UPDATES FROM TAX GURU 04.11.2009

UPDATES FROM TAX GURU  CAG will do special audit of Reliance Industries expenses on eastern offshore KG D-6 fields Former Jharkhand CM Madhu Koda in Hospital, raids continued at his premises for the fourth consecutive day Corporate Affairs Ministry may soon introduce the concept of 'knowledge test' for directors MCA's new mantra: B e a facilitator in corporate growth instead of just another regulator ICAI and audit firms against the power given to public sector banks to choose there own statutory auditor Profit may be the key condition for levying MAT in the final draft of the DTC CAG will do special audit of Reliance Industries expenses on eastern offshore KG D-6 fields Posted: 03 Nov 2009 07:16 PM PST The nation's premier audit body Comptroller and Auditor General (CAG) has constituted a high-level team for auditing Reliance Industries' (RIL) expenses on eastern offshore KG D-6 fields and the exercise will begin this month. The CAG, which has... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Former Jharkhand CM Madhu Koda in Hospital, raids continued at his premises for the fourth consecutive day Posted: 03 Nov 2009 07:10 PM PST Former Jharkhand chief minister Madhu Koda, under the scanner for allegedly amassing over Rs.2,000 crore (Rs.20 bn / $425 mn) illegally, was admitted to the intensive care unit (ICU) of Apollo Hospital in Ranchi as raids continued at his premises... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Corporate Affairs Ministry may soon introduce the concept of 'knowledge test' for directors Posted: 03 Nov 2009 05:42 PM PST The Corporate Affairs Ministry wants to introduce a new concept called the 'knowledge test' to find out if directors had previous knowledge of a company's wrongful acts. As a first step, it would be ensured that the board processes are totally... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MCA's new mantra: B e a facilitator in corporate growth instead of just another regulator Posted: 03 Nov 2009 05:33 PM PST The Ministry of Corporate Affairs (MCA) wants to shed its stern regulatory image and acquire a gentler, corporate-friendly reputation. The new mantra is to be a facilitator in corporate growth instead of just another regulator. The mantra is now... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI and audit firms against the power given to public sector banks to choose there own statutory auditor Posted: 03 Nov 2009 05:28 PM PST The extra freedom given to the 26 public sector banks from this year to choose their statutory auditors has auditing companies — both those chosen and those left out — restive. They have approached the Union finance ministry and the Prime Minister's... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Profit may be the key condition for levying MAT in the final draft of the DTC Posted: 03 Nov 2009 05:17 PM PST The government may retain profit as the key condition for levying minimum alternate tax (MAT) in the final draft of the direct taxes code after its asset-based approach proposed earlier ran into a storm of protests from industry. Other options being... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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UPDATES FROM TAX GURU 03.11.2009

