Re: UPDATES FROM TAX GURU (in this message: 22 new items)

On Fri, Nov 27, 2009 at 9:37 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 22 new items)

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• Mumbai ITAT rules deductibility of PE expenses under India- Mauritius Tax Treaty
• Clarification on changes in profession tax rates
• Cashless hospitalisation schemes offered by insurance companies comes under the income-tax net
• Salary of Rs 14 lakhs in 1997 to employee of charitable Trust held to be unreasonable
• 71 additional Special Courts to clear backlog of CBI case
• Brokers oppose move to extend trading hours
• Convergence with IRFS only after addressing concerns of the industry
• Governments have no plan to further liberalize FDI in retail sector
• GJEPC suggested changes in proposed Direct Tax Code (DTC)
• RBI plans to set up working group to revisit the draft guidelines on credit default swaps (CDS)
• IBF criticised HRD ministry's proposed amendments to the Copyright Act
• GST rate may be 12% instead of most believed 16%
• RBI Circular on Up-gradation of RTGS System to Windows 2008
• 20 year old undergraduate fetch the offer of 32 lakhs per Annum
• British engineers found new way to stop computer viruses in their tracks
• IT department to recover 1000 crore from infrastructure development companies
• Clarification on calculation of NFE as per Rule 53 of the SEZ Rules, 2006
• Convergence of G-20 on Modalities at WTO
• Crude Oil my touch $100 Per Barell
• Sliver make hay when the sun shines
• Future of Gold
• Advantage for China

Mumbai ITAT rules deductibility of PE expenses under India- Mauritius Tax Treaty Posted: 26 Nov 2009 07:25 PM PST This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) in the case of JCIT v State Bank of Mauritius Ltd. (Taxpayer) [2009-TIOL-712- ITAT-MUM]. The ITAT held that the Taxpayer, a company incorporated in Mauritius,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Clarification on changes in profession tax rates Posted: 26 Nov 2009 07:09 PM PST To give effect to the Budget proposals, a Bill (Legislative Assembly Bill No. XIV of 2009) to amend the Maharashtra State Tax on Professions, Trades, Callings and Employment Act, 1975 was introduced in the Legislature. The said Bill has been passed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Cashless hospitalisation schemes offered by insurance companies comes under the income-tax net Posted: 26 Nov 2009 07:03 PM PST Cashless hospitalisation schemes offered by health insurers and insurance companies are under the income-tax net.The CBDT has now made it clear that Third Party Administrators (TPAs) must deduct tax at source on payments made to hospitals for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Salary of Rs 14 lakhs in 1997 to employee of charitable Trust held to be unreasonable Posted: 26 Nov 2009 06:57 PM PST Her salary has been further increased disproportionately vis-a-vis the increase in the revenue and the surplus. This increase is over and above the increase for assessment year 1998-99, in which her salary was found to be excessive under the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

71 additional Special Courts to clear backlog of CBI case Posted: 26 Nov 2009 06:54 PM PST IT is the continuous endeavor of the Government to upgrade the infrastructure, office automation systems and buildings of the CBI Offices, Academy & Training Centers and to provide facilities for capacity building for CBI Officers and staff. To... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Brokers oppose move to extend trading hours Posted: 26 Nov 2009 06:45 PM PST The two largest exchanges in the country may not be extending their trading hours any time soon as brokers' bodies are vehemently opposing the suggestion.A survey by the Bombay Stock Exchange Brokers Forum says that 79 per cent of the members of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Convergence with IRFS only after addressing concerns of the industry Posted: 26 Nov 2009 06:43 PM PST Making clear its commitment to converge Indian accounting norms with International Financial Reporting Standards (IFRS) by 2011, the government on Wednesday said all concerns of the industry would be addressed before convergence takes place. "We... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Governments have no plan to further liberalize FDI in retail sector Posted: 26 Nov 2009 06:41 PM PST The government has no plan to further liberalize foreign investment in retail sector, the commerce and industry minister said.India, currently, does not permit foreign direct investment (FDI) in multiple-brand retailers, restricting global firms... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

