Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sun, Nov 14, 2010 at 9:43 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Income Tax Commissioner May Be Arrested For Fraud
• No Appeal From Tax Department If Tax Amount Involved Is Less Then Threshold Limit
• Soon Banks May Close Your Savings Account If Cheques Are Issued Without Sufficient Funds In The Account
• ROC Enhanced Additional Fees For Late Filing W E F 5th December 2010
• Pay Equal Pay For Equal Work Rules Court
• IFRS Implementation Of IFRS On Track- Minister Of State For Corporate Affairs
• I-T Department Asks Sanofi-Aventis To Pay 700 Crore Tax
• India Australia Hold Talks Over IFRS Corporate Governance And CSR
• ICAI Expresses Concern Over Delay In Preparation Finalisation And Audit Of Government Companies
• Company Law Board Suspends Sanghi Polyester S Board
• Insurance - Draft Guidelines On Outsourcing Of Activities By Insurance Companies
• Income-tax Department Resumes Probe In Telecom Scam To Track Bribes
• SBI Employees On Two-day Strike From Nov 25
• Income Tax Officials To Be Under Strict Vigilance Scanner
• Registration Not Granted For Operating NBFC On Principles Of Sharia-RBI
• If Thin Capitalization Rules Are Not In The Domestic Law Treaty There Can Be Not Be Artificial Disallowance Of Interest Paid On Borrowings
• Payment For Purchase Of Software Cannot Be Termed As Royalty
• Section 5 Of The Central Sales Tax Act 1956 - When Is A Sale Or Purchase Of Goods Said To Take Place In Course Of Import Or Export - Designated Indian Carrier Specified For Purpose Of Section 5 5
• Insurance- Group Products Under Linked Platform - Compliance With Recent Circulars And Regulation On Unit Linked Products ULIPs
• Guidelines On Fair Practices Code For Lenders Disclosing All Information Relating To Processing Fees Charges
• Electronic Payment Products Processing Inward Transactions Based Soley On Account Number Information
• Exposure Norms-Applicability Of Non-Banking Financial Non-Deposit Accepting Or Holding Companies Prudential Norms Reserve Bank Directions 2007 To Standalone Primary Dealers

Income Tax Commissioner May Be Arrested For Fraud Posted: 13 Nov 2010 05:52 AM PST Income tax commissioner B P Singh has landed in a soup and could even be arrested He has been charge-sheeted for fraudulently using official letter pads of over half-a-dozen sitting MPs and MLAs... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Appeal From Tax Department If Tax Amount Involved Is Less Then Threshold Limit Posted: 13 Nov 2010 05:08 AM PST Tax authorities will not take legal recourse in cases where the disputed amount is below a certain threshold as the government looks to reduce unproductive litigation nbsp nbsp The new rules are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Soon Banks May Close Your Savings Account If Cheques Are Issued Without Sufficient Funds In The Account Posted: 13 Nov 2010 04:55 AM PST You may need to be extra careful while writing cheques in future Bank regulator Reserve Bank of India RBI as well as banks are becoming more strict about individuals issuing cheques nbsp Very... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ROC Enhanced Additional Fees For Late Filing W E F 5th December 2010 Posted: 13 Nov 2010 04:46 AM PST Additional Fees revised w e f 5th December 2010Dear Corporates It has been decided to revise the additional fees payable as per Section 611 2 of the Companies Act 1956 except for Form 5 ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pay Equal Pay For Equal Work Rules Court Posted: 13 Nov 2010 04:28 AM PST In case a contract workman is paid less than the wages payable to a similarly placed workman by the principal employer the TN Contract Labour Rules 1975 has a remedy under Rule 25 v a nbsp... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IFRS Implementation Of IFRS On Track- Minister Of State For Corporate Affairs Posted: 13 Nov 2010 04:24 AM PST The International Financial Reporting Standards IFRS are well on their way to be implemented and will proceed according to schedule said Mr Salman Khurshid Minister of State for Corporate... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T Department Asks Sanofi-Aventis To Pay 700 Crore Tax Posted: 13 Nov 2010 04:17 AM PST After telecom giant Vodafone it is now the turn of another cross-border merger involving Indian assets to have landed in a tax tangle Sanofi-Aventis which picked up a majority stake in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India Australia Hold Talks Over IFRS Corporate Governance And CSR Posted: 13 Nov 2010 04:12 AM PST THE Secretary of the Indian Ministry of Corporate Affairs Mr R Bandhopadyay had recently visited Canberra and Sydney and held fruitful talks with the Australian regulatory authorities on a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Expresses Concern Over Delay In Preparation Finalisation And Audit Of Government Companies Posted: 13 Nov 2010 04:08 AM PST The Institute of Chartered Accountants of India has expressed concern over the inordinate delay in preparation finalisation and audit of the accounts of many government companies and other... