TaxGuru.in : Legal & Tax Updates 04.07.2010

TaxGuru.in : Legal & Tax Updates Bombay high court dismisses petition filed by him under the Income Tax Act, 1961 Posted: 03 Jul 2010 08:38 PM PDT Bollywood superstar Shah Rukh Khan received a setback on Friday when a petition filed by him under the Income Tax Act, 1961, was dismissed by the Bombay high court. A division bench of justices DY Chandrachud and JP Devadhar dismissed Khan's... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Exclusive Benches will be set up in all High Courts to deal with commerce matters Posted: 03 Jul 2010 08:24 PM PDT Exclusive Benches will be set up in all High Courts to deal with commerce matters, Union Law Minister M. Veerappa Moily said on Saturday. The Bill on setting up commerce Benches was already passed by the Lok Sabha. It would now have to be passed by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Advice for filing Income Tax returns just a Phone Call away Posted: 03 Jul 2010 08:19 PM PDT If one wishes to use the service of a TRP for filing I-T returns one can use the helpline started for the purpose. The tax return preparers (TRPs), who were brought in by the Income Tax (I-T) department about two years back to help tax payers file... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Capital Gain Taxation under DTC Regime Posted: 03 Jul 2010 10:07 AM PDT Long-term capital gains :-If shares are held by the tax payer for more than 12 months, then gains arising from their sale/transfer are treated as long term capital gains. If the period of holding is lower, then such gain is treated as short term... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Note on New Service Tax Provisions for Builders & Developers Posted: 03 Jul 2010 09:40 AM PDT The issue of the imposition of service tax on construction and sale of residential property has long been a matter of concern for the real estate and construction industry as well as for buyers of such residential property. It has gained much... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] RBI hikes repo rate, reverse repo rate by 25 bps Posted: 02 Jul 2010 10:32 PM PDT The additional liquidity support to scheduled commercial banks under the LAF to the extent of up to 0.5% of their net demand and time liabilities (NDTL) currently set to expire on July 2, is now extended up to July 16. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Pranab to meet State FMs on July 21 on GST, Constitutional Amendment Bill on GST in final stages Posted: 02 Jul 2010 07:43 PM PDT The law ministry is likely to finalise the Constitutional Amendment Bill on the Goods and Services Tax (GST) by next week. It will send draft of the Bill to the finance ministry which will share it with the empowered group of state finance ministers... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Account Maintenance Charges collected upfront on annual/ half yearly basis on demat accounts Posted: 02 Jul 2010 06:27 PM PDT The Depository Participants (DPs) have a system of collecting account maintenance charge (AMC) from beneficial owners (BOs) towards maintenance of demat accounts for varied periodicity of collection (viz. monthly, quarterly, half yearly and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai