Fwd: TaxGuru : “Tax treatment of Recognized Provident Fund (RPF), Unrecognized Provident Fund (URPF), Statutory Provident Fund (SPF)” plus 21 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Mon, Jun 13, 2011 at 9:48 AM
Subject: TaxGuru : "Tax treatment of Recognized Provident Fund (RPF), Unrecognized Provident Fund (URPF), Statutory Provident Fund (SPF)" plus 21 more
To: palashbiswaskl@gmail.com

TaxGuru : "Tax treatment of Recognized Provident Fund (RPF), Unrecognized Provident Fund (URPF), Statutory Provident Fund (SPF)" plus 21 more

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• Tax treatment of Recognized Provident Fund (RPF), Unrecognized Provident Fund (URPF), Statutory Provident Fund (SPF)
• Who is NRI and dedutibility of TDS on income earned by them in India
• Empanelment of Chartered Accountants for concurrent Audit of branches of Punjab National Bank (PNB) in Area II and III – Last Date 30th June 2011
• Pune ITAT – Portfolio management (PMS) fees deductible in computing capital gains ; Shares PMS transaction gains are Short Term Capital Gain and not business profits
• RBI Changes/ Liberalize / Rationalize Regulations related to overseas direct investment by Indian parties (A.P. (DIR Series) Circular No. 69)
• In works contract between contractor and sub-contractors only one is liable to pay tax
• Govt to declare tax offences criminal if the source of income is illegal
• Penalty paid by a registered broker is not a fine for any infringement of law and hence allowable- ITAT Mumbai
• Even if there is no evidence to the effect that the borrowed forex loan was utilised for the purpose of business, the loss arising out of foreign exchange fluctuation can be allowed based on past history
• A person who has completed ten years as a Member of Tribunal is ineligible to be re-appointed as Member even if he has not attained 65 years of age – SC
• Once the Transfer Pricing Officer accepted arm's length price of royalty payments, the Assessing Officer could not examine the reasonableness of the said expenditure for disallowance
• Transfer of intangible assets with right to carry on business is taxable as capital gains and not as business income
• Expression 'liable to tax' used in the India-UAE tax treaty does not necessarily imply that person should actually be liable to tax in UAE
• ICAI to question SBI on excess provisions in March quarter
• RBI best positioned to maintain financial stability but needs autonomy- Subbarao
• Innovative mobile payment system required-ASSOCHAM
• High interest rates hurting growth of economy, RBI needs to fix problem- Basu
• Real Estate Regulation Bill, 2011 to protect home buyers from fly-by-night developers soon
• Mines Amendment Bill, 2011- Committee invites Suggestion
• Small industry body wants DEPB scheme extended
• 73,000 villages to have banking facility by 2012- FM
• Narayana Murthy backs Anna Hazare; says bring PM, judiciary under Lokpal

Tax treatment of Recognized Provident Fund (RPF), Unrecognized Provident Fund (URPF), Statutory Provident Fund (SPF) Posted: 12 Jun 2011 07:46 PM PDT Section 10(11) and 10(12) of the Act deal with exemption on payments from provident funds, while section 80C of the act deals with allowance of deductions on contributions to provident funds. The following are the types of provident funds.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Who is NRI and dedutibility of TDS on income earned by them in India Posted: 12 Jun 2011 07:44 PM PDT Who is Non Resident Indian (NRI) as per Income Tax Act and as Fema Provisions? TDS will be deducted only on those incomes of Non Resident Indians (NRIs) which are liable to tax in India. If the income is tax free in India like long term capital... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment of Chartered Accountants for concurrent Audit of branches of Punjab National Bank (PNB) in Area II and III – Last Date 30th June 2011 Posted: 12 Jun 2011 07:43 PM PDT Punjab National Bank invites applications on the undernoted prescribed format from practicing firms of Chartered Accountants in India who fulfills the eligibility criteria as mentioned hereunder and are willing to have their Firms empanelled as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pune ITAT – Portfolio management (PMS) fees deductible in computing capital gains ; Shares PMS transaction gains are Short Term Capital Gain and not business profits Posted: 12 Jun 2011 07:42 PM PDT Pune Income Tax Appellate Tribunal on the issue of deductibility of portfolio management fees in computing 'capital gains' under the Indian Tax Laws (ITL) held that such fees was directly connected to the acquisition and sale of securities and was... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Changes/ Liberalize / Rationalize Regulations related to overseas direct investment by Indian parties (A.P. (DIR Series) Circular No. 69) Posted: 12 Jun 2011 07:41 PM PDT With a view to providing more operational flexibility to Indian corporates having investments abroad, Reserve Bank of India ('RBI') has decided to further liberalize / rationalize the regulations relating to overseas direct investment by Indian... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

