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Friday, November 26, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Nov 27, 2010 at 9:34 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Once Charge Of Misappropriation Proved There Cannot Be Punishment Other Than Dismissal

Posted: 26 Nov 2010 11:32 PM PST


CHENNAI It is well settled in law that once a charge of misappropriation is proved against a bank officer or employee in any department or organisation who is dealing with money the employer will lose trust and confidence in him

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India Corporate Week 2010 A Curtain Raiser

Posted: 26 Nov 2010 11:21 PM PST


The Ministry of Corporate Affairs has undertaken a large number of initiatives in the area of corporate reforms These initiatives have the twin objectives of providing an enabling environment for the sustainable corporate growth an

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Corrective Steps On Rupee Rise

Posted: 26 Nov 2010 11:19 PM PST


In the month of October 2010 the monthly average exchange rate of rupee was Rs 44 5 per US dollar indicating 3 6 per cent appreciation over the exchange rate of Rs 46 1 in September 2010 The rupee however has depreciated by 2 4

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Amount Collected As Education CESS During The Last Three Years From Direct And Indirect Taxes

Posted: 26 Nov 2010 11:12 PM PST


The amount of Secondary and Higher Education Cess collected during the last three years from direct and indirect taxes are as under Direct Taxes nbsp Rs in crore Period Amount collected

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RBI Will Examine The Modus Operandi Of The Alleged Bribes-for-loans In Housing Finance Scam

Posted: 26 Nov 2010 09:46 AM PST


The Reserve Bank of India RBI will begin examining the modus operandi of the alleged bribes-for-loans allegations made by the Central Bureau of Investigation CBI against officials of three banks Life Insurance Corporation of In

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Income Tax Department Strikes Rs 50 Crore Deal With BSNL

Posted: 26 Nov 2010 09:39 AM PST


The Income Tax department has struck an estimated Rs 50 crore deal with state-owned telecom company BSNL to provide 51 000 mobile connections and one thousand high-end Blackberry phones for secure and fast communication amongst its off

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Sebi Probes Insider-trading In Shares Of Cos Party To Housing-Finance Scam

Posted: 26 Nov 2010 09:36 AM PST


Market watchdog Sebi has initiated a probe into possible front-running and insider trading in shares of over two dozen companies including some blue chips by entities and persons involved in the housing-finance scam unearthed by CBI

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Direct Tax Arrears Touch Rs 2 49 Lakh Crore

Posted: 26 Nov 2010 09:27 AM PST


Direct tax arrears touched a staggering Rs 2 49 lakh crore last fiscal and of this an amount of Rs 1 43 lakh crore is seen to be difficult to recover nbsp The tax arrears are tax demand raised by the revenue department but not reali

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ED Working In Coordination With Income Tax Department For Their Probe Into The Overlays Contracts Award In CWG Scam

Posted: 26 Nov 2010 09:24 AM PST


The Enforcement Directorate is working in close coordination with the Income Tax Department for their probe into the overlays contracts award ED during the Commonwealth Games and may soon summon the firms concerned nbsp According to o

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Railway Minister Demands Extension For The Waiver Of Service Tax On Railway Freight

Posted: 26 Nov 2010 09:21 AM PST


Railway Minister Mamata Banerjee has sought an extension for the waiver on service tax on railway freight Finance Minister Pranab Mukherjee had earlier given a tax holiday to the Railways till December 31 Banerjee now wants the

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Money Matter Scam- Property Valuers Under CBI Radar

Posted: 26 Nov 2010 08:50 AM PST


The Central Bureau of Investigation CBI is probing the role of property valuers in the cash-for-loans scam Developers acquire loans for projects the value of their property mortgaged to banks Property valuers that are often realty

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Constitutional Amendment Will Not Be Discussed At Next Meet Of State FM

Posted: 26 Nov 2010 07:46 AM PST


The vexed issue of amending the Constitution for rolling out the new Goods and Services Tax GST may not come up in the next meeting of the Empowered Committee EC of state finance ministers on December 6 here The committee has

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Assocham Demands 50-100 New Private Banking Licences

Posted: 26 Nov 2010 07:17 AM PST


Taking all stakeholders by surprise industry body Assocham today suggested that the Reserve Bank of India RBI issue between 50-100 new private bank licences in the current round of allowing new entrants At least 50-100 licences sh

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NRIs Can Now Vote Govt Issues Notification

Posted: 26 Nov 2010 06:44 AM PST


A longstanding wish of millions of NRIs for voting right in India has come true with the Centre issuing a notification to this effect to enable them to exercise their franchise nbsp Parliament had in the monsoon session passed the Rep

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Sebi- Imperative To Lift Corporate Veil In Sahara Fund-raising

Posted: 26 Nov 2010 06:29 AM PST


Market regulator SEBI has castigated the Sahara Group for raising thousands of crores in violation of regulatory framework and said that there is a clear imperative to lift the corporate veil nbsp Rejecting the contention of two Sah

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Advent Of APA In TP Regime

Posted: 26 Nov 2010 02:32 AM PST


The arena of International taxation has always been quite complex as much as it has been exciting for tax practitioners in particular What with residency rules PE provisions TP regimes 195 issues and DTAAs in fact it will be mo

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US Federal-Build In One Day

Posted: 21 Nov 2010 02:07 AM PST


We have been under great speculation when the US FEDERAL system declared 600 billion dollars buyout of bonds spread over a series of months We speculated and the end result of the speculation was this that the World indices across th

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Large Volume Of Purchase And Sale Of Shares Can Not Be The Sole Criteria To Treat The Same As Business Activity

Posted: 27 Nov 2010 12:07 AM PST


The assessee a broker in the BSE disclosed short-term capital gains and long-term capital gains on sale of shares The AO accepted the LTCG as such though he held that the STCG was assessable as business profits on the ground t

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Application Of Provisions Of Section 5A 1A Of The Central Excise Act

Posted: 27 Nov 2010 12:27 AM PST


Circular No nbsp 937 27 2010 CX Dated the nbsp nbsp nbsp nbsp 26th November 2010 Sub Application of provisions of section 5A 1A of the Central Excise Act nbsp References had been received from the field formatio

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Allocation Of Government Debt And Corporate Debt Investment Limits To FIIs Circular For Mutual Funds

Posted: 27 Nov 2010 12:22 AM PST


nbsp CIRCULAR CIR IMD FIIC 18 2010 nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp November 26 2010 To All Foreign Institutional Investors through their designated Custodians of Securities Dear Sir Madam nbsp

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Corrigendum To Service Tax Notification No 26 2010-ST Dated 22-6-2010 Related To ST On Air Freight

Posted: 26 Nov 2010 10:58 PM PST


Section 65 105 zzzo of the Finance Act 1994 - Air Transport of Passengers - Exemption above Rs 100 on domestic travel and Rs 500 on international travel in economy class - Corrigendum to Notification No 26 2010-ST dated 22-6-201

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Submission Of Information To Credit Information Companies -RBI 2010-11 286

Posted: 26 Nov 2010 08:44 AM PST


RBI 2010-11 286DNBS PD-SC RC CC No 23 26 03 001 2010-11November 25 2010All registered Securitisation Companies Reconstruction CompaniesDear Sirs Submission of information to Credit Information CompaniesIn terms of Section 2 f ii

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