Tax Updates from TaxGuru 09.02.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 21 new items)

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GJF opposed provisions related to stock seizure, MAT and TDS on payment for gold, diamonds, jewellery etc provided in new DTC

Posted: 08 Feb 2010 06:59 PM PST

The Gems and Jewellery Federation (GJF), the national body of the jewellery trade in the country, has made a representation to the Ministry of Finance to seek modifications in the proposals in the Direct Taxes Code (DTC). The apex body is objecting...

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SC will examine the plea of Punjab government related to mandatory deposit of 25% of the tax, penalty and interest for filing VAT appeal

Posted: 08 Feb 2010 06:53 PM PST

The Supreme Court has decided to examine the plea of Punjab government pertaining to the provision of its VAT law which according to the government provides no exemption to the assessees from the mandatory deposit of 25% of the tax, penalty and...

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No application yet for grant of 'Maharatna' status

Posted: 08 Feb 2010 06:49 PM PST

Two weeks after it sought applications for granting the 'Maharatna' status along with greater autonomy for CPSUs, the Department of Public Enterprises has not received any response from the administrative ministries. "We are awaiting response from...

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GST rate may be fixed at 16%

Posted: 08 Feb 2010 06:02 PM PST

The long-awaited reform of India's indirect taxes system is set to get a fillip , with a broad consensus forming within the finance ministry on a rate of 16% for the proposed Goods and Services Tax (GST) for both Centre and states combined. To be...

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Good news for CAs: CAG called for an increase in statutory audit fees of public sector undertakings

Posted: 08 Feb 2010 06:00 PM PST

The country's apex audit body Comptroller and Auditor General of India (CAG) has called for an increase in fees paid to statutory auditors of all government companies. In a communication sent to managing directors of public sector undertakings...

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Rajasthan HC ruling on giving arrears of rent under section 25 B of the Income Tax Act irked apex court

Posted: 08 Feb 2010 05:53 PM PST

The high court had said that the provision of Section 25B of the Income Tax Act is clarificatory in nature and should be given retrospective effect. The apex court, however, said, such findings of the high court was uncalled for after hearing the...

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ICAI announced relaxation of 9 months study course period to converted to IPCC students

Posted: 08 Feb 2010 05:48 PM PST

An Important Announcement for Students of Erstwhile Intermediate/ Professional Education (Course – II)/ Professional Competence Course (PCC) who have mean while converted to Integrated Professional Competence Course (IPCC) – relaxation of nine...

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IFRS deferred by a year and will be applicable from 01.04.2011

Posted: 08 Feb 2010 05:41 PM PST

On January 22, 2010 the Ministry of Corporate Affairs issued the road map for transition to IFRS. It is clear that India has deferred transition to IFRS by a year. In the first phase, companies included in Nifty 50 or BSE Sensex, and companies whose...

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RBI move to allow Restructuring of bad loans helped bank, Industry and economy

Posted: 08 Feb 2010 05:35 PM PST

Did the restructuring of bad loans done by the Reserve Bank of India a year ago help small and medium enterprises recover and also curtail the build-up of bank's bad loans, or did it just delay the recognition of bad loans?

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Promulgation of the Daman and Diu Civil Courts (Amendment) Regulation, 2009

Posted: 08 Feb 2010 05:25 PM PST

Promulgation of the Daman and Diu Civil Courts (Amendment) Regulation, 2009 to amend the Goa, Daman and Diu Civil Courts Act, 1965, as in force in the Union Territory of Daman and Diu.

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Amendment to the National Council for Teacher Education Act, 1993

Posted: 08 Feb 2010 05:23 PM PST

The Union Cabinet today approved a proposal from the Ministry of Human Resource Development to amend the National Council for Teacher Education Act, 1993 to clarify its applicability to matters relating to norms for minimum qualification for...

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MCA asked ROC to review accounts of 5 companies

Posted: 08 Feb 2010 05:19 PM PST

The Ministry of Corporate Affairs has asked the Registrar of Companies (RoC) to look into alleged accounting discrepancies in five companies, which include Grasim, Adani Exports, Vickers Systems, Gwalior Chemical Industries and Metrochem Industries,...

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Time to specify negative/exempt services for taxation instead of taxing selected services

Posted: 08 Feb 2010 05:13 PM PST

In June 2000, an expert group headed by NIPFP director M Govinda Rao observed that the 'selective approach to taxation of services is undesirable for this violates neutrality in taxation, leads to inadequate coverage in addition to raising several...

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SC dismissed the Income Tax department's plea alleging that former Nasscom chief Kiran S Karnik had evaded tax

Posted: 08 Feb 2010 05:07 PM PST

The Supreme Court (SC) on Wednesday dismissed the Income Tax department's plea alleging that former Nasscom chief Kiran S Karnik had evaded tax to the tune of Rs 3.71 crore in 2002-03 when he was heading Discovery Networks.The I-T department...

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Income Tax raid- What to do?

Posted: 08 Feb 2010 05:02 PM PST

Our Income Tax law allows all persons to self-assess their income and pay taxes. However, to protect the revenue base, unearth concealed income and to act as a deterrent, tax authorities have been vested with powers to conduct surveys and searches...

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Planning commission favoured phased withdrawal of stimulus

Posted: 08 Feb 2010 04:53 PM PST

Expressing satisfaction at the 7.2 per cent growth estimates for this fiscal, the Planning Commission on Monday pitched for phased withdrawal of stimulus in the forthcoming budget to be unveiled by Finance Minister Pranab Mukherjee on February 26.

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Real estate sector demanded rationalisation of floor space index and tax benefits

Posted: 08 Feb 2010 04:49 PM PST

Indian and foreign realty players, in a bid to cash in on the upturn in the economy, have made a strong pitch for rationalisation of floor space index in metros and Tier-II and -III cities. They want FSI to be in line with export benefits for the...

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Deduction U/s. 10A of the Income Tax Act is allowable without set off of losses of non-eligible units

Posted: 08 Feb 2010 04:33 PM PST

In respect of AY 2003-04, the assessee had an unit in Chennai which was engaged in software development and whose profits were eligible for deduction u/s 10A. The assessee had another unit in Delhi which was engaged in trading and had suffered a...

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Bad debts written off cannot be a factor to determine the Arms length price under any of the Transfer Pricing methods prescribed in the Income Tax Act, 1961

Posted: 08 Feb 2010 04:22 PM PST

disallowance made by the Transfer Pricing Officer (TPO) to the royalty, to the extent of the bad debts written off by the Taxpayer, was not in accordance with the transfer pricing (TP) provisions of the Indian Tax Law (ITL). According to the ITAT,...

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C Forms under CST Act can be submitted even at the appellate stage

Posted: 08 Feb 2010 04:07 PM PST

Under section 8(1) of the Central Sales Tax Act 1956 an Interstate sale to a registered dealer can be made at the concessional rate of Central sales tax i.e. @2% existing at this time. But for claiming concessional rate of CST the seller needs to...

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Capital gains under Income Tax Act 1961

Posted: 08 Feb 2010 04:01 PM PST

Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is...

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