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

---

• Vodafone Files Appeal In Apex Court
• RTI - Reliable Tool To Empower Common Man CIC Meet Concludes
• Banks And Income Tax Department Fights Over Rs 2200 Crore Recovered From Harshad Mehta Properties
• New Inflation Index- Meaning Negative And Positive Aspects Reason For Inflation And How Index Is Calculated
• Companies Bill 2009 May Let Companies Challenge RoC Probe
• Advance Tax Collection Grows By 14 Per Cent In Second Quarter
• EPF The Best Risk-free Tax Savings Option - Interest Rate Increased To 9 50 PC
• Government Not Happy With CAG S Work
• Announcement - Constitution Of A Group - 14-09-2010
• CBI Moves Supreme Court For Cancellation Of Bail Granted Bail To B Ramalinga Raju
• Non-executive Bank Directors Should Be Paid Salaries On Par With Their Private Sector Counterparts
• Under DTC Regime New Pension Scheme NPS May Become Most Preferred Investment Avenue
• DTC Senior Citizens Left With No Practical Avenues For Making Tax-saving Investments
• Subsidiaries Merger With Parent Company Not Exempt From Stamp Duty
• Vodafone Approaches SC Challenges HC Order On IT
• Ministry Will Examine Exemption Regime For Small Companies One Person Companies Private Companies And LLP
• CVC Recommends Major Penalty Proceedings Against 96 Officers 1387 Cases Disposed Of In July 2010
• Big 4 Must Not Take Over Audit Of Small Companies Says ICAI
• Draft Scheme Of On Site Audit - In The Context Of Post Clearance Audit PCA For Imports
• Indirect Tax Collections Grows By 45 9 Per Cent During April August 2010
• Government Committed To Give Public Sector Enterprises The Flexibility And Autonomy To Operate Effectively In A Competit
• ICAI Constitutes Panel To Develop Alternative Dispute Resolution Mechanism
• Companies Bill 2009- Auditors To Pay Investors For Fraud By Companies
• Tax Officials Scrutinising Cross-border Mergers Like The Vodafone-Hutchison Deal For Possible Tax Evasion
• Income Tax Authorities To Accept Without Scrutiny The Tax Returns By The Indian Units Of Foreign Companies
• Satyam Scam CBI Completes Arguments On Framing Of Charges
• IFRS Standards Notification Likely In Dec ICAI
• Govt Proposes Relaxing FDI Rules Governing JVs
• Govt Limits Number Of Commodity Bourses At 8
• 75 000 Small Coffee Farmers To Benefit From The Coffee Debt Relief Package Anand Sharma
• Recommendation To Make Formulation Of A CSR Policy Mandatory For Big Companies
• ICAI Announces Revised Structure Of Question Papers For November 2010 Examination
• Common Secretariat For Appellate Authority Established Under The Chartered Accountants Act 1949 The Cost Works Accou
• Income Tax Department Conducts Nationwide Searches On More Than 70 Premises Of Major Real Estate Developers
• After Vodafone Verdict IT Department Will Investigate More Cross-border Mergers Involving Indian Assets
• Withholding Tax Deductible Only If Non-resident S Income Chargeable To Tax In India
• For Attention Of Members Carrying Out Tax Audit U S 44AB Of The Income-tax Act 1961
• Preparing Indian Banks For Global Competitiveness Strategic And Policy Perspectives
• Recommendation To Make Formulation Of A CSR Policy Mandatory For Big Companies
• India S External Debt A Status Report 2009-10
• Utilization Of Investor Education And Protection Fund For Providing Immediate Relief To Small Investors Suggested
• Brack Obama Says No Tax Break To Companies Outsourcing Work To Other Countries Kamal Says Outsourcing By US Not A Favou
• DTC Proposes To Tax Loan Waiver
• Government Plans To Convert Accounting Standards Body Into An Independent Regulatory Entity
• Mumbai High Court Dismisses Vodafone Plea Against Income Tax Department On Hutch Deal
• S 195 Samsung Electronics Reversed By Supreme Court
• New Companies Bill 2009 To Become Law By Fiscal-end
• Income Tax Department Mumbai Collects Rs 34 000 Crore As Direct Tax
• Harmonization Of The Provisions Of The Companies Bill 2009 With The IFRS Recommended
• Vodafone Verdict May Discourage Foreign Investments Routed Through Tax Havens
• DTC May Adversely Affect The SEZS
• Indian Banks Must Grow In Size To Become Global Players FM
• ICAI Convocation - 2010 On 22nd September 2010
• Govt Soon To Release Monthly Data On FDI Outflows
• Private Higher Educational Institutions Have To Disclose Their Income And Expenditure