GJEPC suggested changes in proposed Direct Tax Code (DTC) Posted: 26 Nov 2009 06:37 PM PST The gems and jewellery industry wants provisions such as search and seizure and tax on gross assets in the Direct Taxes Code to be modified.It says these provisions could be detrimental to the sector's growth which has been showing signs of recovery... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI plans to set up working group to revisit the draft guidelines on credit default swaps (CDS) Posted: 26 Nov 2009 06:34 PM PST "We are setting up a group in the RBI and they will interact with market participants," Gopinath said at a banking seminar here. A credit default swap is a swap contract in which the buyer of the CDS makes a series of payments to the seller and, in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IBF criticised HRD ministry's proposed amendments to the Copyright Act Posted: 26 Nov 2009 06:30 PM PST Indian Broadcasting Foundation (IBF) has criticised HRD ministry's proposed amendments to the Copyright Act and said it was disappointed to note that the ministry has not done any consultations with broadcasters on proposed changes like amendments... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

GST rate may be 12% instead of most believed 16% Posted: 26 Nov 2009 06:13 PM PST The proposed goods & services tax (GST) could turn out to be a far more benign impost than anyone expected.In what would amount to a radical tax reform, the 13th Finance Commission is understood to have arrived at a revenue-neutral rate of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI Circular on Up-gradation of RTGS System to Windows 2008 Posted: 26 Nov 2009 05:54 PM PST . In order to facilitate the upgradation, we enclose Hardware and Software specifications for Server and Client machines. It may be noted that hardware specifications mentioned are the minimum requirements. However, you may decide the size of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

20 year old undergraduate fetch the offer of 32 lakhs per Annum Posted: 26 Nov 2009 05:45 PM PST For someone who aspires for a hole-in-one as an amateur golfer, Adit Mathur has made a Tiger Woodsian debut on the job circuit. The 20-year-old undergrad of Shri RamCollege of Commerce (SRCC) is now the toast of Delhi University (DU) as he has teed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

British engineers found new way to stop computer viruses in their tracks Posted: 26 Nov 2009 05:38 PM PST When a new virus hits the Internet, there is little that an anti-virus software can do to stop the malware on the very day. But now British engineers have come up with an answer to the problem. Engineers Simon Wiseman and Richard Oak from defence... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IT department to recover 1000 crore from infrastructure development companies Posted: 26 Nov 2009 05:35 PM PST The Income-Tax (I-T) department will recover close to Rs 1,000 crore from infrastructure development companies after a recent tax tribunal order clarified that the exemption available for infrastructure development cannot be extended to contractors... [[ 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: 26 Nov 2009 05:22 PM 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 ]]

Convergence of G-20 on Modalities at WTO Posted: 26 Nov 2009 05:19 PM PST The G-20 is a group of developing countries which came together on 20 August 2003. The G-20 has been a driving force and works towards ambitious reforms of agriculture in developed countries with some flexibility for developing countries, thus... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Crude Oil my touch $100 Per Barell Posted: 26 Nov 2009 05:03 PM PST Crude prices jumped to $78 per barrel and then tilted back. Crude prices have surged more than 60% since March. The Organization of Petroleum Exporting Countries and the U.S. Energy Information Administration recently boosted their demand outlook... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Sliver make hay when the sun shines Posted: 26 Nov 2009 08:25 AM PST Gold is now coming to an end for coming into the grasp of retail Indians during marriage or festive season. As we all know that gold is floating at 17000 levels is very hard bet for buying at these levels. In the coming days we will find gold... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Future of Gold Posted: 26 Nov 2009 08:13 AM PST Gold is now a dream for the Indian marriage occasion. Gold prices have moved up from Rs 11,785 per 10g to Rs 18000 in a year giving 53% annualized return. The recent news that RBI purchased 200 tones of IMF gold for $6.7 billion spooked the prices... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Advantage for China Posted: 26 Nov 2009 07:59 AM PST Finally Chinese goods are replaced from the shelves of US primarily followed with other economies. Chinese Exports fell 20.5% to US$957.36 billion. One of the prime reasons for such a decline is the falling dollar. More the dollar will fall the more... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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