Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Oct 22, 2010 at 11:43 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• No Policy To Compulsion Spend Of 2 Percent Of Profit Towards Corporate Social Responsibility
• Labour Ministry May Oppose The Imposition Of Service Tax On ESIC
• 28 Establishments Under Scanner To Detect Evasion Of Sales And Value-added Tax
• Commonwealth Games Broadcaster Under The Scanner Of Income Tax Department
• TDS Under Section 194B On Winning From Lottery
• Visa Gets RBI Permission For Fund Remittance
• Facility To Free Online Search Of Availability Of Trademark Likely To Be Available In The Next Few Weeks
• L T Finance Awaiting SEBI Nod For IPO
• Emaar MGF Dismisses Charges Related To Irregularities In Construction Of Commonwealth Games Village
• Jaipur Firm Surrenders Rs 7 35 Crore For Taxation
• Three Months Residential Programme For PCC IPCC PE-II Students Newly Qualified Chartered Accountants
• Announcement - Availability Of CPT-December 2010 PP Mode Application Form - 20-10-2010
• ICAI Constitutes Group To Consider Various Concessions To The Physically Challenged CAs Vis- -vis The Openings Available
• Non-Receipt Of CA Students Journal - The Chartered Accountant Student
• Direct Tax Code 2010- Major Corporate Tax Provisions
• Direct Tax Code 2010-Key Proposals And Their Impact On Real Estate Sector
• Direct Tax Code 2010 -Key Proposals And Their Impact On Special Economic Zones SEZs
• Direct Tax Code 2010- Key Proposals And Their Impact On Oil And Gas Sector
• Direct Tax Code 2010- Key Proposals And Their Impact On Shipping Sector
• Direct Tax Code 2010 -Key Proposals And Their Impact On Power Sector
• Direct Taxes Code Bill 2010 Impact On Telecom Sector
• Direct Tax Code Changes Impacting Taxation Of Foreign Institutional Investors
• Direct Taxes Code Bill 2010 Impact On IT ITES Sector
• GST- It Must Be Better Late Than Never
• Investing In Bonds
• Mere Existence Of Subsidiary Company In India Does Not Constitute The Subsidiary Company As Permanent Establishment Of Parent Company
• Discount By Cellular Companies To Distributors On SIM Cards And Recharge Coupons Sales Is Commission And TDs Is Deductible
• Transfer Pricing- ITAT Bangalore Confirms Benefit Of 5 Percent Variation As A Standard Deduction To The Taxpayer AY 2003-04
• India-USA Tax Treaty-Non-resident Should Be Given Same Treatment As Given To Residents Taxpayers
• Whether Notional Interest On Interest-free Security Deposit Is Includible In House Property Income Referred To Full Bench
• Customs Notification No 110 2010 Amends Notification No 15 2007-CUSTOMS Dated The 20th February 2007
• Seeks To Provide Exemption From Addl Duty Of Excise And Special Addl Excise Duty To Goods Supplied To UN And Such International Organisations
• StCBs DCCBs - Collection Of Third Party Account Payee Cheques Prohibition On Crediting Proceeds To Third Party Accounts
• Collection Of Third Party Account Payee Cheques Prohibition On Crediting Proceeds To Third Party Accounts
• Maharashtra Mandates Payment Of Bonus Only Through Cheques Banks

No Policy To Compulsion Spend Of 2 Percent Of Profit Towards Corporate Social Responsibility Posted: 22 Oct 2010 02:23 AM PDT India Inc may heave a sigh of relief with the corporate affairs ministry unlikely to make it compulsory for companies to spend 2 per cent of their net profits towards corporate social responsibility as recommended by the Parliamenta [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Labour Ministry May Oppose The Imposition Of Service Tax On ESIC Posted: 22 Oct 2010 02:19 AM PDT A service tax demand on the Employees State Insurance Corporation may bring the labour ministry and the finance ministry on collision course less than a year after they locked horns over a similar demand on provident fund paymen [[ This is a content summary only. Visit www.taxguru.in for full article ]]

