Updates from TaxGuru 22.02.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 10 new items)

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Insurance sector asked for separate limit under section 80C for long-term saving

Posted: 21 Feb 2010 06:40 PM PST

We would recommend a separate limit for deductions under Section 80C for long-term saving instruments such as life insurance. Currently, the deduction under Section 80C also includes short-term saving instruments such as mutual funds and fixed...

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Tax Planning: Buy home to reduce tax burden

Posted: 21 Feb 2010 06:36 PM PST

As the financial year comes to an end, it is time to start planning your tax saving strategies. A house can also be used to reduce the tax liability to a certain extent. Under Section 24 of the Income Tax Act, interest paid up to Rs 1.5 lakhs per...

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After Advance Ruling in Star debated related to TV Tax planning vs tax evasion going on

Posted: 21 Feb 2010 06:29 PM PST

Last fortnight, the Authority for Advance Rulings (AAR) delivered an important ruling on tax neutrality in relation to cross border mergers. The significance of ruling in the present context is attributable to tax administration's ongoing stance...

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Budget need to clarify on issue of TDS on payment made by TPA to Hospitals

Posted: 21 Feb 2010 06:24 PM PST

Insurance companies are in a tizzy after the revenue-hungry income tax department asked for tax deduction at source to be imposed on most of the insurance transactions. This included payments made by insurers to foreign reinsurance companies and...

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Excise department detected detected evasion of service tax to the tune of more than Rs 1 crore

Posted: 21 Feb 2010 05:15 AM PST

A joint team of officers of customs, central excise and service tax from commissionerates of Lucknow, Kanpur and Allahabad along with officers of income tax raided the premises of certain commercial coachings and security agencies and carried out...

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ICAI considering fixing responsibility on offending firms

Posted: 21 Feb 2010 05:10 AM PST

Hit hard by the Satyam scam and the damage it dealt to the auditing profession, regulator ICAI is considering a proposal to penalise audit firms while also looking at radical steps like rotation of audit firms every five years, a measure also...

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I-T officer probing Koda Scam shifted to assessment wing from investigation wing

Posted: 21 Feb 2010 05:06 AM PST

Ujjawal Chaudhary, senior Income Tax (I-T) officer, who led the probe into the multi-crore Madhu Koda scam, may have been on the verge of unravelling the link between politicians and hawala traders when he was abruptly shifted this week.

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Expectation from forthcoming budget from the point of view of taxation of Individual

Posted: 21 Feb 2010 04:42 AM PST

Raise the bar: The slab of tax free income has not moved up in line with the real inflation. The current basic exemption limit of Rs 1,60,000 should be increased to Rs 3,00,000. This will increase the purchasing power of individuals and stimulate...

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New Form 16, Form 16A, Form 16AA, Form 27D, and forms showing breakup of TDS and TCS for Financial Year 2009-10 (A.Y. 2010-11)

Posted: 21 Feb 2010 04:31 AM PST

All sums deducted in accordance with the provisions of sections 192 to 194, section 194A, section 194B, section 194BB, section 194C, section 194D, section 194E, section 194EE, section 194F, section 194G, section 194H, section 194-I, section 194J,...

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Procedure adopted by banks for allotment of Statutory Branch Audit for financial year 2010-2011

Posted: 21 Feb 2010 02:39 AM PST

As Chairman, Professional Development Committee, I am receiving a lot of queries/inquiries from not only the members but also the Council Members of the Institute; I felt it expedient to apprise you of the procedure being adopted this year for...

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