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Thursday, December 2, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Dec 2, 2010 at 9:40 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Delhi Banks Won T Accept Cheques With Overwriting

Posted: 01 Dec 2010 03:41 PM PST


Cheques with overwriting or cutting will not be honoured by the banks in the capital from today a move intended to prevent fraudulent withdrawal of money and expedite clearance of cheques The RBI in its directive to banks in June

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Sebi Hiding Corrupt Brokers From Public

Posted: 01 Dec 2010 03:37 PM PST


The inquiry reports of National Stocks Exchange in the alleged defaults by a brokerage firm should be made public the Central Information Commission has told the Securities and Exchange Board of India SEBI The transparency panel

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I Quit BSE Due To Poor Corporate Governance- Kulkarni

Posted: 01 Dec 2010 03:33 PM PST


Vivek Kulkarni who resigned from the Board of the Bombay Stock Exchange BSE about a month-and-a-half ago cited a lack of corporate governance at the bourse as his reason for doing so nbsp I resigned from the board followin

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Realty Firms May Not Be Permitted To Roll-over The Loan Taken From Banks

Posted: 01 Dec 2010 03:24 PM PST


The cash-starved real estate sector could well find the going tougher Smarting under the allegations of bribery against some its executives for granting loans to realty firms banks are contemplating whether to bar roll-over of the

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CBI Registers A Case Against One Advocate And Others For Indulging In Violence In Court Premises

Posted: 01 Dec 2010 03:17 PM PST


The Central Bureau of Investigation has registered a case U s 143 147 149 186 189 353 427 451 and 506 IPC against an Advocate of Lucknow Courts and others on the direction of Lucknow Bench of Allahabad High Court nbsp It

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Rs 389 Crore Outstanding Loans Under CBI Scrutiny- LIC Housing

Posted: 01 Dec 2010 02:54 PM PST


LIC Housing Finance which is in the eye of the loan scam on Monday said that outstanding loans to the tune of Rs 389 crore are under the scrutiny of the Central Bureau of Investigation CBI but claimed that these are performing

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Capital Requirement Of Public Sector Banks

Posted: 01 Dec 2010 02:45 PM PST


The Cabinet today approved to provide an additional amount of Rs 6000 crore in addition to the Rs 15000 crore already provided in the Budget 2010-11 to ensure Tier I CRAR Capital to Risk Weighted Assets of all Public Sector Ba

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Finance Minister Launches New Website Of Department Of Disinvestment

Posted: 01 Dec 2010 02:42 PM PST


Union Finance Minister Shri Pranab Mukherjee launched the new website of the Department of Disinvestment www divest nic in here today Launching the revamped website the Minister said that in the age of information technology a

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How To Disclose On Interest Payable Under Sections 234B 234C Of Income-tax Act

Posted: 02 Dec 2010 01:03 AM PST


Query- X Limited is not able to estimate its profit with reasonable certainty for a particular year This results in the payment of lower advance tax vis- -vis the amount payable under the Income Tax Act 1961 Consequently the co

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Consideration Of Loan Convertible In Equity Shares In Case Of Default In Calculation Of EPS

Posted: 02 Dec 2010 01:00 AM PST


Query- Loan Limited the company has taken a secured loan of 2100 million from the bank The loan agreement contains various covenants which need to be complied with over the period of the loan The loan agreement gives the bank a

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How To Disclose Share Applications Received Under The Applications Supported By Blocked Amounts ASBA Facility

Posted: 02 Dec 2010 12:56 AM PST


Query- Issuer Limited the company made a public issue of 1 000 000 equity shares of Rs 10 each issued at a premium of 2100 per share In response to its offer for the public issue the company received applications for 1 600 000

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Section 14A Not Applicable If Investment In Shares Not Made Out Of Borrowed Funds And Depreciation Allowable On Goodwill And Non-compete Fees

Posted: 02 Dec 2010 12:53 AM PST


ITAT Mumbai held in above case that that since there was no sale discarding demolition or destruction of an asset no adjustment can be made to the Written Down Value WDV of the block of assets Accordingly the depreciation on goo

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The Perquisite Value Of Rent Free Accommodation Shared Between Expatriates Should Be On A Proportionate Allocable Basis

