UPDATES FROM TAX GURU 29.08.2009

UPDATES FROM TAX GURU (in this message: 5 new items) Ministry defends MAT based on gross assets on the ground of efficiency and equity The Finance Ministry on Thursday defended the concept of gross assets tax proposed under the new direct taxes code, stating that it met both "efficiency" and "equity" considerations. The proposal to go in for a minimum... Check PSU Audit (CAG) empanelment status of your CA Firm for the year (2009-2010) Empanelment status of C A Firms for conducting PSU Audit for the year 2009-10 can be viewed by visiting http://cagofindia. delhi.nic. in/caempanel/ empstat-08. asp. To check the empanelment status, please put name of applicant firm (at least three... Implications of the draft code The long awaited Direct Tax Code Bill 2009 ('Code') was finally unveiled by the Finance Minister on August 12, 2009. The Code seeks to bring all direct taxes under one code and pave way for a single unified tax reporting system. The Finance Minister... State Govt. Undertakings do not need COD clearance In The Case of : Gujarat Mineral Development Corp vs. ITAT (Gujarat High Court) SUMMARY OF THE CASE LAWS Cross appeals filed by the assessee, a State Govt. undertaking, and the department were dismissed by the Tribunal on the ground that the parties... Futures & Options are speculative transactions u/s 43(5). S. 43 (5)(d) is not retrospective CASE LAW DETAILS In thee Case of : Shree Capital Services vs. ACIT  , Decided By :ITAT Kolkota Special Bench, Decide on : 31/07/2009, Appeal No.: I.T.A. No. 1294 (KOL) of 2008, Assessment Year :- 2004-05 SUMMARY OF THE CASE LAW In respect of AY... 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 on Foreign trade Policy, Scrutiny, GST, MVAT Changes, PF Due Date etc

UPDATES FROM TAX GURU (in this message: 10 new items) Goods and service Tax (GST), Dual GST -meaning, provisions and applicabilty in brief Meaning:- The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. France was the first country to introduce this value added tax system in 1954 devised by a public servant. In India, due to non... CBDT directed to re-opening of all cases under the search and seizure label and those claimed deduction u/s. 80IB, 80A The Central Board of Direct Taxes ( CBDT) has directed re-opening of all cases under the search and seizure label, income-escaping assessments and deductions claimed from profits and gains on all eligible businesses.This is now allowed, thanks to... MVAT Audit Repot in form 704 can be filed only online after 30th September 2009 Commissioner of Sales Tax, Maharashtra, Vikrikar Bhavan, Mazgaon, Mumbai-400010, Dated: 21.08.2009 NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT, 2002 No. Vat/AMD-1009/IB/Adm.6- In exercise of power conferred by sub rule (1) of Rule 17A of the... MVAT Dealers against whom business audit started after 1st April 2009 need to file form 801 electronically COMMISSIONER OF SALES TAX, MAHARASHTRA , Vikrikar Bhavan, Mazgaon, Mumbai-400010, Dated: 21.08.2009 NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT, 2002 No. Vat/AMD-1009/IB/Adm.6- In exercise of power conferred by sub rule (1) of Rule 17A of the... ITAT Mumbai Benches not functioning during the period 31.08.09 to 03.09.09 The following Bences will not function during the period 31.08.09 to 03.09.09" A-1, E-1, K, L & SMC"The cases are adjourned to respective dates.please see separate Notice.ANDSpecial Bench on 03.09.09 in the cases of Indusind Bank... Summary of Foreign Trade Policy 2009-14: It exemption U/s. 10(A0 and 10(B) extended till march 2011 Announcing the foreign trade policy 2009-14 here on Thursday, Mr Anand Sharma, Union Commerce Minister said, the Government wanted to provide a stable policy environment conducive for foreign trade and accordingly, it has been decided to continue... Mvat Refund Application in form 501 can be filed only online from 01.10.2009 COMMISSIONER OF SALES TAX, MAHARASHTRA Vikrikar Bhavan, Mazgaon, Mumbai-400010, Dated: 21.08.2009 NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT, 2002 No. Vat/AMD-1009/IB/Adm.6- In exercise of power conferred by sub rule (1) of Rule 17A of the... Educational institutes cannot be denied the benefit of income tax exemption Educational institutes having multiple objectives, including imparting education, cannot be denied the benefit of income tax exemption, the Delhi High Court has ruled. Allowing a petition of Jaypee Institute of Information Technology Society... Due Date for the purpose of payment of Provident Fund Contributions For determining "due date" for payment of Provident Fund contributions, clause (1) of Paragraph 38 of Employees' Provident Fund Scheme, 1952 is relevant. It reads as follows:- "The employer shall, before paying the member his... Major Highlights of Foreign Trade Policy 2009-14 The features of the Foreign Trade Policy for 2009-14 which was announced by Commerce Minister, Anand Sharma, on Thursday are: Higher Support for Market and Product Diversification 1. Incentive schemes under Chapter 3 have been expanded by way of... 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 27.08.2009

UPDATES FROM TAX GURU  CBDT instructed to scrutnise all companies which have taken relief under AS-11 The Central Board of Direct Taxes (CBDT) has advised its field formations to scrutinise all cases in which companies have amortised foreign exchange losses under the one-time discretion allowed by the government through an amendment to Accounting... Income tax raid at stock broker in Jaipur net Rs. 10 crore in cash Rajasthans income tax department recovered over Rs 10 crore from eight bank lockers of a stock broker in Jaipur on Tuesday. Damodar Modi, who also deals in real estate, is a member of the VHP and, according to sources, was allegedly a money... CBI filed charge sheet against Ex-Central Excise Commissioner Former Central Excise Commissioner , Pralhad Kumar alias P K Ajwani arrested by CBI in 2004 after wads of cash were seized from his south Mumbai house was chargesheeted on corruption charges by CBI last week. CBI investigations concluded that the... DTC propose to tax LTA, Medical Reimbursement, payment, commuted pension and retirement gratuities and benefit and perquisites New Direct Tax code 2009 has proposed to tax many benefit, receipts, allowances and perquisites which are either tax free or exemption is available in respect of that. We are discussing here some of these provisions. • For umpteen years, VRS.. Service tax applicable only to legal firms and not to independent practicing lawyers : Bar Council of India The Bar Council of India (BCI) recently sent a clarification to all lawyer associations in Pune that the service tax introduced for lawyers in this year's budget is applicable only to legal firms and not to independent practicing lawyers.... ROC work may be outsourced to professionals such as chartered accountants and company secretaries To ensure higher accountability and transparency in auditing company books, the government now plans to outsource audit work to professionals such as chartered accountants and company secretaries. At present, it is undertaken by the Registrar of... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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