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Wednesday, January 12, 2011

Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Jan 12, 2011 at 10:04 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Onion Prices To Rise Income Tax Raids Continue

Posted: 12 Jan 2011 12:34 AM PST


In a move that could further push up Onion prices traders in Nashik and adjoining areas today went on two-day strike against tax raids and disrupted supply to contracting traders from other states who are being forced to sell the v

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Budget 2011- Govt May Not Raise Taxes Try To Streamline International Tax

Posted: 12 Jan 2011 12:23 AM PST


The government is likely to plug loopholes in international taxation to swell its kitty since it does not have too many options to raise taxes in the upcoming Budget due to proposed rates in new direct and indirect tax regimes and

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RBI To Hike Rates By 50 Bps By March

Posted: 12 Jan 2011 12:17 AM PST


StanChart Bank expects food prices to push up overall inflation to 8 3 per cent in December which will prompt the Central Bank to raise policy rates by 50 basis points in the current fiscal nbsp The bank said in its report that i

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FM Holds Pre-Budget Consultations With Industry Groups

Posted: 12 Jan 2011 12:03 AM PST


Union Finance Minister Shri Pranab Mukherjee held meeting with the stakeholders of different Industry Groups to get their inputs for General Budget 2011-12 here today This was the second meeting in the series of pre-Budget consult

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ICWAI Announces Address Of Polling Booths At Places Having More The One Polling Booth

Posted: 11 Jan 2011 11:21 PM PST


NOTICE In pursuance of Clause 3 of Schedule 2 of the Cost and Works Accountants Election to the Council Rules 2006 the addresses of different polling booths at place where there are more than one polling booth for the e

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Indo-Swiss Tax Treaty Hits Bureaucratic Hurdle

Posted: 11 Jan 2011 10:58 PM PST


The revised tax treaty between India and Switzerland to enable access to Swiss accounts of tax evaders seems to have hit bureaucratic hurdle as the two governments are yet to notify each other on the required legal and procedura

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IT Dept Plans New Measures To Curb Tax Evasion

Posted: 11 Jan 2011 10:50 PM PST


The Income Tax department plans to immediately capture on receipt the data of returns filed by taxpayers to enhance their investigation and enforcement action to curb tax evasion and reduce tax gap over the next few years nbsp T

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India To Replace US As 2nd Largest Economy By 2050 - PwC

Posted: 11 Jan 2011 10:48 PM PST


India is poised to overtake the USA and emerge as the World s second largest economy on purchasing power parity basis by 2050 and has the potential to supersede China to the top spot says a report published by PwC nbsp China is

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Onion Prices Ease By Rs 5-10 Kg Following IT Raids On Traders

Posted: 11 Jan 2011 10:44 PM PST


Onion prices on Friday eased by Rs 5-10 a kg in major metros following raids on traders by income tax I-T authorities in several states like UP Tamil Nadu Punjab Haryana and J amp K As the I-T officers were swooping down on bi

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ICAI AIA Of UK Sign Joint Declaration To Benefit CAs And Students

Posted: 11 Jan 2011 10:40 PM PST


THE ICAI and the Association of International Accountants UK have signed Joint Declaration to benefit both the Chartered Accountants and the students who pursue CA course An Honorary membership of the AIA was also conferred upon

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CBI Raids 14 Customs Officers And One Custom House Agent In Corruption Case

Posted: 11 Jan 2011 09:30 PM PST


CBI in Mumbai CBI conducted a large-scale operation on Tuesday at official and residential premises of 14 Customs officials and a CHA As per the CBI Release it was alleged that Customs officials of different ranks from Additional

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They Call Accounting The Language Of Business- Popular Accounting Terms

Posted: 11 Jan 2011 09:24 PM PST


But with that comes a range of terms which can be difficult to understand Read our glossary to learn more Accounting information systems Computerised accounting systems are essential for all organisations these days An inf

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Citi Bank Fraud - Sebi Probes Violation In Income Proof Rules

Posted: 11 Jan 2011 09:16 PM PST


In connection with the alleged Rs 300-crore Citibank fraud Sebi is probing whether the stock brokers collected from the accused his income proof documents a mandatory requirement for trade in derivatives market nbsp The marke

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FM Starts Pre-Budget Consultations Holds First Meeting With Stakeholders From Agricultural Sector

Posted: 11 Jan 2011 09:12 PM PST


Union Finance Minister nbsp Shri nbsp Pranab nbsp Mukherjee nbsp started his pre-Budget consultations for the preparation of Union Budget 2011-12 from today nbsp nbsp He held his first pre-Budget meeting this year with the

