Re: UPDATES FROM TAX GURU (in this message: 21 new items)

On Sat, Nov 21, 2009 at 9:35 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 21 new items)

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• Procedure for Online Registration of TANs
• IT officer released on bail , joined back office
• IT department conducted Searches and Seizure in various states
• Lenovo removed wrong maps from laptops of Income tax department
• Joint committees at states level will be formed for inputs on the proposed GST
• CBEC slapped Rs. 1200 crore penalty notice on EPFO for evading service tax
• RBI asked bank and financial institutions to report suspicious deals within 7 days
• Securities Appellate Tribunal set aside charges of insider trading against former MD of Tata Finance
• RBI Circular on Money changing activities–Suspicious Transaction Reporting Format, Prevention of Money-Laundering Act
• Mumbai ITAT rules on taxability of waiver of loan
• Increase in Registration Fees is unconstitutional and without any reasons
• Notification imposing stamp duty on brokers working in Maharashtra and having office in other states
• RBI advisory asked banks to limit their mutual fund (MF) exposure
• GST unlikely to be implemented from 1st April, 2010
• ICSI proposes 7-Company cap on maximum number of directorship in listed companies
• Govt may introduce Governance code for unlisted companies
• Confiscation of goods cleared for home consumption
• Mens Rea in Taxation Offences
• Vigilant system to track corporate frauds
• Exposure draft of XBRL (eXtensible Business Reporting Language) Banking Taxonomy
• TDS rates changed for rent and contracts with effect from October 01, 2009

Procedure for Online Registration of TANs Posted: 20 Nov 2009 07:46 PM PST The income tax department has asked all deductors to register their TAN on NSDL web site. Once registered, the deductors will be provided User ID and password for authenticated access. Benefit of registration- The access will result in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IT officer released on bail , joined back office Posted: 20 Nov 2009 06:59 PM PST This is perhaps the first time an officer arrested for corruption went to office on release from custody—an act considered as violation of rules. On October 25, income tax commissioner Ajoy Kumar Singh was arrested on corruption charges and on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IT department conducted Searches and Seizure in various states Posted: 20 Nov 2009 06:54 PM PST The Minister of State for Finance, Shri S. S. Palanimanickam, gave the below information in written reply to a question raised in Lok Sabha.The Income Tax Department, assisted by the Enforcement Directorate, has conducted searches and seizure... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Lenovo removed wrong maps from laptops of Income tax department Posted: 20 Nov 2009 06:50 PM PST Two days after TOI reported about the distorted Indian maps in wallpapers on laptops supplied to the income-tax department, the supplier (Lenovo) has started removing it. The systems department of the income-tax department has informed its... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Joint committees at states level will be formed for inputs on the proposed GST Posted: 20 Nov 2009 06:44 PM PST The Empowered Committee of State Finance Ministers will form joint committees at the level of the states for inputs on the proposed goods and services tax before its planned introduction next year."A joint committee at the level of the states will... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBEC slapped Rs. 1200 crore penalty notice on EPFO for evading service tax Posted: 20 Nov 2009 06:37 PM PST It's not clear if dipping tax collections have anything to do with it, but the country's largest retirement fund just got a shocker from the revenue authorities. The Central Board of Excise & Customs has slapped a penalty notice on the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI asked bank and financial institutions to report suspicious deals within 7 days Posted: 20 Nov 2009 06:33 PM PST The Reserve Bank of India has asked all banks and financial institutions to furnish a suspicious transaction report to the Financial Intelligence Unit-India within seven days of such a transaction, said a notification from the central bank on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Securities Appellate Tribunal set aside charges of insider trading against former MD of Tata Finance Posted: 20 Nov 2009 06:26 PM PST The Securities Appellate Tribunal (SAT) has set aside charges of insider trading against Dilip Pendse, former managing director of Tata Finance, and his wife Anuradha Pendse and Nalini Properties. "The charges of insider trading against Dilip... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI Circular on Money changing activities–Suspicious Transaction Reporting Format, Prevention of Money-Laundering Act Posted: 20 Nov 2009 06:22 PM PST Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating of Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money-Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Mumbai ITAT rules on taxability of waiver of loan Posted: 20 Nov 2009 06:14 PM PST This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2009-TIOL-707-ITAT-MUM] in the case of Cipla Investments Ltd. (Taxpayer) on taxability of waiver of loan. The ITAT held that since the loan received was on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Increase in Registration Fees is unconstitutional and without any reasons Posted: 20 Nov 2009 05:59 PM PST As per section 17 of the Indian Registration Act, 1908 any documents related to immovable property exceeding worth Rs.100/- needs to be compulsorily registered. This being a central Act and is being implemented by the state government as per the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Notification imposing stamp duty on brokers working in Maharashtra and having office in other states Posted: 20 Nov 2009 05:54 PM PST Stamp duty collection as per Article 51A of the schedule I of the Bombay Stamp Act, 1958 to collect the stamp duty from the brokers on transactions of shares and securities conducted in Maharashtra was stayed earlier. Many brokers conduct the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI advisory asked banks to limit their mutual fund (MF) exposure Posted: 20 Nov 2009 10:18 AM PST The Reserve Bank of India (RBI) advisory to banks for limiting their mutual fund (MF) exposure has prodded the lenders to put in place a detailed investment norm. While large banks were capping their MF exposure at 20 per cent of total investment,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

