Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Aug 16, 2010 at 9:55 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Filing of returns for financial year 2010-2011 -under Maharashtra Value Added Tax act, 2002 and Central Sales Tax Act, 1956
• Issuance of non-convertible debentures (NCDs)-RBI Directions- 2010
• Procedure for Electronic Filing of Central Excise and Service Tax Returns and For Electronic Payment of Excise Duty and Service Tax
• Section 43B – Certain Deductions only on Actual Payments
• Subsequent sale in-transit cannot be denied exemption under Central Sales Tax Act, 1956 on the ground that first sale was exempted
• Analysis of Foreign Direct Investment (FDI) Policy issued by DIPP on 1st April 2010
• ITAT rules on taxpayer's option to choose initial year for claiming tax holiday for telecommunication services
• Any person from whom a non-resident is in receipt of any income can be treated as an agent of such non-resident: Mumbai ITAT
• Procedural Provisions Relating to TDS and Filing of TDS Statements under Income Tax Act 1961
• Inoperative provident fund account Holders may not get any interest on their deposits
• ICAI takes step to ensure availability of examination application form
• FM asks Public Sector Banks to Make Efforts to Adopt International Financial Reporting Standards (IFRSs) by 2012
• FM to lose veto power in GST council
• New norms will help pvt banks retain their India tag
• Company can be prosecuted for conspiracy: HC
• Govt exempts infra bonds from credit ratings
• Sebi right authority to probe Price Waterhouse: ICAI
• Entry Tax imposed on new items and Entry Tax Rates already existing revised by Punjab Government

Filing of returns for financial year 2010-2011 -under Maharashtra Value Added Tax act, 2002 and Central Sales Tax Act, 1956 Posted: 15 Aug 2010 08:54 PM PDT The Maharashtra Sales Tax Department (MSTD) has issued a trade circular no. 19T of 2010 dated 23 June 2010 clarifying certain aspects regarding filing of returns for the financial year 2010-2011 as per the periodicity of returns displayed on MSTD's... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Issuance of non-convertible debentures (NCDs)-RBI Directions- 2010 Posted: 15 Aug 2010 08:48 PM PDT The Reserve Bank of India (RBI) having considered it necessary in public interest and to regulate the financial system of the country to its advantage had laid draft guidelines on the regulation of issue of non-convertible debentures (NCDs) with... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Procedure for Electronic Filing of Central Excise and Service Tax Returns and For Electronic Payment of Excise Duty and Service Tax Posted: 15 Aug 2010 08:21 PM PDT As per notification no. 04/2010- Central Excise (NT) and 01/2010- Service Tax, it is mandatory to file electronic returns of excise and service tax and also payment of excise duty and service tax by all the assessees who have paid central excise... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Section 43B – Certain Deductions only on Actual Payments Posted: 15 Aug 2010 08:07 PM PDT In computation of income under the head Profits and gains of business or profes­sion (PGBP), some of the expenses are allowed under Income Tax Act 1961 and can be claimed by the assessee only in the year in which the payment is actually made. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Subsequent sale in-transit cannot be denied exemption under Central Sales Tax Act, 1956 on the ground that first sale was exempted Posted: 15 Aug 2010 07:51 PM PDT Further, the Hon'ble High Court distinguished the judgments of the Supreme Court in the case of A & G Projects and Technologies Limited Vs. State of Karnataka (2009 (2) SCC 326] and the High Court of Andhra Pradesh in the case of Jadhavjee... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Analysis of Foreign Direct Investment (FDI) Policy issued by DIPP on 1st April 2010 Posted: 15 Aug 2010 07:38 PM PDT The Department of Industrial Policy and Promotion (DIPP) has unveiled a Consolidated FDI Policy on 1 April 2010 which consolidates all the prior policies / regulations on Foreign direct investments (FDI) as per Foreign Exchange Control Regulations... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

ITAT rules on taxpayer's option to choose initial year for claiming tax holiday for telecommunication services Posted: 15 Aug 2010 07:22 PM PDT The option of choosing the initial year for claiming tax holiday under the Section for a consecutive period of 10 out of 15 years (20 years in some cases) from the commencement of operations of an eligible undertaking, is intended to provide... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Any person from whom a non-resident is in receipt of any income can be treated as an agent of such non-resident: Mumbai ITAT Posted: 15 Aug 2010 07:02 PM PDT A recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) in the case of Hindalco Industries Ltd. (Taxpayer) [AIT­2010-211-1TAT] under the provisions of the Indian Tax Act, 1961 (ITA),held that any person from whom a non ­resident is in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Procedural Provisions Relating to TDS and Filing of TDS Statements under Income Tax Act 1961 Posted: 15 Aug 2010 09:30 AM PDT T.D.S means the Tax deducted at source. Whenever a person liable to deduct tax of another person under Income Tax Act, deducts tax, the credit of such tax is given to the deductee when his liability to pay income tax is calculated. Such credit is... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Inoperative provident fund account Holders may not get any interest on their deposits Posted: 15 Aug 2010 09:02 AM PDT Holders of about 3 crore inoperative provident fund accounts may not get any interest on their deposits from the next fiscal if the recommendations of the EPFO's advisory body, Finance and Investment Committee (FIC), are approved. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

ICAI takes step to ensure availability of examination application form Posted: 15 Aug 2010 08:55 AM PDT August 14, 2010. As students are aware, the matter relating to extending the facility of appearance in the final examination during the last 12 months of their articleship training by students who originally registered themselves for the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

FM asks Public Sector Banks to Make Efforts to Adopt International Financial Reporting Standards (IFRSs) by 2012 Posted: 15 Aug 2010 08:47 AM PDT Union Finance Minister, Shri Pranab Mukherjee asked the Public Sector Banks (PSBs) to accelerate the financial deepening else it could constraint the full potential of the Indian economy. The Finance Minister said this is essential to maintain high... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

FM to lose veto power in GST council Posted: 15 Aug 2010 08:22 AM PDT The revised draft of the Constitution Amendment Bill on GST will drop the contentious issue of giving veto powers to the Union Finance Minister in order to bring states on board. However, the Union Finance Minister will remain the chairman of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

New norms will help pvt banks retain their India tag Posted: 15 Aug 2010 08:21 AM PDT The Reserve Bank's proposal to cap foreign investment in new banks below 50 per cent is aimed at maintaining the diversity of the Indian banking sector by avoiding a repeat instance of local banks losing their Indian -owned tag. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Company can be prosecuted for conspiracy: HC Posted: 15 Aug 2010 08:02 AM PDT Dismissing Morgan Tectronics' petition challenging a special CBI court order, which had allowed criminal proceedings against it in a forgery case, the court rejected the company's plea that being a non-living body it cannot have mens rea, or wrong... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Govt exempts infra bonds from credit ratings Posted: 15 Aug 2010 08:01 AM PDT In a major fillip to the success of infrastructure bonds, the government has decided to exempt them from getting the credit ratings -- which are mandatory for all the other kinds of bond issuances. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Sebi right authority to probe Price Waterhouse: ICAI Posted: 15 Aug 2010 07:59 AM PDT Expressing satisfaction over the Bombay High Court order, ICAI today said Sebi is the right authority to probe allegations of irregularities against audit firm Price Waterhouse in the multi-crore Satyam scam. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Entry Tax imposed on new items and Entry Tax Rates already existing revised by Punjab Government Posted: 15 Aug 2010 06:21 AM PDT The Punjab Govt has imposed entry tax on some new items and rate of entry tax on certain items has been revised. These revised rates of entry tax and imposition of entry tax on new items will come into force w.e.f 18/08/2010. The new items and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

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