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ICAI Approaches MCA For Amendment Of CA Act -Sources

Posted: 10 Jan 2011 02:15 AM PST


CNBC-TV18 learns that the Institute of Charted Accountants of India ICAI has approached the Ministry of Company Affairs MCA for amendment of the CA Act The institute proposes 10-12 amendments seeking action against erring audit f

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Procedure For Interbank Mobile Payment Service IMPS

Posted: 12 Jan 2011 12:51 AM PST


Currently majority of interbank mobile fund transfer transactions are channelised through NEFT mechanism Under NEFT the transactions are processed and settled in batches hence are not real time Also the transactions can be done

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Third Innings - Section 4A V S Section 4

Posted: 11 Jan 2011 02:47 PM PST


CA Pradeep Jain Siddharth Rutiya Section 4A of Central Excise Act 1944 empowers Central Government to specify goods on which duty will be payable based on retail sale price The basic requirements for levy under MRP based Valuation

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2011 To Bring More Investment Hopes

Posted: 11 Jan 2011 02:07 PM PST


Dr Sanjiv Agarwal 2010 is now a past and we are now in 2011 hoping for a bright future growth and sound financial stability 2011 may not be all good and no bad but we need to manage our finances keeping in mind that India s

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NPA Classification SARFAESI Act Discretion Of Bank Secured Creditor

Posted: 07 Jan 2011 02:55 PM PST


The Banks or Secured Creditors do feel comfortable in recovering their dues using the provisions of SARFAESI Act 2002 The object of the enactment as everybody knows is to enable the Banks Secured Creditors to reduce the level of

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

SARFAESI Act 2002 Debt Recovery Tribunal - Important Points To Be Noted

Posted: 06 Jan 2011 05:56 AM PST


The object of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 is to regulate Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest and for ma

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Applicability Of Interest U S 234 On Tax Calculated On Book Profits Under Section 115JA

Posted: 11 Jan 2011 11:42 PM PST


A short question which arises for determination in this batch of cases is whether interest under Section 234B can be charged on the tax calculated on book profits under Section 115JA In other words whether advance tax was at all

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If Commercial Transaction Is At ALP No Transfer Pricing Addition For Non-charging Of Interest On Overdue Debt Can Be Made

Posted: 06 Jan 2011 06:54 AM PST


If commercial transaction is at arms length no transfer pricing addition for non-charging of interest on overdue debt

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Applicability Of MAT On Revaluation Reserve

Posted: 06 Jan 2011 06:42 AM PST


Supreme Court upholding the order of the Delhi High Court denied reduction from book profit for the purpose of Section 115JB Section of the Indian Tax Law of the amount withdrawn from revaluation reserve This is for the reason th

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Directions On Working Hours Of Articled Assistants - Regulation 60 Of The CA Regulations 1988

Posted: 12 Jan 2011 12:07 AM PST


Adherence to Regulation 60 of the Chartered Accountants Regulations 1988 and Directions of the Council in respect of Working Hours of articled assistants nbsp Announcement nbsp BoS Announcement 227 10 nbsp

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ICWAI - Notification Regarding Assessment Year For June 2011 Term Of Examination

Posted: 11 Jan 2011 11:25 PM PST


NOTIFICATION nbsp Ref No DS-3 1 1 11 Dated -January 10 2011 nbsp Finance Act 2010 involving Assessment Year 2011-2012 will be applicable for the subjects Applied Direct Taxation Intermediate Applied Indirect Taxation

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ICAI E-Journal January 2011

Posted: 11 Jan 2011 03:59 AM PST


ICAI e-Journal January 2011

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Excel 2007 Menu Wise Shortcuts

Posted: 09 Jan 2011 02:56 AM PST


Excel is one of the must have tool for Audit but to Operate is quited hard if you don 8217t know about shortcuts which can cut your time by a considerable amount I found MS office 2003 so easy but working on MS office 2007 is quite h

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Automated Arrears Relief Calculator U S 89 1 For Only West Bengal Govt Employees

Posted: 08 Jan 2011 02:09 AM PST


Fully Automated Arrears Relief Calculator U s 89 1 10E for only West Bengal Govt Employees This Calculation Software is fully Automated just put your data and follow the result

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EXPORT INCENTIVE EXEMPTION AND REMISSION SCHEMES

Posted: 08 Jan 2011 12:04 AM PST


THIS FILE CONSIST OF SLIDES ON VARIOUS SCHEMES UNDER FOREIGN TRADE POLICY 2009-2014 FOR EXPORT PROMOTION

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