Fwd: Financial, Legal & Tax Updates from TaxGuru (in this message: 23 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Feb 12, 2010 at 9:35 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 23 new items)
To: palashbiswaskl@gmail.com

Financial, Legal & Tax Updates from TaxGuru (in this message: 23 new items)

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• Punjab VAT notification levying additional tax Punjab Entry Tax notifications levying entry tax on certain goods Contacts
• RBI asked banks to extend lower interest benefit to old home loan borrowers
• Income tax return of brokers who claimed rebate u/e 88E will be scrutinised
• Deloitte to double workforce in India
• New Companies Bill may be passed in the monsoon session to replace Companies Act, 1952
• Perks & Jerks for Employees!
• FDI inflows during December 2009 stood at US $ 1.542 billion
• Board of Approval of the SEZs grants three formal and six in-principle approvals
• Shri Salman Khurshid launched Electronic File Tracking System (FTS) in the Ministry of Corporate Affairs
• Income tax officers taking VRS to join private sector
• DTC not expected to be presented in upcoming budget
• FIPB allowed to clear FDI proposals of up to Rs 1,200 crore
• MoU between ICAI and Yashwantrao Chavan Maharashtra Open University
• 2% increase in excise duty may make Indian companies pay additional 21K crore
• Review of cases requiring prior approval of Foreign Investment Promotion Board (FIPB)
• Interest on surplus funds is "other income" and not eligible for deduction u/s 80P of Income Act, 1961
• Adjustment of FBT paid in Assessment year 2010-11
• Dispute Resolution Panel gets life in India to settle transfer pricing disputes
• ICAI appeal members not to pay any heed to email circulated amongst the members
• TPO cannot follow a method which is not authorized by the Income Tax Act or the Income Tax Rules to determine the arm's length price
• ICAI 21st Council-Both the petitions dismissed – All is Well Now
• Report of the Thirteenth Finance Commission for the Period 2010-2015
• ICAI – Know your Unique Code Number for Bank Branch Auditors

Punjab VAT notification levying additional tax Punjab Entry Tax notifications levying entry tax on certain goods Contacts Posted: 11 Feb 2010 07:46 PM PST 1. Punjab VAT notification levying additional tax (The Punjab Value Added Tax (Amendment) Ordinance, 2010 dated February 4, 2010) Effective February 5, 2010, dealers are required to charge an additional tax calculated at 10% of the amount of tax... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI asked banks to extend lower interest benefit to old home loan borrowers Posted: 11 Feb 2010 07:21 PM PST The Reserve Bank of India (RBI) has asked banks to enable existing home loan borrowers to benefit from lower rates along with new customers, a senior official of the Indian Banks' Association (IBA) told Reuters. In a letter to the IBA, the central... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Income tax return of brokers who claimed rebate u/e 88E will be scrutinised Posted: 11 Feb 2010 07:12 PM PST The Income Tax Department has decided to scrutinise all returns filed by brokers and market players who seek rebate after paying the securities transaction tax (STT).The department, in its tax returns for 2008-09 that is assessed in the current... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Deloitte to double workforce in India Posted: 11 Feb 2010 07:06 PM PST Global business consultancy firm, Deloitte, plans to almost double its India workforce to 24,500 over the next 30 months, a top company official said. "We will hire around 12,000 people in every sector, including IT, CAs, financial services. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

New Companies Bill may be passed in the monsoon session to replace Companies Act, 1952 Posted: 11 Feb 2010 07:03 PM PST The new Companies Bill, which seeks to replace the legislation enacted way back in 1952, is likely to be approved by Parliament in the monsoon session, corporate secretary R Bandyopadhay said on Thursday. "With the speed at which the parliamentary... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Perks & Jerks for Employees! Posted: 11 Feb 2010 06:54 PM PST With virtually no reprieve from the tax burden on their pay packages and continuing anomalies and inequities, the new rules for valuation of perquisites announced by the Central Board of Direct Taxes (CBDT) on December 18, 2008 have hugely... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

FDI inflows during December 2009 stood at US $ 1.542 billion Posted: 11 Feb 2010 06:44 PM PST Shri Anand Sharma, Union Minister of Commerce & Industry, has stated that the FDI inflows for the month of December, 2009 have been of the order of US $ 1.542 billion. Addressing a press conference here today he informed that this is an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Board of Approval of the SEZs grants three formal and six in-principle approvals Posted: 11 Feb 2010 06:38 PM PST Addressing the Board of Approval members, the Chairman informed that so far 571 formal approvals have been granted for setting up of SEZs out of which 348 have been notified. He further informed that over Rs. 1,28,385 crore have been invested in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Shri Salman Khurshid launched Electronic File Tracking System (FTS) in the Ministry of Corporate Affairs Posted: 11 Feb 2010 06:21 PM PST Shri Salman Khurshid, Minister of Corporate Affairs, launched the electronic File Tracking System (FTS) in his Ministry here today. He electronically generated the first File No. under this system, which has been developed and maintained by National... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Income tax officers taking VRS to join private sector Posted: 11 Feb 2010 06:16 PM PST Over the past two months, at least a dozen senior officers of the Income-Tax department, belonging to the elite Indian Revenue Service (IRS), have opted for voluntary retirement, a government scheme that allows them to quit before the statutory... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

