Updates from TaxGuru 07.03.2010

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



Remittance to Non-Residents and Frequently Asked Questions related to Withholding Tax Obligations and recent Challenges before Indian Revenue

Posted: 06 Mar 2010 07:58 PM PST

The Indian income-tax law requires any person who makes remittance to a non-resident to withhold appropriate tax which corresponds to the income-tax liability of the non-resident. Essentially, there are three modes available to the remitter to...

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Search and seizure under the Income Tax Act, 1961

Posted: 06 Mar 2010 07:17 PM PST

"Search and Seizure", the origin of these provisions will in a few years celebrate its golden jubilee. It was since 1956 that the provisions of search and seizure made its first entry into the Income Tax Act. Section 132 was totally substituted by...

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RBI circular on repayment of Gold Loan

Posted: 06 Mar 2010 06:26 PM PST

State and Central Co-operative Banks grant loans for various purposes against the security of gold /gold ornaments as part of their lending policy. As per extant instructions (c.f. our circular RPCD.RF.BC.No.69/07.37.02/2002-03 dated January 31,...

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Scheme for Collection of Dues of CBEC, CBDT, Ministries account and Reporting and Accounting of March Transactions

Posted: 06 Mar 2010 06:22 PM PST

Scheme for Collection of Dues of ( i ) Central Board of Direct Taxes ( ii ) Central Board of Excise and Customs ( iii) Departmentalised Ministries Account - Reporting and Accounting of March Transactions - Special Arrangements - Financial Year...

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Speculation loss can be set off against delivery based profits

Posted: 06 Mar 2010 09:16 AM PST

The assessee earned a profit on sale of shares held as stock-in-trade. This profit was offered as profit from a 'speculation business' and was set off against a 'speculation loss' brought forward from an earlier assessment year. The AO took the view...

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Things to considering while selling property

Posted: 06 Mar 2010 09:12 AM PST

Rights and liabilities:- In any contract for sale or purchase of property, both the buyer and the seller have certain rights and corresponding liabilities to each other. The law also establishes such rights in the rule book. The main provisions that...

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ITAT has no power u/s 254 (2) to re-evaluate correctness on merits of earlier decision

Posted: 06 Mar 2010 09:03 AM PST

The assessee claimed deduction u/s 80HHC which was allowed to the extent of Rs. 32.17 crs by the AO. The claim included DEPB license sale proceeds. The CIT revised the assessment u/s 263 on the ground that s. 28 (iiia) did not apply to a DEPB...

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SEBI extends ambit of employee's quota to include staff of subsidiaries in public issue of Parent Company

Posted: 06 Mar 2010 08:59 AM PST

Market regulator SEBI today decided to expand the scope of employees quota in public issues of companies by making staff of subsidiaries eligible to paticipate in such offers made by the parent firm. Besides, the Securities and Exchange Board of...

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ICAI presidents Message on Enhanced Students Initiatives, Harnessing Information Technology, Expanding Infrastructure, Creating Global CAs etc

Posted: 06 Mar 2010 08:46 AM PST

Chinese philosopher Confucius had once said, ' The journey of a thousand miles begins with a single step.' As I take this first step as 58th President of the second largest accountancy body of the world, I wish to thank all those who have supported...

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Is Arbitration better suited to get corporate disputes resolved?

Posted: 06 Mar 2010 08:31 AM PST

Unless there is an express bar under law and when there is an arbitration agreement either express or implied, a dispute between or among the parties can be referred to an Arbitrator or panel of Arbitrators as specifically agreed to. As everybody...

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