• DTC Brings Life Insurance Health Cover Under One Clause And Reduced The Overall Deduction To Rs 50000
• CBI Denied Permission To Prosecute Tainted Income Tax Officials
• Single Window Clearance Will Help Speed Up SEZ Progress
• SEBI Mulls Checks On Rating Shopping By Companies
• Cap CEO Salaries Let Shareholders Decide Pay
• Google Faces Antitrust For Its Ranking Of Websites
• SEBI Issues New Rules For Trading In Merger Bound Companies
• Standing Committee Suggests Inclusion Of All The Significant And Substantive Matters In The Companies Bill 2009
• FY11 Tax Collection May Top Budget Estimate
• Corporate Social Responsibility Should Be Voluntary Mittal
• Ministry Of Corporate Affairs Studying Parliamentary Panel Views On Companies Bill 2009
• Parliamentary Standing Committee Suggests Inclusion Of All The Significant And Substantive Matters Included In The Corpo
• The Truth Is Out PwC Is Losing Its Top Professionals
• Shri Salman Khurshid Says The Corporate Social Responsibility Should Be Imbibed Into The Corporate Culture
• MCA Releases Preferable Dates For Filing Annual Return In Alphabetical Order
• Scheme For The Certified Filing Centres CFCs Under MCA 21 E-Governance Programme
• Companies Bill Set To Bring Conflict Between SEBI And MCA
• Companies Bill To Be Tabled By Budget Session Khurshid
• DTC Bill No Deemed Taxation For Income From House Property And Kept The Deduction For Interest
• DTC Income Of FIIs Will Be Treated Taxed As Capital Gains Rather Than Business Income
• DTC Bill 2010 Restores The Powers Given To CBDT Under The Existing Income Tax
• Satyam Case Court Allows Accused To Plead
• Comparison Of Tax Rates In DTC And Income Tax Act For An Individual Being A Resident In India Who Is Of The Age Not E
• FM Seeks Views On GST From Parliamentary Wings Of All Parties
• Government Considering Proposal To Make Companies With Captive Mines To Share Profits With Affected People
• Point Of Taxation Rule Is A New Milestone
• New Companies Bill To Rule Out Second Satyam Episode
• Securities And Insurance Laws Amendment And Validation Act 2010 No 26 Of 2010
• RBI To Look Into Deregulation Of Savings Interest Rate
• Government Of India Have Announced The Sale Re-issue Of I 7 17 Percent Government Stock 2015
• Carbon Credits To Be Taxed In New Tax Regime
• Unique Identification Number UID Soon Be Sufficient To Open Bank Account
• Slow Processing Of Income Tax Returns A Reason For Poor Growth
• FM Asks Banks To Achieve The Target Of Providing Banking And Financial Services To All Habitations Of 2000 Population By
• Panel Recommends Making The Appointment Process Of Independent Directors Independent Of The Company Management
• RBI Exclude Banks From Class Action As Proposed In New Companies Bill 2009
• Income Tax Department To Track Routing Of Money To Betting Syndicates In India And Abroad
• Service Tax Disputes May Cost Government 500 Crore
• Fraud Fictitious Offers Rises In Last 2 Years RBI
• Department Of Information Technology DIT Plans To E-Develop Six Core Areas By 2015
• NSE Gearing-up To Launch Mobile Trading
• ICAI Invites Suggestions On The Direct Taxes Code Bill 2010
• Companies In Which At Least 50 Per Cent Non-promoter Holding Not In Demat Form Will Be Included In The TFT Segment
• Easy Exit Scheme Receives Overwhelming Response
• Direct Tax Code Provides Some Certainty On Tax Treatment Of A Financial Lease
• DTC Changes Related To Taxability Of House Property Income
• RBI Suspends Vadodara Based Asia S Oldest Cooperative Bank S License
• Relief Provided By DTC To Individual Taxpayers
• RBI Governor Earns Less Than 5 Pc Of Top-paid Bankers
• SBI Considering The Merger Of All Five Of Its Remaining Associate Banks With Itself
• Panel Advises The Ministry Of Corporate Affairs To Reconsider The Provision Made For Excessive Delegated Legislation
• Parliamentary Standing Co M Mittee Rejects Renaming Of ICWAI To ICMAI
• Net Direct Tax Collections Register 13 91 Growth During April-August 2010
• Standing Committee Of Parliament Recommends Making The Appointment Process Of Independent Directors Independent Of The C
• DTC No Taxes Break On Payment Of Home Loan Principal Amount
• More Provisions Will Be Added To Companies Bill Says Khurshid
• DTC- NRI Staying In India For More Then 59 Days In A Year Have To Pay Tax On Income Earned Outside India
