Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Dec 3, 2010 at 10:09 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Agriculture Sector Not To Follow IFRS
• Sebi Bans Murli Inds Ackruti City Welspun-Gujarat Stahl Rohren Brushmanthree 3 Broking Firms
• RBI Advises Banks To Disclose All Charges In Loan Application Forms
• RBI May Cap Bank Charges To Protect Customers
• New GST To Be Implemented In J-K Next Year
• Center Propose To Impose GST On Films Industry Opposed The Same
• Commonwealth Suppliers Alleges That An Average 15 Commission Was Paid To Organising Committee Officials
• 95 Officials Under CVC Scanner For Alleged Corruption
• No Immunity Can Be Granted To ICAI Members For Professional Misconduct
• I-T Dept Suspects Radia Tapes Leaked From Telecom Service Provider S End
• Tribunal Upholds SEBI Order Against CA Couple For Alleged Involvement In IPO Allotment Scam
• Time Table For CS Examinations - Dubai Centre
• Can Income Taxes Be Any Different Under Indian Accounting Standard From Indian GAAP
• Background Material On Section 50c And 56 2 Of The Income Tax Act 1961
• Export Turnover Under Section 10B And Non Excludability Of Expenses Incurred In Foreign Currency On Onsite Computer Software Development At The Client
• If Foundational Facts Could Not Be Established By Way Of Writ Petition The Taxpayer Should Be Relegated To Adopt Proceedings Before Various Income-ta
• Notification No 121 2010-Customs Dated 1st December 2010
• Notification No 120 2010-Customs Dated- 1st December 2010
• DGFT-Prohibition On Export Of Edible Oils Clarification Regarding Exemptions From Export Of Edible Oils- Regarding
• NBFCs To Finalise Their Balance Sheet Within A Period Of 3 Months From The Date To Which It Pertains

Agriculture Sector Not To Follow IFRS Posted: 03 Dec 2010 12:20 AM PST The agriculture sector will not follow the International Financial Reporting System IFRS like other financial sectors of the country The decision was taken by the Institute of Charted Accountants of India ICAI which drafts the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi Bans Murli Inds Ackruti City Welspun-Gujarat Stahl Rohren Brushmanthree 3 Broking Firms Posted: 03 Dec 2010 12:17 AM PST The Sebi on Thursday passed strictures on four listed companies Murli Inds Ackruti City Welspun-Gujarat Stahl Rohren and Brushman three broking firms market operator Sanjay Dangi and other related entities for their role in mar [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Advises Banks To Disclose All Charges In Loan Application Forms Posted: 03 Dec 2010 12:08 AM PST The Reserve Bank of India RBI has once again advised banks and financial institutions to ensure that all information relating to charges or fees for processing of loans should be disclosed in the loan application forms This is a [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI May Cap Bank Charges To Protect Customers Posted: 02 Dec 2010 11:54 PM PST Retail customers of banks who have to pay exorbitant charges and penalties for basic services and pre-payment of loans are in for some good news The Reserve Bank of India RBI is considering a ceiling on such charges nbsp Worri [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New GST To Be Implemented In J-K Next Year Posted: 02 Dec 2010 11:48 PM PST Jammu and Kashmir will implement Goods and Services Tax along with the other states in the country proposed during the coming year the state government has said nbsp The state would also computerise its commercial taxes department [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Center Propose To Impose GST On Films Industry Opposed The Same Posted: 02 Dec 2010 11:45 PM PST Dark days are ahead for Bollywood and Tollywood what with a proposal by the Centre to impose goods and services tax GST on films that will cripple the industry nbsp This is a very serious issue If Parliament clears it no filmm [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Commonwealth Suppliers Alleges That An Average 15 Commission Was Paid To Organising Committee Officials Posted: 02 Dec 2010 11:39 PM PST Commonwealth Games overlays suppliers questioned by Income Tax investigation in connection with irregularities in Games contracts have alleged that an average 15 commission was paid to Organising Committee officials beside [[ This is a content summary only. Visit www.taxguru.in for full article ]]

