TaxGuru.in : Legal & Tax Updates 03.08.2010

TaxGuru.in : Legal & Tax Updates Any disclosure made subsequent to seizure of incriminating material cannot be called voluntary Posted: 02 Aug 2010 08:46 PM PDT When the disclosure is made subsequently to the seizure of incriminating material, the disclosure is made because of adverse consequences and such disclosure is not voluntary. On the facts of the case, the disclosure was made pursuant to search and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Consequences of Filing Income Tax Return After Due Date Posted: 02 Aug 2010 08:45 PM PDT The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Is It Wrong To Express Opposition When The Judge Departs From The Settled Practice? Posted: 02 Aug 2010 08:44 PM PDT I have great respect for judiciary and legal profession. I have heard about the eminent lawyers in India like H.M.Seervai and his courage and commitment to the chosen principles. I have studied that he was so courageous and never compromised with... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Biyani offers 50 crore Salary Package to former CEO of ICICI Prudential Life Insurance Posted: 02 Aug 2010 08:42 PM PDT Ever heard of a Rs. 50-crore compensation package? That's what V Vaidyanathan, former managing director (MD) and CEO of ICICI Prudential Life Insurance, has been offered to shift loyalties to Future Capital Holdings, the finance company promoted by... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Revision of Contribution Rate Under Employees Pension Scheme (EPS), 1995 Posted: 02 Aug 2010 08:28 PM PDT The employer and employee contribute to the Provident Fund each @ 12% of wages. Out of employer share of Provident Fund, 8.33% contribution is diverted to Employees' Pension Fund.The rate of contribution by the Employer to Employees' Pension Fund... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Tax SOPS for Industrial Parks Posted: 02 Aug 2010 08:19 PM PDT Section 80-IA [4 (iii)] of the Income Tax Act, 1961 provides for a tax holiday for 10 out of 15 years in respect of profits of any undertaking which develops, develops and operates or maintains and operates an industrial park or special economic... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) CJI says government must consult the judiciary in selecting prosecutors Posted: 02 Aug 2010 07:26 PM PDT Chief Justice of India S.H. Kapadia pointed out that the government took away powers under Section 24 of the Criminal Procedure Code, under which Public Prosecutors were appointed in consultation with the Chief Justices of the High Courts. "Why the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Doctors prohibited from accepting gifts from pharma companies Posted: 02 Aug 2010 07:16 PM PDT Ministry of Health & Family Welfare, in consultation with Medical Council of India, has recently taken more stringent steps to curb malpractices resorted to by the doctors by amending the Indian Medical Council (Professional conduct, Etiquette... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Supreme Court rules Directors not responsible for dishonoured cheque Posted: 02 Aug 2010 06:36 PM PDT The Supreme Court ruled last week that prosecution for issuing a cheque which was dishonoured for want of credit in the bank can be initiated only against the person who issued the cheque and not against the company or directors who were not aware... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Secondary packing on goods leaving factory not to attract excise duty Posted: 02 Aug 2010 05:50 PM PDT Secondary packing on fabrics leaving the factory gate for upcountry customers would not attract excise duty, the Supreme Court stated last week in the judgment , National Leather Cloth Manufacturing Co vs Union of India, setting aside the ruling of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) IT Notification No. 65/2010-Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 3-7-2001 Posted: 02 Aug 2010 05:35 PM PDT In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Non-Compliance of Certain Provisions of The Companies Act by Owners of IPL Cricket Teams Posted: 02 Aug 2010 05:30 PM PDT The Government has said that preliminary information/reports have indicated non-compliance of certain provisions of the Companies Act, 1956 by owners of some Indian Premier League (IPL) cricket teams. Giving this information in written reply to a... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Notification No. 62/2010-Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 3-7-2001 Posted: 02 Aug 2010 04:36 PM PDT In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) SEZs in the Country Posted: 01 Aug 2010 08:51 PM PDT In addition to seven Central Government Special Economic Zones (SEZs) and 12 State/Private Sector SEZs set up prior to the enactment of SEZ Act, 2005, formal approval has been accorded to 576 proposals out of which 358 SEZs have been notified. A... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) SEBI circular on Reporting of OTC transactions in Certificates of Deposit and Commercial Papers Posted: 01 Aug 2010 08:51 PM PDT FIMMDA was requested by RBI to set up a reporting platform to capture all OTC transactions in CDs and CPs, pursuant to a decision to introduce a reporting platform for all secondary market transactions in CDs and CPs. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Brief details on major revisions to transfer pricing guidelines issued by OECD Posted: 01 Aug 2010 07:19 PM PDT On 22 July the Organisation for Economic Co-operation and Development (OECD) released major revisions of its transfer pricing guidelines. Please read on for brief details of these recent developments. Chapters I, II and III of the OECD Guidelines... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai