Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sun, Sep 26, 2010 at 2:07 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Interest In Excess Of 8 50 On EPF Will Be Taxed
• DTC Proposes To Levy Wealth Tax On Productive Assets Held In Foreign Arms
• Use Of Detective Services By Indian Companies To Keep Check On Employees And Rival Companies Is On High
• SEZs To Be Operational Before March 2014 To Get Tax Benefits Under The Proposed Direct Taxes Code
• Bhupen Dalal S Flat To Be Auctioned To Recover Income Tax Dues
• Govt Neutralises Tax Impact Of First Year Of DTC Regime By Withdrawing Profit Linked Incentives
• Sebi Likely To Tighten Norms On IPO Advertisements
• Mahindra Satyam Will Delist From New York Stock Exchange NYSE
• According To Chicago Convention Service Tax On Air Tickets Charged By Indian Government Is Illegal IATA
• SC Stays Passing Of Any Order In The Case Of Maruti Suzuki India Related To Payment Of Brand Licensing Fee And Royalty
• MCA S Notice Regarding Renewal Of Certified Filing Centres Cfc
• No SMS Service To Bank Customers For Transactions
• ICWA In A Historic Accord With Russian Accounting Institute
• Ban On Bulk SMS And MMS Extended
• ICAI S Comments On Draft Regulations For Sebi Substantial Acquisition Of Shares And Takeover Regulations 2010
• FM Optimistic Of Economy Growing Over 8 75 Pc In FY11
• FII Investment Limit In Government Securities And Corporate Bonds Increased By US 5 Billion
• A Profile Of Banks 2009-10
• Approval For Introducing The National Identification Authority Of India Bill 2010 In Parliament
• Stock Trading Via Mobiles
• DTC 2010 Introduces Investment Linked Tax Incentives Instead Of Profit Based Incentives Available Under The Income Tax A
• DTC- 2010- Major Amendments Related To Assessment Appeal Penalty And Withholding Tax
• Johnny And Service Tax Refund-Series- II Part- 1- INVOICE
• Sub-sections 2 And 3 Of Section 14A And Rule 8D Are Constitutionally Valid
• Reopening Of Assessment Under Section 147 For Mistakes That Could Be Rectified Under Section 154 Is Invalid
• Licenses And Approvals Are Intangible Asset And Eligible For Depreciation Under The IT Act S 263 Revision Only On Ground Of Non-application Of Min

Interest In Excess Of 8 50 On EPF Will Be Taxed Posted: 26 Sep 2010 01:27 AM PDT The government s surprise gift for workers isn t much of a gift after all The labour ministry has hiked the employees provident fund or EPF rate to 9 5 but a finance ministry notification says that anything in excess of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTC Proposes To Levy Wealth Tax On Productive Assets Held In Foreign Arms Posted: 26 Sep 2010 01:24 AM PDT The scope of wealth tax which is currently levied on unproductive assets like jewellery yacht and aircraft will be extended to productive assets like equity or preference shares held by an Indian company in its overseas subsidiary [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Use Of Detective Services By Indian Companies To Keep Check On Employees And Rival Companies Is On High Posted: 26 Sep 2010 01:20 AM PDT Corporate espionage is on the rise in the country with the digital medium offering an extremely fertile ground for its perpetuation nbsp An increasing number of companies are also hiring private detectives to keep tabs on both th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEZs To Be Operational Before March 2014 To Get Tax Benefits Under The Proposed Direct Taxes Code Posted: 26 Sep 2010 01:14 AM PDT The deadline of March 2014 under the proposed Direct Taxes Code DTC for making new special economic zone units operational if they are to get tax benefits is likely to speed up development of these SEZs by entrepreneurs a repor [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bhupen Dalal S Flat To Be Auctioned To Recover Income Tax Dues Posted: 26 Sep 2010 01:09 AM PDT In a setback to stockbroker Bhupen Dalal an accused in the 1992 securities scam a special court has allowed his posh flat in upscale Altmount Road area here to be auctioned to recover income tax dues running into crores of rupees [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt Neutralises Tax Impact Of First Year Of DTC Regime By Withdrawing Profit Linked Incentives Posted: 26 Sep 2010 01:07 AM PDT Government today said its proposals on withdrawing profit-linked exemptions in Direct Taxes Code will bring in over Rs 50 000 crore and make the exchequer little bit richer despite moderation in tax rates nbsp Government would bri [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi Likely To Tighten Norms On IPO Advertisements Posted: 26 Sep 2010 12:39 AM PDT Incensed over the planting of articles and wrongful advertisements in the run up to a company s public offer market regulator Sebi today pulled up merchant bankers and said it is considering coming out with revised norms on IPO [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mahindra Satyam Will Delist From New York Stock Exchange NYSE Posted: 26 Sep 2010 12:34 AM PDT Mahindra Satyam formerly Satyam Computer Services will delist from the New York Stock Exchange or NYSE after realising that it cannot meet the October 15 deadline for preparing financial statements under US accounting standards [[ This is a content summary only. Visit www.taxguru.in for full article ]]

According To Chicago Convention Service Tax On Air Tickets Charged By Indian Government Is Illegal IATA Posted: 25 Sep 2010 01:31 AM PDT The International Air Transport Association IATA has termed the service tax charged on air tickets by the Indian government as illegal according to the Chicago Convention According to the Chicago Convention service tax on [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC Stays Passing Of Any Order In The Case Of Maruti Suzuki India Related To Payment Of Brand Licensing Fee And Royalty Posted: 25 Sep 2010 01:27 AM PDT The Supreme Court on Thursday stayed the Income Tax department from passing any order in the case related to payment of brand licensing fee and royalty by auto major Maruti Suzuki India to parent Suzuki Motor Corporation A thre [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA S Notice Regarding Renewal Of Certified Filing Centres Cfc Posted: 25 Sep 2010 01:18 AM PDT The Ministry revived the Scheme of Certified Filing Centres CFCs and renewed the same for a further period of three years from July 01 2010 nbsp The registration process for the renewed Scheme started from 1st July 2010 and was [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No SMS Service To Bank Customers For Transactions Posted: 25 Sep 2010 01:15 AM PDT Bank customers and equity trading account holders have stopped getting transaction alerts on their mobiles as the government has put a ban on bulk SMS service in wake of the pending judgement in the Ayodhya title suit In view of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICWA In A Historic Accord With Russian Accounting Institute Posted: 25 Sep 2010 01:12 AM PDT The Institute of Cost and Works Accountants of India ICWAI and the Institute of Professional Accountants and Auditors of Russia IPAR have signed a Memorandum of Understanding in Moscow in the presence of Shri R Bandyopadhyay S [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Ban On Bulk SMS And MMS Extended Posted: 25 Sep 2010 01:10 AM PDT The Ministry of Communications and Information Technology has today issued orders in consultation with the Ministry of Home Affairs to all Mobile Telecom Service Providers in the country that all bulk SMS and all bulk MMS messages s [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI S Comments On Draft Regulations For Sebi Substantial Acquisition Of Shares And Takeover Regulations 2010 Posted: 25 Sep 2010 12:55 AM PDT ICAI S COMMENTS ON DRAFT REGULATIONS FOR SEBI SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVER REGULATIONS 2010 nbsp AUGUST 31 2010 Part I Observations on Fundamental Issues nbsp Takeover Regulations Advisory [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM Optimistic Of Economy Growing Over 8 75 Pc In FY11 Posted: 25 Sep 2010 12:37 AM PDT Finance Minister Pranab Mukherjee on Thursday exuded confidence that the Indian economy will post better growth than 8 75 per cent this fiscal as projected by the economic survey nbsp I am optimistic that at the end of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FII Investment Limit In Government Securities And Corporate Bonds Increased By US 5 Billion Posted: 25 Sep 2010 12:36 AM PDT The Government has increased the current limit of Foreign Institutional Investors Fll investment in Government Securities by US 5 billion raising the cap to US 10 billion and the incremental limit of US 5 billion be inve [[ This is a content summary only. Visit www.taxguru.in for full article ]]

A Profile Of Banks 2009-10 Posted: 25 Sep 2010 12:34 AM PDT The Reserve Bank of India has today placed on its website A Profile of Banks 2009-10 The publication A Profile of Banks 2009-10 the nbsp sixth volume in the series provides a nbsp bank-wise and bank group-wise infor [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Approval For Introducing The National Identification Authority Of India Bill 2010 In Parliament Posted: 25 Sep 2010 12:31 AM PDT The Cabinet today approved the proposal for introducing the National Identification Authority of India Bill 2010 in Parliament The Bill proposes to constitute a statutory authority to be called the National Identification Auth [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Stock Trading Via Mobiles Posted: 25 Sep 2010 11:52 PM PDT Dr Sanjiv Agarwal India will soon enter into an era where investors can indulge in stock trading via their mobile phones from any where in the world irrespective of what they may be doing at that particular moment You can vis [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTC 2010 Introduces Investment Linked Tax Incentives Instead Of Profit Based Incentives Available Under The Income Tax A Posted: 25 Sep 2010 02:09 AM PDT Under the Income Tax Law ITL tax incentives linked to the profits of the relevant business profit-linked incentives are available for a specified number of years Direct Taxes Code DTC 2010 proposes to withdraw or substit [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTC- 2010- Major Amendments Related To Assessment Appeal Penalty And Withholding Tax Posted: 25 Sep 2010 01:52 AM PDT Direct Tax Code DTC 2010 consolidates the withholding tax provisions as well as the procedural law dealing with reporting of income including branch profits net wealth and dividends distributed To ensure compliance with [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Johnny And Service Tax Refund-Series- II Part- 1- INVOICE Posted: 24 Sep 2010 11:44 PM PDT We have already written one complete series of articles for the refund of service tax to exporters under notification no 41 2007-ST The litigation on the same is still going on The Government has come up with the new notifica [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sub-sections 2 And 3 Of Section 14A And Rule 8D Are Constitutionally Valid Posted: 25 Sep 2010 02:32 AM PDT Bombay High Court rules on prospective operation of Rule 8D and upholds the constitutional validity of sub-sections 2 and 3 of section 14A and Rule 8D [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reopening Of Assessment Under Section 147 For Mistakes That Could Be Rectified Under Section 154 Is Invalid Posted: 25 Sep 2010 02:25 AM PDT The High Court held that notice issued for reopening the assessment which could be rectified under section 154 is invalid [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Licenses And Approvals Are Intangible Asset And Eligible For Depreciation Under The IT Act S 263 Revision Only On Ground Of Non-application Of Min Posted: 25 Sep 2010 12:29 AM PDT The assessee a hotel incurred expenditure on acquiring licenses and permissions from various government bodies This was classified as goodwill in the books and depreciation was claimed on the ground that it was an intangibl [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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