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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, May 2, 2011 at 10:11 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, May 2, 2011 at 10:11 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com
TaxGuru.in : Legal & Tax Updates | |
- Change in MVAT rate w.e.f 01/05/2011
- Payment of fee under the RTI Act by Indian Postal Order
- Inflation likely to come down to 7.78 pc this month
- Service Tax on Restaurant and Shot Time Accommodation
- Govt may come out with strategy to double exports in next three years
- SEBI wants IPO bankers to disclose their past record in handling the public offers
- Income Tax dept purchases real estate worth Rs 2,500 cr in one year
- RBI likely to raise policy rates by 25 bps to tame inflation
- Companies to send annual reports and balance sheets via e-mail
- Government likely to announce opening of multi-brand retail to foreign investors after state Assembly election results
- Sexuality education cost-effective when mandatory and integrated – UN study
- Government restructures Technology Upgradation Fund Schemes (TUFS) for Textile Industry to boost investment in Technology
- ITR 1 Sahaj and ITR 2 – Online Income Tax Return Preparation Software for A.Y. 2011-12
- Soon you will be able to Download your TDS Certificate online; Deductor will not be required to issue manually
- MCA Notification with respect of change in eforms 2, 3, 18, 23C, 24A and 32
- 2G scam -The 'flow' of Rs 200 crore to Kalaignar TV and back
- TDS on Payments to NSE towards leaseline/VSAT/transaction charges
- Credit for TDS to the deductee if refund has been granted to the deductor
- Sec 199 –Does the method of accounting impact the year of TDS credit?
- Centre for Social Studies, Surat notified as an approved organisation u/s 35(1)(iii) – NOTIFICATION NO. 23 [F.NO. 203/46/2010/ITA-II], DATED 28-04-2011
- Indian Society of International Law, New Delhi notified as an approved organisation u/s 35(1)(iii) – NOTIFICATION NO. 22 [F.NO.203/43/2010/ITA-II], DATED 28-04-2011
- Applicability of section 40(a)(i) to overseas payments and provision for expenses
- Chettinad Academy of Research and Education, Kanchipuram notified as an approved organisation u/s 35(1)(ii) – NOTIFICATION NO. 21 [F.NO. 203/41/2010/ITA-II], DATED 28-04-2011
- Textiles Min to raise imposition of excise duty with FinMin
- TDS credit – When the payer and receiver of an income is the same person
- 230 eminent applicants for high profile CCI jobs
- 2G scam- Offshore firms working overtime to cover tracks
- Payment of statutory obligation would not constitute business expenditure
- New norms for telecom operators after Idea fiasco
- Interest u/s 234B due to lower deduction as per an order issued u/s 195
- Case studies of TDS on reimbursement of expenses
- Applicability of section 40(a)(i) to payment towards off the-shelf software
- Sec 197 – Certificate for Lower Deduction- Non availability of financial statements of the past 3 years cannot result in failure of the mechanism under Rule 28AA
- TDS on Payment towards equipment hired from overseas entity
- Prior approval of AO u/s 195(2) not mandatory if a valid CA certificate is obtained
- CBDT issues new Circular substituting old Circular on refund procedure for excess TDS on payments to residents
- TDS on payment of daily overseas allowances to foreign company
- Information technology skills will boost women's participation in crucial sector – UN
- Cyber crime – RBI advises banks to set up whistle blowing system
| Change in MVAT rate w.e.f 01/05/2011 Posted: 01 May 2011 09:38 PM PDT MAHARASHTRA TAX LAWS (LEVY, AMENDMENT AND VALIDATION) ACT, 2011. -No. VAT. 1511/ C.R .63/ Taxation-1.— In exercise of the powers conferred by clause (c) of sub-section (2) of section 1 of the Maharashtra Tax Laws (Levy, Amendment and Validation)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Payment of fee under the RTI Act by Indian Postal Order Posted: 01 May 2011 09:25 PM PDT No.F.10/9/2008-IR Dated April 26, 2011 Right to Information (Regulation of Fee and Cost) Rules, 2005 provide that a person seeking information under the RTI Act. 2005 can make payment of fee for obtaining information by cash or demand draft or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Inflation likely to come down to 7.78 pc this month Posted: 01 May 2011 09:16 PM PDT Inflation is expected come down to 7.78 per cent this month on the back of a good monsoon and an increase in the area under rabi crops, the Institute of Economic Growth said in a report. In June, inflation is likely to further come down to 7.38 per... