LEGAL & FINANCIAL UPDATES FROM TAX GURU

Johnny and Service Tax Refund Part – III

Sandeep Kanoi — Sun, 22 Nov 2009 05:07:31 +0000

In continuation of the series of previous two articles, elaborating the difficulties in getting the refund claim under GTA service and Port services, we in this article are attempting to present the problems existing in the Service tax refund...

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Johnny and Service Tax Refund Part – IV

Sandeep Kanoi — Sun, 22 Nov 2009 03:53:02 +0000

In this fourth article we are attempting to present the grounds on which departmental authorities are disallowing the refund claims as related to Specialized cleaning services (namely disinfecting, exterminating, sterilizing or fumigating of...

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ICAI Announced – e-Learning course on Transfer Pricing

Sandeep Kanoi — Sat, 21 Nov 2009 17:20:39 +0000

The Finance Act, 2001 has introduced Sections 92 to 92F in the Income-Tax Act, 1961 with effect from Assessment Year 2002-2003 and these provisions are commonly referred to as transfer pricing regulations. These provisions deal with the methods of...

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Special Economic Zone Authority Rules, 2009 Notified

Sandeep Kanoi — Sat, 21 Nov 2009 17:17:32 +0000

In exercise of the powers conferred by clauses (zb), (zc), (zd), (ze), (zf), (zg), (zh), (zi) and (z.j) of sub-section (2) of Section 55 of the Special Economic Zones Act, 2005 (28 of 2005) read with Section 31, the Central Government hereby makes...

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Procedure for Online Registration of TANs

Sandeep Kanoi — Sat, 21 Nov 2009 03:46:57 +0000

The income tax department has asked all deductors to register their TAN on NSDL web site. Once registered, the deductors will be provided User ID and password for authenticated access. Benefit of registration- The access will result in the...

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IT officer released on bail , joined back office

Sandeep Kanoi — Sat, 21 Nov 2009 02:59:18 +0000

This is perhaps the first time an officer arrested for corruption went to office on release from custody—an act considered as violation of rules. On October 25, income tax commissioner Ajoy Kumar Singh was arrested on corruption charges and on...

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IT department conducted Searches and Seizure in various states

Sandeep Kanoi — Sat, 21 Nov 2009 02:54:32 +0000

The Minister of State for Finance, Shri S. S. Palanimanickam, gave the below information in written reply to a question raised in Lok Sabha.The Income Tax Department, assisted by the Enforcement Directorate, has conducted searches and seizure...

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Lenovo removed wrong maps from laptops of Income tax department

Sandeep Kanoi — Sat, 21 Nov 2009 02:50:11 +0000

Two days after TOI reported about the distorted Indian maps in wallpapers on laptops supplied to the income-tax department, the supplier (Lenovo) has started removing it. The systems department of the income-tax department has informed its...

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Joint committees at states level will be formed for inputs on the proposed GST

Sandeep Kanoi — Sat, 21 Nov 2009 02:44:32 +0000

The Empowered Committee of State Finance Ministers will form joint committees at the level of the states for inputs on the proposed goods and services tax before its planned introduction next year.“A joint committee at the level of the states will...

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CBEC slapped Rs. 1200 crore penalty notice on EPFO for evading service tax

Sandeep Kanoi — Sat, 21 Nov 2009 02:37:27 +0000

It's not clear if dipping tax collections have anything to do with it, but the country's largest retirement fund just got a shocker from the revenue authorities. The Central Board of Excise & Customs has slapped a penalty notice on the...

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RBI asked bank and financial institutions to report suspicious deals within 7 days

Sandeep Kanoi — Sat, 21 Nov 2009 02:33:07 +0000

The Reserve Bank of India has asked all banks and financial institutions to furnish a suspicious transaction report to the Financial Intelligence Unit-India within seven days of such a transaction, said a notification from the central bank on...

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Securities Appellate Tribunal set aside charges of insider trading against former MD of Tata Finance

Sandeep Kanoi — Sat, 21 Nov 2009 02:26:23 +0000

The Securities Appellate Tribunal (SAT) has set aside charges of insider trading against Dilip Pendse, former managing director of Tata Finance, and his wife Anuradha Pendse and Nalini Properties. “The charges of insider trading against Dilip...

