Fwd: TaxGuru.in : Legal & Tax Updates

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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

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• Delhi Banks Won T Accept Cheques With Overwriting
• Sebi Hiding Corrupt Brokers From Public
• I Quit BSE Due To Poor Corporate Governance- Kulkarni
• Realty Firms May Not Be Permitted To Roll-over The Loan Taken From Banks
• CBI Registers A Case Against One Advocate And Others For Indulging In Violence In Court Premises
• Rs 389 Crore Outstanding Loans Under CBI Scrutiny- LIC Housing
• Capital Requirement Of Public Sector Banks
• Finance Minister Launches New Website Of Department Of Disinvestment
• How To Disclose On Interest Payable Under Sections 234B 234C Of Income-tax Act
• Consideration Of Loan Convertible In Equity Shares In Case Of Default In Calculation Of EPS
• How To Disclose Share Applications Received Under The Applications Supported By Blocked Amounts ASBA Facility
• Section 14A Not Applicable If Investment In Shares Not Made Out Of Borrowed Funds And Depreciation Allowable On Goodwill And Non-compete Fees
• The Perquisite Value Of Rent Free Accommodation Shared Between Expatriates Should Be On A Proportionate Allocable Basis
• Back Office Operations And Software Development Services Carried Out By An Indian Subsidiary Is Permanent Establishment Of Foreign Company
• Adjustment Of Notional Royalty For The Know How Transferred To Indian Company Against The Purchase Consideration For The Products Manufactured For T
• Tribunal Confirms Interest Imputed On Inter-Company Receivables Is Includible In Transfer Pricing Assessment
• 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
• Income From Supply Of Information Relating To Various Markets Should Be Taxed As Business Profits Under The India-Singapore Tax Treaty
• Revenue Secretary Amp CBDT Chairman Summoned For Turning Deaf Ear To Inefficiencies Redressal
• Establishment Of Connectivity With Both Depositories NSDL And CDSL Companies Eligible For Shifting From TFTS To Normal Rolling Settlement
• For West Bengal Govt Employees Income Tax Preparation Software FY 2010-2011 Automated
• Central State Govt Employees Income Tax Preparation Software For FY 10-11 All In One
• Prepare Your All Income Tax Papers At A Time For Financial Year 2010-2011 Salaries Person
• Guidance Notes On Accounting In Financial Statement Of Mutual Funds

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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