Re: UPDATES FROM TAX GURU (in this message: 20 new items)

On Fri, Dec 11, 2009 at 9:40 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 20 new items)

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• AAR on Prima facie satisfaction for initiation of penalty proceedings required even post-amendment
• Salaries paid by foreign company to its expatriates working in Indian branch office held to be allowable
• AAR on Payment for end to end international long distance telecom services not taxable
• Deduction u/s. 80-IB(10) on YOY basis to builders/developers showing profit on partial completion method
• Central Vigilance Commission asked to identify sensitive posts and rationalise transfer of the same
• ICSI submits recommendations to Shri Salman Khurshid to strengthen corporate governance framework
• Central Goods and Service Tax may be applicable on Businesses with more than Rs 10 lakh turnover
• Excise exemption to Himachal Pradesh and Uttarakhand under review
• HC will hear the issue of tax on stake sale in Idea Cellular by foreign companies
• Employee may continue Mediclaim policy taken by his employer after change of Job
• India can surpass China
• SEBI ask bourses to preserve records till the trial or investigation proceedings concludes
• Preservation of records – MRD/DoP/SE/Cir- 21 /2009 – SEBI
• Preservation of records – MRD/DoP/DEP/Cir- 20 /2009 – SEBI
• RBI circular on AIFIs – Provisioning Coverage for Advances
• Amendments in notification No. 50/2003-Central Excise, dated the 10th June, 2003
• Income received by a non-resident businessman from services coming within S. 44BB is not taxable u/s 9 (1) (vii) r.w.s. 44DA
• Conversion of marble blocks into polished slabs and tiles constitutes 'manufacture' or 'production' u/s 80-IA
• Company Dispute Resolution Mechanism in India – A brief
• Is Redressel Under Section 397/398 of Companies Act, 1956 Effective?

AAR on Prima facie satisfaction for initiation of penalty proceedings required even post-amendment Posted: 10 Dec 2009 07:36 PM PST Section 271(1)(c) of the Income-tax Act, 1961 ("the Act") empowers the Assessing Officer ("AO") to levy penalty if he is satisfied that the assessee has concealed the particulars of income or furnished inaccurate particulars of income. A new section... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Salaries paid by foreign company to its expatriates working in Indian branch office held to be allowable Posted: 10 Dec 2009 07:23 PM PST A T Kearney Ltd., UK („assessee?), a company engaged in the business of providing management consulting services, carried on its business operations in India through its branch office . The assessee deputed highly experienced personnel to train and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

AAR on Payment for end to end international long distance telecom services not taxable Posted: 10 Dec 2009 07:16 PM PST Cable & Wireless Networks India Private Limited („the applicant?) is engaged in the business of providing international and domestic long distance telecommunication services in India. It proposes to enter into an agreement with its group... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Deduction u/s. 80-IB(10) on YOY basis to builders/developers showing profit on partial completion method Posted: 10 Dec 2009 06:59 PM PST Deduction under section 80-IB(10) available on a year to year basis for an undertaking engaged in developing and building housing projects showing profit on partial completion method Related posts:Clarification regarding deduction under section... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Central Vigilance Commission asked to identify sensitive posts and rationalise transfer of the same Posted: 10 Dec 2009 06:35 PM PST THE Central Vigilance Commission (CVC) has issued instructions to identify sensitive posts in various Ministries/Departments of the Union Government. The Commission has issued instructions to the organizations under its advisory jurisdiction... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICSI submits recommendations to Shri Salman Khurshid to strengthen corporate governance framework Posted: 10 Dec 2009 06:30 PM PST Following the Satyam revelations in January 2009, an urgent need was felt to analyze the regulatory provisions that exist. Accordingly, the Council of the Institute of Company secretaries of India constituted a Core Group to look into the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Central Goods and Service Tax may be applicable on Businesses with more than Rs 10 lakh turnover Posted: 10 Dec 2009 06:23 PM PST Businesses with more than Rs 10 lakh turnover may end up paying the central goods and services tax, with the Centre not agreeing to states' suggestion of keeping the threshold at Rs 1.5 crore. The empowered committee of state finance ministers... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Excise exemption to Himachal Pradesh and Uttarakhand under review Posted: 10 Dec 2009 06:10 PM PST Himachal Pradesh and Uttarakhand, the two Himalayan states which have drawn thousands of crores of investments due to the tax benefits they offer, stare at the possibility of losing the status as Finance Minister Pranab Mukherjee looks to plug... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

