TaxGuru.in : Legal & Tax Updates 18.07.2010

TaxGuru.in : Legal & Tax Updates Income Tax Provisions in Respect of Filing of Annual Information Return (AIR) Posted: 17 Jul 2010 08:48 PM PDT 1. Section 285BA:- Section 285BA has been substituted by the Finance Act, 2004 w.e.f. 1-4-2005. It is applicable in respect of transactions registered or recorded during any financial year commencing on or after 1-4-2004. Sub-section (1) of section... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Fees for filing Appeal with CIT (A), ITAT, High Court, for filing Revision petition, For Application with settlement commission and court fees Posted: 17 Jul 2010 08:39 PM PDT Under Direct Tax Laws, tax authorities have been given powers to make tax payers comply with their tax obligations and to investigate those who do not. Tax authorities have discretion to make 'best judgement assessment' and to pass orders as they... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Afresh attempt of ICWAI to rename its organisation to ICMAI fumes ICAI Posted: 17 Jul 2010 07:28 PM PDT ICAI has expressed its serious concern to rename the ICWAI body to a name identical to Institute of Chartered Accountants of India. The matter of renaming Institute of Cost & Works Accountants of India proposed to name Institute of Cost &... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Is it Correct to Interpret Section 399 of Companies Act, 1956 technically and strictly? Posted: 17 Jul 2010 06:57 PM PDT It is known that section 397/398 of Companies Act, 1956 substantially provide relief to the minority shareholders/shareholders against the oppression/mismanagement by the Company or the Majority Shareholders in the Company. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] SEBI panel wants open offer trigger at 25% instead of current 15% Posted: 17 Jul 2010 05:48 PM PDT Company takeover rules in India are set to get egalitarian and move closer to global practices, if the market regulator accepts the suggestions of a panel it constituted.The recommendations of the group include treatment of all shareholders of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Pay your Income Tax through credit card Posted: 17 Jul 2010 10:10 AM PDT BANGALORE:Don't have the money to pay tax? Don't worry. This tax filing season, you can pay your Income Tax through credit cards. This is the first of its kind happening in India. About 4.5 lakh tax payers in Bangalore, of which, 37 per cent IT... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Delhi Govt slashes VAT on diesel to bring down the fuel prices by Rs 2.70 per litre Posted: 17 Jul 2010 09:43 AM PDT Inflation-hit Delhiites can breathe a little easy with Delhi Government today slashing the value added tax (VAT) on diesel to 12.5 per cent from the existing 20 per cent which would bring down the fuel prices by Rs 2.70 per litre to Rs 37.50 per... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Even Offshore Services Are Taxable As PE Profits: ITAT Mumbai Posted: 17 Jul 2010 09:11 AM PDT Professional Firms can have a 'service PE'. The words "indirectly attributable to the PE" encompass the "force of attraction" principle and even services rendered offshore for Indian projects are assessable in India [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] All about Commodity Futures & Interest Rate Derivatives Posted: 16 Jul 2010 09:04 PM PDT Futures Trading in Commodity is a natural outgrowth of the problems of maintaining and managing supply of Agricultural Products and other commodities. Worldwide there are many exchanges operating in commodity futures. It has a very long history in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Himachal Pradesh VAT rate change with effect from 15th July, 2010 Posted: 16 Jul 2010 08:52 PM PDT Effective 15 July, 2010, the rate of VAT in Himachal Pradesh has been enhanced, as mentioned below: [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Maharashtra imposes 1% Sales Tax on property sale agreements Posted: 16 Jul 2010 08:48 PM PDT Property buyers in Mumbai and the rest of Maharashtra will now have to spend more, as the state government has issued a notification on the imposition of 1 per cent value added tax (VAT) on the contract price of flats mentioned in the agreement of... [[ 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