| ICAI recommends jail in audit fraud cases Posted: 16 May 2010 08:22 PM PDT 
The Institute of Chartered Accountants of India (ICAI) has recommended strict penal action, including imprisonment, for auditors who are found associated with serious accounting frauds. It also wants the Ministry of Corporate Affairs to frame a code... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Summary of circular on clarification regarding availment of CENVAT credit on input services Posted: 16 May 2010 08:12 PM PDT 
This article summarizes Circular No 122/03/2010 -ST F. No. 137/71/2009 - CX.4 dated 30 April 2010 (Circular) providing clarification on issues arising in respect of the availment of CENVAT Credit in relation to book adjustments for Associated... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Analysis of MCA's Clarifications on IFRS roadmap in India Posted: 16 May 2010 07:54 PM PDT 
The Core Group constituted by MCA for convergence of Indian Accounting Standards with the International Financial Reporting Standards (IFRS) had announced the approach and timelines for achieving convergence with IFRS on 22 January 2010 and a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Consolidated FDI Policy Framework as specified in Circular No. 1 of 2010 is effective from 1 April 2010 Posted: 16 May 2010 07:20 PM PDT 
Recently, the Government of India released the consolidated policy framework for Foreign Direct Investment ('FDI') in India. This policy framework contained in Circular No. 1 of 2010 is effective from 1 April 2010. The underlying rationale of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Summary of New pricing norms prescribed by RBI for issue of shares to person resident outside India Posted: 16 May 2010 06:59 PM PDT 
The Reserve Bank of India (RBI) has issued a Notification no. FEMA 205/2010-RB dated 7 April 2010 which has amended the pricing norms for issue of shares by an Indian company to a person resident outside India. This Notification comes into force... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Analysis of new valuation rules to determine fair market value of a property other then immovable property for the purpose of section 56 Posted: 16 May 2010 06:52 PM PDT 
As per section 56(2)(vii)(c)(ii) of the Income-tax Act, 1961 (the Act) if an individual or a Hindu undivided family receives any property other than immovable property on or after 1 October 2009 for a consideration which is less than the Fair Market... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| India Moving towards Global tax transparency, Will enter Agreement with nine Countries Posted: 16 May 2010 06:40 PM PDT 
Income Tax Act, 1961 was recently amended to enable India to enter into agreements with specified non-sovereign jurisdictions. Pursuant to this amendment, the Government of India (Government) has recently issued Notification no. 22/2010 dated 8... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Taxpayer obligated to withhold tax only if payment is chargeable to tax under the provisions of Income Tax Act Posted: 16 May 2010 09:27 AM PDT 
This Tax Alert summarizes a recent ruling of the High Court (HC) of Delhi in the case of Van Oord ACZ India (P) Ltd. (Taxpayer) [2010-TIOL-187-HC-DEL-IT] on withholding tax obligation arising under the provisions of the Indian Tax Law (ITL) in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| How NRI can manage Assets/liabilities in India without being present Posted: 16 May 2010 09:12 AM PDT 
Indians planning to immigrate from India are normally worried as to how there affairs in India would be handled in there absence from India. They may appoint someone to act for and on there behalf, during there absence from India and ensure the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| AAR on taxability of payments made for support services Posted: 16 May 2010 08:53 AM PDT 
This Tax Alert summarizes a recent ruling of the Authority for Advance Rulings (AAR) in the case of Ernst and Young Pvt. Ltd. (Applicant) on the taxability of payments made for support services provided by an affiliate in the UK to the Applicant.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| AAR grants Capital Gain exemption under the India-Mauritius Tax Treaty to E*Trade Mauritius – Treaty Shopping permissible within the legal framework Posted: 16 May 2010 08:37 AM PDT 
The Authority for Advance Rulings (AAR) in the case of E*Trade Mauritius Ltd. (AAR No. 826 of 2009) has held that that capital gains arising from the sale of shares in an Indian company would be exempt from tax in India under Article 13(4) of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Service tax on Promotion of 'brand' of goods, services, events, business entity etc. Posted: 16 May 2010 05:51 AM PDT 
Finance Bill 2010 inserted clause (zzzzq) in Section 65(105) of the Act so as to define taxable service as " service provided or to be provided to any person, by any other person, through a business entity or otherwise, under a contract for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Service tax on Services provided for maintenance of medical records of employees of a business entity Posted: 16 May 2010 05:44 AM PDT 
