Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, May 10, 2011 at 9:38 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Delhi HC on Service tax on Reting of Immovable property – 9th May
• Reserve Bank of India liberalised opening of Escrow Accounts for Foreign Direct Investment transactions
• CBDT Drive to clean up TDS database by May 20 2011
• Sebi protected CB Bhave in IPO scam alleges G Mohan Gopal
• Whether any penalty or interest may be levied for non submission of requisite C forms?
• CS June, 2011 Examinations – Discontinuation of Dispatch of Admit Cards in physical form
• Powers and Functions Delegated To ROCs for Specified Provisions of Companies Act – Corrigendum
• RBI- Maintenance of Statutory Liquidity Ratio
• RBI – Salient features of Marginal Standing Facility Scheme
• Housing Loan limit under priority sector increased from Rs. 20 lakh to 25 lakh w.e.f. April 01, 2011
• Seizure of Fake Indian Currency Notes (FICN) having total face value of Rs.3.00.000/- by DRI, Kolkata & Berhampore
• Companies (Amendment) Regulations, 2011 vide notification dated 9th May, 2011
• 2G Scam – Delhi HC reserves verdict on corporate honchos' bail pleas
• Sinha wants corporates to be on 'right side' of Sebi
• Negotiable Instrument Act – No case made out if cheque issued for Security Deposit – SC
• How to get unique identity number (UID)
• SC asks Sahara to provide details of its fund-raising scheme
• Mukesh Ambani forgoes Rs 23.75 crore from salary
• ICAI notifies Information Systems Audit (ISA) Course Assessment Test

Delhi HC on Service tax on Reting of Immovable property – 9th May Posted: 09 May 2011 08:59 PM PDT Case continued to be argued at length by Mr. A S Chandiok, ASG, UOI for the third session also. He has argued the matter now for nearly 7 hours, by painstakingly taking the Court through allied laws, judgements of the constitutional benches, orders... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reserve Bank of India liberalised opening of Escrow Accounts for Foreign Direct Investment transactions Posted: 09 May 2011 08:58 PM PDT Reserve Bank of India has liberalised opening of Escrow Accounts for Foreign Direct Investment transactions vide A. P. (DIR Series) Circular No. 58 dated 2 May 2011. Hitherto, opening of Escrow / Special Bank Account by Non-resident Corporate(s)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT Drive to clean up TDS database by May 20 2011 Posted: 09 May 2011 08:57 PM PDT To immediately redress the grievances of tax payers who have claimed refunds, but because of the default on the part of tax Deductors, tax demands have been created, CBDT advises all the CCITs (CCA) to ensure the following- TDS Returns with very... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi protected CB Bhave in IPO scam alleges G Mohan Gopal Posted: 09 May 2011 08:57 PM PDT G Mohan Gopal, a former member on the board of the Securities and Exchange Board of India (Sebi), has alleged that the Sebi board "abused" its powers to protect CB Bhave from being subjected to any independent inquiry with "respect to his actions as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether any penalty or interest may be levied for non submission of requisite C forms? Posted: 09 May 2011 08:56 PM PDT As we know C forms are required to be submitted by a seller with the sales tax authorities after obtaining the same from the purchaser of goods if the sale is an interstate sales and CST has been charged at concessional rate of 2% as per the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CS June, 2011 Examinations – Discontinuation of Dispatch of Admit Cards in physical form Posted: 09 May 2011 08:55 PM PDT In accordance with the decision taken by institute recently, it is brought to the notice of the students that effective from June, 2011 Session, the system of dispatch of Admit Cards in physical form will be discontinued. The Institute will... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Powers and Functions Delegated To ROCs for Specified Provisions of Companies Act – Corrigendum Posted: 09 May 2011 08:46 PM PDT Section 637 of the Companies Act, 1956 - Delegation by Central Government of its powers and functions under Act - Powers & functions delegated to Registrar of Companies for specified provisions of Act - Corrigendum to Notification No. G.S.R.