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Wednesday, October 27, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Oct 26, 2010 at 11:45 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Satyam Case - Trial To Begin From November 2

Posted: 26 Oct 2010 04:30 AM PDT


The trial in multi-crore Satyam Computers accounting fraud case would begin from November 2 nearly 22 months after B Ramalinga Raju disgraced founder of Satyam Computer Services admitted fudging of company accounts to the tune of Rs

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Deadline For Implementation Of Mobile Number Portability Postponed

Posted: 26 Oct 2010 04:21 AM PDT


Communications Minister A Raja s promise to let people switch their mobile service operators while retaining their telephone number has got delayed once again - the deadline for the implementation of mobile number portability has been

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Supreme Court Dismisses Mahesh Bhupathi Plea For Tax Relief

Posted: 26 Oct 2010 04:17 AM PDT


Mahesh Bhupathi has been a resolute fighter on the tennis court since he turned pro in 1995 Clawing his way up the ATP rankings he has earned a career prize money of 5 191 184 nbsp But on Monday he decisively lost the tenacious fig

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Direct Taxes Code Would Be Implemented On April One 2012

Posted: 26 Oct 2010 04:14 AM PDT


Union Minister of State for Finance S S Palanimanickam today said the Direct Taxes Code would be implemented on April one 2012 nbsp It will be implemented on April 1 2012 There is no change in that he told reporters nbsp In

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Three Months Residential Programme For PCC IPCC PE-II Students Newly Qualified Chartered Accountants

Posted: 26 Oct 2010 02:32 AM PDT


Three Months Residential Programme on Professional Skills and Development has been initiated by Board of Studies ICAI for the benefit of Chartered Accountancy Students and newly qualified Chartered Accountants All the students who ha

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RBI Wants Lock-in Period For Foreign Direct Investment In Hotels Tourism

Posted: 26 Oct 2010 02:07 AM PDT


The Reserve Bank of India RBI has advised the government to impose strict new riders and set up a monitoring mechanism to prevent a real estate bubble That the central bank fears may be created due to diversion of foreign funds

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RBI Not In Favour Of Conversion Of Company Into LLP

Posted: 26 Oct 2010 02:05 AM PDT


A year ago when a new law allowed Indian businessmen to form limited liability partnerships LLPs corporate houses felt it would be an easy way to escape tax But today many are running into a wall And the resistance is coming

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IRDA Not In Favour Of Allowing Initial Public Offers By By Insurance Companies Who Have Been In Business For Less Than T

Posted: 26 Oct 2010 01:22 AM PDT


Insurance regulator IRDA is not in favour of allowing initial public offers IPOs by life insurers who have been in business for less than ten years a condition holding up the IPO guidelines for the sector nbsp The companies who hav

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DoT Plans To Use Unique Identification Numbers As An Identity And Address Proof For Issuing A New Mobile Or Landline Con

Posted: 26 Oct 2010 01:13 AM PDT


The department of telecommunications is planning to use Unique Identification UID numbers nbsp which will be issued by the government as an identity and address proof for issuing a new mobile or landline connection nbsp The stre

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SEBI Set To Allow Retail Investors To Invest Up To Rs 2 Lakh In IPO

Posted: 26 Oct 2010 12:22 AM PDT


Retail investors will get to double their bets on initial public offerings as the market regulator is set to raise the limit to Rs 2 lakh the first revision in five years as it attempts to keep pace with the eroding value of the rupe

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Supreme Court Adjourns Hearing On Vodafone Tax Case To 15th Nov

Posted: 26 Oct 2010 12:16 AM PDT


The Supreme Court nbsp on Monday nbsp adjourned hearing in the tax case against Vodafone to 15th November after the telecom company sought time to go through the Rs 11 218 crore tax notice sent by the Income Tax department n

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Life Insurance Policies Could Soon Become Paperless

Posted: 25 Oct 2010 11:58 PM PDT


Life insurance policy holders may not be required to keep paper records of their policies once the plan for digitalisation of the sector that is being worked on by the Life Insurance Council is approved by the regulator IRDA nbsp

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Infrastructure Bonds-The New Avenue To Save Tax

Posted: 25 Oct 2010 03:19 PM PDT


Infrastructure bonds are an attractive option for those in the high tax bracket Infrastructure bonds are the latest avenue for investors looking to park funds in debt instruments A number of companies have announced plans to raise

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Assessment Under Section 147 For Tax Evasion Needs To Be Recorded

Posted: 25 Oct 2010 03:08 PM PDT


THE Delhi high court has ruled that the tax authorities cannot initiate assessment proceedings simply on belief of escapement of tax or belief that some income has escaped tax effectively curbing powers of the revenue department to o

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Incorporation In India Must For Foreign Banks

Posted: 25 Oct 2010 03:05 PM PDT


The Reserve Bank of India has sent to the finance ministry a draft of its discussion paper on conversion of foreign bank branches into wholly-owned subsidiaries The draft is understood to recommend compulsory local incorporation coup

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Directorate General Of Income Tax Legal Research Issues Directive To Regulate Filing Of Special Leave Petition SLPs

Posted: 25 Oct 2010 09:09 AM PDT


The Directorate General of Income Tax Legal amp Research has issued a directive to regulate the filing of Special Leave Petition SLPs before the Supreme Court It has been stated 3 The objective of the Board is to file SLP i

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Commonwealth Games-Enforcement Directorate Registers Case For FEMA Violation

Posted: 25 Oct 2010 09:02 AM PDT


The Enforcement Directorate has registered a case for violation of Foreign Exchange Management Act as part of its probe into the alleged corruption in the run-up to the Commonwealth Games nbsp Official sources said Ce

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Income Tax Department Is Preparing Family Tree Of All Senior Officials Individuals And Their Relatives Who Bagged Com

Posted: 25 Oct 2010 08:56 AM PDT


The Income Tax department is preparing a family tree of all senior officials individuals and their relatives who have bagged Commonwealth Games contracts and also of consortiums which entered into joint ventures with foreign e

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Empanelment With Punjab National Bank PNB For Chartered Accountants Ca Firms For Concurrent Audit Revenue Audit And

Posted: 25 Oct 2010 08:53 AM PDT


Punjab National Bank invites applications on the undernoted prescribed format from practicing firms of Chartered Accountants of India who are willing to have their Firms empanel ed as Concurrent Revenue Treasury Auditor in the Bank

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Never Admitted To Fraudulently Appropriating Money From Satyam- B Ramalinga Raju

Posted: 25 Oct 2010 08:23 AM PDT


Satyam founder B Ramalinga Raju nbsp on Wednesday said he never admitted to fraudulently appropriating money from the IT company nbsp Defending the bail granted to him in the Supreme Court Raju interestingly thanked the government

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CAG Seizes Files Related To Constructions Works Carried Out By The CPWD And DDA For The Commonwealth Games

Posted: 25 Oct 2010 08:20 AM PDT


nbsp The Comptroller and Auditor General CAG nbsp on Wednesday nbsp seized files about various constructions works carried out by the CPWD and DDA for the Commonwealth Games even as the audit watchdog roped in more officers to

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Cabinet Approves Amendments To The Enemy Property Act 1968

Posted: 25 Oct 2010 08:17 AM PDT


The Union Cabinet today approved the proposal of Ministry of Home Affairs to introduce the Enemy Property Amendment and Validation Second Bill 2010 to make amendments to the Enemy Property Act 1968 The amendments among

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Budget For Next Year May Take Back Excise Exemption Given To Around 250 Items

Posted: 25 Oct 2010 03:43 AM PDT


The finance ministry is looking into the possibility of phasing out some exemptions from the Centre s excise list in the next Budget nbsp The move is part of the transition exercise to the goods amp services tax regime slated

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CCI PLANS Code Of Conduct For Trade Bodies

Posted: 25 Oct 2010 03:32 AM PDT


It s not just numerology that links the recently released movies Dabangg Anjaana Anjaani and Raavan Thanks to the Competition Commission of India CCI the country s fair trade practice watchdog none of these movies would ha

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Sebi Unlikely To Accept Proposal To Lift The Size Of Mandatory Open Offer Arising From Mergers And Acquisitions To 100

Posted: 25 Oct 2010 03:30 AM PDT


The Securities and Exchange Board Sebi of India is unlikely to accept a proposal to lift the size of mandatory open offer arising from mergers and acquisitions to 100 per cent from 20 per cent A panel set up by the Sebi had propo

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IRDA Suspends Sale Of Universal Life Policies And Will Not Allow Sale Of Single-premium Products Under ULIPs

Posted: 24 Oct 2010 06:10 AM PDT


The Insurance Regulatory and Development Authority Irda has suspended sale of universal life policies which were being promoted as an alternative to unit-linked insurance plans from October 23 nbsp Sales have been suspended u

