"January, 2010" Archive - Page 43

Judges may get punishment for coming late in court and for dozing off during arguments

School kids who resent being penalised for being late or for falling asleep in class can take heart. Hopefully, from the next year, even judges of Supreme Court and High Courts will be in serious trouble if they come late to court or cannot resist dozing off during arguments. Indeed, they can face inquiry and risk incurring punishment str...

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Posted Under: Finance |

Company-owned car is more beneficial for both employer and employee under the new perquisite valuation rules applicable from April 1 2009

Last week, CBDT issued a notification on how each perquisite provided to a salaried employee should be taxed. It is applicable with retrospective effect, from April 1 2009. The guidelines cover every perk: home accommodation to gifts to educational benefits. The most important change, though, is taxation of car facilities....

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Posted Under: Finance |

IT department claimed Rs 30,000 crore from companies that violated MAT provisions

Income Tax department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax. Sources said the claim is not only for the current assessment year of 2009-10, wherein assessments are still going on, but also for previous four-five assessment years, which are under litigation either in courts...

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Posted Under: Finance |

SEBI : (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2010

Notification No. LADNRO/GN/2009-2010/25/189240 01/01/2010

These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2010. (ii) These regulations shall come into force on the date of their publication in the Official Gazette....

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Circular No. 20/2009-14, Dated 01-01-2010

Circular No. 20/2009-14 01/01/2010

Reference is invited to this office letter Pt. F. No. Misc-12/AM-05/DBK Cell dated 5th March 2008 addressed to DC, NSEZ on the above subject wherein it was inter-alia clarified that no new applications for fixation of Brand Rate of Duty Drawback for HSD should be entertained and applications already filed and pending in the office of DC, ...

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To tax the income, beneficial ownership is relevant than legal ownership

CIT Vs M/s. Podar Cement Pvt. Ltd. Etc. (Supreme Court of India)

owner means a person who has got valid title legally conveyed to him after complying with the requirements of law such as the Transfer of Property Act, Registration Act, etc. But, in the context of section 22 of the Income-tax Act, having regard to the ground realities and further having regard to the object....

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Happy New Year 2010 and Invitation to join our panel of Esteemed writers

Tax Guru Team wishes all its visitors, subscribers, panel writers, team members and your loved ones a very happy, healthy, peaceful and prosperous new year 2010. Thanks to all for making the website a big hit within first year of its launch. We are determined to serve you better in future. Suggestions for improvement are welcome. ...

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Posted Under: Finance |

Income-tax dispute resolution panel may hit tax collection by Rs 10,000-crore

The government’s tax collections could take a Rs 10,000-crore hit this year due to the setting up of the income-tax dispute resolution panel (DRP) for settling transfer pricing disputes. Such a dispute arises when there is a disagreement between the government and the taxpayer, especially a foreign company, in determining the tax liabil...

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Posted Under: Finance |

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