• Finmin Slaps Rs 758 Cr Service Tax Notice On DDA
• At This SBI Branch It Takes Rs 1 Crore To Open An Account
• Sebi Floats New Rules To Curb Price Volatility
• Parliamentary Standing Committee Suggests Inclusion Of All The Significant And Substantive Matters Included In The Corpo
• Shri Salman Khurshid Says The Corporate Social Responsibility Should Be Imbibed Into The Corporate Culture
• ESIC To Provide Secondary Medical Care And Supply Of Drugs Directly In Remote Areas
• Dishonour Return Of Cheques - Need To Mention The Date Of Return In The Cheque Return Memo
• Time Limit For Filing ITR-V For Assessment Year 2009-10 Extended - Press Release Dated 1-9-2010
• ICAI Requests For Extension Of Easy Exit Schemes 2010 And Company Law Settlement Scheme 2010
• Setting Up Of Section 25 Company For XBRL India
• FM Exhorts CBEC And CBDT To Set-Up Standing Committee At CCs Level For Litigation Management
• GDP Growth Estimates To Be Revised If Inaccuracies Found- FM
• The Personal Laws Amendment Act 2010
• ICWAI President S Message September 2010
• ServiceTax - Legal Provisions And Procedures For Recovery Of Arrears Demands
• Legal Provisions And Procedures For Recovery Of Arrears Demands Of Excise Duty
• Legal Provisions And Procedures Of Recovery Of Arrears Demands Of Customs Duty
• Accounting For Abnormal Loss Of Stock Can Be Due To Theft Fire Or Other Natural Calamity
• FAQ On TDS TCS Correction Statement
• How To Find The Name Of Person Through His PAN
• Company Law Judicial Interpretation Transfer Of Shares Of A Public Company
• Highlights Of The Report Of The Standing Committee On Finance Of The Parliament On The Companies Bill 2009
• Tax Audit Season Is On - Rush To Your CA
• Unlocking The Provisions Of Public Provident Fund PPF
• SOME ISSUES PERTAINING TO C FORMS UNDER CST ACT 1956
• Direct Taxes Code Bill 2010- SETTLEMENT OF CASES
• Laying And Operating A Cross Country Natural Gas Or Crude Or Petroleum Oil Pipeline Providing Services Equipment On Hir
• Direct Tax Code DTC Bill -2010- Provisions Affecting Financial Services Sector
• Direct Tax Code DTC Bill -2010- Provisions Affecting Foreign Institutional Investors
• Draft Point Of Taxation For Services Provided Or Received In India Rules Objective And Key Highlights
• Direct Tax Code Now In 2012
• Foreign Aid- Good Or Bad
• Brief Not On Increase In Wage Ceiling For Coverage Of Employees Under ESI Act
• Interest For Non-payment Of Tax Deducted At Source TDS After Deduction
• Service Tax Planning Limits Of Management Consultancy Services - II
• Search Seizure And Survey Simplified
• Is The Relief Provided To The Aggrieved Under SARFAESI Act 2002 Effective
• Section 50C- AO Can Not Tax The Difference In The Hands Of The Purchaser
• Royalty Payments Not Taxable In India Sans Economic Nexus With Permanent Establishment
• Long Term Capital Gain Cannot Be Excluded From Net Profit For Purpose Of Computing Book Profit Under Section 115JB
• Assessee To Follow One Of The Methods Prescribed And Demonstrates That International Transactions Entered With Associated Enterprise Are At Arm S Leng
• Service Tax On Software - Tax On Goods Versus Tax On Service - Constitutional Validity - Legislative Competence Of The Central Government
• Cross Boarder Transactions Are Subject To Tax In India - HC In Vodafone
• Supreme Court Upholds The Department Of Custom S Order Of Duty Demand Of Worth Rs 40 Crore Against M S Pernod Ricard India Private Limited
• If There Is Lack Of Enquiry On Part Of A O Provisions Of Section 263 Can Be Applied
• Special Bench Of ITAT On Taxability Of Loss In Case Of Forward Foreign Exchange Contracts
• One Cannot Read Provision Of Section 249 4 A Into Section 253 1 B
• Penalty U S 271 On Disallowance U S 40 A Ia
• Income Deemed To Accrue Or Arise In India
• Amends Certain Notifications For Inclusion Of Additional Ports For The Purpose Of Export Promotion Schemes CUSTOMS Notification No 93 2010 14-09-2010
• Draft Circular On Arrear Recovery Manual For Central Excise Customs And Service Tax
• Prevention Of Money-laundering Second Amendment Rules 2010 - Obligation Of Entities Authorised To Operate Payment System In India
• IT Press Release On E-Filing Of I-T Returns By Corporate Taxpayers
• RBI Circular On Reporting Under Foreign Direct Investment FDI Scheme
