Fwd: Financial, Legal & Tax Updates from TaxGuru (in this message: 7 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Jan 28, 2010 at 9:37 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 7 new items)
To: palashbiswaskl@gmail.com

Financial, Legal & Tax Updates from TaxGuru (in this message: 7 new items)

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• Convergence to IFRS require recognition of unrealised profits and losses, what about taxability of the same
• ECB Policy eased for facilitating Spectrum allocation payment
• CBDT extends date for filing ITR-V form to 31.03.2010 or 120 days from filing of return, whichever is later
• Dispute Resolution Panel to pass speaking order after considering objections and evidences furnished by the taxpayer
• Court orders approving amalgamation are covered within the ambit of the definition of 'conveyance' and are subject to stamp duty
• CBDT Press Release on I-T refund fraud in Mumbai
• Hard nut to crack -Service tax refund claim

Convergence to IFRS require recognition of unrealised profits and losses, what about taxability of the same Posted: 27 Jan 2010 06:45 PM PST The increasing attractiveness of the European and Asian capital markets has prompted emerging economies like-Brazil , China, India, and Russia to converge their existing accounting standards to International Financial Reporting Standards (IFRS). ... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ECB Policy eased for facilitating Spectrum allocation payment Posted: 27 Jan 2010 06:06 PM PST The External Commercial Borrowing (ECB) policy is regularly reviewed by the Government in consultation with Reserve Bank of India (RBI) to keep it in tune with the evolving macroeconomic situation, changing market conditions, sectoral requirements,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBDT extends date for filing ITR-V form to 31.03.2010 or 120 days from filing of return, whichever is later Posted: 27 Jan 2010 06:02 PM PST Central Board of Direct Taxes has decided to extend the time limit for filing ITR-V form relating to income-tax returns filed electronically (without digital signature) on or after 1st April 2009, up to 31st March 2010 or within a period of 120 days... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Dispute Resolution Panel to pass speaking order after considering objections and evidences furnished by the taxpayer Posted: 27 Jan 2010 05:40 PM PST Delhi High Court in the case of Messe Dusseldorf India Pvt. Ltd. (Taxpayer) [2010-TIOL- 74-HC-DEL-IT] dismissing a writ petition, held that in cases where a taxpayer has not been provided an opportunity of being heard by the Transfer Pricing... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Court orders approving amalgamation are covered within the ambit of the definition of 'conveyance' and are subject to stamp duty Posted: 27 Jan 2010 05:25 PM PST The Court held that the role of court in proceedings under section 394 of the Companies Act is merely supervisory in nature and the order passed is based on the consent and voluntary act of the parties involved. Accordingly, even in the absence of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBDT Press Release on I-T refund fraud in Mumbai Posted: 27 Jan 2010 05:11 PM PST On or about 12th January 2010, an officer in the Income Tax department, Mumbai, noticed that refunds had been issued from his jurisdiction without his knowledge or approval of his higher authorities. He immediately brought the matter to the notice... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Hard nut to crack -Service tax refund claim Posted: 27 Jan 2010 05:04 PM PST The recent circular no. 120/01/2010-ST dated January 19, 2010 has been issued by the Board for claiming the refund of unutilized Cenvat credit under Rule 5 of Cenvat credit Rules by the service exporters. The above circular has tried to address all... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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