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RBI To Continue With Prudential Norms For Banks-ICAI

Posted: 24 Oct 2010 05:55 AM PDT


The Reserve Bank of India RBI will continue with prudential norms for banks the Institute of Chartered Accountants of India ICAI has said It also stated that International Financial Reporting Standards-9 IFRS 9 for banks will n

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Taxation Of Derivatives

Posted: 24 Oct 2010 05:53 AM PDT


Since there is no transfer or delivery of the underlying asset in case of futures the income or loss from it cannot be taxed under the head capital gains nbsp Therefore depending upon the fact whether the assessee is a trader

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Transfer Of High Courts Judges

Posted: 24 Oct 2010 05:42 AM PDT


Transfer of High Courts Judges-In exercise of the powers conferred by clause 1 of article 222 of the Constitution of India the President after consultation with the Chief Justice of India is pleased to transfer the following Jud

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Income Tax Demand Of Rs 11 218 Crore Raised On Vodafone For Failure To Deduct Tax As Required Under Section 195

Posted: 24 Oct 2010 05:38 AM PDT


The Income Tax department today issued an order raising a tax demand of Rs 11 217 95 crore on Vodafone International Holdings BV treating it as an assessee in default under section 201 1 of the Income Tax Act 1961 the Act for f

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Rs 246 Crore CWG Deal Is Transparent Says Doordarshan DG

Posted: 24 Oct 2010 05:26 AM PDT


Rejecting allegations of corruption public broadcaster Doordarshan today claimed that the Rs 246 crore contract with a British firm to telecast Commonwealth Games was transparent and as per government rules nbsp Having faced brick

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Income Tax Department Chooses Softer Option Of Acting On Tax Evasion Of Rs 29 Crore By CWG Broadcast Firm SIS Live

Posted: 24 Oct 2010 05:23 AM PDT


The income tax department chose the softer option of acting on a tax evasion of Rs 29 crore from CWG broadcast firm SIS Live by withdrawing its own order to attach the company s bank accounts It rewrote its order attach accounts direct

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Single Premium Option For Unit-linked Pension Plans

Posted: 24 Oct 2010 05:10 AM PDT


After the initial hesitation some of the private sector life insurance companies are launching unit-linked pension plans but only with a single premium option nbsp While ICICI Prudential has recently launched its single premium un

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Drafting Appeal And Procedure In Income Tax Appeals Before CIT Appeals And ITAT

Posted: 25 Oct 2010 11:51 PM PDT


Drafting Appeal and Procedure in Income Tax Appeals before CIT Appeals and ITAT Drafting of Appeal 1 nbsp nbsp nbsp nbsp Drafting of Statement of Facts and Grounds of appeal before Commissioner of Income-tax Appeals a

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Removal Of Ceiling On Hiring Of Foreign Nationals

Posted: 25 Oct 2010 11:22 PM PDT


The Ministry of Labour and Employment amp Training MLET vide its office memorandum dated 8 September 2009 has imposed restrictions on the issue of Employment Visas EVs to highly skilled and professionals foreign nationa

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Amendment To Clause 35 Of Listing Agreement

Posted: 25 Oct 2010 03:28 PM PDT


Securities and Exchange Board of India SEBI at its Board Meeting held on 4 August 2010 has taken the decisions relating to the format frequency of filing of shareholding pattern under clause 35 of the listing agreement The decis

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CBDT Circular Clarifies That Widening Of Existing Roads Constitutes Creation Of New Infrastructure Facility Eligible For

Posted: 25 Oct 2010 03:25 PM PDT


Section 80IA 4 i of the Income-tax Act 1961 the Act provides for a tax holiday to an undertaking engaged in developing or operating and maintaining or developing operating and maintaining any infrastructure facility subject

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Claim Of Minority To Buy The Shares Of Majority In A Proceeding Under Section 397 398 Of Companies Act 1956

Posted: 25 Oct 2010 12:37 PM PDT


Settling or putting an end to the disputes among shareholders by the Company Law Board under section 397 398 of the Companies Act 1956 is a complicated job When where exist serious difference of opinion among the minority and

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Indian Judiciary On Education

Posted: 25 Oct 2010 07:07 AM PDT


The complications Indian Judiciary is being criticized by all in the recent past The media can criticize the judiciary and make it a news item using the general anger of the people on the Justice Delivery Mechanism in t

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Interest U S 234A To 234C Applicable To Settlement Commission Proceedings It Is Payable Only Up To The S 245D 1 Order And Cannot Be Levied U S 154