HC will hear the issue of tax on stake sale in Idea Cellular by foreign companies Posted: 10 Dec 2009 06:02 PM PST The Bombay High Court has postponed a hearing on details of another significant court case on the issue of jurisdiction of Indian tax authorities on foreign companies in business deals with Indian domestic ones. MMM Holdings and New Cingular... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Employee may continue Mediclaim policy taken by his employer after change of Job Posted: 10 Dec 2009 05:57 PM PST General insurers, both private and public, have started offering continuity of features of group mediclaim policies to employees even after one quits an organisation where the cover was originally offered. People retiring can also continue to avail... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

India can surpass China Posted: 10 Dec 2009 05:51 PM PST India can surpass China as a global production hub for consumer durables with rationalisation of tax structure and policy support from the government, says a study by industry body Ficci and financial consultancy company PricewaterhouseCoopers. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI ask bourses to preserve records till the trial or investigation proceedings concludes Posted: 10 Dec 2009 05:46 PM PST Market regulator Securities and Exchange Board of India asked bourses on Wednesday to preserve original records related to an investigation till the trial is over instead of the current practice of keeping the papers only for five years. ". the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Preservation of records – MRD/DoP/SE/Cir- 21 /2009 – SEBI Posted: 10 Dec 2009 05:38 PM PST Further, as per regulation 18 of SEBI (Stock Brokers & Sub-brokers) Regulations, 1992 (hereinafter referred to as Stock Broker Regulations), every stock broker shall preserve the specified books of account and other records for a minimum period... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Preservation of records – MRD/DoP/DEP/Cir- 20 /2009 – SEBI Posted: 10 Dec 2009 05:36 PM PST In terms of regulations 38 and 49 of the SEBI (Depositories and Participants) Regulations, 1996 (hereinafter referred to as D&P Regulations, 1996), Depositories and Depository Participants are required to preserve the records and documents for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI circular on AIFIs – Provisioning Coverage for Advances Posted: 10 Dec 2009 05:26 PM PST Please find enclosed Circular DBOD.No.BP.BC.64/21.04.048/2009-10 dated December 1, 2009 on the above subject. In this connection, it is advised that the above guidelines issued to banks, shall mutatis mutandis apply to the select All-India Financial... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Amendments in notification No. 50/2003-Central Excise, dated the 10th June, 2003 Posted: 10 Dec 2009 05:21 PM PST the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance, Department of Revenue, No.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Income received by a non-resident businessman from services coming within S. 44BB is not taxable u/s 9 (1) (vii) r.w.s. 44DA Posted: 10 Dec 2009 05:14 PM PST The profits derived from business of providing services in connection with the prospecting for or extraction or production of mineral oil are squarely and exclusively governed by Section 44BB, irrespective of the nature of services, provided the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Conversion of marble blocks into polished slabs and tiles constitutes 'manufacture' or 'production' u/s 80-IA Posted: 10 Dec 2009 05:00 PM PST The test for determining whether "manufacture" can be said to have taken place is whether the commodity, which is subjected to a process can no longer be regarded as the original commodity but is recognized in trade as a new and distinct commodity;... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Company Dispute Resolution Mechanism in India – A brief Posted: 10 Dec 2009 12:46 AM PST With the experience of looking at the litigation before the Company Law Board and the Company Court, with the privilege of looking at various judgments under the provisions of Companies Act, 1956 while writing a commentary on Company Law and with... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Is Redressel Under Section 397/398 of Companies Act, 1956 Effective? Posted: 10 Dec 2009 12:42 AM PST Section 397 and 398 of the Companies Act, 1956 deals with "oppression" and "mismanagement" by the majority in a Company against the Minority Shareholders. How to construe "minority" for the purpose of section 397/398 is dealtwith under section 399... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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