In works contract between contractor and sub-contractors only one is liable to pay tax Posted: 12 Jun 2011 07:40 PM PDT When works contract is sub-contracted there is only one taxable event and between main contractors and sub-contractor only one is liable to pay tax on the goods incorporated in the works contract. Herebelow this issue is discussed in the light of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt to declare tax offences criminal if the source of income is illegal Posted: 12 Jun 2011 07:39 PM PDT Amid reports that the government is planning to make tax evasion a criminal offence, a finance ministry official today said it could be done only if the source of income is illegal. But 'if it is a tax evasion alone, it is a civil offence,' the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Penalty paid by a registered broker is not a fine for any infringement of law and hence allowable- ITAT Mumbai Posted: 12 Jun 2011 07:17 PM PDT M/s Total Securities Ltd Vs DCIT (ITAT Mumbai) - Whether penalty paid by a registered broker is not a fine for any infringement of law and hence allowable - Whether admission fee paid by the assessee to stock exchange for acquiring membership is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Even if there is no evidence to the effect that the borrowed forex loan was utilised for the purpose of business, the loss arising out of foreign exchange fluctuation can be allowed based on past history Posted: 12 Jun 2011 06:53 PM PDT M/s. Perfetti India Ltd. Vs. ACIT (ITAT Delhi) Considering all the aspects and principle of consistency propounded by the Hon'ble Supreme Court in the case of Radha Swami Satsand vs. ITO reported in 193 ITR 321, we are of the opinion that loss... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

A person who has completed ten years as a Member of Tribunal is ineligible to be re-appointed as Member even if he has not attained 65 years of age – SC Posted: 12 Jun 2011 06:44 PM PDT Shanker Raju Vs UoI (Supreme Court) - CAT – Appointment of Member – A person who has completed ten years as a Member of Tribunal is ineligible to be re-appointed as Member even if he has not attained 65 years of age – Plain reading of proviso to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Once the Transfer Pricing Officer accepted arm's length price of royalty payments, the Assessing Officer could not examine the reasonableness of the said expenditure for disallowance Posted: 12 Jun 2011 06:01 AM PDT Delhi High Court in the case of CIT v. Oracle India Pvt. Ltd. (ITA No. 383 of 2009, 987 of 2010, 1242 of 2010 and 1247 of 2010) held that once the Transfer Pricing Officer (TPO) has accepted a royalty payment to be at arm's length, the Assessing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer of intangible assets with right to carry on business is taxable as capital gains and not as business income Posted: 12 Jun 2011 05:54 AM PDT Delhi High Court in the case of CIT v. M/s Mediworld Publications Pvt. Ltd ( ITA no 549 of 2011) held that transfer of intangible assets with right to carry on business was taxable as capital gains and not as business income. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Expression 'liable to tax' used in the India-UAE tax treaty does not necessarily imply that person should actually be liable to tax in UAE Posted: 12 Jun 2011 05:50 AM PDT ITAT Mumbai has in the case of ITO v. Mahavirchand Mehta [2011] 11 taxmann.com 194 (Mum) held that the expression 'liable to tax' as used in Article 4(l) of India-UAE tax treaty (the tax treaty) does not mean that the person should actually be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI to question SBI on excess provisions in March quarter Posted: 12 Jun 2011 04:35 AM PDT Taking a strong note of State Bank of India's huge profit erosion for March quarter due to higher provisions, accounting regulator ICAI on Friday said it would send a letter asking the country's largest lender to explain the reasons for higher... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI best positioned to maintain financial stability but needs autonomy- Subbarao Posted: 12 Jun 2011 04:33 AM PDT Financial stability is the toughest task for autonomy-less central banker who gets torn between governmental priorities and regulatory overlap, making them look like the mythological Greek character Sisyphus who endlessly rolls up a boulder uphill,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Innovative mobile payment system required-ASSOCHAM Posted: 12 Jun 2011 04:14 AM PDT Associated Chambers of Commerce (ASSOCHAM) today said innovative mobile payment system which has mass appeal is required for non-cash payment modes. ,The need of the hour is to develop an innovative mobile payment system which is customised to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

High interest rates hurting growth of economy, RBI needs to fix problem- Basu Posted: 11 Jun 2011 11:43 PM PDT Concerned over the impact of high interest rate on consumer demand, Chief Economic Advisor ( CEA) Kaushik Basu on Friday said the RBI will need to have a re-look at the monetary tightening policy. 'RBI will have to balance its monetary policy... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Real Estate Regulation Bill, 2011 to protect home buyers from fly-by-night developers soon Posted: 11 Jun 2011 11:36 PM PDT The much-awaited Real Estate Regulation Bill, 2011, which seeks to protect home-buyers from fly-by-night developers, is under process of consultation by various ministries. 'The draft Bill is almost being finalised. We have sent the Bill to Law... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mines Amendment Bill, 2011- Committee invites Suggestion Posted: 11 Jun 2011 11:34 PM PDT Hon'ble Speaker, Lok Sabha has referred 'The Mines (Amendment) Bill, 2011' as introduced in Rajya Sabha to the Standing Committee on Labour for examination and Report. Considering the wider implications of the proposed amendment and the deeper... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Small industry body wants DEPB scheme extended Posted: 11 Jun 2011 11:30 PM PDT The Chamber of Small Industry Associations (COSIA) has requested the Centre to extend the the Duty Entitled Pass Book (DEPB), a tax refund scheme for exporters, by another three years. The renewal of the DEPB was absolutely essential to meet the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

73,000 villages to have banking facility by 2012- FM Posted: 11 Jun 2011 09:30 PM PDT Finance Minister Pranab Mukherjee today said 73,000 villages in the country would have banking facility by next year. By March 31, 2012, banking facility will be available in 73,000 villages across the country going by the current pace of work,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Narayana Murthy backs Anna Hazare; says bring PM, judiciary under Lokpal Posted: 11 Jun 2011 09:30 PM PDT Software icon N R Narayana Murthy on Saturday backed Anna Hazare's movement against corruption and favoured the Prime Minister and the judiciary coming under the ambit of the Lokpal bill. The chairman and chief mentor of Infosys also supported the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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