UPDATES FROM TAX GURU 28.10.2009

UPDATES FROM TAX GURU  Income Tax (I-T) Department issued fresh notice to realty major DLF Final ca old course extended by 2 more attempts Shipping income derived from international operations is outside the purview of the Indo-Swiss Tax Treaty Wealth-tax not Chargeable on Urban Land excluded from the ambit and expression of Urban Land Addition can not be made merely on the basis of assumption Transfer of share completes when the share certificate along with duly executed transfer deed is handed over to the transferee Genuineness of a gift transaction depend on immediate source of the gift Computation of undisclosed income in case no incriminating document was found during search 30 per cent of the 80,000 public limited companies not filing their annual returns Information Technology (Amendment) Act, 2008 Comes Into Force RBI hikes statutory liquidity ratio (SLR) by 1%, leaves key rates unchanged Auto Empanelment with ROC of those who already applied for the Multi-purpose panel for the year 2009-10 Income Tax (I-T) Department issued fresh notice to realty major DLF The Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it's appeal against an additional tax liability imposed on it by the I-T Department is being heard. The demand for additional tax payment first came after the... Final ca old course extended by 2 more attempts Students are hereby informed that the Council of the Institute of Chartered Accountants of India, having due regard to the concerns of students belonging to Final (Old) stream, has decided to extend the Final (Old) Examination by two more attempts... Shipping income derived from international operations is outside the purview of the Indo-Swiss Tax Treaty Whether during the previous years relevant to assessment years 2008-09 and 2009-10, the applicant, in the stated facts and circumstances, had a Permanent Establishment in India under Article 5 of India-Switzerland Double Taxation Avoidance Agreement... Wealth-tax not Chargeable on Urban Land excluded from the ambit and expression of Urban Land The land which falls within the exception of `urban land' would have to be excluded from the ambit and scope of expression `urban land' and, such land would not be covered by the expression `assets' as defined in section 2(ea) of the Wealth-tax Act,... Addition can not be made merely on the basis of assumption Mere possession of currency notes with the assessee cannot prove that payments were actually made by him particularly in the circumstances when he is claiming otherwise and to substantiate such claim the evidence is produced. Related posts:No... Transfer of share completes when the share certificate along with duly executed transfer deed is handed over to the transferee Sale as contemplated u/s 2(47)(i) and extinguishment of rights as contemplated u/s 2(47)(ii) are not mutually inter-changeable; if a particular transaction is the transaction of sale then unless the sale is complete, no transfer can be said to have... Genuineness of a gift transaction depend on immediate source of the gift Parties are heard arid their rival submissions considered. The following facts are not in dispute: a) the identity of the donor is not in doubt; b) gift is by a declaration deed; c) donor has given an affidavit affirming the making of the gift; d)... Computation of undisclosed income in case no incriminating document was found during search Searches conducted by the Income Department are important means for unearthing black money. However, under the scheme before insertion of special procedure for assessment of search cases, valuable time is lost in trying to relate the undisclosed... 30 per cent of the 80,000 public limited companies not filing their annual returns The Corporate Affairs Ministry said on Monday that around 30 per cent of the 80,000 public limited companies are not filing their annual returns.The Ministry has asked the Registrar of Companies (RoC) not to strike off the names of companies by... Information Technology (Amendment) Act, 2008 Comes Into Force With proliferation of information technology enabled services such as e-governance, e-commerce and e-transactions; data security, data privacy and implementation of security practices and procedures relating to these applications of electronic... RBI hikes statutory liquidity ratio (SLR) by 1%, leaves key rates unchanged A hawkish Reserve Bank of India (RBI), while staying away from hiking key rates like repo or reverse repo, hiked the statutory liquidity ratio (SLR) to 25% from 24%. The cash reserve ratio (CRR), the minimum amount banks need to park with the RBI,... Auto Empanelment with ROC of those who already applied for the Multi-purpose panel for the year 2009-10 The Institute has received an Office Memorandum (OM) from the Ministry of Corporate Affairs. As per the OM, the Registrar of Companies will prepare a panel of professionals for Technical Scrutiny of Balance Sheets filled by the Companies for the... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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