Fwd: TaxGuru.in : Legal & Tax Updates

---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Oct 9, 2010 at 1:38 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

---

• Tax Evasion Charges Against Philips TVS Motor- Central Excise Department
• CBI Arrests SBI Employee For Rs 5 24 Crore Fraud
• Inoperative Provident Fund Accounts Settle Account Before 31st March To Get Interest
• India Signs First Tax Information Exchange Agreement With Bermuda
• Pranab Mukherjee S Address At Seventh Annual India Investment Forum In New York
• The Institute Of Chartered Accountants Of India Ties-up With United Stock Exchange To Impart Knowledge On Currency Deri
• ICAI Declares Result Of CPT Online Examination Held On 18th 19th September 2010
• ICAI Plans To Send Notices To Six IPL Franchisees
• RBI May Relax Conditions Related To Grant Of Banking License To Groups Having Exposure To Reality Sector
• 1 52 Crore Seized From Mumbai-bound Bus -The Unaccounted Money Was Being Sent Via Courier
• Government Removes The Limit On The Number Of Employment Visas That May Be Granted To The Foreign Nationals
• Commerce Department Wants MAT On SEZ To Be Lowered
• Competition Commission Of India To Hear Petition Made By Third-party Administrators
• CBI Starts Investigation In Alleged Fraud In Loans Worth Rs 2 500 Crore Disbursed To Zoom Developers
• Government Of Switzerland Would Be Ready To Reveal The Names And Bank Account Details Of Indians
• India And Mozambique Sign Double Taxation Agreement DTA
• RBI Forms Group To Review Operation Of Monetary Policy
• Indian Holding Green Card In US Facing Threat Of Being Taxed In The US For Income Generated In India
• Calcutta High Court Still Under Queen Of England
• ICAI Plans To Introduce Unique Code Numbers UCD To Check The Increasing Forged Attestations
• ICAI Ties Up With United Stock Exchange USE To Impart Knowledge On Currency Derivatives
• IT Department Conducts Search At The Offices Of Nagarjuna Construction
• CII Opposed New Companies Bill Proposal To Make Maintenance Of Cost Records Mandatory
• Summary Of Discussion Paper On Foreign Direct Investment In Limited Liability Partnerships
• Education Loan The Mantra To Save Tax
• Income Tax Deduction For Medical Insurance
• Non-furnishing Of All Documents Does Not Violate Principles Of Natural Justice- SC
• A Member Who Has Taken A View Should Not Be Party To A Special Bench- ITAT Delhi SB
• Confession Made During Survey Is Not Conclusive And Can Be Retracted- Delhi High Court
• Banks Are Not Liable To Pay Minimum Alternative Tax MAT On Book Profit ITAT Mumbai
• Foreign Contribution Regulation Act 2010 No 42 Of 2010
• Section 210A Of The Companies Act 1956 - Constitution Of National Advisory Committee On Accounting Standards - Amendment In Notification No S O 1800 E Dated 21-7-2009
• Rescinds Notification No 46 2010-Customs Dated The 12th April 2010 Vide Notification No 109 2010 Customs
• Regarding Anti Dumping Duty On Imports Of Narrow Woven Fabrics Having Pile Weave Originating In Or Exported From China And Taipei
• SEBI Circular On Review Of Securities Lending And Borrowing SLB Framework
• SEBI Circular On Monthly Reporting By Portfolio Managers
• Furnishing Remitter Details In Pass Book Pass Sheet Account Statement For Credits Received By Customers Through NEFT NECS ECS
• Permissible Period For Remittance Of E-payments Into Government Account By Public Sector Banks
• Prudential Guidelines On Restructuring Of Advances By Banks
• Filing Of Revised Return For The Month Of August 2010

