Saturday, November 27, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Nov 22, 2010 at 9:44 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Government May Cancel 38 Telecoms Licences As Recommended By TRAI

Posted: 22 Nov 2010 01:05 AM PST


Late on Thursday a source with direct knowledge of the matter said the Telecom Regulatory Authority of India recommended to the government that it cancel 38 telecoms licences because the...

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SEBI To Reduce Time For Initial Public Offering Process From 12 Days To A Week

Posted: 22 Nov 2010 01:02 AM PST


SEBI is looking at reducing the time for initial public offering process from 12 days to a week said Mr C B Bhave Chairman of the regulator This means retail investors who apply for an...

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Excise Duty Dispute- SC Sets Aside Tax Order Favouring Bajaj Auto

Posted: 22 Nov 2010 12:53 AM PST


The Supreme Court of India last Friday set aside an order passed by the tax tribunal CESTAT which had given a favourable order to Bajaj Auto BSE 532977 in a case of dispute over the...

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ITAT Rules In Favour Of Mukesh Ambani In A Tax Case Involving Income Of Over Rs2 000 Crore

Posted: 22 Nov 2010 12:46 AM PST


The Income Tax Appellate Tribunal ITAT has ruled in favour of Reliance Industries chairman Mukesh Ambani in a tax case involving income of over Rs2 000 crore In a significant ruling the...

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SC Upholds Differential Duty Hours

Posted: 22 Nov 2010 12:40 AM PST


The Supreme Court has held that differential treatment does not per se amount to violation of Article 14 equality of the Constitution It violates Article 14 only when there is no...

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Mock Tribunal Turns In Live Tribunal

Posted: 22 Nov 2010 12:04 AM PST


The Vasai Branch of the Western India Regional Council of the Institute of the Chartered Accountants of India conducted a seminar on ITAT Proceedings amp Mock Tribunal on 21 November 2010 The...

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Oriental Bank Of Commerce Starts Unique ID Enrolment Process For Its Customers And Staff

Posted: 20 Nov 2010 04:29 PM PST


Oriental Bank of Commerce OBC on Friday commenced the enrolment process for issuance of unique identification number Aadhaar for its customers and staff of the bank The enrolment process which...

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IRDA May Soon Issue Guidelines For Listing Of Insurance Companies

Posted: 20 Nov 2010 04:27 PM PST


The Insurance Regulatory and Development Authority Irda will soon issue guidelines for listing of insurance companies and portability of motor and health insurance policies between companies ...

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Continuation Of Entertainment In GST Regime May Defeat The Basic Objective Of GST

Posted: 20 Nov 2010 04:24 PM PST


If levies such as entertainment tax continue the basic objective of GST viz replacing diverse complex and ad-hoc taxes by a single comprehensive one on all goods and services will be defeated...

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Prime Minster Addresses Hindustan Times Leadership Summit - 2010

Posted: 20 Nov 2010 04:01 PM PST


Winning in testing times Winning the next decadeThe Prime Minister Dr Manmohan Singh addressed Hindustan Times Leadership Summit 2010 in New Delhi today Following is the text of the PM ...

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Auditors Need To Be Vigilant In Detecting Fin Irregularities

Posted: 20 Nov 2010 03:56 PM PST


The Institute of Chartered Accountants of India ICAI nbsp said auditors need to be more vigilant in detecting financial irregularities Auditors need to be more agile and more vigilant in...

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Finmin Make Presentation On DTC Bill

Posted: 20 Nov 2010 03:54 PM PST


The Finance Ministry will make a presentation before a parliamentary panel nbsp on the bill on Direct Taxes Code DTC which is scheduled to replace archaic income tax act from April 1 2012 ...

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Provisions For Faster Settlement Of Insolvency Cases For Corporates

Posted: 20 Nov 2010 03:52 PM PST


The Minister for Corporate Affairs has said that the Companies Bill 2009 which was introduced on 3rd August 2009 has provisions for faster settlement of insolvency cases for corporates ...

