Thursday, September 16, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Sep 16, 2010 at 4:04 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Vodafone Files Appeal In Apex Court

Posted: 16 Sep 2010 06:34 AM PDT


British telecom operator Vodafone said it has filed an appeal with the Supreme Court after the Bombay High Court dismissed its petition and ruled that the income-tax authorities have jurisdiction over tax bills in cross-border

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RTI - Reliable Tool To Empower Common Man CIC Meet Concludes

Posted: 16 Sep 2010 06:27 AM PDT


Fifth Annual Convention on RTI concludes nbsp nbsp Sec 4 yet to be fully implemented Wajahat Habibullah The fifth Annual Convention on RTI concluded here today The two days convention was attended by all stakeholders

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Banks And Income Tax Department Fights Over Rs 2200 Crore Recovered From Harshad Mehta Properties

Posted: 16 Sep 2010 06:23 AM PDT


The money recovered from Harshad Mehta-led 1992 banking securities scam is lying idle The distribution of 2 200 crore recovered from Mehta group by the custodian appointed under a Special Act by government is not taking place d

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New Inflation Index- Meaning Negative And Positive Aspects Reason For Inflation And How Index Is Calculated

Posted: 16 Sep 2010 05:28 AM PDT


The government today came out with a new index on inflation which revealed that the rate of price rise declined by 1 3 percentage points to a 7-month low of 8 5 per cent in August nbsp However data on the old inflation series

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Companies Bill 2009 May Let Companies Challenge RoC Probe

Posted: 16 Sep 2010 05:11 AM PDT


THE government plans to grant companies right to challenge pending investigations against them under the Companies Act as it looks to put an end to harassment of firms by investigating agencies nbsp The ministry of corporate a

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Advance Tax Collection Grows By 14 Per Cent In Second Quarter

Posted: 16 Sep 2010 05:04 AM PDT


Banking and financial services companies the led corporate pack as advance tax payments for July September grew by about 14 per cent tax department sources said Mortgage finance major HDFC paid about Rs 400 crore as advanc

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EPF The Best Risk-free Tax Savings Option - Interest Rate Increased To 9 50 PC

Posted: 16 Sep 2010 05:01 AM PDT


Central Board of Trustees CBT on Wednesday recommended a one percentage point hike in the interest rate on employee s provident fund EPF to 9 5 per cent This would make EPF the most lucrative risk-free tax savings option

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Government Not Happy With CAG S Work

Posted: 15 Sep 2010 07:25 PM PDT


The government today expressed dissatisfaction over the working of the Comptroller and Auditor General saying their timely intervention could have prevented many scams and scandals Scandals and scams are known even wh

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Announcement - Constitution Of A Group - 14-09-2010

Posted: 15 Sep 2010 05:31 PM PDT


September 13 2010 The Council at its 296th meeting held on 29th 30th June and 1st July 2010 while considering an issue raised by CA Sanjay Kumar Agarwal under Item No 2 Matters of General Interest to the Profession

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CBI Moves Supreme Court For Cancellation Of Bail Granted Bail To B Ramalinga Raju

Posted: 15 Sep 2010 06:26 AM PDT


CBI on Monday moved Supreme Court seeking cancellation of the bail granted bail to B Ramalinga Raju tainted founder of Satyam Computer Services by Andhra Pradesh High Court in Rs 14 000-crore Rs 140-billion scam The probe a

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Non-executive Bank Directors Should Be Paid Salaries On Par With Their Private Sector Counterparts

Posted: 15 Sep 2010 06:18 AM PDT


On the heels of the RBI making out a case for better pay packages for PSU bankers global consultancy KPMG said that not only senior personnel but non -executive directors too should be paid salaries on par with their private

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Under DTC Regime New Pension Scheme NPS May Become Most Preferred Investment Avenue

Posted: 15 Sep 2010 06:13 AM PDT


The New Pension Scheme NPS has so far not seen too many takers after the government opened the scheme to the public in 2009 However the investment scenario will most likely change in favour of NPS once the proposals under th

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DTC Senior Citizens Left With No Practical Avenues For Making Tax-saving Investments

Posted: 15 Sep 2010 06:09 AM PDT


In Direct Tax Code 2010 Senior Citizens are left with no practical avenues for making tax-saving investments nbsp DTC and most of us who have commented on it assumes that income from work ends at retirement However this is

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Subsidiaries Merger With Parent Company Not Exempt From Stamp Duty

Posted: 15 Sep 2010 05:57 AM PDT


The Delhi government on Monday cleared the proposal to withdraw a 1937 notification wherein subsidiaries seeking merger with their parent company are exempt from stamp duty nbsp The Delhi cabinet led by chief minister Sheila D

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Vodafone Approaches SC Challenges HC Order On IT

Posted: 15 Sep 2010 05:52 AM PDT


Britain s Vodafone today moved the Supreme Court challenging a Bombay High Court order that upheld the Income Tax Department s demand of Rs 12 000 crore tax on the company s over USD 11 billion deal with Hong Kong-based Hutchison i