World over, business organizations maintain medical histories of their employees which are used not only for medical purposes but also for finding the suitability of a person for a particular job or for promotion etc. Increasingly, this activity is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Service tax on Health Services Provided Under Health Insurance Schemes Offered by Insurance Companies Posted: 16 May 2010 05:40 AM PDT 
Large number of health insurance schemes are being offered by the insurance companies under which charges for hospitalization, surgery, post-surgical nursing etc. are generally paid by the insurance company. Such insurance policies, which fall under... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Service tax on Health services undertaken by hospitals or medical establishments for the employees of business organizations Posted: 16 May 2010 05:38 AM PDT 
It is proposed to insert clause (zzzzo) in Section 65(105) of the Act so as to define taxable service as "service provided or to be provided by any hospital, nursing home or multi-specialty clinic to an employee of any business entity, in relation... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Service tax on Games of chance service Posted: 16 May 2010 05:15 AM PDT 
It is proposed to insert clause (zzzzn)in Section 65(105) of the Finance Act,1994(as amended from time to time)[hereinafter referred to as "the Act"] so as to define taxable service as "any service provided or to be provided to any person, by any... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Acquisition and Transfer of Immovable Property in India by a person resident outside India- FAQ Posted: 16 May 2010 05:08 AM PDT 
These FAQs seek to cover the broad spectrum of issues relating to acquisition and transfer of immovable property in India by a non-resident Indian (NRI) or a foreign national of Indian origin (PIO) or a foreign national of non-Indian origin as also... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| What Memorandum of Association is all about? Posted: 16 May 2010 04:41 AM PDT 
Memorandum of Association is a document that regulates a firm's external activities and must be drawn up on the formation of a registered or incorporated firm. As the firm's charter it (together with the firm's articles of association) forms the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 32/2010- Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions Posted: 15 May 2010 10:49 PM PDT 
It is hereby notified for general information that the organization M/s Foundation for Revitalization of Local Health Traditions, Bangalore, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| The Uniform CPA Examination Posted: 15 May 2010 10:24 PM PDT 
Getting started:One of the world's leading licensing examinations, the CPA Examination serves to protect the public interest by helping to ensure that only qualified individuals become licensed as Certified Public Accountants (CPAs). [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Way to convert black in white on or before 31st May 2010 Posted: 15 May 2010 10:19 PM PDT 
There is smarter lot of taxpayers who are nowadays trying to beat the May 31 deadline? The lot that's partly fuelling an unusual spurt in cash deals in recent weeks. Deals to organise a mountain of cash to pay a builder for a home or to keep off a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Companies having any government stake can be brought under the purview of the RTI: Delhi HC Posted: 15 May 2010 09:56 PM PDT 
The Delhi High Court Friday ruled that even those companies in which the government has a minority stake can be brought under the purview of the Right to Information (RTI) Act. Declaring National Agricultural Cooperative Federation of India Ltd... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Empowered committee of State FMs discussed pending areas in GST with Union government Posted: 15 May 2010 09:50 PM PDT 
The Union government on Friday discussed some "pending areas" in the proposed Goods and Services Tax (GST) with the empowered committee of state finance ministers, and asked it to resolve the issues at the earliest to meet the April 2011 deadline... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Quick appology may help in getting acquitted from contempt of court proceedings Posted: 15 May 2010 09:45 PM PDT 
Facing criminal contempt of court proceedings? Apologize unconditionally and as swiftly as possible. Dithering is fraught with the risk of landing in jail, the Supreme Court has warned. "An apology in a contempt proceeding must be offered at the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government starts process to set up National Company Law Tribunal Posted: 15 May 2010 09:34 PM PDT 
To set up a Company Law Tribunal without further delay, the Ministry of Corporate Affairs has begun consultations to make the necessary amendments in the Companies Act. The move comes in the backdrop of the Supreme Court judgment recommending... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