GST unlikely to be implemented from 1st April, 2010 Posted: 20 Nov 2009 10:14 AM PST With issues like the exclusion of petroleum products from the purview of Goods and Services Tax (GST) yet to be resolved, India may miss the GST implementation deadline of April 1, 2010. "There are various issues remaining unsolved. Currently, we... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICSI proposes 7-Company cap on maximum number of directorship in listed companies Posted: 20 Nov 2009 10:11 AM PST The maximum number of listed companies in which an individual can serve as a director should not be more than seven, proposed the Institute of Company Secretaries of India (ICSI) to the ministry of corporate affairs (MCA). The proposal came in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Govt may introduce Governance code for unlisted companies Posted: 20 Nov 2009 10:08 AM PST The Ministry of Corporate Affairs is all set to introduce a governance code for unlisted companies on the lines of the one for listed firms to encourage more companies to register on the stock exchanges. Elaborate disclosures and compliance with... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Confiscation of goods cleared for home consumption Posted: 20 Nov 2009 09:51 AM PST "To Confiscate" means to appropriate private property to public treasury. Thus after confiscation the goods becomes a property of the government and the government candeal with it as it wants. Through option of redemption fine, government offers to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Mens Rea in Taxation Offences Posted: 20 Nov 2009 09:40 AM PST "Mens Rea" literally means a guilty mind. It is a cardinal principle of English Common Law is that a persons cannot be convicted and punished in a proceeding of a criminal nature unless it can shown that he had a guilty mind. The principle is self... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Vigilant system to track corporate frauds Posted: 20 Nov 2009 09:33 AM PST These alerts relate to related party transactions, non-payment of deposits, etc. In reply to an unstarred question in the Lok Sabha today, Minister of Corporate Affairs, Shri Salman Khurshid said that the Registrars of Companies and the regional... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Exposure draft of XBRL (eXtensible Business Reporting Language) Banking Taxonomy Posted: 20 Nov 2009 09:29 AM PST XBRL (eXtensible Business Reporting Language) is an electronic format for communication of business and financial data which is revolutionising business reporting around the world. XBRL is one of a family of "XML" languages which is becoming a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

TDS rates changed for rent and contracts with effect from October 01, 2009 Posted: 19 Nov 2009 08:11 PM PST TDS rates in case of Section 194-C and 194-I gets simplified this year. With several deductors requesting the department to ease the rates in these cases, department has finally take a call to streamline these rates.Contract Payments:Earlier,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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