Tax Evasion Charges Against Philips TVS Motor- Central Excise Department Posted: 09 Oct 2010 02:21 AM PDT The Central Excise Department today said its has slapped a show-cause notice on Philips Electronics for allegedly evading excise duty to the tune of Rs 22 crore nbsp Central Excise Commissioner Chandigarh H K Thakur also said two [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI Arrests SBI Employee For Rs 5 24 Crore Fraud Posted: 09 Oct 2010 02:18 AM PDT Ahmedabad Oct 8 The CBI has arrested a State Bank of India SBI employee for allegedly cheating hundreds of illiterate or semi-literate customers who opened their savings accounts in the bank and misappropriating Rs five crore in [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Inoperative Provident Fund Accounts Settle Account Before 31st March To Get Interest Posted: 09 Oct 2010 01:23 AM PDT Provident fund subscribers who have inoperative accounts from their earlier jobs will not lose interest if they file an application for withdrawal of accumulated funds or transfer to an operative account before March 1 2011 even if [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India Signs First Tax Information Exchange Agreement With Bermuda Posted: 09 Oct 2010 12:15 AM PDT India and Bermuda have signed a Tax Information Exchange Agreement TIEA The agreement was signed by Shri S S Palanimanickam Minister of State for Revenue in the Ministry of Finance from Indian side and Dr Ewart Brown Premie [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pranab Mukherjee S Address At Seventh Annual India Investment Forum In New York Posted: 09 Oct 2010 12:12 AM PDT Following is the text of the Speech of Finance Minister Shri Pranab Mukherjee at the Seventh Annual India Investment Forum in New York nbsp I am delighted to be here for the 7th Annual India Investment Forum in this city wh [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The Institute Of Chartered Accountants Of India Ties-up With United Stock Exchange To Impart Knowledge On Currency Deri Posted: 09 Oct 2010 12:05 AM PDT In a move to impart comprehensive knowledge of financial markets to its members The Institute of Chartered Accountants of India ICAI recently signed a MOU with United Stock Exchange USE As part of this MOU USE plans to educate m [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Declares Result Of CPT Online Examination Held On 18th 19th September 2010 Posted: 08 Oct 2010 11:49 PM PDT Result of CPT Online Examination held on 18th amp 19th September 2010 has been declaredPlease click here for results [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Plans To Send Notices To Six IPL Franchisees Posted: 08 Oct 2010 09:08 AM PDT The Institute of Chartered Accountants of India ICAI is planning to send notices to six IPL franchisees seeking more information from the companies owing the teams nbsp The six franchisees including Preity Zinta-promoted King [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI May Relax Conditions Related To Grant Of Banking License To Groups Having Exposure To Reality Sector Posted: 08 Oct 2010 09:06 AM PDT The Reserve Bank of nbsp India nbsp RBI may have to go easy on its suggestion of not granting new nbsp banking licences nbsp to those groups which have exposure to the real estate sector The central bank had in a discussion pape [[ This is a content summary only. Visit www.taxguru.in for full article ]]

