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Wednesday, November 25, 2009

Re: UPDATES FROM TAX GURU (in this message: 21 new items)



On Wed, Nov 25, 2009 at 9:36 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 21 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

TDS rates chart after 01st October 2009 for financial year 2009-2010 and download calculator for 2009-2010

Posted: 24 Nov 2009 07:55 PM PST

Finance minister made many changes in rules and section related to TDS in his Final budget presented in July 2009 which resulted in change in TDS rates which created confusion on applicability of surcharge and cess on TDS. It also created confusion...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


TDS rates for Financial Year 2009-10 (From 01st April 2009 to 30th September 2009)

Posted: 24 Nov 2009 07:31 PM PST

As we all aware there were two budgets presented in year 2009. One was interim Budget presented by Finance Minister in Februar 2009 and other one was Final budget Presented by Finance Minister in parliament in July 2009. Normally Final Budget get...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


Income Tax department reopened Assessment of Indian Nationals on info from German Bank

Posted: 24 Nov 2009 06:53 PM PST

"The German Tax authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT Bank of Liechtenstein…Assessments have been reopened under the Income Tax Act, 1961 in all...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


RBI appointed Dr. Subir Gokarn as Deputy Governor

Posted: 24 Nov 2009 06:48 PM PST

Dr. Subir Vithal Gokarn has today taken over as the Deputy Governor of the Reserve Bank of India.Dr. Gokarn has been appointed Deputy Governor for three years from the date of his taking over. He will be the fourth Deputy Governor, the other three...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


PWC asked for clarity on taxation rules regarding payments made for acquiring spectrum

Posted: 24 Nov 2009 06:45 PM PST

"There is no specific provision in Indian tax laws governing the deductibility of the payments made for acquiring spectrum," a PwC report on the telecom sector said. With the allocation of spectrum, especially 3G being an issue of concern, rules...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


DIPP not in favour of unregulated investment in sectors with foreign investment caps

Posted: 24 Nov 2009 06:41 PM PST

The Department of Industrial Policy and Promotion (DIPP) under the ministry of commerce and industry has disagreed with the Union finance ministry's view that there is need to regulate investment in sectors with foreign investment caps in respect of...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


Sorting / Processing of Notes – Installation of Note Sorting Machines

Posted: 24 Nov 2009 06:25 PM PST

With the sheer increase in the number of physical bank notes in circulation and the increase in the number of counterfeit notes detected/seized in recent period it is apparent that steps have to be taken by all stakeholders to address the issue...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


Important Aspects of New VAT Audit Form -704

Posted: 24 Nov 2009 10:07 AM PST

For non filing or late filing of the Audit Report, penalty at the rate of 0.1% of the turnover of sales is also leviable. As explained from beginning, under VAT Act the assessments will be sparing, based on selection criteria....

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


Dispute resolution panels will allow MNCs to sort out their tax disputes in faster and cost effective manner

Posted: 24 Nov 2009 09:50 AM PST

Multinational companies can now look forward to expeditiously settling their tax disputes in India. The Central Board of Direct Taxes on Monday announced the new rules for creation of special dispute resolution panels (DRP) that will allow foreign...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


Clarification on calculation of NFE as per Rule 53 of the SEZ Rules, 2006

Posted: 24 Nov 2009 09:47 AM PST

I am directed to say that references have been received in this department seeking clarification on the currency in which NFE is to be calculated. The matter has been examined in this department and it is clarified that NFE is to be calculated in...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


MVAT Circular on Clarification regarding levy of tax on cutting of transportation charges

Posted: 24 Nov 2009 09:16 AM PST

The Maharashtra Purchase Tax on Sugarcane Act, 1962 was amended in the year 2002 and year 2003. Thereafter, a Trade Circular cited at reference (1) was issued. By the aforesaid Trade Circular the effects of amendments were explained. In Para 2 of...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


Notification on Applicability of TDS u/s. 194J of IT Act' 1961 in the case of transactions by the TPAs with Hospitals etc

Posted: 24 Nov 2009 09:09 AM PST

The services rendered by hospitals to various patients arc primarily medical services and, therefore, provisions of 194J are applicable on payments made by TPAs to hospitals" etc. Further for invoking provisions of 194J, there is no stipulation that...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


Experts view on FM statement on Tax treaty renegotiation with 77 countries

Posted: 24 Nov 2009 09:04 AM PST

This tax treaty controversy is snowballing. First it was just the India Mauritius Double Tax Avoidance Treaty that was under a shadow and has been that way for a couple of years then the proposed Direct Tax Code released in August this year proposed...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


MVAT Notification on sales made to the diplomatic authorities and international bodies or organisations

Posted: 24 Nov 2009 08:57 AM PST

In suppression of the Government Notification, Finance Department, No.VAT-1507/ CR-41/ Taxation-1, dated the 25th June 2007, the Government of Maharashtra hereby provides for grant of refund of the tax, collected by any registered dealer on his...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


RBI guideline on Fair Practice Code for Lenders and EMI calculation methods

Posted: 24 Nov 2009 08:51 AM PST

Reserve Bank of India (RBI) has issued guidelines on 'Fair Practice Code for Lenders' which are required to be framed by Banks/Financial Institutions/ Non Banking Financial Companies (NBFCs) duly adopted by their respective Boards. These guidelines...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


MCA will provide training to its staff to check corporate frauds

Posted: 24 Nov 2009 08:47 AM PST

The Ministry of Corporate Affairs has established Indian Institute of Corporate Affairs (IICA) to act as the capacity building support for the officers / officials of the Ministry on issues relating to effective corporate functioning and regulation....

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


ICAI president communication regarding Election Code of Conduct

Posted: 24 Nov 2009 08:42 AM PST

Attention : Candidates and Voters for the forthcoming elections.It has been brought to my notice that the Election Code of Conduct evolved by the Council is being violated by organizing parties and other programmes under one pretext or the...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


ITAT gets four new VPs; R V Easwar becomes Sr Vice President; posted to Mumbai

Posted: 24 Nov 2009 08:37 AM PST

PROMOTION on performance is a positive signal every organisation whether in private or public sectors intends to send to all stakeholders. This is what the Selection Panel headed by the Supreme Court Judge has also tried to do in the case of ITAT....

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


CLB chairman arrested by CBI for accepting bribe

Posted: 24 Nov 2009 08:33 AM PST

Acting chairman of Company Law Board R Vasudevan was arrested by CBI for allegedly taking bribe of Rs seven lakh from a company secretary to give a favourable verdict to a media house. Mr. Vasudevan was arrested from his official residence at HUDCO...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


CBDT notified Constitution of DRPs in eight cities

Posted: 24 Nov 2009 08:23 AM PST

Central Board of Direct Taxes has notified rules to regulate the procedure of the Dispute Resolution Panel (DRP) constituted under section 144C of the Income Tax Act, 1961 inserted by the Finance Act 2009. The rules came into effect from 20th...

[[ This is a content summary only. Visit my website www.taxguru.in for full article ]]


Income-tax department sent notices to six Mumbai-based third party administrators (TPAs) to Pay TDS for last two years

Posted: 23 Nov 2009 09:43 PM PST

The income-tax department last week sent notices to six Mumbai-based third party administrators (TPAs), who process insurance claims, askingthem to cough up Rs 117 crore for two consecutive financial years, beginning 2008-09. Related posts:TPAs...

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Palash Biswas
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