updates from TaxGuru 29.03.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 16 new items)



Income Tax rate, Dividend Distribution Tax Rate, STT rate, Wealth Tax Rate, MAT Tax rate and rate applicable to special income for A.Y. 2011-12 / F.Y. 2010-11 as provided in Budget 2010

Posted: 28 Mar 2010 08:12 PM PDT

Basic exemption limit remains the same. The slab for 10% tax has been revised to Rs. 5,00,000/- from the existing Rs. 3,00,000/- in case of Individuals, HUFs, AOPs and BOIs. Surcharge of 10% applicable to domestic companies has been reduced to 7.5%....

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TDS Rate for financial Year 2010-11/ Assessment year 2011-12 and Amendment made by union budget 2010

Posted: 28 Mar 2010 07:51 PM PDT

Download tds rate for financial year 2010-11, Download tds rate for Assessment year 2010-11, TDs chart for f.y. 2010-11, tds chart for A.Y. 2011-12, tds changes in budget 2010, tds rates, tds calculator, tds rate for financial year 2010-11, tds...

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Amendment proposed by union budget 2010 in Provisions dealing with Settlement Commission

Posted: 28 Mar 2010 07:03 PM PDT

Entire scheme of the eligibility, powers and procedure before the settlement commission was overhauled by Finance Act, 2007, w.e.f. 1.6.2007. In the overhauled scheme, search / requisition cases covered by the provisions of section 153A of the Act...

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Implementation of Unique Document Identification Number postponed to 1st July 2011: Budget 2010

Posted: 28 Mar 2010 06:57 PM PDT

Section 282B was inserted by the Finance Act (No. 2) Act, 2009, with effect from the 01-10-2010. Under this provision, an income tax authority is required to allot a computer generated Document Identification Number before issue of every notice,...

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Power of the High Court to condone the delay u/s. 256 (reference) and 260A (Appeal): Budget 2010

Posted: 28 Mar 2010 06:52 PM PDT

Under the existing provisions, appeal u/s. 260A of the Act against the order of the Income Tax Appellate Tribunal can be filed with the High Court within a period of 120 days from the receipt of the order of the ITAT. Prior to introduction of the...

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Tax Neutrality on conversion of Company into Limited Liability Partnership: Budget 2010

Posted: 28 Mar 2010 06:44 PM PDT

Finance Act, 2009, introduced several provisions in the Act to treat LLP as a partnership firm for the tax purposes in all respects. The Finance Bill, 2010, takes the process of amendment further, primarily for small companies having turnover of Rs....

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Incentive to Special Economic Zone ("SEZ") provided in Union Budget 2010

Posted: 28 Mar 2010 06:35 PM PDT

The Income Tax Act, 1961 provides an incentive for units in SEZs under section – 10AA. The exemption is required to be calculated based on profits earned by such units from their export. The provision of Sec – 10AA(7) provides the way in which the...

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New Hotel Project and Convention Centers in NCT – Deduction under section 80 ID: Budget 2010

Posted: 28 Mar 2010 06:28 PM PDT

This section was introduced by the Finance Act, 2007, for encouraging investment in the hotels and convention centers in the National capital territory of Delhi and the districts of Faridabad, Gurgaon, Gautam Budh Nagar and Gaziabad. This provision...

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Deduction for eligible housing projects U/s. 80IB (10): Budget 2010

Posted: 28 Mar 2010 06:25 PM PDT

Section 80IB(10) allows 100% of the profits as deduction from a housing project, provided it complies with various conditions stipulated therein. The said section provided that the housing project should be completed on or before the 31st March,...

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Prohibition of dual deduction U/s. 35AD and Chapter VIA: Budget 2010

Posted: 28 Mar 2010 06:17 PM PDT

Under the existing provisions, benefit of any deduction Under Chapter VIA is denied to the businesses which are specified businesses, irrespective of any claim being made and / or allowed. The Finance Bill 2010 proposes to amend section 35AD(3) and...

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Modification of the Conditions u/s. 35AD, applicable to cross-country Gas pipelines: Budget 2010

Posted: 28 Mar 2010 06:15 PM PDT

The Finance Bill, 2010 proposes that the assessee is required to make available such proportion of its total pipeline capacity as specified by regulations made by the Petroleum and Natural Gas Regulatory Board established under Section 3(1) of the...

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Government monitoring end use of funds raised through IPO to prevent fund diversion

Posted: 28 Mar 2010 05:56 PM PDT

Corporate affairs minister Salman Khurshid said his ministry is studying ways to prevent over-pricing of initial public offers and monitoring the end use of funds raised through IPOs to prevent fund diversion.Khurshid also said his ministry is...

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Service tax on Distribution of Films and the Health Care Industry would lead to double levy

Posted: 28 Mar 2010 05:27 PM PDT

The Finance Bill for 2010-11 has proposed to levy service tax on services related to the transfer of cinematographic films and sound recording under Section 65(105)(zzzzt). As we know, Intellectual Property service in terms of Section 65(55b) of...

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Provisions of Section 269SS and 269T under Income Tax Act

Posted: 28 Mar 2010 05:17 PM PDT

while taking loans and accepting deposits one also has to keep in mind the restrictions imposed under the Income Tax Act on the mode of taking such loans and deposits. Such provisions regulating the mode of accepting or taking loans or deposits and...

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CBDT instructed its staff to disallow mark to market forex derivative loss

Posted: 27 Mar 2010 09:33 PM PDT

The Central Board of Direct Taxes (CBDT) has asked income-tax authorities to disallow the forex derivative loss claimed by companies on the basis of 'marked to market' valuation. Simply put, forex derivative loss, recognised on MTM basis, would be...

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Vodafone Essar given clean chit be special auditor

Posted: 27 Mar 2010 09:21 PM PDT

VODAFONE Essar, the country's second-largest GSM telco, has been cleared of any wrongdoing by the government-appointed special auditors. Auditor SK Mehta and Co in their 140-page report said there were no discrepancies in the books of Vodafone Essar...

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