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI- Maintenance of Statutory Liquidity Ratio Posted: 09 May 2011 08:19 PM PDT As announced in the Reserve Bank of India's Annual Monetary Policy Statement 2011-12 on May 03, 2011 Scheduled Commercial Banks (SCBs) may borrow overnight up to one per cent of their respective Net Demand and Time Liabilities (NDTL) under the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI – Salient features of Marginal Standing Facility Scheme Posted: 09 May 2011 08:16 PM PDT As announced in the Monetary Policy for the year 2011-12, a new Marginal Standing Facility (MSF) is being introduced with effect from May 9, 2011. The Scheme will be operationalized on the lines of the existing Liquidity Adjustment Facility – Repo... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Housing Loan limit under priority sector increased from Rs. 20 lakh to 25 lakh w.e.f. April 01, 2011 Posted: 09 May 2011 08:14 PM PDT Pursuant to the announcement made by Union Finance Minister in paragraph 44 of the budget for the year 2011-12, it has been decided to increase the above limit from Rs.20 lakh to Rs.25 lakh. The above change will be applicable to housing loans... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Seizure of Fake Indian Currency Notes (FICN) having total face value of Rs.3.00.000/- by DRI, Kolkata & Berhampore Posted: 09 May 2011 08:12 PM PDT Acting on a specific intelligence, the officers of DRI, Kolkata & Berhampore had effected a seizure of Fake Indian Currency Notes (FICN) having total face value of Rs.3.00.000/- on 08.05.2011 at 06.00 hrs. from one person namely Jahangir Alam... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Companies (Amendment) Regulations, 2011 vide notification dated 9th May, 2011 Posted: 09 May 2011 08:10 PM PDT In exercise of the powers conferred by sub-sections (1),(2),(5) and (8) of section 25 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following regulations further to amend the Companies Regulations, 1956, namely:- 1.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G Scam – Delhi HC reserves verdict on corporate honchos' bail pleas Posted: 09 May 2011 08:07 PM PDT The Delhi High Court today reserved its order on bail pleas of five corporate executives who were arrested for their roles in 2G spectrum allocation scam allegedly involving former Telecom Minister A Raja and Tamil Nadu Chief Minister M... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sinha wants corporates to be on 'right side' of Sebi Posted: 09 May 2011 07:56 PM PDT In the wake of a spurt in allegations of questionable activities by India Inc, capital market regulator Sebi, today gave a stern warning to corporates to be on the right side and not indulge in market manipulation and insider trading. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Negotiable Instrument Act – No case made out if cheque issued for Security Deposit – SC Posted: 09 May 2011 03:51 AM PDT Joseph Vilangadan. v. Phenomenal Health Care Services Ltd. & Anr. - As per the said contract, Contractors deposited the sum of Rs. 10 lacs by undated cheque no.027840 drawn against South Indian Bank Ltd., Palarivattom Branch, Cochin branch... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How to get unique identity number (UID) Posted: 08 May 2011 10:48 PM PDT With a mammoth exercise on to issue an Aadhar number to each of India's 1.2 billion citizens and interested residents, IANS tracks the process involved for getting what will become a unique identity for people in India to access all public or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC asks Sahara to provide details of its fund-raising scheme Posted: 08 May 2011 09:53 PM PDT The Supreme Court today directed a Sahara group firm to submit the proforma of its investment scheme, along with the list of accredited agents dealing in it, so as to ascertain the investors from whom the funds have been raised. The Supreme Court... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mukesh Ambani forgoes Rs 23.75 crore from salary Posted: 08 May 2011 09:53 PM PDT Billionaire industrialist Mukesh Ambani has decided to forego Rs.23.75 crore for the last fiscal from his annual compensation as chief of Reliance Industries while keeping his salary capped at Rs.15 crore for the third year in a row. At the same... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI notifies Information Systems Audit (ISA) Course Assessment Test Posted: 08 May 2011 09:30 PM PDT No.13-CA(EXAM)/ISA/J/2011: - In pursuance of Rule 7 of Schedule 'F' to Regulation 204 of the Chartered Accountants Regulations, 1988 (as amended vide Notification No. 1 -CA(7)/59/2001 dated 28th September 2001), the Council of the Institute of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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