Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Aug 6, 2010 at 9:36 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Enquiry into IPL Controversy
• Direct tax Collections Register 15.75% Growth During first four months of present Fiscal
• Fight between IRDA and SEBI led to ULIP Ordinance: Pranab
• ICAI in talks with many countries for Mutual Recognition Agreements
• Foreign firms' share transfer between two non-resident companies not taxable: Vodafone
• Suo moto transfer of case by one Assessing officer to another is illegal – Kolkata High Court
• Caller tunes in Maharashtra may soon cost more
• Cashless mediclaim facility will continue: Pranab Mukherjee
• Argentina agrees to co-operate on customs and tax
• Disclosure of Fund flow statement may soon become mandatory for all companies
• Payment made for computer software not Royalty and TDS u/s. 195 not applicable
• Administrative Control over Export Oriented Units by the Central Excise formations – reg.
• Corporate Identity Number (CIN) to Curb Registration of Fictitious Companies
• ICAI organizing convocation for its members enrolled during the period September, 2009 to February, 2010
• Filing of Annual Return, Balance Sheet, Etc. by Companies
• Scheme for Helping Companies to get the Delay in filing ROC documents Condoned
• Clarification about permissible free baggage allowance under Baggage Rules, 1998 for the persons returning from Hong Kong Special Administrative Region (SAR), People's Republic of China
• Senior Citizens Savings Scheme (Amendment) Rules, 2010 – Amendment in rule 8
• Vodafone case hearing starts in HC
• Clarification on Import of Boric Acid vide Circular No.24/2010-Customs
• Notification No. 67/2010- Notified scheme for purposes of section 80-IB(10)

Enquiry into IPL Controversy Posted: 05 Aug 2010 08:34 PM PDT Indian Premier League (IPL) involves city teams managed by private entities. Ministry of Youth Affairs & Sports does not deal with IPL because the national team does not participate in the IPL tournaments. However, Ministry of Finance ( Deptt.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Direct tax Collections Register 15.75% Growth During first four months of present Fiscal Posted: 05 Aug 2010 08:31 PM PDT Net direct tax collections during first four months of the present fiscal (up to July 2010) stood at Rs.85,647 crore, up from Rs.73,990 crore in the same period last fiscal, registering a growth of 15.75 percent. Growth in Corporate Income Tax was... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Fight between IRDA and SEBI led to ULIP Ordinance: Pranab Posted: 05 Aug 2010 08:18 PM PDT The Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) disregarded the Finance Minister's suggestion to "jointly seek a binding legal mandate from an appropriate High Court" on which body had... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

ICAI in talks with many countries for Mutual Recognition Agreements Posted: 05 Aug 2010 08:15 PM PDT The chances of 1.6 lakh chartered accountants in the country being employed in companies and organisations across the world will soon be brighter with India going in for Mutual Recognition Agreements (MRAs) with many nations. Having already worked... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Foreign firms' share transfer between two non-resident companies not taxable: Vodafone Posted: 05 Aug 2010 07:57 PM PDT Vodafone's senior counsel, Harish Salve, today began arguments on behalf of the company on its plea against the income tax department in the Hutchison case. The arguments could continue for some weeks. The company had moved court on a showcause... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Suo moto transfer of case by one Assessing officer to another is illegal – Kolkata High Court Posted: 05 Aug 2010 07:29 PM PDT Therefore, since it has been held in this judgement that it is imperative on part of the respondents to issue order under section 127(3), the letters/notices under challenge are set aside and quashed. The writ petition is allowed. Consequential... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Caller tunes in Maharashtra may soon cost more Posted: 05 Aug 2010 07:07 PM PDT One thing is sure. Indian government is very creative and full of ideas when it comes to imposition of new taxes on common man. Whether it's FBT, STT, BCTT, DDT or many more taxes, some of which taxed even twice the same income. Now Maharashtra... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Cashless mediclaim facility will continue: Pranab Mukherjee Posted: 05 Aug 2010 06:57 PM PDT Finance Minister Pranab Mukherjee on Monday allayed fears of withdrawal of the cashless mediclaim facility by public sector general insurance companies, saying these firms have not done away with these schemes and are only standardising the rates... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Argentina agrees to co-operate on customs and tax Posted: 05 Aug 2010 06:47 PM PDT India and Argentina have initiated a co-operative agreement to provide mutual assistance in customs operations and are to start negotiations regarding a Tax Information Exchange Agreement ("TIEA"). [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Disclosure of Fund flow statement may soon become mandatory for all companies Posted: 05 Aug 2010 06:29 PM PDT The government is considering to make it mandatory for all companies to disclose a fund flow statement, an indicator of utilisation of financial resources by an entity, along with their annual financial reports. The provisions for mandatory... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Payment made for computer software not Royalty and TDS u/s. 195 not applicable Posted: 05 Aug 2010 06:23 PM PDT A computer software when put into a media and sold, it becomes goods like any other audio cassette or painting on canvass or book. The amount paid by the assessee towards purchase of IXOS-eCON for R/3 50 users cannot be treated as payment of royalty... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Administrative Control over Export Oriented Units by the Central Excise formations – reg. Posted: 05 Aug 2010 05:42 PM PDT Vide Circular No. 31/2003-Customs dated 7.04.03, the administrative control over EOUs, (including EHTP and STP) in the port cities, falling within the territorial jurisdiction of Commissioner of Customs, is with the concerned Commissioners of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Corporate Identity Number (CIN) to Curb Registration of Fictitious Companies Posted: 05 Aug 2010 05:24 PM PDT The Government has said that to curb registration of fictitious companies, every company is being allotted Corporate Identity Number from the year 2000. Giving this information in written reply to a question in the Rajya Sabha, Shri Salman Khurshid,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