UPDATES FROM TAX GURU (in this message: 9 new items) Corruption in settling drawback claims: CVC asks CBEC to provide officers detailed checklists Formation & Taxation of Charitable Trust Section 10(6C) of the Income-tax Act, 1961 – Income arising to foreign company by way of fees for technical services – Notified companies Verification Status of Examination papers of Professional Competency Examination (PCE) held in June 2009 Register your TAN online and you can view e-TDS / TCS statement submitted with status of the same Funds raised through initial public offers (IPO) will be under scanner for end-use Banks and housing finance companies under scanner for imposing penalty on pre-payment of loans No LTA for government staff using personal car or taxi as mode of transport MTNL offered new 3G prepaid connections for Rs 109 Corruption in settling drawback claims: CVC asks CBEC to provide officers detailed checklists Posted: 02 Nov 2009 06:45 PM PST On the action front, the CVC report reveals that on the basis of its recommendations, various competent authorities imposed major penalty in 47 cases in September, and 14 of them belong to the Railways. Merely one officer from CBDT figures in this... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Formation & Taxation of Charitable Trust Posted: 02 Nov 2009 06:39 PM PST A public charitable or religious institution can be formed either as a Trust or as a Society or as a Company registered u/s 25 of the Companies Act. It generally takes the form of a trust when it is formed primarily by one or more persons. To form a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 10(6C) of the Income-tax Act, 1961 – Income arising to foreign company by way of fees for technical services – Notified companies Posted: 02 Nov 2009 06:09 PM PST Direct Supply Contract - 24 Hawk Mk 132 AJT ac, Trg Aids, Fixed Spares, Flyaway packs, Supplementary Sparcs, Ferry of aircraft etc. Interim Flying Training of IAF pilots, training of a crew / maintenance crew and ferry of aircraft from UK to India,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Verification Status of Examination papers of Professional Competency Examination (PCE) held in June 2009 Posted: 02 Nov 2009 06:02 PM PST # Roll Numbers of candidates where no change in marks found click Here All these candidates are being intimated by post. # Roll Numbers of candidates where change in marks found but there is no change in result or exemption in applied papers found... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Register your TAN online and you can view e-TDS / TCS statement submitted with status of the same Posted: 02 Nov 2009 05:54 PM PST A facility to register TAN online is available on the TIN website (www.tin-nsdl. com). The Income Tax Department requires all deductors to register their TANs online. Authenticated access (through user ID and password) will be provided to registered... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Funds raised through initial public offers (IPO) will be under scanner for end-use Posted: 02 Nov 2009 05:46 PM PST The Ministry of Corporate Affairs (MCA) has decided to conduct a quarterly scrutiny of the end-use of funds raised through initial public offers (IPO). To this end, the ministry has directed all Registrar of Companies (RoC) to coordinate with the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Banks and housing finance companies under scanner for imposing penalty on pre-payment of loans Posted: 02 Nov 2009 05:35 PM PST Several banks and housing finance companies have come under the scanner of the competition watchdog for imposing penalty on pre-payment of loans. The Competition Commission of India, according to a CCI official, is scrutinising a complaint... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No LTA for government staff using personal car or taxi as mode of transport Posted: 02 Nov 2009 05:31 PM PST The government will not sanction leave travel allowance for an employee who uses personal car or taxi as mode of transport.However, the rule shall not be applicable to employees with a handicap or disability of self or dependent family member.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MTNL offered new 3G prepaid connections for Rs 109 Posted: 02 Nov 2009 05:21 PM PST Mahanagar Telephone Nigam Ltd on Monday said it will offer new 3G prepaid connections for Rs 109 in its Mumbai circle.New subscribers can avail new '3G Tariff', with local voice and video call charges at 20 paise per minute on own local network and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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UPDATES FROM TAX GURU 02.11.2009

UPDATES FROM TAX GURU  False claim in return of Income would be treated as case of concealment of Income or of furnishing inaccurate particulars of Income Reopening under section 147 by the AO on the same set of facts, without there being any additional information, can only be considered as change of opinion Where fair market value of the capital asset under transfer is less than the valuation as per Stamp value Act Jurisdiction of AO to proceed with assessment under section 147 of IT Act, 1961 Revised return which is a defective return filed under any of the provisions of the IT Act can be rectified True character of receipt in the hands of assessee can not be judged by utilization thereof Depreciation is mandatory for claiming deduction under Chapter VI-A of Income Tax Act, 1961 False claim in return of Income would be treated as case of concealment of Income or of furnishing inaccurate particulars of Income Even if there is no concealment of income or furnishing of inaccurate particulars, but on the basis thereof the claim, which is made, is ex facie bogus, it may still attract penalty provision. Related posts:Section 271(1)(c) can be invoked only if... Reopening under section 147 by the AO on the same set of facts, without there being any additional information, can only be considered as change of opinion As can be seen from the above the adjustment made by the assessee is according to the provisions of the Act. Since both the industrial galas fall within the block the WDV is increased by the actual cost of the asset falling within the block and... Where fair market value of the capital asset under transfer is less than the valuation as per Stamp value Act Where fair market value of the capital asset under transfer is less than the valuation as per SVA and such valuation as per SVA becomes final under Stamp Duty Act then the assessee is left with no choice and has to pay tax on the notional sale... Jurisdiction of AO to proceed with assessment under section 147 of IT Act, 1961 If the AO has cause or justification to know or suppose that income has escaped assessment it can be said to have a reason to believe that an income had escaped assessment; at the time of recording reasons for initiating proceedings u/s 147 it is... Revised return which is a defective return filed under any of the provisions of the IT Act can be rectified Treatment of a revised return which is defective A defective return filed under any of the provisions of the Income-tax Act, 1961 can be rectified; it is not that only the return filed under section 139(1) can be rectified; the discretion given in... True character of receipt in the hands of assessee can not be judged by utilization thereof We have duly considered the rival contentions and the material on record. The crux of the matter is to determine the true character of the receipt in the hands of the assessee and not the utilization thereof. The utilization will not determine the... Depreciation is mandatory for claiming deduction under Chapter VI-A of Income Tax Act, 1961 The Full Bench was constituted to consider whether for the purposes of allowing deduction under Ch. VI-A depreciation could be thrust on the assessee even though it had disclaimed the same for purposes of regular assessment. The assessee argued that... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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