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Service Tax on Restaurant and Shot Time Accommodation Posted: 01 May 2011 08:52 PM PDT Service tax on Restaurant Service and Short term accommodation Service. Restaurant Service has been made taxable to service tax w.e.f. 1st May 2011. This levy is covered by section 65(105)(zzzzv) read with notification No. 1/2006-Service Tax, dated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Govt may come out with strategy to double exports in next three years Posted: 01 May 2011 08:39 PM PDT Government will come out with a strategy in next few days to double the country''s export to USD 450 billion by 2014. Commerce and Industry Minister Anand Sharma said that within next three days, the government will come out with the "final... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| SEBI wants IPO bankers to disclose their past record in handling the public offers Posted: 01 May 2011 08:35 PM PDT With an aim to rein in cases of over-pricing and over-hyping of IPOs by merchant bankers, market watchdog Sebi wants them to tell the investors about their past record in handling the public offers and also keep the prices at realistic levels. Sebi... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Income Tax dept purchases real estate worth Rs 2,500 cr in one year Posted: 01 May 2011 08:31 PM PDT The department has purchased or acquired many such real estate infrastructure in cities like Kanpur and Allahabad, Panchkula (Haryana), Bangalore, Allapuzha (Kerala), Ahmedabad and Gaya recently and is set to acquire more such land and creation of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| RBI likely to raise policy rates by 25 bps to tame inflation Posted: 01 May 2011 08:30 PM PDT Faced with stubborn inflation, RBI is likely to raised key policy rates by at least 25 basis points in its annual credit policy for 2011-12 to be announced on Tuesday to arrest the rate of price rise, say bankers. "Given the macro economic... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Companies to send annual reports and balance sheets via e-mail Posted: 01 May 2011 08:28 PM PDT Companies will have to maintain a data bank of email addresses of its members and shareholders, the ministry said, adding that the shareholders should be given enough time and opportunity to get their email-ids registered, and also convey if there... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 01 May 2011 08:23 PM PDT The government is likely to announce opening of multi-brand retail to foreign investors after the state Assembly election results, in a move to revive confidence of global investors in the country. However, for starters, multi-brand retail giants... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Sexuality education cost-effective when mandatory and integrated – UN study Posted: 01 May 2011 07:50 PM PDT Programmes to impart sexuality education to young people are more cost-effective when integrated and mandatory, according to the findings of a United Nations study released today at a symposium in New York. The cost per learner in well established... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 01 May 2011 07:45 PM PDT The Government has restructured the Technology Upgradation Fund Scheme (TUFS) – the flagship scheme of Ministry of Textiles for upgradation of technology in the textile and jute sectors. Ministry of Textiles has issued the Government Resolution on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| ITR 1 Sahaj and ITR 2 – Online Income Tax Return Preparation Software for A.Y. 2011-12 Posted: 01 May 2011 07:42 PM PDT Income Tax Department has released ITR 1 Sahaj and ITR 2 Income Tax Return Preparation Utility as applicable for Assessment Year (A.Y.) 2011-12 or Financial Year (2010-11) which can be used to file Income Tax Return Online. Filing of Income Tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 01 May 2011 06:30 PM PDT Under the new scheme Form 16/16A shall not be issued manually. A deductor shall download Form No. 16/16 A from the online system. The generation of firm 16/16A shall be based on the Form 26Q submitted by the Deductor. The tax credit shall be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| MCA Notification with respect of change in eforms 2, 3, 18, 23C, 24A and 32 Posted: 01 May 2011 06:21 PM PDT 29th April 2011 -These rules may be called the Companies (Central Government's) General Rules and Forms ( Amendment ) Rules 2011. (2) These rules shall come into force from 1st May 2011. 2. In the Companies (Central Government's) General Rules... