Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Sep 22, 2010 at 1:55 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• TDS On Foreign Remittance Deductible Only If Tax Is Assessable In India
• DTC Propose To Tax Companies And Individuals On Income Arising From Investments Overseas
• Parliament To Consider New Companies Bill In November
• Petroleum Ministry Wants Continuation Of Exemption To Oil And Gas Producers Under Proposed Direct Tax Code
• How To Check Your TDS TCS Tax Credit In Form 26AS And Reason For Mismatch
• Manner Of Furnishing Of Income Tax Return For Taxpayers Which Are Liable For Tax Audit Under Section 44AB Of The Income
• Appointment Of Arbitrators And Making The Domestic Arbitration Mechanism Effective And Affordable
• Loss On Dividend Stripping Transactions Cannot Be Disallowed For Years Prior To Introduction Of Specific Anti-avoidance Provisions
• Exempt Income Is Liable To MAT
• Treatment Of Unabsorbed Depreciation Of Financial Year 1996-97 To 2000-01
• Discount Allowed On Sale Of Sim Cards Is Nothing But Commission And TDS Is Applicable Under Section 194H Of Income Tax Act 1961
• Individual Budget With Comparison Chart
• Finance Act No 2 Act 2009

TDS On Foreign Remittance Deductible Only If Tax Is Assessable In India Posted: 21 Sep 2010 06:03 AM PDT A dispute often arises when the payer of the amount to the non-resident feels that the amount to be remitted by him is not recipient s income chargeable under the Indian Income-tax Act Should the payer in such a case deduct [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTC Propose To Tax Companies And Individuals On Income Arising From Investments Overseas Posted: 21 Sep 2010 05:16 AM PDT The income-tax department intends to bring individuals under the ambit of the proposed controlled-foreign companies CFCs The rules on CFCs proposed under the Direct Taxes Code are aimed at ensuring that all companies and in [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Parliament To Consider New Companies Bill In November Posted: 20 Sep 2010 06:34 PM PDT The government on Friday said the new Companies Bill which seeks to modernise corporate laws will be taken up for consideration in the Winter session of Parliament in November nbsp The Standing Committee has given its repor [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Petroleum Ministry Wants Continuation Of Exemption To Oil And Gas Producers Under Proposed Direct Tax Code Posted: 20 Sep 2010 06:13 PM PDT Petroleum ministry has asked the finance ministry to rework the Direct Taxes Code Bill 2010 so that oil and gas producers can continue to enjoy the existing tax breaks which are being grandfathered to their full extent In a letter to r [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How To Check Your TDS TCS Tax Credit In Form 26AS And Reason For Mismatch Posted: 21 Sep 2010 10:42 AM PDT If you are a taxpayers you need to check your Form 26AS to ensure the tax deducted at source TDS is reflected correctly in the income tax records Form 26AS is a consolidated tax statement issued under Rule 31AB of the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Manner Of Furnishing Of Income Tax Return For Taxpayers Which Are Liable For Tax Audit Under Section 44AB Of The Income Posted: 21 Sep 2010 08:04 AM PDT Backdrop -As per the Income-tax Rules 1962 Rules a return of income which is required to be filed electronically can be filed either under a digital signature or by transmitting the data in the return electronically and the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Appointment Of Arbitrators And Making The Domestic Arbitration Mechanism Effective And Affordable Posted: 21 Sep 2010 04:42 AM PDT Looking at the pendency of the cases before various Courts in this country and looking at the technicalities in Courts many support the Alternative Dispute Resolution Mechanism ADR like Arbitration Even the courts have [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Loss On Dividend Stripping Transactions Cannot Be Disallowed For Years Prior To Introduction Of Specific Anti-avoidance Provisions Posted: 21 Sep 2010 07:38 AM PDT S 94 7 was inserted prospectively w e f 1 4 2002 to disallow dividend stripping losses If the argument of the Revenue that even transactions prior to s 94 7 can be disallowed is accepted it will render s 94 7 redundant and als [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exempt Income Is Liable To MAT Posted: 21 Sep 2010 07:23 AM PDT Incomes exempt under the regular provisions of the ITA would be liable to tax under MAT if they are not expressly excluded under the Explanation providing permissible adjustments to be made in computing the book profit [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Treatment Of Unabsorbed Depreciation Of Financial Year 1996-97 To 2000-01 Posted: 21 Sep 2010 07:07 AM PDT the unabsorbed depreciation relating to assessment year 1997-98 to 1999-2000 is to be dealt with in accordance with the provisions of section 32 2 as applicable for assessment year 1997-98 to 1999-2000 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Discount Allowed On Sale Of Sim Cards Is Nothing But Commission And TDS Is Applicable Under Section 194H Of Income Tax Act 1961 Posted: 21 Sep 2010 05:41 AM PDT The Assessee a mobile cellular operator carried on business through distributors and offered the post paid scheme and the pre-paid scheme to its customers The assessee paid charges to the distributors for services rende [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Individual Budget With Comparison Chart Posted: 21 Sep 2010 07:59 AM PDT Individual Budget with Comparison Chart [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Act No 2 Act 2009 Posted: 21 Sep 2010 07:52 AM PDT pdf Income Tax [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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