Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Jan 4, 2011 at 9:41 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• RBI Launches Quarterly Industrial Outlook Survey For January-March 2011
• Second Surveyor Can Not Be Appointed By Insurance Companies
• ICAI Opposes Tendering To Select Auditors For Govt Schemes
• Bofors Scam-Now Income Tax Tribunal Too Exposes Kickback Trail To Quattrocchi
• Hero Group Official Arrested In Citibank Fraud Case
• Citibank Fraud - Insider Angle Tracked
• ICSI- Relaxation Of Time To Complete Required Programme Credit Hours For The Block Of Three Years Ending 31 12 2010
• Factoring Services May Soon Be Exempt From Stamp Duty
• Budget 2011- Pranab Mukherjee Likely To Bring Major Change In Direct Tax Laws
• Cash Transaction Reports On 2G Spectrum Allocation Issue Under Scrutiny
• Centre Plans To Bring In Five To Eight New Services Under Service Tax Net From Next Year
• Bank Account Number Is Sole Criteria To Process All Inward Electronic Transactions
• RBI Gives More Time To Banks For Extra Security Layer In Phone Banking
• FIPB Recommended Proposals Entailing FDI Inflow Of 23700 Crore For Approval By Finance Minister During 2010
• RBI Asks Banks To Cap Cash Deposit Charges At Rs 5
• Dept Of Commerce Instructs DCs Not To Block Transfer Of Used Assets Into SEZs And Issues Guidelines For SEZ Development
• Easy Exit Scheme 2011- Key Highlights
• How To Calculate Depreciation As Per Schedule XIV On Second-hand Assets
• Accounting Treatment Of Capital Reduction By The Investee Companies
• Treatment Of Expenses Incurred On Restoring The Damage Caused By Fire
• Know Your Case Status Pending At High Court On Mobile
• Expenses Cannot Be Disallowed On The Ground That Ratio Of Sharing Of Expenses By The Parent Associate Company Is Lower Than The Preceding Year
• SEBI - Activity Schedule For Auction Session

RBI Launches Quarterly Industrial Outlook Survey For January-March 2011 Posted: 04 Jan 2011 01:27 AM PST The Reserve Bank of India has launched the 53rd round of the nbsp Industrial Outlook Survey IOS nbsp for reference period January March 2011 The Reserve Bank is conducting the Industrial Outlook Survey on a quarterly basis si [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Second Surveyor Can Not Be Appointed By Insurance Companies Posted: 04 Jan 2011 12:33 AM PST Upholding a district forum order the Maharashtra State Consumer Disputes Redressal Commission recently dismissed an appeal filed by an insurance firm The commission ruled against the Oriental Insurance Company after it appointed a [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Opposes Tendering To Select Auditors For Govt Schemes Posted: 04 Jan 2011 12:31 AM PST Accounting regulator ICAI is opposed to the tendering process of selecting accountants for auditing state-run schemes and has taken up the issue with the Planning Commission and the CAG nbsp The ICAI wants the appointment to be don [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bofors Scam-Now Income Tax Tribunal Too Exposes Kickback Trail To Quattrocchi Posted: 04 Jan 2011 12:16 AM PST Income Tax Appellate Tribunal ITAT has pointed out that despite the Indian government s order against the appointment of middlemen in defence deals by foreign companies Bofors had entered into a fresh consultancy agreement with [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Hero Group Official Arrested In Citibank Fraud Case Posted: 03 Jan 2011 11:56 PM PST New Delhi A senior executive of the Hero Group was arrested by Gurgaon police on Monday as the investigative net on the Rs 300 crore fraud at the local branch of Citibank was cast wider nbsp The arrest of Sanjay Gupta associate [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Citibank Fraud - Insider Angle Tracked Posted: 03 Jan 2011 11:48 PM PST Even as the Munjal family-run Hero Group clarified on Friday that its exposure to the Citibank fraud was a tenth of what has been reported so far police investigators are widening the scope of the inquiry to probe both the clients [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICSI- Relaxation Of Time To Complete Required Programme Credit Hours For The Block Of Three Years Ending 31 12 2010 Posted: 03 Jan 2011 01:45 AM PST ATTENTION COMPANY SECRETARIES IN PRACTICE RELAXATION OF TIME TO COMPLETE REQUIRED PROGRAMME CREDIT HOURS FOR THE BLOCK OF THREE YEARS ENDING 31 12 2010 The Guidelines for Compulsory Attendance of Professional Development Programm [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Factoring Services May Soon Be Exempt From Stamp Duty Posted: 03 Jan 2011 01:04 AM PST The government plans to offer stamp duty exemption for sale of accounts receivables allowing businesses to encash sales made on credit and ensure a healthy cash flow The finance ministry will facilitate this change by moving a new b [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Budget 2011- Pranab Mukherjee Likely To Bring Major Change In Direct Tax Laws Posted: 02 Jan 2011 12:05 PM PST Saddled with huge tax arrears of Rs 2 50 000 crore more than half of the total tax collection projected for 2010-11 finance minister Pranab Mukherjee is likely to introduce in the forthcoming Budget some major changes in direc [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cash Transaction Reports On 2G Spectrum Allocation Issue Under Scrutiny Posted: 02 Jan 2011 12:02 PM PST Investigating agencies probing alleged financial irregularities in the 2G spectrum allocation have now ordered scrutiny of all cash transaction reports related to the funding of payments by telecom players banks and individuals i [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Centre Plans To Bring In Five To Eight New Services Under Service Tax Net From Next Year Posted: 02 Jan 2011 11:58 AM PST In a move that could put burden on some service providers in the health and education sector the Budget next year may widen the service tax ambit to include at least five to eight new services in the two sectors in the tax net The [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bank Account Number Is Sole Criteria To Process All Inward Electronic Transactions Posted: 02 Jan 2011 11:55 AM PST Looking to speed up the transfer of funds electronically banks will henceforth only take into account customers account numbers for such transactions ignoring other details like names The new mechanism is intended to reduce the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Gives More Time To Banks For Extra Security Layer In Phone Banking Posted: 02 Jan 2011 11:53 AM PST RBI has given banks one more month to put in place an extra layer of security one-time user password for credit card transactions over phone The banks would now be required to comply with the new guidelines by February 1 aft [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FIPB Recommended Proposals Entailing FDI Inflow Of 23700 Crore For Approval By Finance Minister During 2010 Posted: 02 Jan 2011 11:49 AM PST Foreign Investment Promotion Board FIPB which is mandated to consider and recommend proposals relating to Foreign Direct Investment FDI under the government route in terms of extant FDI policy held 14 meetings during the calend [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Asks Banks To Cap Cash Deposit Charges At Rs 5 Posted: 02 Jan 2011 11:37 AM PST The Reserve Bank of India RBI has told banks not to charge more than Rs 5 for any cash deposit made at a non-home branch other than the one where the customer has the account nbsp Some banks charge as much as Rs 110 for such c [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Dept Of Commerce Instructs DCs Not To Block Transfer Of Used Assets Into SEZs And Issues Guidelines For SEZ Development Posted: 03 Jan 2011 11:41 PM PST SEZ update Dept of Commerce instructs DCs not to block transfer of used assets into SEZs and issues guidelines for SEZ development In brief - The Department of Commerce Ministry of Commerce and Industry has issued Instruction Nos [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Easy Exit Scheme 2011- Key Highlights Posted: 03 Jan 2011 11:27 PM PST It has been observed by the Ministry of Corporate Affairs that certain companies have been registered under the Companies Act 1956 but due to various reasons some of them are inoperative since incorporation or commenc [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How To Calculate Depreciation As Per Schedule XIV On Second-hand Assets Posted: 03 Jan 2011 11:20 PM PST Query -Acquirer Limited acquired an engineering unit of Acquiree Limited on a going concern basis The unit has various fixed assets such as building plant and machinery and furniture which were recognized in the books of Acquire [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Accounting Treatment Of Capital Reduction By The Investee Companies Posted: 03 Jan 2011 11:10 PM PST Query - nbsp Investor Limited the company acquired 1 000 000 equity shares of Rs 10 each in Investee Limited investee for the acquisition date fair value of Rs 9 million In the past Investee Limited had incurred losses [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Treatment Of Expenses Incurred On Restoring The Damage Caused By Fire Posted: 03 Jan 2011 11:03 PM PST Query nbsp A fire broke out in the factory premises of Manufacture Limited the company destroying 40 of its major plant At the date of fire the carrying amount of the plant including destroyed portion was 2160 million T [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Know Your Case Status Pending At High Court On Mobile Posted: 03 Jan 2011 10:58 PM PST USER MANUAL FOR SMS BASED CASE STATUS ENQUIRY SYSTEM nbsp Requirements to avail SMS based enquiry service A Mobile hand set with Mobile connection from any Mobile service provider like Airtel BSNL Reliance Tata Indico [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Expenses Cannot Be Disallowed On The Ground That Ratio Of Sharing Of Expenses By The Parent Associate Company Is Lower Than The Preceding Year Posted: 03 Jan 2011 12:37 AM PST It is held that expenses incurred by the assessee wholly and exclusively for the purpose of business could not be disallowed on the ground that there was a reduction in the ratio in which the expenses were shared by the assessee s pare [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI - Activity Schedule For Auction Session Posted: 02 Jan 2011 12:08 PM PST CIRCULAR NO MRD DP 39 2010 DATED 28-12-2010 As per extant practice in case of default by the selling broker in a settlement the security delivered short is bought in the auction session and is delivered to the buying broker [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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