Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Dec 13, 2010 at 9:39 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Levy Of Interest U S 234A U S 234B And U S 234C How Much Mandatory
• Penalty U S 271 1 C Not Leviable When No Provision In Statute For Penalizing Alleged Offence
• I-T Department Expects To Collect Rs 2500-cr In Vodafone Case
• The 191st Meeting Of The Central Board Of Trustees Employees Provident Fund Decides To Increase Exposure For Public Fin
• I-T Department Issues Notices To Brokers Corporate Investors For Under-reporting Of Income
• Clarification By Union Home Secretary On Radia Tapes
• Income-Tax Department Denies Leaking Radia Tapes
• SC May Make Public The Report On Black Money Submitted By ED
• Extra FSI May Reduce Realty Prices
• What S In A Name A Lot For India Inc During 2010
• CCI Wing Recommends Action Against NSE For Abusing Its Dominant Position In Currency Derivatives Trade Segment
• Sebi To Snoop On Facebook Twitter For Stock Market Probe
• Sebi Awaiting Government Nod For Phone Tapping
• SEBI Officials May Be Questioned On Leaked Report
• FM Praises Income Tax Department S Handling Of Vodafone Case
• Penalty Provisions Under The Service Tax Law
• Service Tax Exemption And Related Provisions In Brief
• FAQ Related To Service Tax Refund
• Service Tax Provisions Related To Filing Of Half Yearly Returns And Records To Be Maintained By The Assessee
• When Clients Recipient Of Service Do Not Pay Service Tax Amount What Should Be Done
• All About Payment Of Service Tax
• Brief Introduction To Service Tax And Service Tax Registration In Question-Answer Mode
• Department Of Revenue Issues Draft Authorized Economic Operator AEO Scheme For Stakeholders Engaged In International T
• Unique Electronic Clearing System -Department Of Excise Taxation Punjab
• EPFO- FAQ On Special Provision For International Workers
• ICWAI- Procedure To Obtain Duplicate Mark Sheet
• Advance Tax Provisions In Brief Download Advance Tax Payment Challan And Utility To Pay Income Tax Online
• Software Maintenance In The Nature Of Upgradation Or Enhancement Classifiable Under Information Technology Software
• Accrual Of Income Must Be Factual And Not Merely Contractual
• Mere Short Period Of Holding Shares Does Not Imply That Intention Was Only To Trade In Security
• Penal Action Under Rule 173Q 1 Bb Of The Central Excise Rules 1944 For Wrongly Taking Credit
• Inauguration Of Income Tax Office At Chinsurah West Bengal

Levy Of Interest U S 234A U S 234B And U S 234C How Much Mandatory Posted: 13 Dec 2010 12:30 AM PST As a general rule levy of penal interest u s 234-A u s234-B and u s 234-C for alleged delay in depositing taxes has held to be mandatory by the Supreme Court in the case of CIT vs Anjum M H Ghaswala 2001 252 ITR 1 SC Unless [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Penalty U S 271 1 C Not Leviable When No Provision In Statute For Penalizing Alleged Offence Posted: 13 Dec 2010 12:27 AM PST A penalty is a creature of the Statute Unless there is a specific provision in the Act providing for levy of penalty the same cannot be levied Further even if there is an overall provision but the machinery in the provision is [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T Department Expects To Collect Rs 2500-cr In Vodafone Case Posted: 12 Dec 2010 01:17 PM PST Mumbai Income Tax authorities expect to collect Rs 2 500 crore on accounts of the ongoing Vodafone case The collection would help the department achieve its tax collection target for this fiscal a department press release said her [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The 191st Meeting Of The Central Board Of Trustees Employees Provident Fund Decides To Increase Exposure For Public Fin Posted: 12 Dec 2010 12:38 PM PST The 191st Meeting of the Central Board of Trustees Employees Provident Fund Decides to Increase Exposure for Public Financial Institutions and PSUs Investments nbsp nbsp The 191st meeting of the Central Board of Trustees Emplo [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T Department Issues Notices To Brokers Corporate Investors For Under-reporting Of Income Posted: 12 Dec 2010 11:33 AM PST The Income Tax department is learnt to have sent notices to over a dozen proprietary stock trading firms and corporate investors for alleged under-reporting of taxable income for assessment years 2006-07 and 2007-08 nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification By Union Home Secretary On Radia Tapes Posted: 12 Dec 2010 11:28 AM PST Following is the text of the clarification issued by the Union Home Secretary Shri G K Pillai here today on the issue of interception of the telephones of Ms Niira Radia nbsp My attention has been drawn to reports that hav [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income-Tax Department Denies Leaking Radia Tapes Posted: 12 Dec 2010 11:26 AM PST The Income-Tax Department on Friday