UPDATES FROM TAX GURU

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MVAT circular on Issuing of Tax Clearance Certificates

Posted: 06 Jan 2010 07:54 PM PST

Background: Certain dealers/persons approach the departmental authorities for the issue of "Tax Clearance Certificates" in respect of various taxes. At present, the tax clearance certificates are being issued by the VAT Recovery officers at most of...

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Notification on Scheme for Filing of Statutory documents and other transactions by companies in Electronic mode

Posted: 06 Jan 2010 07:48 PM PST

S.O. 3314 (E) – In exercise of the powers conferred by sub-section (2) of section 610B of the Companies Act, 1956, the Central Government hereby makes the following Scheme to amend the Scheme for Filing of Statutory Documents and other Transactions...

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Polls: Aggrieved ICAI members move court, seek stay following their disqualification as contestants

Posted: 06 Jan 2010 07:35 PM PST

The election of the Pune branch of the Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India (ICAI) has run into problems after some members filed a petition in the Shivajinagar civil court demanding a stay on...

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Section 194A of the Income-tax Act, 1961- Deduction of tax at source – Interest other than interest on securities – Notified institution

Posted: 06 Jan 2010 07:27 PM PST

In exercise of the powers conferred by sub-clause (f) of clause (iii) of sub-section (3) of Section 194A of the Income Tax Act, the Central Government hereby notifies the Rural Electrification Corporation Ltd., New Delhi for the purpose of said...

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Supreme Court dismissed plea challenging takeover of Satyam by Mahindra group

Posted: 06 Jan 2010 07:22 PM PST

The Supreme Court on Monday dismissed a petition challenging the Company Law Board's order facilitating takeover of the scam-tainted Satyam Computers by the Mahindra group and allowed the IT firm to go ahead with the process to rope in a strategic...

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Five sitting members of the apex council of ICAI defeated in election

Posted: 06 Jan 2010 07:16 PM PST

Five sitting members of the apex council of the Institute of Chartered Accountants of India (Icai) have been defeated in elections held on 4-5 December to elect a new team in 2010. Among the losers is Shanti Lal Daga, who was vice-chairman of the...

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Raw deal for Chartered Accountants in Companies Bill 2009

Posted: 06 Jan 2010 07:09 PM PST

One of the unkindest cuts is that the auditor of a company, necessarily a CA, shall not render such services as accounting and book-keeping, internal audit, design and implementation of any financial information system, actuarial, investment...

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Indian Inc requested early implementation of Goods and service Tax

Posted: 06 Jan 2010 06:59 PM PST

India Inc on Tuesday asked Finance Minister Pranab Mukherjee to introduce Goods and Services Tax "as early as possible", amid speculations that the indirect tax reform may not be implemented from the scheduled date of April 1. "We want that the GST...

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Commerce minister proposed changes in SEZ rules to facilitate easier exit for struggling SEZ developers

Posted: 06 Jan 2010 06:45 PM PST

The commerce ministry has proposed measures to make it easier for developers to exit special economic zones (SEZs) that have been struggling with a contraction in global demand for goods produced at the tax-free enclaves. Specific provisions for the...

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Government may introduce DTC in the forthcoming budget session

Posted: 06 Jan 2010 06:38 PM PST

The government looks all set to introduce the new Direct Taxes Code in the forthcoming budget session , a government official said. Finance minister Pranab Mukherjee met Prime Minister Manmohan Singh on Tuesday to discuss the contours of the new...

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Rajasthan High Court stayed declaration of results of 21st ICAI council

Posted: 06 Jan 2010 06:34 PM PST

The Notification of the declaration of results under Rule 36 of the Chartered Accountants (Election to the Council) Rules, 2006 was to be published in the Gazette of India dated 6th January, 2010. While the Notification on the declaration of results...

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List of members elected to the Twentieth Regional Councils of the ICAI

Posted: 06 Jan 2010 06:30 PM PST

No.54-EL(1)/20/2010: In pursuance of provisions of Regulation 134(10) of the Chartered Accountants Regulations, 1988 read with Rule 36 of the Chartered Accountants (Election to the Council) Rules, 2006, the Council of the Institute of Chartered...

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Consultation on DTC over, new structure may be finalised soon

Posted: 06 Jan 2010 06:20 PM PST

The government is through with the consultation process on the proposed direct taxes code and the contours of the new tax structure could be finalised soon, a top government official said on Wednesday. The process of consultation is almost...

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Court adjourned Satyam case hearing to January 20

Posted: 06 Jan 2010 06:16 PM PST

A local court in Hyderabad adjourned on Wednesday framing of charges against multi-crore Satyam case accused, including IT firm's former chairman B Ramalinga Raju ,to January 20. The case relating to hearing of framing of charges was pending in the...

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Bankers may meet RBI on 14th to discuss relaxation in lending norms

Posted: 06 Jan 2010 06:11 PM PST

Relaxation in the norms relating to infrastructure lending and 70 per cent loan loss coverage ratio are likely to top the agenda when bankers meet Reserve Bank of India on January 14, ahead of the quarterly policy review. "Banks will press their...

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Meetings – implications of procedural irregularity – Indian company law

Posted: 06 Jan 2010 06:04 PM PST

Various kind of meetings are conducted in a Company as required under the provisions of Companies Act, 1956 and other corporate regulations, and it is also not a difficult issue to deal with the various kinds of meetings too. A new Company may have...

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2009 gets the award of QIP

Posted: 06 Jan 2010 05:58 PM PST

The ice freezing waves of recession had frozen the prospects of Indian industrial growth after September 2008.Indian industries have to cut short production, rescheduling the production, stopped investments in new projects and finally followed the...