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US FEDERAL BUILD IT IN ONE DAY

Posted: 21 Nov 2010 02:07 AM PST


We have been under great speculation when the US FEDERAL system declared 600 billion dollars buyout of bonds spread over a series of months We speculated and the end result of the speculation...

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Income-tax - Assessee Cannot Claim Any Credit For TDS On Income Which Is Not Offered For Taxation

Posted: 22 Nov 2010 12:30 AM PST


By majority opinion the Tribunal found that the assessee cannot claim any credit for the TDS on the income which is not offered for taxation The Tribunal further found that the benefit for the TDS...

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Consideration Received By Singapore Company On Sale Of Computer Software Cannot Be Treated As Royalty

Posted: 21 Nov 2010 03:45 AM PST


It was held by ITAT Mumbai that computer software when put into a media and sold becomes goods like any other audio cassette or painting on canvass or book Accordingly the amount paid by taxpayer...

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Company Or Corporation Cannot Escape Liability For Criminal Prosecution

Posted: 21 Nov 2010 03:38 AM PST


The Supreme Court has stated that the criminal liability of a corporation would arise when an offence is committed in relation to the business of the corporation by a person or body of persons in...

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Bangalore Tribunal Ruling Upholds Transfer Pricing Adjustment Disallowing Payment Of Management Charges

Posted: 21 Nov 2010 03:34 AM PST


The Bangalore Income Tax Appellate Tribunal Tribunal has ruled on the transfer pricing aspects of management services fees paid by the Taxpayer to its regional headquarter company associated...

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SB Of Mumbai Tribunal Rules No Remission Of Liability On Settlement Of Deferred Sales Tax Liability At NPV

Posted: 21 Nov 2010 03:31 AM PST


Special Bench SB of the Mumbai Income Tax Appellate Tribunal on the issue of whether settlement of deferred sales tax liability under an option made available by the statutory authority to pay the...

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If CA Certifies Payment Of Off-the Shelf Software Not Chargeable To Tax As A Royalty Then No Penalty Interest Can Be Levied For No Prior Approval Fr

Posted: 21 Nov 2010 03:25 AM PST


Once the payment of off-the shelf software held not to be chargeable to tax as a royalty on the basis of the certificate obtained from a chartered accountant no penalty and interest can be...

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Offshore Supply Of Equipment On Cost Insurance And Freight CIF Basis Under Composite Contract Not Taxable In India

Posted: 21 Nov 2010 02:53 AM PST


It was held that the offshore supply of equipment even on a CIF basis under a composite contract is not taxable in India

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Arms Length Testing For Distributors - Transaction Prices Vis-a-vis Financial Results

Posted: 21 Nov 2010 02:49 AM PST


In a recent decision the Federal Court of Australia the Court in the case of SNF Australia Pty Ltd v Commissioner of Taxation 2010 FCA 635 ruled in favour of the taxpayer acceding to...

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Section 11 Of The Special Economic Zones Act 2005 Rescission Of All Previous Notifications Appointing Director Software Technology Parks Of India-Bangalore As Development Commissioner Of Information Technology And Information Technology Enabled Servic

Posted: 20 Nov 2010 04:11 PM PST


Section 11 of the Special Economic Zones Act 2005 Rescission of all previous notifications appointing Director Software Technology Parks of India-Bangalore as Development Commissioner of...

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Insurance - Interpretation Of First Ten Years Of Business Under Section 40A Of The Insurance Act 1938

Posted: 20 Nov 2010 04:09 PM PST


CIRCULAR NO IRDA F amp I CIR EMT 183 11 2010 DATED 18-11-2010 nbsp Section 40A of the Insurance Act 1938 the Act lays down the permissible limits for payment of commission or...

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DISA ISA

Posted: 20 Nov 2010 05:30 PM PST




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Family Pension Calculation Software Death In Service For W B Govt Employees

Posted: 19 Nov 2010 08:57 PM PST


Family Pension Calculation Software Death in Service for W B Govt Employees Family Pension Calculation for West Bengal Govt Employees who died in service For more Calculation of West Bengal Govt...

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