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| 2G scam -The 'flow' of Rs 200 crore to Kalaignar TV and back Posted: 01 May 2011 04:13 PM PDT To cover up Rs 200 crore "illegal" gratification made to Kalaignar TV, agreements were executed after lodging of FIR in the 2G scam and money was channelled back to its source on A Raja's resignation as Telecom Minister, the CBI has claimed. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| TDS on Payments to NSE towards leaseline/VSAT/transaction charges Posted: 30 Apr 2011 10:19 PM PDT Vinod K Nevatia (2011-TIOL-65-ITAT-MUM) CIT (A) has rightly deleted the addition applying the decision of Kotak Securities Private Limited and Angel Broking observing that transaction fees paid to the stock exchange could not be said to be fees paid... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Credit for TDS to the deductee if refund has been granted to the deductor Posted: 30 Apr 2011 10:12 PM PDT Since the taxes have been deducted from the payment made to the assessee and it is also in receipt of TDS certificate, the credit for TDS cannot be declined on the basis of an administrative action of refund which is neither envisaged by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Sec 199 –Does the method of accounting impact the year of TDS credit? Posted: 30 Apr 2011 10:09 PM PDT The assessee is a firm and engaged in business of financing and follows cash system of accounting. It gave a loan to a company on interest. The borrower while crediting the interest deducted TDS and issued TDS certificate. The assessee claimed the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Apr 2011 10:09 PM PDT NOTIFICATION NO. 23 [F.NO. 203/46/2010/ITA-II], DATED 28-4-2011- It is hereby notified for general information that the organization Centre for Social Studies, Surat has been approved by the Central Government for the purpose of clause (iii) of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Apr 2011 10:07 PM PDT NOTIFICATION NO. 22 [F.NO.203/43/2010/ITA-II], DATED 28-4-2011- It is hereby notified for general information that the organization Indian Society of International Law, New Delhi has been approved by the Central Government for the purpose of clause... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Applicability of section 40(a)(i) to overseas payments and provision for expenses Posted: 30 Apr 2011 10:07 PM PDT Infosys Technologies Ltd. v. DCIT (10 taxmann.com 1) (Bang ITAT) - As regards the subscription charges, the Tribunal relied on its own decision in the assessee's own case where it was held that the information was available on subscription to anyone... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Apr 2011 10:06 PM PDT NOTIFICATION NO. 21 [F.NO. 203/41/2010/ITA-II], DATED 28-4-2011 It is hereby, notified for general information that the organization Chettinad Academy of Research and Education, Kanchipuram has been approved by the Central Government for the purpose... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Textiles Min to raise imposition of excise duty with FinMin Posted: 30 Apr 2011 10:03 PM PDT The Textiles Ministry has said it will ask the Finance Ministry to review imposition of excise duty on branded garments and made-up textiles as the levy is "hurting" the industry. The excise duty is hurting the industry. We are assessing the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| TDS credit – When the payer and receiver of an income is the same person Posted: 30 Apr 2011 10:03 PM PDT The Kolkata High Court has held that the interest paid by the Indian branch of ABN to its HO was tax deductible in the hands of the branch while computing the profits of the branch, and the branch was not required to withhold tax on the interest... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| 230 eminent applicants for high profile CCI jobs Posted: 30 Apr 2011 10:02 PM PDT As many as 230 persons, including ex-Finance Secretary Ashok Chawla, former Corporate Affairs Secretary R Bandyopadhyay and other senior bureaucrats and eminent economists have lined up for the two high profile jobs at the country's anti-monopoly... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| 2G scam- Offshore firms working overtime to cover tracks Posted: 30 Apr 2011 10:01 PM PDT As Mauritius prepares to receive Indian investigators from CBI and ED, the corporate lobbies especially those associated with the 2G scam are working overtime to cover their tracks so that Indian sleuths do not have much access to the island's... