Fwd: TaxGuru.in : Legal & Tax Updates

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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

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• Direct tax Code 2010: Capital Gains Tax
• Salient features of Direct Taxes Code Bill, 2010 (DTC 2010)
• Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001, CUSTOMS Notification No 78/2010 (NT), 31-08-2010
• Regarding export of sugar against Advance Authorizations issued from 17.2.2009 to 30.9.2009, Customs Circular No 32/2010, 31-08-2010
• Uniformity in penal interest payable by banks for delays in credit / return of NEFT / NECS / ECS transactions
• Banks can accept IEC (Importer Exporter Code) issued to the proprietary concern as an identity document for opening of bank account
• Income tax department expected to soon get 'IT' fillip in sniffing out unaccounted wealth
• DTC: Tax incentives for business to be investment-linked
• Direct Tax code proposes to plug loopholes in Vodafone-type buyout
• Insurance Companies may pass on DTC gains to policyholders'
• Govt expects Direct Taxes Code (DTC) to increase the income tax base
• DTC: Bad news for Salaried- Leave travel Allowance (LTA) not available
• MAT will take sheen off SEZs
• Appointment of Surveyors and Loss Assessors – Circular No. 27/IRDA/SUR/CIR/AUG10, dated 27-8-2010
• FM Addresses Global Insurance Summit at Mumbai
• FM Exhorts CBEC and CBDT to Set-Up Standing Committee at CCs Level for Litigation Management
• Arbitration Mechanism in Stock Exchanges- CIR/MRD/DSA/29/2010 , Dated:August 31, 2010
• Execution of Power of Attorney (PoA) by the Client in favour of the Stock Broker/ Stock Broker and Depository Participant – Clarifications
• 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
• Exemption for import of goods for Commonwealth Games 2010- NOTIFICATION NO. 05(RE-2010)/2009-2014

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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