Thursday, October 7, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Oct 7, 2010 at 11:44 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

SEBI Issues Circular Asking Portfolio Managers To Fix Uniform Fee

Posted: 07 Oct 2010 02:05 AM PDT


The fee charged by portfolio managers will soon be linked to the profits they have been able to make for their clients with capital market regulator Sebi asking portfolio management service PMS providers to follow a uniform fee s

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E-stamping The Easy And Cost-effective Way To Pay Stamp Duty

Posted: 07 Oct 2010 01:54 AM PDT


Paying stamp duty while purchasing or transferring a property is often a long-drawn process You need to go to the registrar s office and await your turn or seek a broker s help to get the job done with minimum fuss But there i

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Invest In Non Convertible Debenture NCD For Higher Fixed Return And To Lower To Tax Burden

Posted: 07 Oct 2010 01:53 AM PDT


A non-convertible debenture is a fixed income instrument where the issuer agrees to pay a fixed rate of interest to the investor The fixed-income instrument cannot be converted into equity of the issuing company and is very differe

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LIC Plans To Seek IRDA Approval To Issue Infrastructure Bonds Investment In Which Will Be Exempt U S 80CCF

Posted: 07 Oct 2010 01:50 AM PDT


The country s largest insurer Life Insurance Corporation plans to approach sector regulator IRDA in the next 8-10 days to get approval for floating infrastructure bonds nbsp nbsp We are getting ready to approach IRDA for approv

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Delhi Finally Has Its Own Excise Act With Stiff Penalties And Fine

Posted: 07 Oct 2010 01:46 AM PDT


Delhi finally has its own excise Act nbsp After years of preparation the Delhi Excise Act 2009 came into effect from Monday The Act replaces the outdated Punjab Excise Act 1914 and is modelled after the Model Excise Act suggeste

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CII Asks Government To Reconsider The Liability Clause

Posted: 07 Oct 2010 01:33 AM PDT


Fearing that the government may soon make a company promoter liable for mistakes even though they are not actively a part of the board s decision-making process India Inc has asked the ministry of corporate affairs to reconsider

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Government May Approach Supreme Court For Permission To Appoint RoC Chief

Posted: 07 Oct 2010 01:32 AM PDT


The Union ministry of corporate affairs is likely to approach the Supreme Court for permission to appoint a new central administrative head for offices of the registrar of companies RoC spread across the country nbsp The move com

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Entire 9 50 Percent Interest Income On Employees Provident Fund To Be Tax-exempt

Posted: 07 Oct 2010 01:31 AM PDT


The finance ministry has assured the Employees Provident Fund Organisation or EPFO that the entire 9 5 interest on the accumulated corpus of account holders for the current fiscal will not be taxed ending speculation that the g

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IT Department Demands 570 Crore From Mahindra Satyam For Illegally Claiming TDS On Fictitious Income

Posted: 07 Oct 2010 01:30 AM PDT


The income Tax Department has demanded 570 crore from Mahindra Satyam earlier Satyam Computer Services for illegally claiming tax credit on fictitious income during the 2003-04 to 2008-09 period We have asked the company t

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Entry Of 3 New Credit Rating Agencies May Ensure Speedy Loan Approval And Faster Dispute Resolution

Posted: 07 Oct 2010 01:29 AM PDT


Borrowers often find their home or auto loan applications rejected due to credit rating scores from the Credit Information Bureau of India or Cibil And sometimes even though they may not have defaulted it can be the outcome of a

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DTC And GST Likely Be Taught To Commerce Students In Universities

Posted: 06 Oct 2010 06:34 AM PDT


The proposed Direct Taxes Code DTC and the goods and services tax GST will likely be taught to commerce students in universities on the initiative of the Institute of Chartered Accountants of India ICAI nbsp The ICAI is in

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ICAI Proposes Changes In Accounting Practices In Commercial Banks To Make Bank Audits Foolproof And Effective

Posted: 06 Oct 2010 05:02 AM PDT


The Institute of Chartered Accountants of India ICAI the national standard setting body of auditors has proposed comprehensive changes to the current accounting practices in commercial banks to make bank audits foolproof and eff

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MCA Resists Ordinance To Amend Companies Act To Meet The Deadline For Implementation Of IFRS