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Ministry Will Examine Exemption Regime For Small Companies One Person Companies Private Companies And LLP

Posted: 15 Sep 2010 05:46 AM PDT


Exemption Regime for Small Companies One Person Companies Private Companies and Limited Liability Partnerships The Standing Committee on Finance SCF which thoroughly examined The Companies Bill 2009 has recommended th

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CVC Recommends Major Penalty Proceedings Against 96 Officers 1387 Cases Disposed Of In July 2010

Posted: 15 Sep 2010 05:43 AM PDT


The Central Vigilance Commission disposed of 1387 cases during July 2010 referred to it for advice Of these 1109 complaints were sent for necessary action ATR whereas 96 complaints were sent for investigation and report No action

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Big 4 Must Not Take Over Audit Of Small Companies Says ICAI

Posted: 15 Sep 2010 05:33 AM PDT


Accounting regulator ICAI has asked the Big Four auditing and consulting firms KPMG E amp Y Deloitte and PwC to share any information sought by various committees of the institute and has asked them not to engage in

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Draft Scheme Of On Site Audit - In The Context Of Post Clearance Audit PCA For Imports

Posted: 15 Sep 2010 05:30 AM PDT


nbsp NOTICE nbsp Scheme of Post Clearance Audit PCA in Customs nbsp nbsp To elicit response Comments only nbsp F No 450 1 2010-Dir Cus Government of India Ministry of Finance Department of

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Indirect Tax Collections Grows By 45 9 Per Cent During April August 2010

Posted: 15 Sep 2010 05:20 AM PDT


Indirect tax collections from Customs Central Excise and Service Tax at all India level has increased more than 45 during April-August 2010 compared to its corresponding period i e April- August 2009 Total Revenue Collection

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Government Committed To Give Public Sector Enterprises The Flexibility And Autonomy To Operate Effectively In A Competit

Posted: 15 Sep 2010 05:18 AM PDT


Union Finance Minister Sh Pranab Mukherjee said that Central Government is committed to give our Public Sector Enterprises PSEs PSUs the necessary flexibility and autonomy to operate effectively in a competitive environment The

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ICAI Constitutes Panel To Develop Alternative Dispute Resolution Mechanism

Posted: 15 Sep 2010 04:14 AM PDT


Announcement - Constitution of a Group - 14-09-2010 September 13 2010 The Council at its 296th meeting held on 29th 30th June and 1st July 2010 while considering an issue raised by CA Sanjay Kumar Agarwal under Ite

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Companies Bill 2009- Auditors To Pay Investors For Fraud By Companies

Posted: 14 Sep 2010 06:39 AM PDT


The new Companies Bill could contain a provision that will make auditors compensate retail investors in cases of corporate fraud a measure aimed at bringing in more accountability into audit profession In a representation made before

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Tax Officials Scrutinising Cross-border Mergers Like The Vodafone-Hutchison Deal For Possible Tax Evasion

Posted: 14 Sep 2010 06:35 AM PDT


Tax officials are scrutinising other cross-border mergers like the Vodafone-Hutchison deal for possible tax evasion after the Bombay High Court rejected a petition against imposition of tax on the deal a key finance ministry offi

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Income Tax Authorities To Accept Without Scrutiny The Tax Returns By The Indian Units Of Foreign Companies

Posted: 14 Sep 2010 06:32 AM PDT


The Finance Ministry today said safe harbour rules a set of norms that would enable the income tax I-T authorities to accept without scrutiny the tax returns by the Indian units of foreign companies would be soon put in place

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Satyam Scam CBI Completes Arguments On Framing Of Charges

Posted: 14 Sep 2010 06:00 AM PDT


The CBI probing the about Rs 14 000-crore accounting scam in IT firm Satyam Computers today completed its arguments on the charges to be framed against 10 accused in the case CBI s Special Public Prosecutor K Surendra who had last

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IFRS Standards Notification Likely In Dec ICAI

Posted: 14 Sep 2010 05:59 AM PDT


With International Financial Reporting Standards IFRS to be made mandatory from April 1 next year the Institute of Chartered Accountants of India and National Advisory Committee on Accounting Standards have drawn up all but thre

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Govt Proposes Relaxing FDI Rules Governing JVs

Posted: 11 Sep 2010 07:48 AM PDT


Proposing a major relaxation in a 12-year FDI rule the Industry Ministry today made a case for allowing foreign investors to bring in fresh money and technology to India irrespective of the impact on local partners in any existing

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Govt Limits Number Of Commodity Bourses At 8

Posted: 11 Sep 2010 07:46 AM PDT


The government has decided to cap the number of national commodity exchanges at eight to foster sustained growth of the commodity futures market nbsp The Consumer Affairs Ministry in consultation with the sector regulator FMC has

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75 000 Small Coffee Farmers To Benefit From The Coffee Debt Relief Package Anand Sharma

Posted: 11 Sep 2010 07:40 AM PDT


Shri Anand Sharma Union Minister for Commerce amp Industry today flagged off the implementation of the Coffee Debt Relief Package 2010 by distributing the first batch of certificates to those small coffee growers whose loans hav