denied leaking Radia tapes Responding to the Tata Group Chairman Mr Ratan Tata s petition the Department in an affidavit before the Supreme Court said a probe was on into the leak nbsp T [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC May Make Public The Report On Black Money Submitted By ED Posted: 12 Dec 2010 11:23 AM PST The Supreme Court today said it will consider making public the status report filed by the Enforcement Directorate about its investigations into the issue of black money stashed in foreign banks only after examining it nbsp nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Extra FSI May Reduce Realty Prices Posted: 12 Dec 2010 11:18 AM PST The amendment to the Maharashtra Regional and Town Planning Act 1966 allowing additional floor space index of 33 in the suburbs for a premium is expected to reduce realty prices to some extent real estate experts said The reaso [[ This is a content summary only. Visit www.taxguru.in for full article ]]

What S In A Name A Lot For India Inc During 2010 Posted: 12 Dec 2010 11:13 AM PST Name may not have mattered much to Juliet who famously said in William Shakespeare s epic Romeo and Juliet that a rose by any other name would smell as sweet but it seems to mean a lot for the corporate world nbsp As the ye [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CCI Wing Recommends Action Against NSE For Abusing Its Dominant Position In Currency Derivatives Trade Segment Posted: 12 Dec 2010 11:06 AM PST The investigation wing of the competition watchdog CCI is believed to have recommended action against the National Stock Exchange NSE for abusing its dominant position in currency derivatives trade segment nbsp it is conclude [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi To Snoop On Facebook Twitter For Stock Market Probe Posted: 12 Dec 2010 10:59 AM PST With an aim to use latest technology in its probe and oversight on stock market deals watchdog Sebi is putting in place new software tools that would analyse discussions on social networking platforms nbsp Besides social netwo [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi Awaiting Government Nod For Phone Tapping Posted: 12 Dec 2010 10:56 AM PST Phone tapping by the country s tax authorities may have created a major controversy but the capital market watchdog Sebi is not authorised to intercept calls and is awaiting the government s permission for years nbsp Only a se [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI Officials May Be Questioned On Leaked Report Posted: 12 Dec 2010 10:55 AM PST Central security agencies are likely to question some officials of market regulator SEBI and a few stock market operators on leakage of a classified report purportedly prepared by the Intelligence Bureau which led to fall in share [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM Praises Income Tax Department S Handling Of Vodafone Case Posted: 12 Dec 2010 09:04 AM PST Union Finance Minister Pranab Mukherjee praised the efforts and professional competence of the Income Tax Department in handling the Vodafone tax dispute efficiently in all the forums nbsp The department at present expects the Rs 2 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Penalty Provisions Under The Service Tax Law Posted: 12 Dec 2010 02:24 PM PST 1 What are the penal provisions for various contraventions of the Service Tax Law nbsp The Penal provisions for various contraventions of the Service Tax Law are as follows - nbsp i nbsp nbsp nbsp nbsp nbsp nbsp nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax Exemption And Related Provisions In Brief Posted: 12 Dec 2010 02:15 PM PST 1 What are the conditions of exemption to small scale service providers nbsp Taxable services provided by the small scale service provider were exempted from whole of service tax leviable there-on upto the aggregate taxable va [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FAQ Related To Service Tax Refund Posted: 12 Dec 2010 02:08 PM PST 1 Can any adjustment of tax liability be made by an assessee on his own in cases when Service Tax has been paid in excess nbsp i Yes Where an assessee has paid Service Tax to the credit of the Government in respect of a taxab [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax Provisions Related To Filing Of Half Yearly Returns And Records To Be Maintained By The Assessee Posted: 12 Dec 2010 02:05 PM PST 1 What are the Returns a service tax assessee has to file nbsp ST-3 Return For all the registered assessee including Input Service Distributors Ref Section 70 of Finance Act 1994 and Rule 7 of Service Tax Rules 1994 r [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When Clients Recipient Of Service Do Not Pay Service Tax Amount What Should Be Done Posted: 12 Dec 2010 01:55 PM PST 1 Is the Service Tax payable by the assessee even in cases where his clients recipient of service do not pay for the service s rendered or when the client pays only a part of the bill raised in this regard nbsp Service Tax [[ This is a content summary only. Visit www.taxguru.in for full article ]]