1 52 Crore Seized From Mumbai-bound Bus -The Unaccounted Money Was Being Sent Via Courier Posted: 08 Oct 2010 08:55 AM PDT The Pune rural police on Wednesday seized Rs 1 52 crore as well as 356 gm of gold ornaments worth Rs 1 58 lakh from two bags in the hold of a Mumbai-bound luxury bus The unaccounted for money and ornaments which were loaded into t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government Removes The Limit On The Number Of Employment Visas That May Be Granted To The Foreign Nationals Posted: 08 Oct 2010 08:41 AM PDT The Ministry of Home Affairs MHA Government of India had in August 2010 clarified that the number of employment visas that may be granted to foreign nationals employed in sectors other than the IT Software and IT enabled [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Commerce Department Wants MAT On SEZ To Be Lowered Posted: 08 Oct 2010 03:08 AM PDT The commerce nbsp department nbsp will push for lowering of the minimum alternate nbsp tax MAT proposed in the direct taxes code DTC nbsp Bill nbsp on units in special economic zones SEZs as it believes that it would not be vi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Competition Commission Of India To Hear Petition Made By Third-party Administrators Posted: 08 Oct 2010 03:07 AM PDT The Competition Commission of India CCI has set October 13 as the date for nbsp the hearing of the petition made by third-party administrators nbsp - intermediaries which manage health nbsp insurance claims nbsp TPAs had moved th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI Starts Investigation In Alleged Fraud In Loans Worth Rs 2 500 Crore Disbursed To Zoom Developers Posted: 08 Oct 2010 03:06 AM PDT The Central Bureau of Investigation CBI has begun preliminary nbsp examination nbsp of allegations of banking fraud in loans worth Rs 2 500 crore disbursed to Zoom Developers a Mumbai-based project developer nbsp Confirming the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government Of Switzerland Would Be Ready To Reveal The Names And Bank Account Details Of Indians Posted: 08 Oct 2010 03:02 AM PDT nbsp The government of Switzerland would be ready to reveal the names and bank account details of Indians who have stashed away billions of dollars of black money in Swiss banks once the Indian Parliament ratifies the revised Doub [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India And Mozambique Sign Double Taxation Agreement DTA Posted: 08 Oct 2010 03:00 AM PDT On September 30 India and Mozambique signed a Double Taxation Agreement DTA alongside two others which also supported economic co-operation one regarding mineral resources the other small and medium sized enterprises nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Forms Group To Review Operation Of Monetary Policy Posted: 08 Oct 2010 02:59 AM PDT The Reserve Bank has constituted a working group to review the current operating procedure of monetary policy as transmission of the policy to the rest of the system remains imperfect nbsp The group to be headed by RBI executive [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Indian Holding Green Card In US Facing Threat Of Being Taxed In The US For Income Generated In India Posted: 08 Oct 2010 02:56 AM PDT Is the American dream losing its appeal Though the US still continues to attract the best minds from the world over including India stringent tax laws are forcing many Indians to re-look at the decision to settle in a land that h [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Calcutta High Court Still Under Queen Of England Posted: 08 Oct 2010 02:54 AM PDT Sixty-three years after Independence Calcutta High Court or at least its Public Information Officer PIO apparently feels that it is not under the control of the President of India or the government of India since it has been se [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Plans To Introduce Unique Code Numbers UCD To Check The Increasing Forged Attestations Posted: 08 Oct 2010 02:53 AM PDT Copies of the balance sheet tax audit reports and similar documents attested by chartered accountants as part of several million mandatory filings done by companies across the country each year may soon have a unique code number as [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Ties Up With United Stock Exchange USE To Impart Knowledge On Currency Derivatives Posted: 08 Oct 2010 02:51 AM PDT IN a move to impart comprehensive knowledge of financial markets to its members The Institute of Chartered Accountants of India ICAI recently signed an MOU with United Stock Exchange USE As part of this MOU members of ICAI [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IT Department Conducts Search At The Offices Of Nagarjuna Construction Posted: 08 Oct 2010 02:49 AM PDT Sleuths of Income Tax Department have initiated search operations across several offices of the Hyderabad-based Nagarjuna Construction Company Ltd The search process was initiated in the early hours of Wednesday starting from its c [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CII Opposed New Companies Bill Proposal To Make Maintenance Of Cost Records Mandatory Posted: 08 Oct 2010 02:48 AM PDT Taking up cudgels on behalf of corporate India the Confederation of Indian Industry CII nbsp has expressed itself against making maintenance of cost records mandatory as suggested by the parliamentary standing committee that has [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Summary Of Discussion Paper On Foreign Direct Investment In Limited Liability Partnerships Posted: 08 Oct 2010 08:35 AM PDT This article summarizes the Discussion Paper DP released on 28 September 2010 on Foreign Direct Investment in Limited Liability Partnerships issued by the Department of Industrial Policy amp Promotion DIPP of the Government [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Education Loan The Mantra To Save Tax Posted: 08 Oct 2010 08:22 AM PDT Tax saved is money saved Therefore tax planning is a must for all the tax payers One of the best way to save tax for those tax payers who have children who are either just entering college or going to take professional degree cou [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Deduction For Medical Insurance Posted: 08 Oct 2010 07:53 AM PDT Play safe insure your health and get tax benefit too Mediclaim insurance is a must-have for all It safeguards you and your family from a financial crisis during critical illnesses or accidents Apart from covering medical expenses h [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Non-furnishing Of All Documents Does Not Violate Principles Of Natural Justice- SC Posted: 09 Oct 2010 01:10 AM PDT i The extent of applicability of principles of natural justice depends upon the nature of inquiry the consequences that may visit a person after such inquiry from out of the decision pursuant to such inquiry The right to fair heari [[ This is a content summary only. Visit www.taxguru.in for full article ]]

