Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Mar 8, 2011 at 9:45 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Provisions relating to MAT and DDT in case of SEZ Units and Developers
• Parliament cannot make laws on extra-territorial matters not effecting interest of the country – SC
• Delhi High directs CAG to submit its audit report on 25 elite private schools
• FICCI demands Roll back of service tax on AC hospitals
• New rules soon for wealth managers; RBI, Sebi to get more powers
• Govt to complete budgetary exercise by March 24
• Performance of SEZs
• Stop blaming auditors- MIA
• SEBI permits Futures on 91-day Government of India Treasury-Bill (T- Bill)
• 91 Days Treasury Bills makes way for Interest rate Futures
• ICAI to help corporates identify CSR projects
• ICSI enters MOU with United Stock Exchange of India Ltd.(USE)

Provisions relating to MAT and DDT in case of SEZ Units and Developers Posted: 07 Mar 2011 07:57 PM PST Under the existing provisions of section 10AA of the IT Act, a deduction of 100% is allowed in respect of profits and gains derived by a unit located in a SEZ from the export of articles or things or services for the first 5 consecutive AYs; of 50%... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Parliament cannot make laws on extra-territorial matters not effecting interest of the country – SC Posted: 07 Mar 2011 07:56 PM PST It logically follows that Parliament is not empowered to legislate with respect to extra-territorial aspects or causes that have no nexus whatsoever with India," a five-judge Constitution bench headed by Chief Justice S H Kapadia said. The apex... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi High directs CAG to submit its audit report on 25 elite private schools Posted: 07 Mar 2011 07:50 PM PST The Delhi High Court Monday directed the Comptroller and Auditor General (CAG) to submit its audit report on 25 elite private schools that had complained of facing a financial burden because of having to pay teachers higher salaries recommended by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FICCI demands Roll back of service tax on AC hospitals Posted: 07 Mar 2011 07:08 PM PST Expressing disappointment over the proposal to levy five percent service tax on treatment at air-conditioned private hospitals, a leading industry lobby has asked Finance Minister Pranab Mukherjee to roll it back and extend infrastructure status to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New rules soon for wealth managers; RBI, Sebi to get more powers Posted: 07 Mar 2011 07:06 PM PST A new set of rules are underway for an estimated $1-trillion wealth management industry and banking regulator the Reserve Bank of India (RBI) and capital market watchdog the Securities and Exchange Board of India (Sebi) may be made jointly... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt to complete budgetary exercise by March 24 Posted: 07 Mar 2011 07:04 PM PST The government proposes to complete the exercise for passage of general budget for 2011-12 in Parliament by March 24, Parliamentary Affairs Minister Pawan Kumar Bansal said today. Finance Minister Pranab Mukherjee will initiate the discussion on the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Performance of SEZs Posted: 07 Mar 2011 07:03 PM PST In addition to seven Central Government Special Economic Zones (SEZs) and 12 State/Private Sector SEZs set up prior to the enactment of SEZ Act, 2005, formal approval has been accorded to 582 proposals out of which 374 SEZs have been notified. A... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Stop blaming auditors- MIA Posted: 07 Mar 2011 06:39 PM PST THE Malaysian Institute of Accountants wants the public and authorities to stop blaming auditors whenever a company collapses. Malaysian Institute of Accountants president Abdul Rahim Abdul Hamid said the trend right now is that when a company face... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI permits Futures on 91-day Government of India Treasury-Bill (T- Bill) Posted: 07 Mar 2011 06:37 PM PST This is in continuation of SEBI Circular No. SEBI/DNPD/Cir- 46/2009 dated August 28, 2009 regarding Exchange Traded Interest Rate Futures. 2. It has now been decided to permit introduction of futures on 91-day Government of India... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

91 Days Treasury Bills makes way for Interest rate Futures Posted: 07 Mar 2011 06:23 PM PST It has been decided to introduce Interest Rate Futures on 91-Day Treasury Bills issued by Government of India. In this regard, Reserve Bank of India has issued an amendment direction IDMD.PCD.27/ED(HRK)-2010 dated March 7, 2011 under section 45W of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI to help corporates identify CSR projects Posted: 07 Mar 2011 06:14 PM PST Accounting regulator ICAI has formed an advisory committee of chartered accountants to help corporates identify social sector projects on which they would be required to spend two% of their net profit. The Public Advisory Committee, of the Institute... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICSI enters MOU with United Stock Exchange of India Ltd.(USE) Posted: 07 Mar 2011 06:11 PM PST The Institute entered into an MOU with United Stock Exchange of India Ltd. on March 07, 2011United Stock Exchange of India Limited (USE) is India's newest stock exchange and has been promoted by 21 Indian public sector banks, private banks and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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