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Recommendation To Make Formulation Of A CSR Policy Mandatory For Big Companies

Posted: 11 Sep 2010 07:37 AM PDT


In response to the overwhelming concerns shown by the Standing Committee of Parliament on Finance SCF which thoroughly examined The Companies Bill 2009 on the extent of Corporate Social Responsibility CSR being undertaken by

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ICAI Announces Revised Structure Of Question Papers For November 2010 Examination

Posted: 11 Sep 2010 06:19 AM PDT


Revised Structure of Question Papers for November 2010 Examination - 10-09-2010 It has been decided to revise the structure of question papers for the PCE IPCE and Final old and new course examinations as under from November 2

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Common Secretariat For Appellate Authority Established Under The Chartered Accountants Act 1949 The Cost Works Accou

Posted: 11 Sep 2010 06:17 AM PDT


ANNOUNCEMENT Common Secretariat for Appellate Authority established under The Chartered Accountants Act 1949 The Cost amp Works Accountants Act 1959 and The Company Secretaries Act 1980 In terms of requirements of The Cha

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Income Tax Department Conducts Nationwide Searches On More Than 70 Premises Of Major Real Estate Developers

Posted: 11 Sep 2010 06:04 AM PDT


In a major crackdown the Income Tax department is conducting nationwide searches on more than 70 premises of major real estate developers in the NCR including Paras and Amrapali group over alleged tax evasion According to sources

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After Vodafone Verdict IT Department Will Investigate More Cross-border Mergers Involving Indian Assets

Posted: 11 Sep 2010 05:41 AM PDT


The government will look into more cross-border mergers involving Indian assets like the Vodafone-Hutchison deal after the Bombay High Court on Wednesday rejected UK-based Vodafone s petition nbsp against the imposition of tax by

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Withholding Tax Deductible Only If Non-resident S Income Chargeable To Tax In India

Posted: 11 Sep 2010 05:38 AM PDT


The Supreme Court on Thursday rejected the income-tax department s contention that companies based in India were liable to deduct tax when they make any payment overseas nbsp offering relief to domestic firms and multinational c

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For Attention Of Members Carrying Out Tax Audit U S 44AB Of The Income-tax Act 1961

Posted: 11 Sep 2010 05:21 AM PDT


Attention of members is invited towards the changes in the Guidance Note on tax Audit under section 44AB of the Income-tax Act 1961 approved subsequent to the publication of the Supplementary Guidance Note issued by the erstwhile Fis

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Preparing Indian Banks For Global Competitiveness Strategic And Policy Perspectives

Posted: 11 Sep 2010 05:14 AM PDT


Keynote Address by Dr Subir Gokarn Deputy Governor Reserve Bank of India on September 9 2010 at FICCI-IBA Conference Global Banking Paradigm Shift The inputs of B M Misra Himanshu Joshi Sarat Dhal and Dhirendra G

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Recommendation To Make Formulation Of A CSR Policy Mandatory For Big Companies

Posted: 11 Sep 2010 05:02 AM PDT


In response to the overwhelming concerns shown by the Standing Committee of Parliament on Finance SCF which thoroughly examined The Companies Bill 2009 on the extent of Corporate Social Responsibility CSR being undertaken

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India S External Debt A Status Report 2009-10

Posted: 10 Sep 2010 07:50 AM PDT


The Department of Economic Affairs Ministry of Finance is coming out with the sixteenth edition of the annual publication titled India s External Debt A Status Report 2009-10 that analyses India s latest external deb

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Utilization Of Investor Education And Protection Fund For Providing Immediate Relief To Small Investors Suggested

Posted: 10 Sep 2010 07:44 AM PDT


Apart from a number of specific suggestions made by the Ministry of Corporate Affairs for strengthening Investor Protection the Standing Committee of Parliament which thoroughly examined The Companies Bill 2009 has desired that

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Brack Obama Says No Tax Break To Companies Outsourcing Work To Other Countries Kamal Says Outsourcing By US Not A Favou

Posted: 10 Sep 2010 07:42 AM PDT


Amid indications that outsourcing could become a hot issue in the November polls President Barack Obama has made his stand on the issue clear saying that tax breaks should go to companies that create jobs in the US and not ove

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DTC Proposes To Tax Loan Waiver

Posted: 10 Sep 2010 06:13 AM PDT


Corporates going in for debt restructuring may face rough weather on the income-tax front when the Direct Taxes Code DTC comes into play from April 1 2012 This is because the DTC provides that loans waived by lenders will be tre

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Government Plans To Convert Accounting Standards Body Into An Independent Regulatory Entity

Posted: 10 Sep 2010 06:02 AM PDT


The government plans to redefine the functions of the National Advisory Committee on Accounting Standards Nacas to convert it into an independent regulatory entity to monitor the quality of audit undertaken across the corporate se

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Mumbai High Court Dismisses Vodafone Plea Against Income Tax Department On Hutch Deal

Posted: 10 Sep 2010 05:46 AM PDT


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