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Friday, September 3, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Sep 3, 2010 at 9:48 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

ESIC Amendment Act, 2010- Key Highlights

Posted: 02 Sep 2010 08:43 PM PDT


The Government of India has notified ESIC Amendment) Act 2010 vide official gazette dated 25 May 2010. The Employees State Insurance Act, ESI Act for short, was enacted by the Government of India in 1948. The Government of India through notification...

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Expression 'liable to tax' in contracting State as used in Article 4(1) of Indo-UAE-DTAA not necessarily imply that person should actually be liable to tax in that contracting State

Posted: 02 Sep 2010 07:54 PM PDT


To claim benefit of Article 13(3) by a tax resident of UAE, it is enough if other contracting State has right to tax such person, whether or not such a right is exercised

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It is obligatory on part of assessee to deduct TDS at the time of credit of interest income to account of payee or at time of payment thereof

Posted: 02 Sep 2010 07:42 PM PDT


Application of payees in Form No. 13 to jurisdictional AOs for issuance of authorization etc., cannot in any stretch of imagination, be construed as an authorization to assessee not to deduct TDS for interest due to payees.

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Provisions of section 194C not attracted to finance agreements between financing company and producers/directors of films/TV serials

Posted: 02 Sep 2010 07:41 PM PDT


In this bunch of four appeals, the assessee has challenged the impugned common order of the Learned CIT(A) for the A.Y. 2003-04 to 2006-07 dated 24.11.2006 and all these four appeals are arising out of the orders passed by the I.T.O.(TDS) - 3(1),...

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Reopening beyond 4 years on the basis of Supreme Court's judgement not justified if assessee not failed to disclose material facts

Posted: 02 Sep 2010 07:33 PM PDT


The judgment of the Supreme Court is an expression of opinion on the interpretation of statute. Merely because a judgment has been rendered, the same cannot be a ground for reopening the assessment u/s 147 as it amounts to a change of opinion....

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DTC: Investment in Pension Products may get tax exemption

Posted: 02 Sep 2010 07:04 PM PDT


Pension products offered by insurers and mutual funds could be included in the long-term savings schemes eligible for tax concession available to individual under the new Direct Taxes Code provided they meet the norms laid out by the government.

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DTC: LTA may be exempted

Posted: 02 Sep 2010 07:00 PM PDT


The government may allow the Leave Travel Allowance (LTA) to be exempted from taxation once the Direct Tax Code (DTC) comes into effect. The directive to this extent will figure in the rules to be framed by the finance ministry after the DTC is...

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FM calls for concrete steps to recover Rs 38K cr tax arrears

Posted: 02 Sep 2010 06:55 PM PDT


Concerned over Rs 38,000 crore in tax revenue being locked up in legal disputes, Finance Minister Pranab Mukherjee today asked the authorities to step up efforts to realise the taxes. "Rs 28,046 crore is blocked in appeal before CIT (Appeal) and Rs...

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Panel recommends allow companies to donate more to political parties

Posted: 02 Sep 2010 06:50 PM PDT


A Parliamentary Standing Committee has recommended raising the limit of donations a company can make to the political parties in a year from 5 per cent to 7.5 per cent of the average net profits in three immediate past financial years.

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Advanced Economies Need Long-Term Efforts to Tame Public Debt, IMF Studies Find

Posted: 02 Sep 2010 06:41 PM PDT


Advanced economies must pursue long-term policy reforms to reduce public debt levels over the coming decades and ensure future fiscal sustainability, according to three papers published today by the International Monetary Fund (IMF). In order to...

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Direct tax code: Impact on Indian Companies

Posted: 02 Sep 2010 06:26 PM PDT


Monday's announcement of the new Direct Taxes Code (DTC) proposals is among the two far-reaching reforms that will help India sustain high growth rates. For the capital markets, the Bill is positive, says Rakesh Arora, associate director, Macquarie...

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DTC: LIC wants tax breaks on policies primarily used for investment rather than protection retained

Posted: 02 Sep 2010 06:20 PM PDT


The Life Insurance Corporation of India has made a strong case for continuing tax breaks on life insurance policies bought with an investment objective. Referring to the Direct Tax Code proposal that extends tax-breaks to only those policies that...

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DTC: Its better to opt for higher basic Salary

Posted: 02 Sep 2010 05:50 PM PDT


If the Direct Taxes Code Bill does not undergo further changes, employees in the lower tax bracket will get more retirement benefits, provided they opt for a higher basic salary. "Contributions made towards retirement benefits are linked to the...

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DTC: Money received or receivable from transfer of carbon credits will be treated as business income and taxed

Posted: 02 Sep 2010 05:42 PM PDT


Sale proceeds of carbon credits will not escape tax when the new Direct Taxes Code comes into effect from April 1, 2012. This is because the DTC Bill 2010 has explicitly stated that money received or receivable from transfer of carbon credits will...

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Direct Tax Code: Provisions merit your attention

Posted: 02 Sep 2010 04:04 PM PDT


TAXATION OF EMPLOYMENT INCOME AND DEDUCTIONS: There is an increase in exemption limit for medical reimbursement from Rs 15,000 to Rs 50,000. On making contributions to any approved fund for himself/spouse/child, an individual is allowed a deduction...

