Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Aug 21, 2010 at 9:59 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• CBDT put burden on Taxpayers to persuade the deductors to rectify the deficiencies in TDS returns filed by them
• Government making Efforts to reduce tax burden for Indian companies in United States
• Several provisions in DTC weighed heavily in favour of revenue
• Income-tax rates could be reduced in the proposed Bill for new Direct Taxes Code
• Submission of Online Form for Chartered Accountants Examinations, November 2010.
• Sebi and mutual funds asks finance ministry to continue tax benefits on equity linked schemes in DTC
• Government to streamline process of appointment of independent directors in Public Sector Undertakings
• Higher Rate of Interest under Senior Citizens Saving Scheme
• Interest Subsidy Scheme on Educational Loan for Economically Weaker Sections (EWS)
• Government appoints 2463 Advocates for handling govt cases: Law Minister
• Regulatory Body for Real Estate Sector: 350 suggestions received
• Mahatma Gandhi National Rural Employment programme may be Audited by CAs
• Extension of ACP Programme to Export Houses / Trading Houses – Circular No.29/2010-Customs
• Secretary, Ministry of Corporate Affairs, Reviews the Progress of Investor Education Initiatives of the Ministry
• Special court posts Satyam computer fraud case hearing to Tuesday
• 449 Hospitals to Provide Cashless Facility to the Insured and also Package Rates for 41 Common Surgical Procedures
• Indian corporates to face tough norms in global government purchase orders
• Customers of a Bank Allowed to Withdraw Cash Five Times in a Month Free of Charge from other Banks' ATMs
• SFIO may be engaged to recover bad loans from companies
• Finance ministry asks Irda, Sebi to park surplus with government
• Disagreement between states and center may further delay GST rollout
• International Financial Reporting Standards, DTC will make next fiscal challenging for Chartered Accountants

CBDT put burden on Taxpayers to persuade the deductors to rectify the deficiencies in TDS returns filed by them Posted: 20 Aug 2010 09:03 PM PDT On July 24, 2010, the Finance Minister released Citizen's Charter — a declaration of Income-Tax Department's commitment to taxpayers. In this Charter, one of the commitments is to make compliance easy. In this background, one of the members of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government making Efforts to reduce tax burden for Indian companies in United States Posted: 20 Aug 2010 09:02 PM PDT Even as America's new Border Security Act raises hackles in India, government officials said the country will renew efforts to push for exemption of social security tax paid by top tech firms including TCS, Infosys and Wipro in the US. India's... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Several provisions in DTC weighed heavily in favour of revenue Posted: 20 Aug 2010 09:00 PM PDT The former President of the Institute of Chartered Accountants of India (ICAI), Mr T.N. Manoharan, has sought the need for equitable treatment of tax payers and revenue authorities in the Direct Taxes Code (DTC). In his discussion paper on 'DTC' at... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income-tax rates could be reduced in the proposed Bill for new Direct Taxes Code Posted: 20 Aug 2010 08:59 PM PDT Taxpayers may get relief in terms of tax rates in the proposed Direct Taxes Code, which is likely to replace the 50-year-old Income Tax Act from the next fiscal, a key official indicated today. "We are in the process of reducing the rate of tax and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Submission of Online Form for Chartered Accountants Examinations, November 2010. Posted: 20 Aug 2010 08:52 PM PDT Candidates who have tried to submit the online Examination Application for the forthcoming for Chartered Accountants Examinations, November 2010 and whose online payment through Credit Card / Debit Card / Netbanking has been effected but online PDF... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi and mutual funds asks finance ministry to continue tax benefits on equity linked schemes in DTC Posted: 20 Aug 2010 08:39 PM PDT Market regulator Sebi and mutual fund houses have asked the finance ministry to continue with the tax benefits on equity linked schemes in the Direct Taxes Code, which will replace the existing Income Tax Act. The revised DTC draft, based on which... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government to streamline process of appointment of independent directors in Public Sector Undertakings Posted: 20 Aug 2010 08:33 PM PDT The government is streamlining the process of appointment of independent directors in Public Sector Undertakings (PSUs), a senior government official said on Friday. "We are in the process of shaping a note that actually gives timelines to each part... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Higher Rate of Interest under Senior Citizens Saving Scheme Posted: 20 Aug 2010 08:06 PM PDT The Senior Citizens Savings Scheme, 2004 (SCSS), was designed to meet the need of a regular flow of income for the senior citizens and retired persons with security of investment, liquidity of funds and operation convenience. Keeping in view of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest Subsidy Scheme on Educational Loan for Economically Weaker Sections (EWS) Posted: 20 Aug 2010 08:02 PM PDT The Ministry of Human Resources Development (HRD) has circulated Interest Subsidy Scheme on Educational Loan for Economically Weaker Sections (EWS) to banks on 25th May, 2010. In terms of the Scheme, full interest subsidy would be provided by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government appoints 2463 Advocates for handling govt cases: Law Minister Posted: 20 Aug 2010 07:26 PM PDT Central Government appoints/engages counsel to conduct its litigation in different courts of law. Informing this in Lok Sabha in a written reply Dr. M. Veerappa Moily said that at present, the total number of counsel appointed by the Ministry of Law... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regulatory Body for Real Estate Sector: 350 suggestions received Posted: 20 Aug 2010 07:22 PM PDT The Minister of Housing and Urban Poverty Alleviation Kumari Selja has said that in order to promote planned and healthy real estate development of colonies and apartments with a view to protecting consumer interest and to facilitate smooth and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mahatma Gandhi National Rural Employment programme may be Audited by CAs Posted: 20 Aug 2010 06:49 PM PDT Use of funds allocated under the UPA government's flagship programme Mahatma Gandhi National Rural Employment Guarantee Act could end up being audited by local chartered accountants. This is part of an endeavour by The Institute of Chartered... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Extension of ACP Programme to Export Houses / Trading Houses – Circular No.29/2010-Customs Posted: 20 Aug 2010 06:30 PM PDT Representations have been received in the Board from Trade and Industry Associations requesting to extend the benefit of ACP scheme to the category of status holders like Export Houses, Star Export Houses, Star Trading Houses etc. Requests have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Secretary, Ministry of Corporate Affairs, Reviews the Progress of Investor Education Initiatives of the Ministry Posted: 20 Aug 2010 06:08 PM PDT Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs reviewed the progress of investor education initiatives of the Ministry. The Ministry of Corporate Affairs had decided to upscale its investor education initiatives for the current... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Special court posts Satyam computer fraud case hearing to Tuesday Posted: 20 Aug 2010 06:03 PM PDT The special court for trying Satyam Computer Services Ltd financial fraud case will hear the arguments again on framing of charges on August 24. Mr B.V. Ln Chakravarti, the XXIII Additional Chief Metropolitan Magistrate has posted the case for next... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

