Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Feb 1, 2011 at 7:40 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• CPT On-line Examination In Year 2011- ICAI Not Declared Any Date Due To Technical Issues
• D K Mittal Appointed Corporate Affairs Secretary
• Hyper-technicalities Give Bad Name To Judiciary
• Govt Constitutes Panel To Explore Self Disclosure Of Income
• Trademark Plea- HC Refuses Relief To Hindustan Sanitaryware
• Date Of Filing Of Audit E-704 For The Period 01 04 2009 To 31 03 2010 Is Extended Upto 15 02 2011
• Authorised Dealer Not Liable To Deduct Tax On Remittance To Non-resident Of Sale Proceeds Representing Short Term Capita
• Cabinet May Relax Private Banks Voting Rights - Report
• I-T Dept Mulls Raising Appeal Filing Limits
• Budget 2011-12- I-T Exemption Limit May Get Enhanced
• HDFC S V S Rangan Named Best CFO In Financial Sector
• AZB Most Active Legal Advisor E Amp Y Transaction Advisor In 2010
• Tax Credit For Tax Withheld Cannot Be Denied To The Payee Upon Subsequent Refund Of The TDS To The Deductor
• Acquisition And Transfer Of Immovable Property In India By A Person Resident Outside India- Faq
• Brought Forward Losses For Making Adjustment To Book Profit U S 115JB Means Losses On The Last Day Of The Immediately P
• Interest On Fixed Deposits Effectively Connected With PE Is Taxable As Business Income
• Transfer Pricing- Supernormal Profit Making Companies Should Be Excluded From The Comparable Set
• Rejection Of Accounting Method Followed By Assessee Which Was Accepted In Assessment Of Earlier Year
• Investment Option Under Direct Tax Code DTC
• Tax Deductor Is Entitled To Interest On Delayed Refund When It Is Ordered To Deduct Tax Even Though No Such Liability Ex
• All About Permanent Account Number PAN And How It Is Structured
• CIN Corporate Identification Number For Companies- How It Is Structured
• Delhi HC On Provisional Attachment To Protect Revenue U S 281B In The Case Of VLS Finance Ltd ORS Versus The Assistant Commissioner Of Income Tax
• Whether HC Can Exercise Its Jurisdiction Under Article 226 Pertaining To Sufficiency Of Reasons For Formation Of Belief U S 147 Of The I-T Act 1961
• Recognition Of Permanent Diminution In The Value Of Investments In Banks Subsidiaries Joint Ventures
• Regarding Import Of Inputs Under Advance Authorisation AA And Duty Free Import Authorisation DFIA Issued SIONs E-1 Amp E-5
• Insurance- Spurious Calls Identifying Themselves As IRDA Employees In A Bid To Sell Insurance Policies
• Insurance - Valuation Of Premium Receivable From Central State Government For Computation Of Solvency Position
• Annual Financial Inspection Priority Sector Loans Mis-classification By Banks
• 21 Useful Charts For Tax Compliance

CPT On-line Examination In Year 2011- ICAI Not Declared Any Date Due To Technical Issues Posted: 01 Feb 2011 09:31 AM PST CPT Online Examination - 31-01-2011 nbsp 28th January 2011 Re CPT online examination We are receiving a lot of enquiries from students regarding the conduct of the next CPT On-line examination nbsp It is hereby info [[ This is a content summary only. Visit www.taxguru.in for full article ]]