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RBI Circular on Money changing activities–Suspicious Transaction Reporting Format, Prevention of Money-Laundering Act

Sandeep Kanoi — Sat, 21 Nov 2009 02:22:27 +0000

Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating of Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money-Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering...

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Mumbai ITAT rules on taxability of waiver of loan

Sandeep Kanoi — Sat, 21 Nov 2009 02:14:36 +0000

This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2009-TIOL-707-ITAT-MUM] in the case of Cipla Investments Ltd. (Taxpayer) on taxability of waiver of loan. The ITAT held that since the loan received was on...

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Increase in Registration Fees is unconstitutional and without any reasons

Sandeep Kanoi — Sat, 21 Nov 2009 01:59:33 +0000

As per section 17 of the Indian Registration Act, 1908 any documents related to immovable property exceeding worth Rs.100/- needs to be compulsorily registered. This being a central Act and is being implemented by the state government as per the...

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Notification imposing stamp duty on brokers working in Maharashtra and having office in other states

Sandeep Kanoi — Sat, 21 Nov 2009 01:54:02 +0000

Stamp duty collection as per Article 51A of the schedule I of the Bombay Stamp Act, 1958 to collect the stamp duty from the brokers on transactions of shares and securities conducted in Maharashtra was stayed earlier. Many brokers conduct the...

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RBI advisory asked banks to limit their mutual fund (MF) exposure

Sandeep Kanoi — Fri, 20 Nov 2009 18:18:49 +0000

The Reserve Bank of India (RBI) advisory to banks for limiting their mutual fund (MF) exposure has prodded the lenders to put in place a detailed investment norm. While large banks were capping their MF exposure at 20 per cent of total investment,...

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GST unlikely to be implemented from 1st April, 2010

Sandeep Kanoi — Fri, 20 Nov 2009 18:14:34 +0000

With issues like the exclusion of petroleum products from the purview of Goods and Services Tax (GST) yet to be resolved, India may miss the GST implementation deadline of April 1, 2010. "There are various issues remaining unsolved. Currently, we...

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ICSI proposes 7-Company cap on maximum number of directorship in listed companies

Sandeep Kanoi — Fri, 20 Nov 2009 18:11:47 +0000

The maximum number of listed companies in which an individual can serve as a director should not be more than seven, proposed the Institute of Company Secretaries of India (ICSI) to the ministry of corporate affairs (MCA). The proposal came in the...

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Govt may introduce Governance code for unlisted companies

Sandeep Kanoi — Fri, 20 Nov 2009 18:08:00 +0000

The Ministry of Corporate Affairs is all set to introduce a governance code for unlisted companies on the lines of the one for listed firms to encourage more companies to register on the stock exchanges. Elaborate disclosures and compliance with...

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Confiscation of goods cleared for home consumption

Sandeep Kanoi — Fri, 20 Nov 2009 17:51:18 +0000

“To Confiscate” means to appropriate private property to public treasury. Thus after confiscation the goods becomes a property of the government and the government candeal with it as it wants. Through option of redemption fine, government offers to...

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Mens Rea in Taxation Offences

Sandeep Kanoi — Fri, 20 Nov 2009 17:40:28 +0000

“Mens Rea” literally means a guilty mind. It is a cardinal principle of English Common Law is that a persons cannot be convicted and punished in a proceeding of a criminal nature unless it can shown that he had a guilty mind. The principle is self...

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Vigilant system to track corporate frauds

Sandeep Kanoi — Fri, 20 Nov 2009 17:33:50 +0000

These alerts relate to related party transactions, non-payment of deposits, etc. In reply to an unstarred question in the Lok Sabha today, Minister of Corporate Affairs, Shri Salman Khurshid said that the Registrars of Companies and the regional...

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Exposure draft of XBRL (eXtensible Business Reporting Language) Banking Taxonomy

Sandeep Kanoi — Fri, 20 Nov 2009 17:29:38 +0000

XBRL (eXtensible Business Reporting Language) is an electronic format for communication of business and financial data which is revolutionising business reporting around the world. XBRL is one of a family of "XML" languages which is becoming a...

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TDS rates changed for rent and contracts with effect from October 01, 2009

Sandeep Kanoi — Fri, 20 Nov 2009 04:11:32 +0000

TDS rates in case of Section 194-C and 194-I gets simplified this year. With several deductors requesting the department to ease the rates in these cases, department has finally take a call to streamline these rates.Contract Payments:Earlier,...

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