Posted: 26 Oct 2010 01:06 AM PDT


A five-judge Constitution bench of the Supreme Court last week ruled that the settlement commission under the Income Tax Act cannot reopen concluded proceedings under Section 154 rectification of mistakes so as to levy interest

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Higher Price Paid To AEs Accepted As ALP Under The CUP Method Provided There Is Sufficient Economic And Commercial Justification Evidencing The Same

Posted: 25 Oct 2010 11:16 PM PDT


Recently the Mumbai Bench of the Income-tax Appellate Tribunal the Tribunal in the case of Cheminova India Ltd Vs ACIT Mumbai ITA No 4865 Mum 05 13 ITAT INDIA 240 Mum accepted higher price paid to its Associated Enter

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Profits Earned From Forward Contract Not To Be Included In The Profits Of The Business Of The Undertaking For Computing Deduction Under Section 10B

Posted: 25 Oct 2010 11:11 PM PDT


Bangalore bench of the Income-tax Appellate Tribunal the Tribunal in the case of ACIT v K Mohan Co Exports P Ltd 2010 130 TTJ 719 Bang held that that profits earned from forward contracts cannot be included in the profi

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Transfer Of Computer Software By An Indian Branch Of A Foreign Company Approved As 100 Percent EOU To Its Head Office Is An Eligible Transaction For

Posted: 25 Oct 2010 03:51 PM PDT


The Delhi bench of Income-tax Appellate Tribunal the Tribunal in the case of DDIT v Virage Logic International ITA No 494 Del 2010 held that transfer of a computer software by an Indian branch of a foreign company approved as 1

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Supreme Court Rules On Deductibility Of Export Profits While Computing MAT

Posted: 25 Oct 2010 03:47 PM PDT


In a recent ruling Supreme Court SC in the case of Ajanta Pharma Ltd Taxpayer Civil Appeal No 7518 of 2010 on the issue of deductibility of export profits from the net profit while computing book profit for determining mi

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No Disallowance U S 40 A Ia Where Payments Made Were Apparently Less Than Rs 20 000 Each And To Each Party Less Than Rs 50 000 Per Year As Per T

Posted: 25 Oct 2010 03:42 PM PDT


In the case of Vikas Road Carriers Ltd v ITO 2010-TIOL-417-ITAT-MUM the Mumbai Bench of the Income-tax Appellate Tribunal the Tribunal ruled that in light of the very typical facts of the case no disallowance could be made u

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ITAT Delhi Rejects Assessing Officer S Approach Of Cherry Picking The Comparables And Proposing An Arbitrary Transfer Pricing Adjustment

Posted: 25 Oct 2010 03:35 PM PDT


Recently the Delhi bench of the Income-tax Appellate Tribunal the Tribunal in the case of ACIT Vs M s Toshiba India Private Limited 2010-TII-14-ITAT-DEL-TP has rejected the Assessing Officer s approach of cherry picking the comp

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Section 35 1 Iii Of The Income-tax Act 1961 Scientific Research Expenditure Approved Social Science Or Statistical Research Associations Or Institutions - Notification No 75 2010

Posted: 26 Oct 2010 02:45 AM PDT


Section 35 1 iii of the Income-tax Act 1961 Scientific research expenditure Approved social science or statistical research associations or institutions nbsp Notification No 75 2010 F No 203 152 2009 ITA-II dated

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SION H-158 As Amendment Done By Public Notice No 104 RE2008 2004-09 Dated 7 11 2008- DGFT Policy Circular No 03 RE-2010 2009-14

Posted: 26 Oct 2010 02:28 AM PDT


Policy Circular No nbsp nbsp 03 RE-2010 2009-14 nbsp nbsp nbsp nbsp nbsp Dated nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp 25th October 2010 nbsp Subject SION H-158 as amendment done by Public Notice No 104 RE2

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RBI Exempts Long Term Infrastructure Bonds U S 80CCF Issued By Infrastructure Companies From The Purview Of Public Deposits

Posted: 26 Oct 2010 02:22 AM PDT


Long Term Infrastructure Finance Bonds issued by Infrastructure Finance Companies IFCs under Section 80CCF of the Income Tax Act 1961- Exemption from the definition of public deposit RBI 2010-11 242 DNBS PD CC No 203 0

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Credit Debit Card Transactions- Security Issues And Risk Mitigation Measures For Card Not Present Transactions

