UPDATES FROM TAX GURU 01.12.2009

UPDATES FROM TAX GURU (in this message: 21 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Allowability of depreciation on a plant which was ready for use but not used

Posted: 30 Nov 2009 07:30 PM PST

Coming to the first point of difference it seems to me that even after the introduction of block of assets concept, there is no change in the legal position to the effect that the assessee^ would be entitled to depreciation even though the assets in...

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Determination of nature of fees received by a foreign company from its Indian branch

Posted: 30 Nov 2009 07:27 PM PST

The undisputed fact which is confirmed by the learned counsel for the assessee, Shri Porus Kaka is that, no e-mail, correspondence, bill or any other documents or evidence pertaining to the impugned assessment year 2003-04 has been furnished or...

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Reimbursable expenses is not includible in value of taxable services

Posted: 30 Nov 2009 07:21 PM PST

We have considered the submissions made at length by both sides and perused the records. The issue for determination in this case is whether the reimbursable expenditure incurred by the appellant is chargeable to service tax or not. On perusal of...

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Under the Revised Copyright Act one song may cost 1.50 lakh to Broadcasters

Posted: 30 Nov 2009 07:10 PM PST

Asking for transparency in functioning, leading broadcasters like Zee TV, STAR, Sony and others have taken a strong objection to a proposed move by the Ministry of Human Resource Development (HRD) to amend the existing Copyright Act without...

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Commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel

Posted: 30 Nov 2009 07:06 PM PST

To ensure impartiality in adjudication of transfer pricing disputes, the Central Board of Direct Taxes (CBDT) has decided that commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel. This...

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RBI unlikely to hike the exposure limit to a single corporate group

Posted: 30 Nov 2009 07:01 PM PST

The Reserve Bank of India (RBI) is likely to turn down a fresh request from banks to increase the exposure limit to a single corporate group.Banks led by State Bank of India (SBI) had approached RBI to relax group exposure norms for infrastructure...

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Memorandum of instructions for ICAI election 2009 to the central and regional councils

Posted: 30 Nov 2009 06:56 PM PST

The polling for elections to the Central Council and the Regional Councils of the Institute will be conducted on 4th & 5th December, 2009 at the polling booths located in Ahemdabad, Bangalore, Chennai, Delhi/New Delhi, Hyderabad, Jaipur,...

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Dubai World meaning, reason for crisis, current scenario, effect on financial Market and banks

Posted: 30 Nov 2009 06:39 PM PST

Dubai, home to the world's tallest tower and the biggest man-made islands, is in a financial crisis. The dream city, where lakhs of expat Indians make a living, is trying to salvage Dubai World, the emirate's flagship in the industrial world, which...

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Finmin rejected petroleum ministry's proposal to give income tax breaks to first 7 Nelp rounds

Posted: 30 Nov 2009 06:31 PM PST

The finance ministry has rebuffed the petroleum ministry's recent proposal to give income tax breaks to entities producing natural gas under exploration permits given during the first seven rounds of Nelp (national exploration licensing policy)....

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Dispute Resolution Panel (DRP) to resolve tax disputes of the foreign companies expeditiously

Posted: 30 Nov 2009 06:25 PM PST

The Finance Act, 2009 inserted a new section 144C in the Income-tax Act providing an alternate mechanism to resolve tax disputes of the foreign companies expeditiously. The Finance Minister, taking cognizance of delays, which take place in any tax...

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Government decided to crackdown on defaulters of self-assessment tax

Posted: 30 Nov 2009 06:21 PM PST

The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year. Direct tax collections...

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CII recommended no client should exceed 10% business of audit firm

Posted: 30 Nov 2009 06:17 PM PST

No single corporate client or group should account for more than a tenth of the total revenues of any audit firm and its associates, a committee on corporate governance set up by industry body Confederation of Indian Industry (CII) has recommended...

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Findings of ICAI in Satyam scam case given by Minister of Corporate Affairs in the Rajya Sabha

Posted: 30 Nov 2009 06:09 PM PST

Price Waterhouse Coopers is not a firm of Chartered Accountants registered with the Institute of Chartered Accountants of India (ICAI). The ICAI has, however, initiated disciplinary action against M/s. Price Waterhouse, Bangalore, M/s. Price...

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ICAI request to Members in Industry serving in Non conventional Areas

Posted: 30 Nov 2009 06:07 PM PST

As you are kindly aware that creation of employment opportunities to members of ICAI in industry, enhancing knowledge and skill sets and recognition of exemplary work of such Members in Industry are the primary goals of the Committee for Members in...

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KPMG to represent banks who lent money to Dubai World

Posted: 30 Nov 2009 05:54 PM PST

British newspaper The Independent reported that the banks include HSBC, Royal Bank of Scotland, Lloyds Banking Group, and Standard Chartered. The banks' total loans to Dubai World exceeds US$ 30 billion. Related posts:RBI will ask banks to...

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KPMG named India's indirect tax firm of the year

Posted: 30 Nov 2009 05:51 PM PST

KPMG was also named Asia's transfer pricing firm of the year, a release said here today. KPMG's Head of Tax Uday Ved, said, "these awards are recognition of our commitment to highest quality standards and thought leadership, as well as the trust...

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Remittances to non-residents under section 195 of the Income-tax Act –remittances of Consular receipts – clarification

Posted: 30 Nov 2009 05:39 PM PST

In view of the above, while remitting consular receipts abroad, diplomatic missions in India will be required to submit only a self certified undertaking in Form No 15CA to the remitter bank. They are not required to obtain a certificate from an...

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SEBI circular on Amendments in Simplified Debt Listing Agreement for Debt Securities

Posted: 30 Nov 2009 05:37 PM PST

100% Asset Cover: To align the Listing Agreement with the provisions of the Companies Act, 1956, the amended Listing Agreement requires issuers to maintain 100% asset cover sufficient to discharge the principal amount at all times for the debt...

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Issue of No Objection Certificate for release of 1% of issue amount

Posted: 30 Nov 2009 05:25 PM PST

As per the Listing Agreement with the Stock Exchanges, the issuer company deposits 1% of the issue amount of the securities offered to the public and/or to the holders of the existing securities of the company, as the case may be, with the...

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Happy thanksgiving to Indian GDP

Posted: 30 Nov 2009 05:17 PM PST

When the market started and I was listening CNBC TV Suddenly around 11 am Udayan Mukherjee of CNBC TV jumped of his seat and shocked to find the GDP numbers of India. Within few minutes India was into a roller coaster ride. July-Sept GDP up 7.9%....

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Funds behind Indian Browsers

Posted: 30 Nov 2009 04:30 PM PST

Zero interest rates of US and low interest rates of other countries made cheap money to flow like water coming out of a fountain. All these cheap money founded BRIC economies assets at cheap valuations giving them enough scope to generate healthy...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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