DTC not expected to be presented in upcoming budget Posted: 11 Feb 2010 06:04 PM PST The Direct Taxes Code 2009 is now on the back burner. The Union finance ministry has veered round to the view that its bold move to reform direct taxes should be subjected to further scrutiny. Contrary to earlier expectations, therefore, the Direct... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

FIPB allowed to clear FDI proposals of up to Rs 1,200 crore Posted: 11 Feb 2010 06:00 PM PST The government has allowed the Foreign Investment Promotion Board (FIPB), under the commerce ministry, to clear foreign direct investment (FDI) proposals of up to Rs 1,200 crore. At present, all project proposals that involve investment of above Rs... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

MoU between ICAI and Yashwantrao Chavan Maharashtra Open University Posted: 11 Feb 2010 05:53 PM PST The Memorandum of Understanding between ICAI and Yashwantrao Chavan Maharashtra Open University, Nashik has been signed by the President, ICAI and the Vice-Chancellor of the University on 10th February, 2010 at New Delhi. The MoU envisages members... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

2% increase in excise duty may make Indian companies pay additional 21K crore Posted: 11 Feb 2010 05:48 PM PST Corporate India will have to shell out an additional Rs 21,000 crore if the 2010-11 Budget increases the excise duty by 2 per cent. A study by the Business Standard Research Bureau shows that 1,278 manufacturing companies (excluding oil and gas)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Review of cases requiring prior approval of Foreign Investment Promotion Board (FIPB) Posted: 11 Feb 2010 05:44 PM PST This article summarizes the latest Press Release issued by the Cabinet Committee on Economic Affairs (CCEA) on proposals requiring prior approval of the Foreign Investment Promotion Board (FIPB) and thereafter CCEA approval. As per the existing... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Interest on surplus funds is "other income" and not eligible for deduction u/s 80P of Income Act, 1961 Posted: 11 Feb 2010 05:02 PM PST The assessee, a co-op credit society, was engaged in providing credit facilities to its members and also marketing the agricultural produce of its members. The assessee had surplus funds which it invested in short-term deposits with banks and govt... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Adjustment of FBT paid in Assessment year 2010-11 Posted: 11 Feb 2010 08:37 AM PST The CBDT issued a press release on 29th January stating that the first installment of FBT advance tax paid by tax payers for the current financial year (relevant to Assessment Year 2010-11) can be adjusted against the advance income-tax... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Dispute Resolution Panel gets life in India to settle transfer pricing disputes Posted: 11 Feb 2010 08:22 AM PST Speedy resolution of tax disputes and certainty in tax aspects has been a long-standing demand of foreign companies doing business with/in India. The Indian Government finally reacted to this demand and announced alternate dispute resolution... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI appeal members not to pay any heed to email circulated amongst the members Posted: 11 Feb 2010 08:02 AM PST It has come to the notice of the Institute that an email is being circulated amongst the members alleging the Institute and its Past President CA. Ved Jain for purchasing the computers against the practices of Good Governance in order to tarnish... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

TPO cannot follow a method which is not authorized by the Income Tax Act or the Income Tax Rules to determine the arm's length price Posted: 11 Feb 2010 01:50 AM PST ITAT Ruling: The Tribunal held that the Transfer Pricing Officer cannot exceed his limitation by following any method to determine the arm's length price which is not authorized by the Income Tax Act or the Income Tax Rules [CA Computer Associates... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI 21st Council-Both the petitions dismissed – All is Well Now Posted: 11 Feb 2010 01:35 AM PST The petitions maintained at Jaipur High Court & Andra High courts praying for restraining the new council to take over have been dismissed by the respective Honorable courts. Now there is no hurdle at present in taking over charge of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Report of the Thirteenth Finance Commission for the Period 2010-2015 Posted: 11 Feb 2010 01:30 AM PST The Thirteenth Finance Commission was constituted by the President on 13th November, 2007 to give recommendations on specified aspects of Centre State fiscal relations during 2010 -2015. The Commission has submitted its report covering all aspects... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI – Know your Unique Code Number for Bank Branch Auditors Posted: 11 Feb 2010 01:26 AM PST Click here to Know your Unique Code Number for Bank Branch Auditors' Panel for the year 2009-2010. For more details click below:- http://www.meficai. org/new_unique_ codes.jsp [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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