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Union Budget may be presented in Lok Sabha on 27th February

Posted: 06 Jan 2010 05:48 PM PST

After a gap of more than a decade, the union Budget may be presented in the Lok Sabha on Saturday which happens to be February 27. "In view of holidays for three consecutive days from February 26 onwards, we can have it (Budget presentation) on...

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Where to go in 3rd quarterly results

Posted: 06 Jan 2010 05:43 PM PST

The 3rd quarter results are all set to get out from the second week of January. Lot of predications and calculations as well as bets are being held on different sectors prospects. In this article I will like to dig out the invisible facts, trends...

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First thing that will strike you in 2010

Posted: 06 Jan 2010 12:46 AM PST

Most likely, Monday, January 4th 2010 is when you would have recovered from the new year celebrations and the weekend that follows. It will also be the day when Indian stock markets first open at 9 am. The leading association of brokers, Association...

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A public prosecutor need not reveal opinion given to government under the RTI: Madras HC

Posted: 05 Jan 2010 07:31 PM PST

A public prosecutor representing the state in criminal cases need not divulge details of the legal opinion given to the government as it is privileged communication, the Madras High Court has ruled. In a similar case Supreme Court said that a judge...

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Judge can't be asked the basis of his judgment under the RTI: SC

Posted: 05 Jan 2010 07:24 PM PST

Can a judge be asked under the Right to Information (RTI) Act as to why and how he came to a particular conclusion in a judgment? No, says the Supreme Court. The apex court saw the mischief potential of queries under the RTI Act in relation to a...

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Finance ministry asked DIPP to review of foreign investment policy to shut loopholes in the FDI policy

Posted: 05 Jan 2010 07:14 PM PST

The finance ministry, upset with the new rules for calculating foreign direct investment (FDI) in Indian companies, has sought to overhaul the entire policy to shut 'loopholes' that allow investors to breach sectoral FDI caps through investments via...

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Budget 2010-11 may tax undistributed dividend of foreign corporations

Posted: 05 Jan 2010 07:08 PM PST

The forthcoming budget may contain provisions for taxing the undistributed dividend of foreign corporations that are controlled or owned by Indian companies. Controlled Foreign Corporations (CFCs) laws enable the authorities to tax the income of a...

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Orissa government launched online registration of Land records, reduced stamp duty to 5%

Posted: 05 Jan 2010 07:05 PM PST

In line with the Orissa government's commitment to usher a new era of e-governance, the state on Monday introduced hassle-free e-registration of sale and purchase of land through the public private partnership . Inaugurating the e-registration...

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Life insurance companies want withdrawal of service tax on fund management charges

Posted: 05 Jan 2010 06:55 PM PST

The life insurance industry wants service tax on fund management charges to be withdrawn, as is the case with mutual funds. The Life Insurance Council-the representative body of life insurers-will shortly make a presentation to the finance ministry...

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The AO cannot convert the part of liability transferred as loan by the proprietorship concern into consideration or part thereof

Posted: 05 Jan 2010 06:37 PM PST

We have heard the rival submissions and perused the material available on record. In terms of provisions of section 47 (xiv) of the Act I any transfer of a capital asset will not be regarded as transfer liable to capital gains tax, if the conditions...

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Any bona fide measures taken by revenue to prevent circulation of black money, cannot be objected as interference with personal liberty or freedom of a citizen

Posted: 05 Jan 2010 06:34 PM PST

The carrying of a huge sum itself gives rise to a legitimate suspicion; the intelligence officers of revenue are, therefore, entitled to satisfy themselves, not only that the money is from a legitimate source, but also satisfy themselves that such a...

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Income from Cultivation of parent hybrid seed is non agricultural Income and taxable as business income

Posted: 05 Jan 2010 06:31 PM PST

The income attributable to the operations of developing/producing breeder seeds or hybrid germplasm or parent hybrid seed containing desired traits cannot be treated as agricultural income and should be treated as business income.

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If letting out could be demonstrated as part of complex commercial activity then rental income is to be assessed as income from business

Posted: 05 Jan 2010 06:28 PM PST

It depends on the facts of each transactions, whether the letting out of the property is incidental and subservient dominant object of selling the property or not. If the property has merely been let out b> the assessee then the same cannot be held...

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Rate of depreciation applicable to bridges and flyovers constructed and owned by an infrastructure company

Posted: 05 Jan 2010 06:26 PM PST

Roads, flyovers bridges etc., constructed and owned by an infrastructure company and utilised in its business of providing infrastructure is the tool of its trade and an essential adjunct to its business and not merely a setting in which the...

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Budget 2011: The FM has his task cut out

Posted: 05 Jan 2010 06:10 PM PST

Preparations for Finance Minister Pranab Mukherjee's second full Budget under the Manmohan Singh government should be an area of interest for a variety of reasons. His first Budget was presented in July 2009 under trying circumstances, with the...

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CUSTOMS Notification No 189/2009 (NT), Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between ASEAN and India

Posted: 05 Jan 2010 05:55 PM PST

. Short title and commencement.-(1) These rules may be called the Customs? Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations (ASEAN)...

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Customs Tariff (Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of the Republic of India and the Republic of Korea) Rules, 2009 (PART – II)

Posted: 05 Jan 2010 05:25 PM PST

In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government hereby makes the following rules, namely:-1. Short title and commencement.- (1) These rules may be called the...

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Notification No. 185 / 2009-Customs (N.T.) appointing Appoints Common Adjudicating Authority

Posted: 05 Jan 2010 05:08 PM PST

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Deputy / Assistant Commissioner of Customs (Air...

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