Posted: 26 Oct 2010 02:19 AM PDT


RBI 2010-2011 243RBI DPSS No 914 02 14 003 2010-2011 nbsp October 25 2010The Chairman and Managing Director Chief Executive OfficersAll Scheduled Commercial Banks including RRBs Urban Co-operative Banks State Co-operative Bank

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Reduction Of Government Litigations - Providing Monetary Limits For Filing Appeals By The Department Before CESTAT And High Courts

Posted: 24 Oct 2010 06:06 AM PDT


Reduction of Government litigations - providing monetary limits for filing appeals by the Department before CESTAT and High Courts - Regarding nbsp F No 390 Misc 163 2010-JC nbsp New Delhi 20th October 2010Ministry of Finance nbsp D

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Consolidation Or Merger Of Schemes- SEBI Circular

Posted: 24 Oct 2010 05:13 AM PDT


Cir IMD DF 15 2010 Dated nbsp October 22 2010 nbsp All Mutual Funds Asset Management Companies AMCs Trustee Companies Boards of Trustees of Mutual Funds nbsp Dear Sir Madam nbsp Sub Consolidation or Merger o

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Income-tax Settlement Commission Procedure Amendment Rules 2010 - Amendment In Rules 2 5 6 7 9 And Insertion Of Rule 12A

Posted: 22 Oct 2010 02:32 AM PDT


Notification No G S R 820 E dated 6-10-2010 nbsp In exercise of the powers conferred by sub-section 7 of section 245F of the Income-tax Act 1961 43 of 1961 the Income-tax Settlement Commission hereby makes the followin

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CBDT Notifies Annuity Plans Of TATA And ICICI Under Section 80C 2 Xii

Posted: 22 Oct 2010 02:28 AM PDT


Section 80C of the Income-tax Act 1961 - Deductions - In respect of insurance premium etc - Notified plan under section 80C 2 xii nbsp Notification No 80 2010 F No 178 04 2009-ITA-1 dated 19-10-2010 nbsp In exercise o

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Pay Slip Performa

Posted: 24 Oct 2010 11:23 PM PDT


Pay Slip Performa

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All In One Income Tax Calculation For All Employee For Financial Year 2010-2011 Assessment Year 2011-2012

Posted: 23 Oct 2010 07:21 PM PDT


All in one Income Tax Calculation Software in excel It can prepared at a time Salary Statement Form-16 ITR-I 10E

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Internal Audit Checklist

Posted: 23 Oct 2010 06:24 PM PDT


Internal Audit Checklist

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Ca Final Costing Sugestion

Posted: 22 Oct 2010 11:37 PM PDT


sugestion for student apearing on ca final nov 10

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Ca Sinal Costing Note

Posted: 22 Oct 2010 11:34 PM PDT


Dear Friends Students I am enclosing the Costing Notes inclusive of past year questions and study material as these are considered very important for your exams The pattern of reading these notes should

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Auto Income Tax Calculation For Private Concern Employee And Other Employees With Salary Statement Form 16 ITR-I 10E For FY 2010-2011

Posted: 22 Oct 2010 06:42 PM PDT


Income Tax Calculation for All Private Concern Employee and other Employees with Salary Statement Form-16 ITR-I Form 10E for Financial Year 2010-2011 and Assessment Year 2011-2012

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Income Tax Calculation For Only West Bengal Govt Employee For Financial Year 2010-2011 Assessment Year 2011-2012

Posted: 22 Oct 2010 06:37 PM PDT


Income Tax Salary Statement 10E for Financial Year 10-11 Prepared by Pranab Banerjee Kalisthanpara Jiaganj Murshidabad West Bengal For contact -bpranab78 yahoo com OR pranab banerjee83 gmail com or Log in www pranab jiaganj co

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Income Tax Calculation For Handicapped Employee For Financial Year 2010-2011

Posted: 22 Oct 2010 06:35 PM PDT


Income Tax calculation for Handicapped Employees For Financial Year 2010-2011

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Easy Income Tax Calculation For All Categories For Financial Year2010-2011 Salary Statement Form 16 ITR-I 10E

Posted: 22 Oct 2010 06:32 PM PDT


Income Tax Calculation with Salary Statement Form-16 ITR-I for Fy 10-11 Prepared by Pranab Banerjee Kalisthanpara Jiaganj Murshidabad West Bengal For contact -bpranab78 yahoo com OR pranab banerjee83 gmail com or Log in www p

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