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Thursday, September 2, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Sep 2, 2010 at 10:01 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Direct tax Code 2010: Capital Gains Tax

Posted: 01 Sep 2010 09:10 PM PDT


Income to be taxed in India if it accrues directly or indirectly through or from transfer of a capital asset situated in India. However, the transfer by a non-resident of any share or interest in a foreign company would not be treated as income...

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Salient features of Direct Taxes Code Bill, 2010 (DTC 2010)

Posted: 01 Sep 2010 08:59 PM PDT


The Finance Minister tabled the Direct Taxes Code Bill, 2010 (DTC 2010) in the Parliament on 30 August 2010 which is proposed to come into force on 1 April 2012. Some of the salient features are outlined below: General The Code proposes that every...

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Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001, CUSTOMS Notification No 78/2010 (NT), 31-08-2010

Posted: 01 Sep 2010 08:54 PM PDT


In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of...

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Regarding export of sugar against Advance Authorizations issued from 17.2.2009 to 30.9.2009, Customs Circular No 32/2010, 31-08-2010

Posted: 01 Sep 2010 08:50 PM PDT


I am directed to refer to Customs notification No.22/2009-Cus. dt.02.03.2009 and DGFT's notification No.86 (RE-2008/2004-2009) dated 17.2.2009 whereby the actual user condition for import of raw sugar from 17.2.2009 to 30.9.2009 under the Advance...

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Uniformity in penal interest payable by banks for delays in credit / return of NEFT / NECS / ECS transactions

Posted: 01 Sep 2010 08:46 PM PDT


During the NEFT operating hours, originating banks should endeavour to put through the requests for NEFT transactions received by them, either online or across the counters, preferably in the next available batch but, in any case, not exceeding two...

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Banks can accept IEC (Importer Exporter Code) issued to the proprietary concern as an identity document for opening of bank account

Posted: 01 Sep 2010 08:44 PM PDT


In this connection, it is clarified that in addition to the documents listed in paragraph 2(i) of our circular referred to above for opening a bank account in the name of a proprietary concern, banks may also accept any registration/licensing...

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Income tax department expected to soon get 'IT' fillip in sniffing out unaccounted wealth

Posted: 01 Sep 2010 08:37 PM PDT


Taxmen are expected to soon get an 'IT' fillip in sniffing out unaccounted wealth. The income tax department has developed a 'computer aided investigation tool' that it claims can catch suspicious transactions in the books of accounts. "With the...

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DTC: Tax incentives for business to be investment-linked

Posted: 01 Sep 2010 08:31 PM PDT


The Direct Taxes Code (DTC) Bill has proposed to substitute all profit-linked incentives with investment-linked incentives for businesses that enjoy tax sops under the existing law. Apart from developers of Special Economic Zones (SEZs) and units...

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Direct Tax code proposes to plug loopholes in Vodafone-type buyout

Posted: 01 Sep 2010 08:05 PM PDT


The government has proposed to impose capital gains tax on overseas acquisitions if the acquired company holds over 50 per cent assets in India to plug the loophole that led to Vodafone disputing a tax claim on its USD 11.1 billion deal with...

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Insurance Companies may pass on DTC gains to policyholders'

Posted: 01 Sep 2010 07:45 PM PDT


Insurance policyholders could be in for a bonanza once the new Direct Taxes Code, or DTC, comes into effect, as insurance firms may pass on the tax benefit proposed in the bill. The new income-tax law tabled in Parliament has exempted the...

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Govt expects Direct Taxes Code (DTC) to increase the income tax base

Posted: 01 Sep 2010 07:39 PM PDT


The government is confident the proposed Direct Taxes Code (DTC) will increase the income tax base, which currently stands at around 3.25 crore, as well as boost economic growth and equity. "We do hope that tax base will widen… Minimum exemptions...

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DTC: Bad news for Salaried- Leave travel Allowance (LTA) not available

Posted: 01 Sep 2010 07:31 PM PDT


Salaried taxpayers may have less kitty for holidays from April 2012, with the government proposing to scrap tax incentives on leave travel allowance in the new direct tax regime DTC. The Direct Taxes Code (DTC) bill, which was tabled in the Lok...

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MAT will take sheen off SEZs

Posted: 01 Sep 2010 07:22 PM PDT


Special Economic Zones are likely to lose their sheen, with Direct Taxes Code Bill proposing to introduce minimum alternate tax at 20 per cent on the book profit of developers as well as units from April 1, 2012.

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Appointment of Surveyors and Loss Assessors – Circular No. 27/IRDA/SUR/CIR/AUG10, dated 27-8-2010

Posted: 01 Sep 2010 07:19 PM PDT


The Authority had occasion to consider a representation filed by the Indian Insurance Institute for Surveyors and Loss Assessors which raised various issues. On a consideration of the matter, the Authority issued a letter dated August 5, 2010 which...

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FM Addresses Global Insurance Summit at Mumbai

Posted: 01 Sep 2010 07:14 PM PDT


Union Finance Minister, Shri Pranab Mukherjee has asked the insurance companies to create awareness among the poor and vulnerable section of the society especially the people living in rural areas so that they can avail the benefits of financial...

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FM Exhorts CBEC and CBDT to Set-Up Standing Committee at CCs Level for Litigation Management

Posted: 01 Sep 2010 07:12 PM PDT


The Finance Minister, Shri Pranab Mukherjee has asked the Central Board of Direct Taxes (CBDT) and Central Board of Customs and Excise (CBEC) to constitute Standing Committee at the level of Chief Commissioners to have a systematic bottom to top...

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Arbitration Mechanism in Stock Exchanges- CIR/MRD/DSA/29/2010 , Dated:August 31, 2010

Posted: 01 Sep 2010 07:00 PM PDT


Each of the parties to arbitration (other than a client with a claim / counter claim upto Rs. 10 lakh and filing the arbitration reference for the same within six months) shall deposit an amount, as may be prescribed by the stock exchange, at the...

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Execution of Power of Attorney (PoA) by the Client in favour of the Stock Broker/ Stock Broker and Depository Participant – Clarifications

Posted: 01 Sep 2010 06:51 PM PDT


Standardizing the norms for PoA must not be construed as making the PoA a condition precedent or mandatory for availing broking or depository participant services. PoA is merely an option available to the client for instructing his broker ...

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Mere fact that assessee has not stated date in appeal(s) memo and appeals were filed by scanned–signature, appeals can only say to be irregularity/ defective and same is curable one

Posted: 01 Sep 2010 02:32 AM PDT


Once the assessee has filed fresh appeal(s) memo which borne the signature in ink, date and place, etc., the CIT (Appeals) ought to have treated that defects removed.

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Exemption for import of goods for Commonwealth Games 2010- NOTIFICATION NO. 05(RE-2010)/2009-2014

Posted: 31 Aug 2010 11:37 PM PDT


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, 2009-2014, the Central...

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--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/

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