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Company Law Board Suspends Sanghi Polyester S Board Posted: 13 Nov 2010 03:58 AM PST The Company Law Board CLB has suspended the board of the ailing Sanghi Polyesters Ltd and ordered the handing over of management control to a Management Committee entrusting them with the task... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance - Draft Guidelines On Outsourcing Of Activities By Insurance Companies Posted: 13 Nov 2010 03:26 AM PST Insurance Draft Guidelines on Outsourcing of activities by Insurance Companies Reference nbsp nbsp nbsp nbsp nbsp 1 INV CIR 031 2004-05 dated 27th July 2004 2 INV CIR 058... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income-tax Department Resumes Probe In Telecom Scam To Track Bribes Posted: 13 Nov 2010 03:09 AM PST More trouble seems to be in store for telecom minister A Raja with the income-tax department resuming a probe on whether his ministry was involved in any irregularity while... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SBI Employees On Two-day Strike From Nov 25 Posted: 13 Nov 2010 03:04 AM PST nbsp Around 2 5 lakh SBI employees will go on strike for two days from November 25 protesting new pension scheme and demanding redressal of wage related issues General Secretary of All India... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Officials To Be Under Strict Vigilance Scanner Posted: 13 Nov 2010 03:02 AM PST Worried over reports of alleged corruption especially in issuing refunds to taxpayers the Income Tax Department has brought its own officials under strict vigilance scanner and has issued... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Registration Not Granted For Operating NBFC On Principles Of Sharia-RBI Posted: 13 Nov 2010 02:57 AM PST The Reserve Bank of India on Thursday informed the Kerala High Court that it had not issued a certificate of registration to any company for carrying on the business of non-banking financial... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If Thin Capitalization Rules Are Not In The Domestic Law Treaty There Can Be Not Be Artificial Disallowance Of Interest Paid On Borrowings Posted: 13 Nov 2010 06:47 AM PST This is an important decision of the Tribunal which brings out the importance of a Double Taxation Avoidance Agreement Treaty that where thin capitalization rules are not in the domestic law... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Payment For Purchase Of Software Cannot Be Termed As Royalty Posted: 13 Nov 2010 06:38 AM PST Mumbai Income Tax Appellate Tribunal Mumbai ITAT 2010-TII-154-ITAT-MUM-INTL in a batch of cases with the lead case being that of Reliance Industries Ltd Taxpayer on the issue of whether... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 5 Of The Central Sales Tax Act 1956 - When Is A Sale Or Purchase Of Goods Said To Take Place In Course Of Import Or Export - Designated Indian Carrier Specified For Purpose Of Section 5 5 Posted: 13 Nov 2010 03:46 AM PST Section 5 of the Central Sales Tax Act 1956 - When is a sale or purchase of goods said to take place in course of import or export - Designated Indian carrier specified for purpose of section 5 5 ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance- Group Products Under Linked Platform - Compliance With Recent Circulars And Regulation On Unit Linked Products ULIPs Posted: 13 Nov 2010 03:14 AM PST CIRCULAR NO IRDA ACTL ULIP 124 2 10 2010 DATED 27-10-2010 nbsp This has reference to the following circulars amp regulation issued by the Authority nbsp IRDA ACT CIR ULIP 102 06 2010 dated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Guidelines On Fair Practices Code For Lenders Disclosing All Information Relating To Processing Fees Charges Posted: 13 Nov 2010 02:03 AM PST RBI 2010 -11 272DBOD Leg BC 61 09 07 005 2010 -11 nbsp November 12 2010All Scheduled Commercial Banks All India Financial Institutions Excluding RRBs Dear Sir Guidelines on Fair Practices Code... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Electronic Payment Products Processing Inward Transactions Based Soley On Account Number Information Posted: 13 Nov 2010 01:56 AM PST RBI 2010-11 271UBD BPD PCB No 20 12 05 001 2010-11November nbsp 12 nbsp 2010Chief Executive OfficerAll Primary Urban Co-operative BanksDear Sir Madam Electronic Payment Products ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exposure Norms-Applicability Of Non-Banking Financial Non-Deposit Accepting Or Holding Companies Prudential Norms Reserve Bank Directions 2007 To Standalone Primary Dealers Posted: 13 Nov 2010 01:54 AM PST Exposure Norms Applicability of Non-Banking Financial Non-Deposit Accepting or Holding Companies Prudential Norms Reserve Bank Directions 2007 to standalone Primary DealersRBI 2010-11 270IDMD ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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