A Member Who Has Taken A View Should Not Be Party To A Special Bench- ITAT Delhi SB Posted: 09 Oct 2010 12:29 AM PDT A 3 Member Special Bench was constituted to decide whether the assessee was entitled to claim depreciation u s 32 on intangible assets termed Goodwill At the hearing the assessee raised a preliminary objection that as the Judic [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Confession Made During Survey Is Not Conclusive And Can Be Retracted- Delhi High Court Posted: 08 Oct 2010 02:39 AM PDT Income Tax Direct Taxes - Income Tax Act 1961 ss 132 4 and 133A - During the course of survey in assessee s premises the tax officials noticed some discrepancies in stock and cash in hand - Assessee surrendered an amount of Rs [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Banks Are Not Liable To Pay Minimum Alternative Tax MAT On Book Profit ITAT Mumbai Posted: 08 Oct 2010 01:39 AM PDT The assessee a foreign bank operating in India through a branch office filed a return offering Nil income as per the normal provisions of the Act Though the assessee had a net profit of Rs 78 32 lakhs in the P L A c it did not comp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Foreign Contribution Regulation Act 2010 No 42 Of 2010 Posted: 09 Oct 2010 02:31 AM PDT FOREIGN CONTRIBUTION REGULATION ACT 2010 No 42 of 2010 Dated 26-9-2010 nbsp An Act to consolidate the law to regulate the acceptance and utilisation of foreign contribution or foreign hospitality by certain individua [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 210A Of The Companies Act 1956 - Constitution Of National Advisory Committee On Accounting Standards - Amendment In Notification No S O 1800 E Dated 21-7-2009 Posted: 09 Oct 2010 02:26 AM PDT Section 210A of the Companies Act 1956 - Constitution of National Advisory Committee on Accounting Standards - Amendment in Notification No S O 1800 E dated 21-7-2009 Notification No S O 2392 E dated 29-9-2010 In exerc [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rescinds Notification No 46 2010-Customs Dated The 12th April 2010 Vide Notification No 109 2010 Customs Posted: 09 Oct 2010 02:03 AM PDT Notification No 109 2010 Customs New Delhi the 6th October 2010 G S R E - In exercise of the powers conferred by sub-sections 1 and 5 of section 9A of the Customs Tariff Act 1975 51 of 1975 read with rules 23 of the C [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding Anti Dumping Duty On Imports Of Narrow Woven Fabrics Having Pile Weave Originating In Or Exported From China And Taipei Posted: 09 Oct 2010 01:58 AM PDT Regarding anti dumping duty on imports of Narrow woven fabrics having pile weave originating in or exported from the People s Republic of China and Chinese Taipei nbsp Notification No 108 2010-Customs New Delhi dated th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI Circular On Review Of Securities Lending And Borrowing SLB Framework Posted: 09 Oct 2010 01:49 AM PDT CIR MRD DP 33 2010 Dated- October 07 2010 To All Stock Exchanges and Depositories Dear Sir Madam Sub Review of Securities Lending and Borrowing SLB Framework 1 nbsp nbsp nbsp nbsp nbsp nbsp nbsp In pa [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI Circular On Monthly Reporting By Portfolio Managers Posted: 09 Oct 2010 01:43 AM PDT CIRCULAR Cir IMD DF 14 2010 October 08 2010 All Portfolio Managers Dear Sir Madam Sub Monthly reporting by Portfolio Managers 1 Please refer to SEBI circular SEBI IMD PMS CIR-3 2009 dated June 11 2009 regarding submission [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Furnishing Remitter Details In Pass Book Pass Sheet Account Statement For Credits Received By Customers Through NEFT NECS ECS Posted: 09 Oct 2010 01:34 AM PDT Furnishing remitter details in pass book pass sheet account statement for credits received by customers through NEFT NECS ECSRBI 2010-11 230 DPSS CO EPPD No 788 04 03 01 2010-11 October 8 2010 The Chairman and Man [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Permissible Period For Remittance Of E-payments Into Government Account By Public Sector Banks Posted: 09 Oct 2010 01:30 AM PDT RBI 2010-11 229 DGBA GAD No H 2444 42 01 011 2010-11 nbsp October 8 2010 nbsp The Chairman amp Managing Director Managing Director State Bank of India and its Associates All Nationalised Banks and Jammu am [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Prudential Guidelines On Restructuring Of Advances By Banks Posted: 08 Oct 2010 11:59 PM PDT Prudential Guidelines on Restructuring of Advances by Banks nbsp RBI 2010-11 228 DBOD BP No 49 21 04 132 2010-11 Date- October 7 2010 nbsp The Chairmen and Managing Directors Chief Executive Officers of All Schedule [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Filing Of Revised Return For The Month Of August 2010 Posted: 08 Oct 2010 02:57 AM PDT GOVERNMENT OF NCT OF DELHI DEPARTMENT OF TRADE amp TAXES VYAPAR BHAWAN I P ESTATE NEW DELHI-110 002 No F 6 70 P-I VAT 2010 1747-56 Dated 28-9-2010 nbsp CIRCULAR NO 12 OF 2010-11 nbsp Subject nbsp Filing [[ This is a content summary only. Visit www.taxguru.in for full article ]]

You are subscribed to email updates from LEGAL & FINANCIAL UPDATES FROM TAX GURU To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/