Bar To Seek Advance Ruling Posted: 28 Nov 2010 05:56 AM PST Recently the Authority for Advanced Ruling held that pendency of a similar matter of the applicant in respect to transaction with a different party before a statutory forum is no bar to seek advance ruling in respect of another tran [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Construction PE Clause Determines Existence Of PE In Case Of Engineering Procurement Commissioning Services Provider In Oil Fields Construction Posted: 28 Nov 2010 05:47 AM PST Mumbai bench of the Income-tax Appellate Tribunal held that carrying out engineering procurement installation and commissioning services in oil fields was in the nature of an installation project Therefore for determining the ex [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Consideration For Strategic Consulting Services Cannot Be Considered As Fees For Technical Services Or Royalty Prior To Amendment To India-Switzerland Posted: 28 Nov 2010 05:20 AM PST Recently the Mumbai Tribunal held that the consideration received by the taxpayer for providing strategic consulting services cannot be considered as Fees for Technical Services FTS or Royalty within the provisions of the India-Swit [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Supply Of Software Is Not Transfer Of Copyright But Only Transfer Of Copyrighted Article And Such Payment Is Not Royalty Under India-Israel Tax Treaty Posted: 28 Nov 2010 05:10 AM PST Recently the Mumbai bench of the Income-tax Appellate Tribunal held that the supply of software does not amount to any transfer of copyright but only transfer of copyrighted article Further payment received for sale of copyrighted a [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Payment Received For Sale Of Copyright Article Does Not Amount To Royalty Under The India USA Tax Treaty Posted: 28 Nov 2010 05:02 AM PST Recently the Mumbai bench of the Income-tax Appellate Tribunal held that the payment received by the taxpayer company towards the sale of copyright article does not amount to royalty within the provisions of Article 12 3 of the India [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Losses On Un-matured Forward Contracts Cannot Be Considered As Notional Or Contingent In Nature Posted: 28 Nov 2010 04:58 AM PST In this case Special Bench of the Income-tax Appellate Tribunal dealt with the issue of allowability of losses on account of unmatured forward contracts in foreign exchange entered into by the taxpayer The Special Bench while dismi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rules 6 2 And 6 3 Of Cenvat Credit Rules 2002 Not Applicable When Assessee Is Engaged In Trading Activity And Providing Output Services - Cestat Posted: 28 Nov 2010 04:52 AM PST [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi Tribunal Seeks To Examine Board Meetings Etc To Decide Place Of Management Posted: 28 Nov 2010 04:42 AM PST Recently the Delhi bench of the Income-tax Appellate Tribunal dealt with the issue of taxability on sale of shares under India-Mauritius tax treaty tax treaty The Tribunal asked for either third party evidence or evidence by any go [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rejection Of Application By AO For Lower Or Nil Withholding Is An Order Eligible For Revision By CIT Posted: 28 Nov 2010 04:38 AM PST The Bombay High Court held that expression order for the purposes of section 264 of the Income-tax Act 1961 the Act has a wide connotation The words used under section 264 1 of the Act are any order other than order under [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBi Issues Circular For Mutual Funds Posted: 29 Nov 2010 12:13 AM PST Circular for Mutual Funds nbsp Cir IMD DF 19 2010 nbsp November 26 2010 nbsp All Mutual Funds Asset Management Companies AMCs Trustee Companies Boards of Trustees of Mutual Funds nbsp Dear Sir Madam nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Automated Income Tax For Private Concern Employees Preparation Fy 10-11 Quarterly Annualy Including Salary Statement Form-16 ITR-I 10E HRA Exemp Posted: 26 Nov 2010 09:47 PM PST Automated Income Tax for Private Concern Employees Preparation Fy 10-11 Quarterly Annualy including Salary Statement Form-16 ITR-I 10E HRA Exemp This Software prepare only on the base of Private Employees For this Software Mail to [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Automated Income Tax Salaried Person Preparation Fy 10-11 Quarterly Annualy Including Salary Statement Form-16 ITR-I 10E HRA Exemp Posted: 26 Nov 2010 09:40 PM PST Automated Income Tax Salaried Person for financial year 2010-2011 for Individual This Software can make all the requisite papers for individual Income tax If you have need this please Contact to - pranab banerjee83 gmail com OR bpr [[ This is a content summary only. Visit www.taxguru.in for full article ]]

You are subscribed to email updates from LEGAL & FINANCIAL UPDATES FROM TAX GURU To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/