Re: UPDATES FROM TAX GURU (in this message: 15 new items)

On Thu, Dec 17, 2009 at 9:41 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 15 new items)

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• Capital gain tax on Transfer of redevelopment rights?
• Income from Transfer of licensed software is not royalty
• Issues under Income Tax on Shares & Securities Transactions
• Tax on Services but What is Service
• Section 14A of and date of applicability of Rule 8D, allowability on interest on investment held as stock in trade
• Frequently asked questions on section 115JB related to adjustment of Depreciation, Capital gain, Prior period Expenses, Loss etc
• Mumbai CBI raids ex-Commissioner of Income Tax (Appeal), XIV
• I-T department scrutnising frozen demat accounts having balance in excess of 10 lakh as on December 2008
• MCA announced new parameters for scrutiny of companies, cash at bank vital parameter for scrutiny
• CBEC issued clarification regarding labelling and repacking etc. amounting to manufacture.
• Government will take inputs from various stake holders before giving final shape to DTC
• Finance commission recommend five GST exemptions, ONE GST rate of 12% and implementation from October 2010
• Even exempt capital gains are includible in "book profits"
• Department of posts to distribute new pension system
• Impact of counterfeit currency on National Economy is negligible

Capital gain tax on Transfer of redevelopment rights? Posted: 16 Dec 2009 07:51 PM PST # As per the Development Control Regulations of the Municipal Corporation of Greater Bombay, 1991 ('DCR'), in the case of redevelopment of existing buildings, an additional FSI is granted tothe land owner. The additional FSI can be utilised in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Income from Transfer of licensed software is not royalty Posted: 16 Dec 2009 07:37 PM PST The Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Infrasoft Limited v. ADIT [2009-TIOL-21-ITAT-DEL] has held that the amount received by the taxpayer company for transfer of the right to use the licenced software was... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Issues under Income Tax on Shares & Securities Transactions Posted: 16 Dec 2009 07:18 PM PST With the tax authorities out to prove that the existence of a large number of transactions in shares is to be treated as business income, while the focus of assessees generally has been on trying to refute the tax authorities arguments through... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Tax on Services but What is Service Posted: 16 Dec 2009 07:06 PM PST What constitutes 'Service' is certainly a subject matter of discussion. Its plain meaning is an Act of helpful Activity or Rendering of Assistance or Help. Service is generally a feeling in the form of efforts and excludes sale of goods or property... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Section 14A of and date of applicability of Rule 8D, allowability on interest on investment held as stock in trade Posted: 16 Dec 2009 06:58 PM PST Whether for the purpose of disallowance under Section 14A of the Act:-(a) Rule 8D is to be considered as retrospective; Whether before application of Rule 8D the Assessing Officer should give a holding that he is not satisfied for the basis or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Frequently asked questions on section 115JB related to adjustment of Depreciation, Capital gain, Prior period Expenses, Loss etc Posted: 16 Dec 2009 06:46 PM PST Whether in determination of book profit u/s 115JB of I. T. Act, adjustment is to be made for:-(a) Depreciation not debited to P & L Account but a note is given in respect thereof; (b) Capital gain not credited to P & L account and taken to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Mumbai CBI raids ex-Commissioner of Income Tax (Appeal), XIV Posted: 16 Dec 2009 05:50 PM PST The Central Bureau of Investigation has registered a case against the then Commissioner Income Tax (Appeal), XIV, Mumbai U/s 13(2) r/w 13(1)(d) of PC Act. on the allegation that he had obtained pecuniary advantage to the tune of Rs. 50 lakhs... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

I-T department scrutnising frozen demat accounts having balance in excess of 10 lakh as on December 2008 Posted: 16 Dec 2009 05:35 PM PST More than 6,300 frozen demat accounts are now finding some claimants, giving new leads to the Income Tax department's probe in the matter pertaining to Rs 6,700 crore of unclaimed stocks. A number of accounts were lying idle since 2007 and no... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

MCA announced new parameters for scrutiny of companies, cash at bank vital parameter for scrutiny Posted: 16 Dec 2009 05:21 PM PST he Ministry of Corporate Affairs (MCA) has worked out new parameters for scrutiny of companies. These are based on reports on the Satyam fraud investigation. In instructions to the Registrar of Companies (RoC), MCA has pointed to 'cash at bank' as a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBEC issued clarification regarding labelling and repacking etc. amounting to manufacture. Posted: 16 Dec 2009 05:14 PM PST It has been brought to the notice of Board that certain dealers are receiving liquid chemicals in bulk in containers and offloading the same at the dealers' premises or godown into drums of 200ltrs for subsequent marketing of these materials to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government will take inputs from various stake holders before giving final shape to DTC Posted: 16 Dec 2009 05:09 PM PST The government will take inputs from various stake holders before giving final shape to Direct Taxes Code, said the Finance Minister Pranab Mukherjee while addressing the second meeting of the parliamentary consultative committee attached to the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Finance commission recommend five GST exemptions, ONE GST rate of 12% and implementation from October 2010 Posted: 16 Dec 2009 05:02 PM PST The Thirteenth Finance Commission's taskforce on the proposed goods and services tax (GST) has recommended a 5 per cent central GST and 7 per cent state GST on all goods and services, except five specific categories. It has proposed a zero rate for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Even exempt capital gains are includible in "book profits" Posted: 16 Dec 2009 08:26 AM PST The assessee earned long-term capital gains of Rs. 40.57 L which was not chargeable to tax u/s 54EC. As the said gains were credited to the P&L A/c, the assessee excluded the gains whilst computing "book profits" u/s 115JB in view of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Department of posts to distribute new pension system Posted: 16 Dec 2009 08:20 AM PST The Department of Posts, Government of India, has been enlisted as a Point of Presence (PoP) for distribution of the New Pension System (NPS) by Pension Fund Regulatory & Development Authority (PFRDA). The Department of Posts (DOP) would, to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Impact of counterfeit currency on National Economy is negligible Posted: 16 Dec 2009 08:17 AM PST Impact of counterfeit currency on National Economy. Reserve Bank of India maintains that the volume of fake currency is negligible, at less than 0.001% (8 notes per million pieces) of the total notes in circulation and, therefore, there is no... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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