28 Establishments Under Scanner To Detect Evasion Of Sales And Value-added Tax Posted: 22 Oct 2010 02:15 AM PDT UT vigilance department recently put 28 establishments under scanner to detect evasion of sales and value-added tax This was accompanied by attempts at catching income tax evaders among multinational companies nbsp The establishme [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Commonwealth Games Broadcaster Under The Scanner Of Income Tax Department Posted: 22 Oct 2010 02:12 AM PDT In another investigation into Commonwealth Games-related expenditure Income Tax department has surveyed the premises of SIS Live and Zoom Communications which executed the Rs 250 crore contract for broadcasting rights of the Games [[ This is a content summary only. Visit www.taxguru.in for full article ]]

TDS Under Section 194B On Winning From Lottery Posted: 22 Oct 2010 02:09 AM PDT With Kaun Banega Crorepati 4 going on air last week diehard fans of Amitabh Bachchan have yet another opportunity to meet him In addition many stand a chance of becoming millionaires overnight The only glitch is that the winner [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Visa Gets RBI Permission For Fund Remittance Posted: 22 Oct 2010 01:45 AM PDT Visa a leading electronic payments technology firm today said it has received the RBI s approval to offer inbound cross-border remittance to eligible Visa Debit or prepaid cards issued in India nbsp The RBI permission makes Visa [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Facility To Free Online Search Of Availability Of Trademark Likely To Be Available In The Next Few Weeks Posted: 22 Oct 2010 01:44 AM PDT An entrepreneur wanting a trademark now will be able to search the registry online without any cost whether a particular symbol or design is available and not booked already The facility to be extended by the Controller General [[ This is a content summary only. Visit www.taxguru.in for full article ]]

L T Finance Awaiting SEBI Nod For IPO Posted: 22 Oct 2010 01:33 AM PDT L amp T Finance Holdings today said it is awaiting the nod of the market regulator Securities and Exchange Board of India for its initial public offering to raise Rs 1 500 crore L amp T Infrastructure and L amp T Finance Company ar [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Emaar MGF Dismisses Charges Related To Irregularities In Construction Of Commonwealth Games Village Posted: 22 Oct 2010 01:32 AM PDT Facing the threat of confiscation of its Rs 183 crore bank guarantee for alleged irregularities in the construction of Commonwealth Games Village the builder Emaar MGF today dismissed all charges against it saying all quality stan [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Jaipur Firm Surrenders Rs 7 35 Crore For Taxation Posted: 22 Oct 2010 01:30 AM PDT nbsp A handicraft jewellery and carpet export firm here today surrendered an undisclosed income of Rs 7 35 crore for taxation following survey by the Income Tax department IT sources said The department conducted survey at tw [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Three Months Residential Programme For PCC IPCC PE-II Students Newly Qualified Chartered Accountants Posted: 22 Oct 2010 01:04 AM PDT Three Months Residential Programme on Professional Skills and Development has been initiated by Board of Studies ICAI for the benefit of Chartered Accountancy Students and newly qualified Chartered Accountants nbsp All the students w [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Announcement - Availability Of CPT-December 2010 PP Mode Application Form - 20-10-2010 Posted: 22 Oct 2010 12:41 AM PDT The application form for admission to Common Proficiency Test December 2010 Paper-Pencil Mode is available in all the Regional and all Branch Offices of the Institute nbsp Applications for admission to Common Proficiency [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Constitutes Group To Consider Various Concessions To The Physically Challenged CAs Vis- -vis The Openings Available Posted: 22 Oct 2010 12:38 AM PDT 19th October 2010Constitution of a Group to consider various concessions to the Physically Challenged Chartered Accountants vis- -vis the Openings available in PSUs or Private Sector nbsp The President in terms of the authority give [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Non-Receipt Of CA Students Journal - The Chartered Accountant Student Posted: 22 Oct 2010 12:34 AM PDT This is for the attention of students of the Institute who fail to receive the CA Students nbsp Journal - The Chartered Accountant Student dispatched to them either due to nbsp the non-intimation of their change of address or [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Tax Code 2010- Major Corporate Tax Provisions Posted: 21 Oct 2010 06:33 AM PDT Minimum Alternative Tax MAT Current situation In light of the tax holiday available to the Power and Oil and Gas sector MAT is a key provision impacting the sector Currently MAT is applicable at the rate of 18 percent eff [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Tax Code 2010-Key Proposals And Their Impact On Real Estate Sector Posted: 21 Oct 2010 06:27 AM PDT The Real Estate sector has been a key driver to India s economic growth trajectory The tax incentives offered to companies operating in this sector have provided them an edge in today s fiercely competitive market nbsp As suc [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Tax Code 2010 -Key Proposals And Their Impact On Special Economic Zones SEZs Posted: 21 Oct 2010 06:15 AM PDT Tax holiday to Developers undertaking development of an SEZ Current Situation nbsp Under the existing provisions of the Income-tax Act 1961 the Act profit based deduction is available to an undertaking developing oper [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Tax Code 2010- Key Proposals And Their Impact On Oil And Gas Sector Posted: 21 Oct 2010 06:12 AM PDT Tax holiday to Oil and gas sector undertakings Current Situation Under the existing provisions of the Income-tax Act 1961 the Act profit based deduction is available for a period of seven years to an Oil and Gas undertaking [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Tax Code 2010- Key Proposals And Their Impact On Shipping Sector Posted: 21 Oct 2010 06:07 AM PDT Foreign shipping companies Increase in percentage of deemed income under presumptive taxation and shift to taxation on actual profits Current Situation Under the existing provisions of the Act an amount equal to 7 5 percent [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Tax Code 2010 -Key Proposals And Their Impact On Power Sector Posted: 21 Oct 2010 06:05 AM PDT Tax holiday to Power sector undertakings Current Situation Under the existing provisions of the Income-tax Act 1961 the Act profit based deduction is available to undertaking set up for Power sector undertaking Gene [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Taxes Code Bill 2010 Impact On Telecom Sector Posted: 21 Oct 2010 04:32 AM PDT In an attempt to simplify the direct tax provisions the Government released the Direct Taxes Code Bill 2009 in August 2009 for public comments The provisions of the DTC especially those relating to Minimum Alternate Tax MAT o [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Tax Code Changes Impacting Taxation Of Foreign Institutional Investors Posted: 21 Oct 2010 04:15 AM PDT As a result of numerous amendments to the Income-tax Act 1961 the Act from time to time the basic structure of the Act is burdened and its language complex The Government therefore decided to revise consolidate and sim [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Taxes Code Bill 2010 Impact On IT ITES Sector Posted: 21 Oct 2010 03:45 AM PDT In an attempt to simplify the direct tax provisions the Government released the Direct Taxes Code Bill 2009 in August 2009 for public comments The provisions of the DTC especially those relating to Minimum Alternate Tax MAT [[ This is a content summary only. Visit www.taxguru.in for full article ]]

GST- It Must Be Better Late Than Never Posted: 21 Oct 2010 03:28 AM PDT CA Preeti Parihar and CA Rajani ThanviIntroduction - Continuity gives us roots change gives us branches letting us stretch and grow and reach new heights How truly it has been said The change is the need of time change is [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Investing In Bonds Posted: 21 Oct 2010 03:22 AM PDT Dr Sanjiv AgarwalWhile Indian economy is on a growth track infrastructure development is bound to happen and this is possible only when adequate funds are arranged Bonds offer an answer to the financial needs for such projects In 20 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mere Existence Of