Fwd: Financial, Legal & Tax Updates from TaxGuru (in this message: 16 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Feb 11, 2010 at 9:43 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 16 new items)
To: palashbiswaskl@gmail.com

Financial, Legal & Tax Updates from TaxGuru (in this message: 16 new items)

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• New provisions related to TDS on Transport contractors
• Brief note on Clause no 17A of form 3CD related to deductibility of interest paid to Micro, Small & Medium enterprise
• Valuation of Monetary and Non-Monetary perquisites for financial year 2009-10
• One illegality cannot justify another
• Committee for review of ownership and governance of market infrastructure institutions
• Deduction from Income we use to forget while computing taxable income
• DGFT notification on Import policy for vehicles
• Prohibition on export of wheat and wheat products – exemption for export of wheat to Nepal
• Amendment in Appendix 4C of Handbook of Procedures (Vol.-II)
• Confirming membership of Chartered accountants with the Institute of Chartered Accountants of India
• Last date for online empanelment application with C&AG of India is 15th February 2010
• Expectation from budget on Excise duty front to sustain recovery
• Chennai Special bench ruling on computation mechanism of tax holiday benefits
• Goods and Service Tax – Some Issues
• Clarification regarding deduction in respect of contribution to pension scheme under Section 80 CCD
• Will is only expression of wish, not arbitration agreement

New provisions related to TDS on Transport contractors Posted: 10 Feb 2010 07:56 PM PST TDS on transport contractors :-Finance Act 2009 has made an important change in respect of applicability of TDS on transport contractors. Section 194C has been replaced and the following two sub sections provide for non deduction of TDS on transport... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Brief note on Clause no 17A of form 3CD related to deductibility of interest paid to Micro, Small & Medium enterprise Posted: 10 Feb 2010 07:52 PM PST Interest not to be allowed as deduction from income. - Notwithstanding anything contained in the Income-tax Act, 1961, the amount of interest payable or paid by any buyer, under or in accordance with the provisions of this Act, shall not, for the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Valuation of Monetary and Non-Monetary perquisites for financial year 2009-10 Posted: 10 Feb 2010 07:29 PM PST Where on account of the transfer of an employee from one place to another, he is provided with accommodation at the new place of posting while retaining the accommodation at the other place, the value of perquisite shall be determined with reference... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

One illegality cannot justify another Posted: 10 Feb 2010 06:51 PM PST "If an appointment is made illegally or irregularly, the same cannot be the basis of further appointment. An erroneous decision cannot be permitted to perpetuate further error to the detriment of the general welfare of the public or a considerable... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Committee for review of ownership and governance of market infrastructure institutions Posted: 10 Feb 2010 06:42 PM PST The role of market infrastructure institutions has been continuously evolving to meet the challenges of the emerging securities market. These institutions are increasingly called upon to undertake regulation and supervision of the markets, while... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Deduction from Income we use to forget while computing taxable income Posted: 10 Feb 2010 06:26 PM PST Medical treatment of specified ailments under section 80DDB:-Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB. The maximum amount of deduction... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

DGFT notification on Import policy for vehicles Posted: 10 Feb 2010 06:02 PM PST "The import of new vehicles shall be permitted only through the Customs port at Nhava Sheva, Kolkata, Chennai and Chennai Airport, Cochin, ICD-Tughlakabad and Delhi Air Cargo, Mumbai Port and Mumbai Air Cargo Complex, ICD Talegaon Pune." [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Prohibition on export of wheat and wheat products – exemption for export of wheat to Nepal Posted: 10 Feb 2010 05:57 PM PST In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Amendment in Appendix 4C of Handbook of Procedures (Vol.-II) Posted: 10 Feb 2010 05:52 PM PST The rules to enable this provision have been notified only now in December, 2009. This implies that every employer will have to rework the taxable salary for its employees for the months for which salary has already been paid (April to November) and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Confirming membership of Chartered accountants with the Institute of Chartered Accountants of India Posted: 10 Feb 2010 05:13 PM PST The Institute of Chartered Accountants of India has informed that with a view to strengthening the process of certification being issued by chartered accountants, they have hosted a link http://220.227.161.82/locm.asp on ICAI website, to enable... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Last date for online empanelment application with C&AG of India is 15th February 2010 Posted: 10 Feb 2010 05:01 PM PST We would like to inform that the last date for online submission of form with the office of C&AG of India for getting empanelled for appointment as auditors of Government Companies/Corporations for the year 2010-2011 is 15th February 2010.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Expectation from budget on Excise duty front to sustain recovery Posted: 10 Feb 2010 04:52 PM PST The term 'input service' (under Cenvat Credit Rules, 2004) has gone through its share of litigations and interpretations, with the trade knocking the doors of judiciary for much needed relief and justice. It is in the interest of the department and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Chennai Special bench ruling on computation mechanism of tax holiday benefits Posted: 10 Feb 2010 08:26 AM PST The issue before the SB was that, while computing the amounts eligible for tax holiday under the Indian Tax Law (ITL), whether the losses of an undertaking of the Taxpayer which is not eligible for tax holiday (Non-eligible Undertaking), are... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Goods and Service Tax – Some Issues Posted: 10 Feb 2010 08:14 AM PST The greatest advantage of new GST regime is that it addresses fully the concern of tax cascading. Presently tax cascading is found in both- central and state taxes as the exempt sectors of economy (trade, oil etc) are not allowed to claim any cenvat... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Clarification regarding deduction in respect of contribution to pension scheme under Section 80 CCD Posted: 10 Feb 2010 02:54 AM PST A number of representations have been received regarding deduction under Section 80 CCD for contribution made under pension scheme in the light of Circular No-1 /2010 dated 11th Jan'2010 issued on the subject of Deduction of Tax at Source etc. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Will is only expression of wish, not arbitration agreement Posted: 09 Feb 2010 07:50 PM PST A person who writes a will cannot provide that if there was a dispute among the successors, it should be resolved through arbitration. "It would be merely an expression of a wish by the testator that the dispute should be settled by arbitration and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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