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Payment of statutory obligation would not constitute business expenditure Posted: 30 Apr 2011 10:00 PM PDT RMC Readymix India Pvt. Ltd. (2011-TIOL-81-ITAT-MUM) Law is well settled that a tax withholding liability raised under section 201, in respect of remittances made abroad, cannot be allowed as a deduction. Reliance placed on the decision of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| New norms for telecom operators after Idea fiasco Posted: 30 Apr 2011 09:59 PM PDT The central security agencies have taken serious note of destruction of details of nearly 1.2 crore SIM cards belonging to Idea Cellular, terming it as a security lapse, and worked out fresh guidelines for telecom operators for maintaining records... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Interest u/s 234B due to lower deduction as per an order issued u/s 195 Posted: 30 Apr 2011 09:58 PM PDT M/s Texas Instruments Incorporated v DDIT (International Taxation) The assessee has not approached the deductor to deduct the tax at lower rate. It is the deductor who approached the department claiming that the payments to be made to the assessee... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Case studies of TDS on reimbursement of expenses Posted: 30 Apr 2011 09:56 PM PDT Amounts received towards reimbursement of expenses can, under no circumstances, be regarded as a revenue Receipt and is not chargeable to income-tax (Reliance was placed on the decisions of the Kolkata HC in the case of Dunlop Rubber Co. Ltd and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Applicability of section 40(a)(i) to payment towards off the-shelf software Posted: 30 Apr 2011 09:49 PM PDT Dynamic Vertical Software - The High Court held that the ITAT dealt with the transaction of the assessee by examining the true nature of it. The assessee has been purchasing the software from Microsoft and sold it further in Indian market. By no... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Apr 2011 09:45 PM PDT ub clause (i) of Rule 28AA (1) refers to the average rate of tax as determined by the total tax payable on estimated income as reduced by advance tax and TDS as a % of the payment referred to in section 197 for which application has been made. Sub... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| TDS on Payment towards equipment hired from overseas entity Posted: 30 Apr 2011 09:43 PM PDT The assessee was engaged in the business of marine dredging and port construction. It was awarded a contract at Visakhapatnam Port Trust. For the purpose of executing the contract of dredging the assessee hired equipment from MA, Netherlands. During... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Prior approval of AO u/s 195(2) not mandatory if a valid CA certificate is obtained Posted: 30 Apr 2011 09:40 PM PDT ADIT Mumbai vs Tata Communications - Copyright article is distinct from copyright per se and payment for copyright article, therefore, cannot be treated as payment of copyright, which could be brought to tax. Liability to deduct tax is a vicarious... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Apr 2011 09:38 PM PDT A recent circular issued by the Central Board of Direct Taxes (CBDT), Circular No. 2/2011 [ F. No. 385/25/2010-IT(B)] (new Circular) dated 27 April 2011, outline the procedure for refund of excess payment of tax deducted at source (TDS) from... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| TDS on payment of daily overseas allowances to foreign company Posted: 30 Apr 2011 09:30 PM PDT If the taxpayer was not required to deduct tax at source and could not be declared assessee in default, the question whether the payment was in the nature of fees for technical services or in the nature of reimbursement for the expenses incurred or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Information technology skills will boost women's participation in crucial sector – UN Posted: 30 Apr 2011 09:30 PM PDT Greater efforts to support girls and young women to acquire skills in information and communications technologies (ICTs) could help address projected shortages of manpower in those professions, the United Nations telecommunications agency said... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Cyber crime – RBI advises banks to set up whistle blowing system Posted: 30 Apr 2011 09:30 PM PDT Concerned over rising incidents of cyber crime, the Reserve Bank of India has suggested banks to put in place a strong whistle blowing system as well as reward employees who help prevent frauds. Appropriate mechanisms need to be established in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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