449 Hospitals to Provide Cashless Facility to the Insured and also Package Rates for 41 Common Surgical Procedures Posted: 20 Aug 2010 05:59 PM PDT The Public Sector General Insurance Companies have been incurring health insurance claims in excess of premium received and after factoring in acquisition costs, which are around 10%, and the management expenses which are over 25%, the Combined... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Indian corporates to face tough norms in global government purchase orders Posted: 20 Aug 2010 05:44 PM PDT Peeved that Indian corporate have to face tough norms in global government purchase orders totalling an estimated $3 trillion, the Commerce Ministry has suggested that the industry too should root for similar norms back home. "I (India) have given... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Customers of a Bank Allowed to Withdraw Cash Five Times in a Month Free of Charge from other Banks' ATMs Posted: 20 Aug 2010 05:32 PM PDT Indian Banks' Association (IBA) has reported that banks have been permitted by Reserve Bank of India (RBI) to allow free cash withdrawal at their ATMs by customers from other banks upto five times in a month free of charge. Banks are generally... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SFIO may be engaged to recover bad loans from companies Posted: 20 Aug 2010 04:51 PM PDT A day after the Supreme Court suggested that SFIO could help banks in recovering bad loans, the government on Thursday said it would look into the possibility of engaging the corporate fraud probing body to deal with the menace of non-performing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance ministry asks Irda, Sebi to park surplus with government Posted: 20 Aug 2010 03:51 PM PDT The finance ministry has asked market regulator Sebi and insurance watchdog IRDA to deposit their surplus funds with the government, a move that may be resisted by these bodies citing regulatory autonomy. The directive follows repeated suggestions... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Disagreement between states and center may further delay GST rollout Posted: 20 Aug 2010 02:50 PM PDT A few months ago, Gujarat Chief Minister Narendra Modi walked up to Finance Minister Pranab Mukherjee and said: "Gujarat is awaiting the Goods and Services Tax (GST) eagerly." On Tuesday, at a meeting of state finance ministers where it was decided... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

International Financial Reporting Standards, DTC will make next fiscal challenging for Chartered Accountants Posted: 20 Aug 2010 01:48 PM PDT The financial year 2011-12 is going to be more vibrant, especially for the accounting professionals, with the implementation of Direct Taxes Code (DTC) and the convergence of Indian accounting standards with IFRS (International Financial Reporting... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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