All About Payment Of Service Tax Posted: 12 Dec 2010 01:51 PM PST 1 How to pay Service Tax nbsp Form G A R 7 previously known as TR6 Challan should be used to make service tax payments Payment of service tax may be made at the specified branches of the designated banks The details of such [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Brief Introduction To Service Tax And Service Tax Registration In Question-Answer Mode Posted: 12 Dec 2010 01:43 PM PST 1 What is Service Tax and who pays this tax nbsp Service tax is as the name suggests a tax on Services It is a tax levied on the transaction of certain services specified by the Central Government under the Finance Act 199 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Department Of Revenue Issues Draft Authorized Economic Operator AEO Scheme For Stakeholders Engaged In International T Posted: 12 Dec 2010 01:30 PM PST In a significant development Department of Revenue has issued draft Authorized Economic Operator AEO Scheme for stakeholders engaged in international trade Views comments of trade and industry are sought on the AEO Scheme by 15 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Unique Electronic Clearing System -Department Of Excise Taxation Punjab Posted: 12 Dec 2010 12:55 PM PST Background - The Department of Excise and Taxation Punjab has introduced Unique Electronic Clearing System at the Information Collection Centres ICC w e f 6 December 2010 with a view to have smooth interaction with the Departme [[ This is a content summary only. Visit www.taxguru.in for full article ]]

EPFO- FAQ On Special Provision For International Workers Posted: 12 Dec 2010 12:29 PM PST 1 Who is an International worker nbsp An International worker may be an Indian worker or a foreign national This means an Indian worker who has divided his her career between India and another country with whom India has [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICWAI- Procedure To Obtain Duplicate Mark Sheet Posted: 12 Dec 2010 08:18 AM PST A Duplicate Mark Sheet can be obtained on payment of Rs 50 - only within a maximum period of 5 years from date of declaration of the concerned examination results nbsp Duplicate Mark Sheet for the examination whose date of declara [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Advance Tax Provisions In Brief Download Advance Tax Payment Challan And Utility To Pay Income Tax Online Posted: 12 Dec 2010 08:13 AM PST It s time to pay the next installment of advance tax for the financial year 2010-11 The deadline for payment of this installment of advance tax is December 15 According to the Income Tax Act assessees are required to pay tax in a [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Software Maintenance In The Nature Of Upgradation Or Enhancement Classifiable Under Information Technology Software Posted: 11 Dec 2010 01:28 AM PST Brief Facts - SAP India Pvt Ltd the Appellants entered into end-user license agreements with clients for maintenance of information technology software already installed in the computer systems and made operational Show cause noti [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Accrual Of Income Must Be Factual And Not Merely Contractual Posted: 13 Dec 2010 12:10 AM PST ITAT was right in law and on merits by deleting the additions of income made as interest earned acquired on the loan advanced to M s Shaw Wallace by considering the interest as doubtful and unrealizable [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mere Short Period Of Holding Shares Does Not Imply That Intention Was Only To Trade In Security Posted: 12 Dec 2010 11:33 PM PST Primarily the intention with which an assessee starts his activity is the most important factor If shares are purchased from own funds with a view to keep the funds in equity shares to earn considerable return on account of enhancem [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Penal Action Under Rule 173Q 1 Bb Of The Central Excise Rules 1944 For Wrongly Taking Credit Posted: 12 Dec 2010 08:34 AM PST The necessary facts in brief are that the show cause notice dated 15 2 1999 was issued to the assessee alleging that it had wrongly taken credit to the extent of 5 37 799 under Rule 57A of the Rules during August 1998 The notice [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Inauguration Of Income Tax Office At Chinsurah West Bengal Posted: 12 Dec 2010 12:16 PM PST OFFICE OF THE CHIEF COMMISSIONER OF INCOME TAX PUBLIC RELATIONS WING AAYAKAR BHAVAN P-7 CHOWRINGHEE SQUARE GROUND FLOOR KOLKATA - 700 069 nbsp No CCIT PRO Advert amp Publicity CCIT-I 2010-11 Dated 8 12 2010 nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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