Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Oct 13, 2010 at 9:45 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• First Ever Takeout Finance Scheme Signed Between IIFCL And Union Bank Of India
• SC Asks Govt To Respond To CAG Report On 2G Spectrum Scam
• State FMs To Discuss Continuation Of GST Council On October 30
• Non-Residents Not Liable For S 234B Interest-Delhi High Court
• Despite Section 195 TDS Breach No Section 40 A I Disallowance
• Section 234D Of Income Tax Act Applicable From 01 06 2003 But It Is Not Retrospective
• Provisions Of Minimum Alternate Tax MAT Do Not Apply To Banking Companies
• SC Directs TPO To Conclude The Assessment Uninfluenced By The Delhi High Court Judgment
• IT Notification No 71 2010- Eligible Projects Or Schemes Expenditure On Notified Eligible Projects Or Schemes
• Clarification Regarding Eligibility Of Deduction Under Section 80P To Regional Rural Banks
• Amendment Of DEPB Entry Sl No 1 Of The Product Group Fish Fish Products Product Code- 66 - Public Notice No 12 RE-2010 2009-2014
• Additional Port Of Registration Under E P Schemes- DGFT Public Notice No 11 2009-2014 RE 2010

First Ever Takeout Finance Scheme Signed Between IIFCL And Union Bank Of India Posted: 13 Oct 2010 02:23 AM PDT First Ever Takeout Finance Scheme Signed between IIFCL and Union Bank of India Finance Minister Calls for Additional Funding for Infrastructure Projects in the Country nbsp Union Finance Minister Shri Pranab Mukherjee has said th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC Asks Govt To Respond To CAG Report On 2G Spectrum Scam Posted: 13 Oct 2010 12:29 AM PDT The Supreme Court on Friday asked the government to respond to the CAG report pointing out largescale irregularities and favoritism allegedly by telecom minister A Raja in the Rs 70 000-crore 2G spectrum allocation scam in 200 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

State FMs To Discuss Continuation Of GST Council On October 30 Posted: 12 Oct 2010 05:22 AM PDT The empowered group of state finance ministers will discuss the constitution of goods and services tax GST Council and dispute settlement mechanism at its meeting on October 30 nbsp Earlier Finance Minister Pranab Mukherjee had [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Non-Residents Not Liable For S 234B Interest-Delhi High Court Posted: 13 Oct 2010 01:32 AM PDT S 234D inserted by the FA 2003 w e f 1 6 2003 is in the nature of a substantive provision and applies only for the AY 2004-05 and onwards and is not retrospective A provision by which an authority is empowered to levy and collect in [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Despite Section 195 TDS Breach No Section 40 A I Disallowance Posted: 13 Oct 2010 01:15 AM PDT Article 26 3 of the India-USA DTAA protects the interest of non residents vis-a-vis residents Article 26 3 provides that payment made to a non-resident will be deductible under the same conditions as if the payment were made to a re [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 234D Of Income Tax Act Applicable From 01 06 2003 But It Is Not Retrospective Posted: 13 Oct 2010 01:01 AM PDT In answer to the question raised by the department as whether interest u s 234D can be charged in respect of refunds granted prior to 1 6 2003 it was held that as s 234D came on the statute w e f 1 6 2003 it did not have retrospecti [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Provisions Of Minimum Alternate Tax MAT Do Not Apply To Banking Companies Posted: 12 Oct 2010 05:05 AM PDT Recently in the case of Krung Thai Bank PCL v Jt Director of Income-tax International Taxation ITA No 3390 Mum 2009 Mum the Mumbai bench of the Income-tax Appellate Tribunal the Tribunal held that the provisions of Section [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC Directs TPO To Conclude The Assessment Uninfluenced By The Delhi High Court Judgment Posted: 12 Oct 2010 05:02 AM PDT The Hon ble Supreme Court Supreme Court on 1st October 2010 in the case of Maruti Suzuki India Ltd has directed the Transfer Pricing Officer TPO to complete the transfer pricing assessment proceedings without being influenced [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IT Notification No 71 2010- Eligible Projects Or Schemes Expenditure On Notified Eligible Projects Or Schemes Posted: 13 Oct 2010 02:35 AM PDT Section 35AC 1 read with Explanation b thereto of the Income-tax Act 1961 Eligible projects or schemes expenditure on Notified eligible projects or schemes Notification No 71 2010 F No 27015 3 2010-SO Nat Com S [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification Regarding Eligibility Of Deduction Under Section 80P To Regional Rural Banks Posted: 13 Oct 2010 02:30 AM PDT Section 80P of the Income-tax Act 1961 - Deduction in respect of income of co-operative societies - Clarification regarding eligibility of deduction under Section 80P to Regional Rural Banks nbsp Circular No 6 2010 F No [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment Of DEPB Entry Sl No 1 Of The Product Group Fish Fish Products Product Code- 66 - Public Notice No 12 RE-2010 2009-2014 Posted: 13 Oct 2010 02:10 AM PDT Public Notice No 12 RE-2010 2009-2014 Dated the 11th October 2010 Subject Amendment of DEPB entry Sl No 1 of the Product Group Fish amp Fish Products Product Code 66 In exercise of powers conferred under Parag [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Additional Port Of Registration Under E P Schemes- DGFT Public Notice No 11 2009-2014 RE 2010 Posted: 13 Oct 2010 02:05 AM PDT Public Notice No nbsp nbsp 11 2009-2014 RE 2010 Dated the nbsp nbsp nbsp nbsp 11th nbsp October 2010Subject nbsp nbsp Additional nbsp Port nbsp of nbsp Registration nbsp under E P Schemes nbsp In exercise of the pow [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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