D K Mittal Appointed Corporate Affairs Secretary Posted: 01 Feb 2011 09:29 AM PST D K Mittal a 1977 batch IAS officer of UP cadre has been appointed as the Secretary of the Ministry of Corporate Affairs today nbsp Mittal will replace R Bandyopadhyay who retired today nbsp At present Mittal is the Additional [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Hyper-technicalities Give Bad Name To Judiciary Posted: 01 Feb 2011 09:24 AM PST An order of the consumer commission can be executed by a civil court and hyper-technicalities should not stand in the way the Supreme Court stated last week in the judgment HKK Bail vs Cyma Exports P Ltd In this case a person [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt Constitutes Panel To Explore Self Disclosure Of Income Posted: 01 Feb 2011 09:23 AM PST The government has constituted a group of experts to suggest measures to encourage tax evaders to disclose their unaccounted income voluntarily The finance ministry s move comes at a time when the country is debating a crackdown on [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Trademark Plea- HC Refuses Relief To Hindustan Sanitaryware Posted: 01 Feb 2011 09:21 AM PST The Delhi high court has dismissed a petition of Hindustan Sanitaryware amp Industries seeking an injunction against Champion Ceramics in a trade mark case The dispute was over the trade mark of Hindustan Sanitaryware which has [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Date Of Filing Of Audit E-704 For The Period 01 04 2009 To 31 03 2010 Is Extended Upto 15 02 2011 Posted: 01 Feb 2011 09:20 AM PST Date of Filing of Audit e-704 under Maharashtra Value Added Tax Act nbsp for the period 01 04 2009 to 31 03 2010 is extended upto 15 02 2011 No further extension and Strict action will be taken against Non filers and incompl [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Authorised Dealer Not Liable To Deduct Tax On Remittance To Non-resident Of Sale Proceeds Representing Short Term Capita Posted: 01 Feb 2011 08:46 AM PST Mumbai Income-tax Appellate Tribunal the Tribunal in the case of DDIT v The Hongkong and Shanghai Banking Corporation Limited 201 0-TII-1 61 -ITAT-MUM-INTL held that an authorised dealer did not have any liability to withho [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cabinet May Relax Private Banks Voting Rights - Report Posted: 01 Feb 2011 08:43 AM PST India s finance ministry is expected to seek cabinet approval to a proposal for giving proportionate voting rights to founders in private sector banks the Financial Express said on Monday nbsp Currently the voting right of a sing [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T Dept Mulls Raising Appeal Filing Limits Posted: 01 Feb 2011 08:36 AM PST The income tax department known to be the largest litigant in the country is working towards reducing the burden of court cases a move which is in line with the National Litigation Policy mooted by the government last year nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Budget 2011-12- I-T Exemption Limit May Get Enhanced Posted: 01 Feb 2011 08:34 AM PST The government may advance by a year the roll out of some of the income tax measures proposed in the Direct Taxes Code DTC to provide relief to inflation-hit households nbsp These measures may form part of the forthcoming budget [[ This is a content summary only. Visit www.taxguru.in for full article ]]

HDFC S V S Rangan Named Best CFO In Financial Sector Posted: 01 Feb 2011 06:48 AM PST India s largest housing finance company HDFC s Executive Director V S Rangan has been named as the best CFO in the financial sector for 2010 by premier accounting and auditing body ICAI nbsp Rangan was conferred the award last eve [[ This is a content summary only. Visit www.taxguru.in for full article ]]

AZB Most Active Legal Advisor E Amp Y Transaction Advisor In 2010 Posted: 31 Jan 2011 10:16 PM PST Corporate law firm AZB amp amp Partners has been the most active legal advisor for both private equity and M amp amp A deals in 2010 while Ernst amp amp Young was the most active transaction advisor says a research study nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tax Credit For Tax Withheld Cannot Be Denied To The Payee Upon Subsequent Refund Of The TDS To The Deductor Posted: 01 Feb 2011 10:20 AM PST Recently the Mumbai bench of the Income-tax Appellate Tribunal the Tribunal in the case of Lucent Technologies GRL LLC v DCIT ITA No6353 Mum 09 Judgment date 31 December 2010 Assessment Year 2002-03 held that the credit fo [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Acquisition And Transfer Of Immovable Property In India By A Person Resident Outside India- Faq Posted: 01 Feb 2011 10:18 AM PST Acquiring immovable property in India by persons resident outside India is regulated in terms of Section 6 3 i of the Foreign Exchange Management Act FEMA 1999 as well as by the regulations contained in Notification issued by [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Brought Forward Losses For Making Adjustment To Book Profit U S 115JB Means Losses On The Last Day Of The Immediately P Posted: 01 Feb 2011 09:55 AM PST For the purposes of section 115JB of the Act the term gloss brought forward can only mean losses on the last day of the immediately preceding year and no other meaning can be given to it nbsp In the case of CIT v Sumi Mother [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest On Fixed Deposits Effectively Connected With PE Is Taxable As Business Income Posted: 01 Feb 2011 09:18 AM PST Interest on fixed deposits effectively connected with PE Business Income Direct expenses incurred by a head office for Indian projects - not Head office expense Fees for procurement services - not taxable as fees for technical [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing- Supernormal Profit Making Companies Should Be Excluded From The Comparable Set Posted: 01 Feb 2011 09:12 AM PST Delhi bench of the Income-tax Appellate Tribunal the Tribunal in the case of Adobe Systems India Private Limited v ACIT 201 1-TII-13-ITAT-DEL-TP Date of Judgement 21 January 2011 Assessment Year 2006-07 held that supernorma [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rejection Of Accounting Method Followed By Assessee Which Was Accepted In Assessment Of Earlier Year Posted: 01 Feb 2011 09:06 AM PST Method of Accounting regularly followed by the taxpayer which was accepted by the Tax Officer in past cannot be rejected in future years without expressing the dissatisfaction about the correctness or completeness of the accounts of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Investment Option Under Direct Tax Code DTC Posted: 01 Feb 2011 08:32 AM PST Employees Provident Fund If you are a salaried individual then this is probably the best investment product you have in your portfolio Every month you park 12 of your basic plus dearness allowance in your account and your [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tax Deductor Is Entitled To Interest On Delayed Refund When It Is Ordered To Deduct Tax Even Though No Such Liability Ex Posted: 01 Feb 2011 08:27 AM PST Tax deductor is entitled to interest on delayed refund when it is ordered to deduct tax even though no such liability exists nbsp Mumbai Bench of the Income-tax Appellate Tribunal the Tribunal in the case of DDIT v MSM Satelli [[ This is a content summary only. Visit www.taxguru.in for full article ]]

All About Permanent Account Number PAN And How It Is Structured Posted: 01 Feb 2011 08:25 AM PST Permanent Account Number is basically a method of identifying a taxpayer on the computer system through a unique All-India number so that all information relating to that taxpayer e g taxes paid refunds issued outstanding arrear [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CIN Corporate Identification Number For Companies- How It Is Structured Posted: 01 Feb 2011 07:20 AM PST Corporate Identity Number CIN nbsp - nbsp Each Indian company Listed or Unlisted has a unique 21 Digit CIN Corporate Identity Number This is required to be quoted on all forms Once this number is filled company details ar [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi HC On Provisional Attachment To Protect Revenue U S 281B In The Case Of VLS Finance Ltd ORS Versus The Assistant Commissioner Of Income Tax Posted: 01 Feb 2011 09:01 AM PST [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether HC Can Exercise Its Jurisdiction Under Article 226 Pertaining To Sufficiency Of Reasons For Formation Of Belief U S 147 Of The I-T Act 1961 Posted: 01 Feb 2011 08:53 AM PST Sections 147 148 - Constitution of India - Article 226 Whether HC can exercise its jurisdiction under Article 226 pertaining to sufficiency of reasons for formation of the belief u s 147 of the Income-tax Act - Assessee s appea [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Recognition Of Permanent Diminution In The Value Of Investments In Banks Subsidiaries Joint Ventures Posted: 01 Feb 2011 09:51 AM PST Recognition of permanent diminution in the value of investments in banks subsidiaries joint ventures nbsp RBI 2010-11 395 DBOD No BP BC 79 21 04 141 2010-11 nbsp January 31 2011 nbsp The Chairmen and Managing Di [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding Import Of Inputs Under Advance Authorisation AA And Duty Free Import Authorisation DFIA Issued SIONs E-1 Amp E-5 Posted: 01 Feb 2011 09:48 AM PST POLICY CIRCULAR No 13 nbsp DATED nbsp nbsp 31 01 2011 nbsp nbsp To nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp All Regional Authorities nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance- Spurious Calls Identifying Themselves As IRDA Employees In A Bid To Sell Insurance Policies Posted: 01 Feb 2011 08:40 AM PST Insurance- Spurious calls identifying themselves as IRDA Employees in a bid to sell Insurance policies Circular No CAD 1 10-11 dated 21-1- 2011 The Authority has received complaints from various Individuals about certain spu [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance - Valuation Of Premium Receivable From Central State Government For Computation Of Solvency Position Posted: 01 Feb 2011 08:38 AM PST Insurance - Valuation of Premium Receivable from Central State Government for Computation of Solvency Position Circular No IRDA F amp A CIR SOLVN 011 01 2011 dated 27-1-2011 Various general insurance companies are running [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Annual Financial Inspection Priority Sector Loans Mis-classification By Banks Posted: 31 Jan 2011 01:20 AM PST RBI 2010-11 393 RPCD CO Plan BC 49 04 09 01 2010-11 nbsp January 28 2011 nbsp The Chairman Managing Director Chief Executive Officer All scheduled commercial banks excluding Regional Rural Banks nbsp Dear S [[ This is a content summary only. Visit www.taxguru.in for full article ]]

21 Useful Charts For Tax Compliance Posted: 29 Jan 2011 06:13 PM PST 21 Useful Charts for Tax Compliance COVERING Income Tax Service Tax PF Companies Act ESIC Excise VAT Stamp Duty [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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