UPDATES FROM TAXGURU 20.12.2009

UPDATES FROM TAX GURU (in this message: 7 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Allowability of depreciation on the Bombay Stock Exchange Membership Card

Posted: 19 Dec 2009 09:03 AM PST

Recently, the Bombay High Court in the case of CIT v. Techno Shares & Shares Limited and Various other Stock Broking Houses (ITA no. 971 of 2006 and 218 of 2007) held that the depreciation cannot be granted on Bombay Stock Exchange Membership...

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Section 14A submission accepted by AO can not be sent back to AO for reconsideration by tribunal

Posted: 19 Dec 2009 08:16 AM PST

The Bombay High Court ruled that once the taxpayer's submissions with respect to section 14A was accepted by a tax officer, the Tribunal cannot send back the same matter for the tax officer's re¬consideration. Recently, the Bombay High Court in the...

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UCBs – List of Terrorist individuals / organizations – under UNSCR 1267 (1999) and 1822(2008) on Taliban / Al-Qaida Organisation

Posted: 19 Dec 2009 07:18 AM PST

Please refer to our circular UBD (PCB) CO.BPD. Cir. No. 15 / 14.01.062 / 2009-10 dated October 22, 2009 on the above subject. We have since received from Government of India (Ministry of External Affairs) copies of notes dated September 3, 2009;...

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UCBs – KYC Norms/AML Standards/Combating Financing of Terrorism CFT (RBI/2009-10/260)

Posted: 19 Dec 2009 07:11 AM PST

The Financial Action Task Force (FATF) has issued a further Statement on October 16, 2009 on the subject (copy enclosed). UCBs are accordingly advised to take into account risks arising from the deficiencies in AML / CFT regime of Iran, Uzbekistan,...

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Press Note on Liberalization of Foreign Technology agreement policy

Posted: 19 Dec 2009 07:04 AM PST

The existing policy of Government of India on the payment of royalties under Foreign Technology Collaboration provides for automatic approval for foreign technology transfers involving payment of lumpsum fee of US$ 2 million and payment of royalty...

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Never ending bailout

Posted: 19 Dec 2009 06:57 AM PST

Banking trouble never seems to end for the world. Even despite of pumping huge funds to bailout and buying up crisis lead bank mortgage assets the story still remains to be unfolding few funds more to be spent. This time the number have taken a...

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If you salary has larger proportion of perquisites then you will need to pay more tax for this year

Posted: 18 Dec 2009 08:16 PM PST

It's not often that the taxman comes to sting you five-and-a-half months after the budget speech. But finance minister Pranab Mukherjee's decision to abolish the fringe benefits tax (FBT) last July is only now being clarified by the taxman, and the...

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