Subsidiary Company In India Does Not Constitute The Subsidiary Company As Permanent Establishment Of Parent Company Posted: 21 Oct 2010 05:51 AM PDT Recently the Mumbai bench of the Income-tax Appellate Tribunal the Tribunal in the case of DDIT v Daimler Chrysler AG 2010-TII-99-ITAT-Mum-INTL dealt with the issue of Permanent Establishment PE under the India-Germany tax trea [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Discount By Cellular Companies To Distributors On SIM Cards And Recharge Coupons Sales Is Commission And TDs Is Deductible Posted: 21 Oct 2010 05:45 AM PDT Discount offered by Cellular companies to distributors on SIM Cards and Recharge Coupons is in the nature of commission on which tax is required to be withheld under section 194 H of the Act [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing- ITAT Bangalore Confirms Benefit Of 5 Percent Variation As A Standard Deduction To The Taxpayer AY 2003-04 Posted: 21 Oct 2010 05:39 AM PDT The Bangalore Bench of the Income Tax Appellate Tribunal the Tribunal has in case of SAP Labs India Private Limited the taxpayer confirmed the benefit of 5 percent variation as a standard deduction to the taxpayer as provided in [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India-USA Tax Treaty-Non-resident Should Be Given Same Treatment As Given To Residents Taxpayers Posted: 21 Oct 2010 05:15 AM PDT In view of non-discrimination clause under the India-USA tax treaty the non-resident should be given same treatment as given to residents taxpayers Accordingly the payment made to USA entities cannot be disallowed on account of non [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether Notional Interest On Interest-free Security Deposit Is Includible In House Property Income Referred To Full Bench Posted: 20 Oct 2010 11:14 AM PDT The assessee let out property on a rent of Rs 90 000 per month and also received interest-free security deposit of Rs 8 58 crores The property was not subject to the Rent Control Act The assessee claimed that only the rent could be [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Customs Notification No 110 2010 Amends Notification No 15 2007-CUSTOMS Dated The 20th February 2007 Posted: 22 Oct 2010 12:27 AM PDT Notification No 110 2010-Customs nbsp New Delhi the 19th October 2010 nbsp G S R nbsp nbsp nbsp nbsp E -In exercise of the powers conferred by sub-section 1 read with sub-section 5 of section 9A of the Customs Tari [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Seeks To Provide Exemption From Addl Duty Of Excise And Special Addl Excise Duty To Goods Supplied To UN And Such International Organisations Posted: 22 Oct 2010 12:22 AM PDT Notification No 33 2010 -Central Excise nbsp New Delhi the 19th October 2010G S R 845 E In exercise of the powers conferred by sub-section 1 of section 5A of the Central Excise Act 1944 1 of 1944 read with sub-section [[ This is a content summary only. Visit www.taxguru.in for full article ]]

StCBs DCCBs - Collection Of Third Party Account Payee Cheques Prohibition On Crediting Proceeds To Third Party Accounts Posted: 22 Oct 2010 12:09 AM PDT RBI 2010-11 239 RPCD CO RCBD BC No 24 07 38 03 2010-11 nbsp October 19 nbsp 2010 The Chairmen Chief Executives of nbsp All State and Central Co-operative Banks Dear Sir Collection of third party acco [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Collection Of Third Party Account Payee Cheques Prohibition On Crediting Proceeds To Third Party Accounts Posted: 22 Oct 2010 12:03 AM PDT RBI 2010-11 238 RPCD CO RRB BC No 25 03 05 33 2010-11 Dated- October 19 2010The ChairmenAll Regional Rural Banks RRBs Dear Sir Collection of third party account payee cheques Prohibition on crediting proceeds to thi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Maharashtra Mandates Payment Of Bonus Only Through Cheques Banks Posted: 21 Oct 2010 11:07 PM PDT PUBLIC NOTICE Department of Labour Government of Maharashtra Maharashtra mandates payment of bonus only through cheques banks The Government of Maharashtra vide ordinance from the Labour Department dated 17 09 2010 has mandated [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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