Financial, Legal & Tax Updates from TaxGuru (in this message: 10 new items) Remittance to Non-Residents and Frequently Asked Questions related to Withholding Tax Obligations and recent Challenges before Indian Revenue Search and seizure under the Income Tax Act, 1961 RBI circular on repayment of Gold Loan Scheme for Collection of Dues of CBEC, CBDT, Ministries account and Reporting and Accounting of March Transactions Speculation loss can be set off against delivery based profits Things to considering while selling property ITAT has no power u/s 254 (2) to re-evaluate correctness on merits of earlier decision SEBI extends ambit of employee's quota to include staff of subsidiaries in public issue of Parent Company ICAI presidents Message on Enhanced Students Initiatives, Harnessing Information Technology, Expanding Infrastructure, Creating Global CAs etc Is Arbitration better suited to get corporate disputes resolved? Remittance to Non-Residents and Frequently Asked Questions related to Withholding Tax Obligations and recent Challenges before Indian Revenue Posted: 06 Mar 2010 07:58 PM PST The Indian income-tax law requires any person who makes remittance to a non-resident to withhold appropriate tax which corresponds to the income-tax liability of the non-resident. Essentially, there are three modes available to the remitter to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Search and seizure under the Income Tax Act, 1961 Posted: 06 Mar 2010 07:17 PM PST "Search and Seizure", the origin of these provisions will in a few years celebrate its golden jubilee. It was since 1956 that the provisions of search and seizure made its first entry into the Income Tax Act. Section 132 was totally substituted by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] RBI circular on repayment of Gold Loan Posted: 06 Mar 2010 06:26 PM PST State and Central Co-operative Banks grant loans for various purposes against the security of gold /gold ornaments as part of their lending policy. As per extant instructions (c.f. our circular RPCD.RF.BC.No.69/07.37.02/2002-03 dated January 31,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Scheme for Collection of Dues of CBEC, CBDT, Ministries account and Reporting and Accounting of March Transactions Posted: 06 Mar 2010 06:22 PM PST Scheme for Collection of Dues of ( i ) Central Board of Direct Taxes ( ii ) Central Board of Excise and Customs ( iii) Departmentalised Ministries Account - Reporting and Accounting of March Transactions - Special Arrangements - Financial Year... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Speculation loss can be set off against delivery based profits Posted: 06 Mar 2010 09:16 AM PST The assessee earned a profit on sale of shares held as stock-in-trade. This profit was offered as profit from a 'speculation business' and was set off against a 'speculation loss' brought forward from an earlier assessment year. The AO took the view... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Things to considering while selling property Posted: 06 Mar 2010 09:12 AM PST Rights and liabilities:- In any contract for sale or purchase of property, both the buyer and the seller have certain rights and corresponding liabilities to each other. The law also establishes such rights in the rule book. The main provisions that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] ITAT has no power u/s 254 (2) to re-evaluate correctness on merits of earlier decision Posted: 06 Mar 2010 09:03 AM PST The assessee claimed deduction u/s 80HHC which was allowed to the extent of Rs. 32.17 crs by the AO. The claim included DEPB license sale proceeds. The CIT revised the assessment u/s 263 on the ground that s. 28 (iiia) did not apply to a DEPB... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] SEBI extends ambit of employee's quota to include staff of subsidiaries in public issue of Parent Company Posted: 06 Mar 2010 08:59 AM PST Market regulator SEBI today decided to expand the scope of employees quota in public issues of companies by making staff of subsidiaries eligible to paticipate in such offers made by the parent firm. Besides, the Securities and Exchange Board of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] ICAI presidents Message on Enhanced Students Initiatives, Harnessing Information Technology, Expanding Infrastructure, Creating Global CAs etc Posted: 06 Mar 2010 08:46 AM PST Chinese philosopher Confucius had once said, ' The journey of a thousand miles begins with a single step.' As I take this first step as 58th President of the second largest accountancy body of the world, I wish to thank all those who have supported... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Is Arbitration better suited to get corporate disputes resolved? Posted: 06 Mar 2010 08:31 AM PST Unless there is an express bar under law and when there is an arbitration agreement either express or implied, a dispute between or among the parties can be referred to an Arbitrator or panel of Arbitrators as specifically agreed to. As everybody... [[ 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

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