ICAI organizing convocation for its members enrolled during the period September, 2009 to February, 2010 Posted: 05 Aug 2010 05:20 PM PDT Members who enrolled as Associate members from 01st September, 2009 to 28th February, 2010 would be eligible to receive their membership certificate in person at the Convocation. However in case of Eastern Region, it would be from November, 2009 to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Filing of Annual Return, Balance Sheet, Etc. by Companies Posted: 05 Aug 2010 05:11 PM PDT Shri Salman Khurshid, Minister of Corporate Affairs, has said that under the Companies Act,1956, it is mandatory for all companies to submit annual return, balance-sheet, etc. to the Government. Giving this information in written reply to a question... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Scheme for Helping Companies to get the Delay in filing ROC documents Condoned Posted: 05 Aug 2010 05:08 PM PDT The Minister of Corporate Affairs has informed the Lok Sabha that the number of companies that have not filed their Annual Return consecutively during the last three years – 2006-07, 2007-08 and 2008-09, is 2,13,185. Of these the maximum number of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Clarification about permissible free baggage allowance under Baggage Rules, 1998 for the persons returning from Hong Kong Special Administrative Region (SAR), People's Republic of China Posted: 04 Aug 2010 05:56 PM PDT The Consulate General of India in Hong Kong has brought to the notice of the Board that the divergent practices are being followed at different airports in India for allowing free allowance under the Baggage Rules, 1998, as amended, for the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Senior Citizens Savings Scheme (Amendment) Rules, 2010 – Amendment in rule 8 Posted: 04 Aug 2010 05:03 PM PDT In case of death of a depositor before maturity, the account shall be closed and deposit refunded on an application in Form 'F' alongwith interest as applicable to the scheme till the date on which the depositor expired, to the nominee or legal... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Vodafone case hearing starts in HC Posted: 04 Aug 2010 02:37 PM PDT Bombay High Court on Wednesday began hearing on Vodafone's plea challenging income-tax department's tax claim of $2 billion on the telecos' buyout of Hutchison's stake in Hutchison-Essar in 2007 for $11 billion. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Clarification on Import of Boric Acid vide Circular No.24/2010-Customs Posted: 04 Aug 2010 01:06 PM PDT Circular No.24/2010-Customs, F.No.528/9/2004-Cus(TU), Subject: Import of Boric Acid – clarification – regarding Attention is invited to Board's Circular No.61/2004 dated 28.10.2004, Circular No.37/2005-Customs dated 6.09.2005 and Customs... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Notification No. 67/2010- Notified scheme for purposes of section 80-IB(10) Posted: 04 Aug 2010 12:12 AM PDT Notified scheme for purposes of section 80-IB(10) -Deductions – Profits and gains from industrial undertakings other than infrastructure development undertakings. Notification No. 67/2010, [F.No.178/37/2006-ITA-I], Dated 3-8-2010 In exercise... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

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