Posted: 02 Dec 2010 12:48 AM PST


ITAT Delhi held that the perquisite value of rent free accommodation RFA provided by the employer being shared between expatriates should be on a proportionate allocable basis provided it is supported by appropriate evidence

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Back Office Operations And Software Development Services Carried Out By An Indian Subsidiary Is Permanent Establishment Of Foreign Company

Posted: 01 Dec 2010 04:23 PM PST


The back office operations and software development services carried out by an Indian subsidiary are held to be a fixed place permanent establishment of a Foreign Company It has also been held that the contract entered into by the for

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Adjustment Of Notional Royalty For The Know How Transferred To Indian Company Against The Purchase Consideration For The Products Manufactured For T

Posted: 01 Dec 2010 04:17 PM PST


Recently the Bangalore bench of the Income-tax Appellate Tribunal the Tribunal in the case of Robert Bosch GmbH v ACIT 2010-TII-149-ITAT-BANG-INTL the taxpayer while rejecting the contention of the tax department held that the

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Tribunal Confirms Interest Imputed On Inter-Company Receivables Is Includible In Transfer Pricing Assessment

Posted: 01 Dec 2010 04:07 PM PST


The Bangalore tribunal has confirmed the inclusion of imputing interest on inter-company receivables as part of the transfer pricing assessment scrutiny and held that the arm s length principle is equally applicable to interest on re

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Mere Provision Of A Dredger On Dry Lease For Carrying Out Dredging Activity In India Does Not Result In The Taxpayer Having A PE As Per The India-Neth

Posted: 01 Dec 2010 04:01 PM PST


Recently the Mumbai bench of the Income-tax Appellate Tribunal the Tribunal in the held that mere provision of a dredger on dry lease for carrying out dredging activity in India does not result in the taxpayer having a Permanent Est

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Income From Supply Of Information Relating To Various Markets Should Be Taxed As Business Profits Under The India-Singapore Tax Treaty

Posted: 01 Dec 2010 03:58 PM PST


Mumbai bench of the Income-tax Appellate Tribunal held that the income from supply of information relating to various markets should be taxed as business profits under Article 7 3 of the India-Singapore tax treaty tax treaty and ac

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Revenue Secretary Amp CBDT Chairman Summoned For Turning Deaf Ear To Inefficiencies Redressal

Posted: 01 Dec 2010 03:12 PM PST


The department filed an appeal in the High Court and claimed that as the Tribunal s order was received on a particular date the appeal was on time However the assessee obtained information from the Tribunal under the Right to Info

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Establishment Of Connectivity With Both Depositories NSDL And CDSL Companies Eligible For Shifting From TFTS To Normal Rolling Settlement

Posted: 01 Dec 2010 03:52 PM PST


CIR MRD DP 35 2010 nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp December 01 2010 nbsp nbsp Sub Establishment of Connectivity with both depositories NSDL and CDSL Companies eligible for shifting from Trade for Tr

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For West Bengal Govt Employees Income Tax Preparation Software FY 2010-2011 Automated

Posted: 01 Dec 2010 05:51 PM PST


For West Bengal Govt Employees Income Tax Preparation Software in Excel Based for financial year 2010-2011 It can prepare at time the Salary Statement Form-16 ITR-I Arrears Relief U s 89 This Software can help to prepare the all In

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

Central State Govt Employees Income Tax Preparation Software For FY 10-11 All In One

Posted: 01 Dec 2010 05:44 PM PST


Prepare the Income Tax Preparation Software in Excel for financial year 2010-2011 It can prepare at a time the Salary Statement Form no 16 ITR-I saral-ii 10e Just Put your Data and prepare automated the All Papers at your present

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

Prepare Your All Income Tax Papers At A Time For Financial Year 2010-2011 Salaries Person

Posted: 01 Dec 2010 05:37 PM PST


Prepare Income Tax Papers which are included Salary Statement Form No-16 ITR-I 10E for the financial year 2010-2011 Salaries Person Non-Govt Employees only This Soft ware not seen before This Software is in Excel easy to operate ea

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Guidance Notes On Accounting In Financial Statement Of Mutual Funds

Posted: 30 Nov 2010 10:16 PM PST


guidance notes on accounting in financial statement of mutual funds Pls write down me for any query in this regards With Warm regards Madhusudan Kabra

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