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Penalty under section 271(1)(c) leviable, even if no tax is payable by an assessee

Posted: 02 Sep 2010 02:44 PM PDT


Even if assessee has disclosed nil income and on verification of the record, it is found that certain income has been concealed or has wrongly been shown, in that case, penalty can still be levied.

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AO cannot act u/s. 147 merely because he happened to change his opinion or to hold an opinion different from that of his predecessor on same set of facts

Posted: 02 Sep 2010 02:44 PM PDT


Where it was clear from the original assessment orders as well as order made by the appellate authority that the Assessing Officer was well aware about the primary facts, viz., the claim made by the assessee, the circumstances under which the claim...

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For the purpose of computing deduction u/s 10B, speculation business cannot be considered as business of undertaking

Posted: 02 Sep 2010 02:34 PM PDT


We have heard both the parties. A forward contract is an agreement between a buyer and a seller obligating the seller to deliver a specified asset of specified quality and quantity to the buyer on a specified date at a specified place and the buyer...

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Penalty imposable under main provisions of section 271(1)(c) and there is no need to refer to any Explanations

Posted: 02 Sep 2010 02:34 PM PDT


The assessee has challenged the levy of penalty on three grounds. Firstly, the assessee has argued that the penalty proceedings have been initiated for concealing the particulars of income but the penalty has been imposed for furnishing inaccurate...

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Merely because for purpose of stamp duty, property is valued at higher cost, it cannot be said that assesses has made more payment than what is stated in sale deed

Posted: 02 Sep 2010 01:44 PM PDT


These seven appeals by different assessee are arising out of order of Commissioner of Income-tax (Appeals)-IV, Surat in appeal Nos. CAS-IV/100-106/ 2008-09 dated 12-10-2009. The assessments were framed by ACIT, Circle-7and ITO Ward-7(2) Surat vide...

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Assessee not expected to demonstrate that contracts are not artificially split

Posted: 02 Sep 2010 12:52 PM PDT


8. We find that there is no dispute about applicability of India Mauritius tax treaty on the facts of the present case, as also about the fundamental position that the provisions of the said treaty being beneficial to the assessee, the same will...

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Extension of CFC-MCA21 Scheme

Posted: 02 Sep 2010 05:42 AM PDT


Cost Accountants in practice who meet the eligibility criteria prescribed under CFC-MCA -21 Schemes launched by MCA for a period of 2 months w.e.f 01.07.2010 has been extended for a period of three months w.e.f. 01.09.2010

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ICAI Presidents Message – September 2010

Posted: 02 Sep 2010 05:37 AM PDT


According to the UN, a 'discrimination between human beings on the ground of race, colour or ethnic origin is an offence to human dignity and shall be condemned…as a violation of the human rights and fundamental freedoms… as a fact capable of...

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Relevance Of OECD Guidelines: Department's View

Posted: 02 Sep 2010 05:34 AM PDT


In reply to a RTI application, the department has provided answers to questions on the OECD Guidelines and the effect of the same on the AO and the TPO.

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FM meets Income Tax officials and discussed investigation in tax evasion cases

Posted: 02 Sep 2010 05:31 AM PDT


Finance Minister Pranab Mukherjee on Wednesday held a closed-door meeting with officials of the Income Tax department in Mumbai in view of the increasing number of tax evasion cases being reported from the financial metropolis. The meet assumes...

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IFRS may not put an end to the accounting scams : ICAI President

Posted: 02 Sep 2010 05:24 AM PDT


Corruption in the corporate world, the ones like the Satyam scam that shook the Indian corporate sector, cannot be eliminated using any accounting standards nor by an accountant as it happens due to the greed of the people at the helm and not due...

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IDBI done away with the concept of minimum balance

Posted: 02 Sep 2010 05:15 AM PDT


In a move aimed at increasing its share of current and savings account (CASA) deposits, IDBI has done away with the concept of minimum balance on these accounts and has waived off most service charges except those pertaining to bounced cheques.

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Government Proposes 5 Percent tax on Dividend distributed by mutual fund or life insurer

Posted: 02 Sep 2010 04:17 AM PDT


Investment in equity-linked mutual fund schemes and ULIPs will now be less profitable for investors, with the government proposing to levy a 5 per cent tax on the dividend paid by these entities.

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Both Houses of Parliament Pass Twenty four bills during Monsoon Session

Posted: 02 Sep 2010 04:13 AM PDT


The Monsoon Session, 2010 of Parliament which commenced on Monday, the 26th of July, 2010, concluded on Tuesday, the 31st of August, 2010. The Session was originally scheduled to conclude on Friday, the 27th of August, 2010 but the sittings of both...

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Non Resident women not entitled to Higher exemption limit

Posted: 02 Sep 2010 03:58 AM PDT


The Finance Act prescribes a higher exemption limit of Rs. 1.90 lakh only for "every individual, being a resident women in India" vide Item No. II of Part I of the First Schedule of the Finance Act. My non-resident cousin swears by para 16 of the...

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

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