• Notification No 82 2010-Customs N T New Delhi Dated The 9th September 2010
• Notification No 81 2010-Customs N T New Delhi Dated The 9th September 2010
• Declaring Airports At Delhi And Sahar Mumbai Bombay As Customs Airports For The Purpose Of Courier Imports And Exports Regulations
• Amends Notification No 21 2002-Customs Dated The 1st March 2002 - Exemption And Effective Rate Of Basic And Additional Duty For Specified Goods Of Chapter 1 To 99
• Amends Notification Nos 91 2009-Customs 94 2009-Customs And 99 2009-Customs All Dated 11-09-2009 - Exempts Materials Imported Into India Against A Duty Free Import Authorisation Issued In Terms Of Foreign Trade Policy
• Courier Regulations For The Manual And The Electronic Mode- Circular No 33 2010-Customs
• Service Tax - Notification No 48 2010 - Amends Notification No 30 2005 - Power Of Central Excise Officers For The Purpose Of Adjudication U S 83A
• Section 35C Of The Central Excise Act 1944 - Orders Of Appellate Tribunal - Action On Expiry Of Stay Orders Given By The CESTAT
• Export Of Sugar - Reintroduction Of The System Of Export Release Orders W E F 1 1 2009 For Export Under OGL Advance Authorisation On Ton-to-ton Basis-reg
• Amendment Of Appendix 22A Related To Bank Realization Certificate BRC - Public Notice No 09 RE-2010 2009-14
• Amendment Of Appendix 25 C Amendment 25 D And Sl No 9 Under The Note-reg
• ICAI Changes Examination Timing Of Examination To Be Held In November 2010
• Taxpayers Filing I-T Returns Electronically Are Required To Mail ITR-V For AY 2009-10 To CPC Bengaluru By 31st December 2010
• Circular On Levy Of Clean Energy Cess Dated - 08-09-10
• Central Excise - CE NT - 07 2010-Clean Energy Cess - Amends Clean Energy Cess Rules 2010 Clean Energy Cess Notification
• Regarding Excise Duty On Wires Drawn From Wire Rods Notification No 28 2010 CE NT 01-09-2010
• RBI Circular On Submission Of Data To Credit Information Companies
• Union Budget 2010-11 Interest Subvention Scheme - 1 5 Per Cent Interest Subvention And 2 Per Cent Additional Subvention For Short-term Crop Loans In 2010-11
• Request For Informal Guidance Under Securities And Exchange Board Of India Informal Guidance Scheme 2003 The Scheme
• Clarification On Submission Of Audit Report Under Regulation 55A Of SEBI Depositories And Participants Regulations 1996
• Implementation Of Integrated Grievances Management System IGMS
• Export Of Sugar - Reintroduction Of The System Of Export Release Orders W E F 1 1 2009 For Export Under OGL Advance Authorisation On Ton-to-ton Basis-reg
• Amendment Of Appendix 22A Related To Bank Realization Certificate BRC
• Amendment Of Appendix 25 C Amendment 25 D And Sl No 9 Under The Note-reg
• Service Tax - Notification No 47 2010 - Exempts The Taxable Service Of Outdoor Catering - Centrally Assisted Mid-Day Meal Scheme
• Service Tax - Notification No 46 2010 - Amendments In The Notification No 19 2007- ST Dated The 12th May 2007 - Appeals To Appellate Tribunal
• Courier Regulations For The Manual And The Electronic Mode - Circular No 33 2010-Customs
• Amends Notification No 21 2002-Customs Dated The 1st March 2002 - Exemption And Effective Rate Of Basic And Additional Duty For Specified Goods Of Chapter 1 To 99
• Amends Notification Nos 91 2009-Customs 94 2009-Customs And 99 2009-Customs All Dated 11-09-2009
• Regarding Exemption To Imported Raw Hides And Skins And Semi-processed Leathers From Customs Duty
• Amends Notification No 153 2009-Customs Dated The 31st December 2009 - Exempts Goods When Imported Into India From The Countries As Specified In Appendix I From So Much Of The Duty Of Customs Leviable Thereon As Is In Excess Of The Prescribed Rate
• Amends Notification Nos 91 2009-Customs 94 2009-Customs And 99 2009-Customs All Dated 11-09-2009 CUSTOMS Notification No 90 2010 01-09-2010
• Download Draft Circular On Arrear Recovery Manual For Central Excise Customs And Service Tax
• 100 Hrs ITT Training Project
• A Complete Project On Solar Energy 02
• A-complete-project-on-solar-power
• Articleship Leave Calculator For CA Students 3 Year And 3 50 Years

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mumbai High Court Dismisses Vodafone Plea Against Income Tax Department On Hutch Deal Posted: 10 Sep 2010 05:46 AM PDT

...

[Message clipped]  

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/