95 Officials Under CVC Scanner For Alleged Corruption Posted: 02 Dec 2010 11:34 PM PST Ninety-five officials from different government-controlled organisations and banks have come under the CVC scanner in October alone for alleged involvement in corrupt practices and action has been recommended against them nbsp Of t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Immunity Can Be Granted To ICAI Members For Professional Misconduct Posted: 02 Dec 2010 11:31 PM PST The Supreme Court on Wednesday ruled that no immunity from prosecution can be granted to the members or nonmembers of the Institute of Chartered Accountants of India for their professional misconduct under the provisions of the Cha [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T Dept Suspects Radia Tapes Leaked From Telecom Service Provider S End Posted: 02 Dec 2010 11:27 PM PST Income tax department I-T suspects that the tapes of alleged conversation between corporate lobbyist Niira Radia and journalists ministers and corporate captains been leaked from telecom service provider s end amid a raging deb [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tribunal Upholds SEBI Order Against CA Couple For Alleged Involvement In IPO Allotment Scam Posted: 02 Dec 2010 10:18 PM PST The Securities Appellate Tribunal SAT has upheld the SEBI order against chartered accountant couple Dushyant and Puloma Dalal in the IPO allotment scam and dismissed the appeal filed by the couple The stock market regulator SEBI [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Time Table For CS Examinations - Dubai Centre Posted: 02 Dec 2010 10:01 PM PST COMPANY SECRETARIES EXAMINATIONS - DECEMBER 2010 TIME-TABLE amp PROGRAMME Date and Day MORNING SESSION nbsp 8 00 AM TO 11 00 AM AFTERNOON [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Can Income Taxes Be Any Different Under Indian Accounting Standard From Indian GAAP Posted: 03 Dec 2010 01:17 AM PST Convergence with IFRS is expected to give rise to significant income-tax issues in addition to financial reporting and other business issues Consequently it is vital that the tax workstream of any convergence project remains integ [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Background Material On Section 50c And 56 2 Of The Income Tax Act 1961 Posted: 02 Dec 2010 10:36 PM PST CONTEXT OF THE SUBJECTS I Stakes in transactions in immovable properties are quite high and so are the tax implications It is not only perceived but an open secret in India that sale transactions of immovable properties are unde [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Export Turnover Under Section 10B And Non Excludability Of Expenses Incurred In Foreign Currency On Onsite Computer Software Development At The Client Posted: 03 Dec 2010 01:07 AM PST Special Bench SB of the Income Tax Appellate Tribunal Tribunal of Chennai ITA on the issue of whether while computing deduction in respect of export profits of a 100 export oriented undertaking EOU under Section 10B Section [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If Foundational Facts Could Not Be Established By Way Of Writ Petition The Taxpayer Should Be Relegated To Adopt Proceedings Before Various Income-ta Posted: 03 Dec 2010 01:00 AM PST Supreme Court directs that since foundational facts could not be established by way of writ petition the taxpayer should be relegated to adopt proceedings before various Income-tax authorities Thus the Supreme Court has confirmed t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Notification No 121 2010-Customs Dated 1st December 2010 Posted: 03 Dec 2010 12:54 AM PST Notification No 121 2010-Customs New Delhi dated the 1st December 2010 G S R nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp E - In exercise of the powers conferred by sub-section 1 of section 25 of the Customs Act 1 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Notification No 120 2010-Customs Dated- 1st December 2010 Posted: 03 Dec 2010 12:51 AM PST NOTIFICATION No 120 2010-Customs nbsp New Delhi the 1st December 2010 G S R nbsp nbsp nbsp nbsp nbsp nbsp E - Whereas in the matter of imports of Phenol hereinafter referred to as the subject goods falling un [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT-Prohibition On Export Of Edible Oils Clarification Regarding Exemptions From Export Of Edible Oils- Regarding Posted: 03 Dec 2010 12:35 AM PST Policy Circular No nbsp 05 RE-2010 2009-14 nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp Dated 02 12 2010 nbsp Subject Prohibition on export of edible oils clarification regarding exemptions from export [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NBFCs To Finalise Their Balance Sheet Within A Period Of 3 Months From The Date To Which It Pertains Posted: 03 Dec 2010 12:31 AM PST RBI 2010-11 295 DNBS PD CC No 204 03 05 002 2010-11 December 1 2010 All NBFCs Dear Sir Submission of Balance sheet and Profit and Loss Account In terms of para 12 of both the Non-Banking Financial Deposit Accep [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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