Posted: 06 Oct 2010 04:58 AM PDT


The ministry of corporate affairs MCA does not plan to push for an ordinance to ensure India meets the deadline on conforming to International Financial Reporting Standards IFRS reversing its earlier stance according to two of

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Cotton Exports- Traders Rush For Registration

Posted: 06 Oct 2010 04:52 AM PDT


Within days of opening the registration exporters have applied for about 30 per cent of the cotton permitted for exports in the backdrop of high global prices Of the 55 lakh bales 170 kg each allowed for exports in the current seas

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Government Launches Website To Get Feedback On 12th Plan

Posted: 06 Oct 2010 04:51 AM PDT


In a bid to make 12th Five Year Plan 2012-17 more inclusive and effective the Plan panel today launched a web portal to get public feedback on the Approach Paper to 12th Plan nbsp nbsp Before unveiling any five year Plan the

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CBI Files Chargesheet Against Former CLB Member

Posted: 06 Oct 2010 02:20 AM PDT


New Delhi nbsp The CBI has filed chargesheet against former member of Company Law Board R Vasudevan and five others for allegedly accepting a bribe of Rs seven lakh for giving a favourable order in a case being presided over by h

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The Judicial Standards And Accountability Bill 2010

Posted: 06 Oct 2010 02:19 AM PDT


The Union Cabinet today approved The Judicial Standards and Accountability Bill 2010 and its introduction in the Parliament nbsp The Bill provides a mechanism for enquiring into complaints against the Judges of the Supreme Co

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Mahindra Satyam Moves ITAT Challenging CIT Order Rejecting Application U S 154 In Respect Of Foreign Tax Credit

Posted: 06 Oct 2010 01:45 AM PDT


Last week Mahindra Satyam had disclosed several tax matters with respect to the company that it had acquired It has now moved the tax tribunal for grant of relief in one of the matters reports quoting Central Board of Direct Taxe

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Former Central Excise Commissioner Sentenced To Four Years Rigorous Imprisonment

Posted: 06 Oct 2010 01:41 AM PDT


A special CBI court sentenced former commissioner of central excise North East to four years rigorous imprisonment on charges of bribery and tax evasion nbsp The special CBI judge passed the sentence convicting former central exc

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ICAI Wants Power To Take Action Against Erring Audit Firms

Posted: 06 Oct 2010 01:34 AM PDT


Accounting regulator Institute of Chartered Accountants of India ICAI today said it is seeking power to take action against erring firms nbsp As per the Act the institute can take disciplinary action against our members bu

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Empanelment With Canara Bank For Appointment As Concurrent Auditor Of Its Branches

Posted: 06 Oct 2010 01:24 AM PDT


Canara Bank invites applications from the eligible interested Individuals Firms Companies for empanelment as concurrent auditors for conducting concurren

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Shaping Up Of Future Tax Regime Direct Tax Code

Posted: 06 Oct 2010 11:27 PM PDT


Dr Sanjiv Agarwal The new revised direct tax code DTC has been approved by the Union Cabinet and has been being placed as a Bill in the monsoon session of Parliament recently It is expected that the new tax regime shall usher int

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Direct Taxes Code Bill 2010- Settlement Of Cases

Posted: 12 Sep 2010 09:20 AM PDT


DIRECT TAXES CODE BILL 2010- A DISCUSSION ON INCOME TAX SETTLEMENT COMMISSION1 The Direct Code Bill 2010 is in public domain now after a long debate and discussion on the Draft DTC put on public domain in August 2009 The Chapter of

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CBDT Notifies Undertaking Developed By Shyam Developers As Industrial Infrastructure Undertakings U S 80-IA

Posted: 07 Oct 2010 01:41 AM PDT


Section 80-IA of the Income-tax Act 1961 - Deductions -Profits and gains from industrial infrastructure undertakings etc - Notified undertakings Notification No 73 2010 F No 178 97 2008-ITA 1 dated 22-9-2010 Whereas th

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Xavier Centre Of Historical Research Goa Approved As Social Science Or Statistical Research Associations Or Institutions- Notification No 74 2010

Posted: 07 Oct 2010 01:39 AM PDT


Section 35 1 iii of the Income-tax Act 1961 Scientific research expenditure Approved social science or statistical research associations or institutions Notification No 74 2010 F No 203 6 2010 ITA-II dated 28-9-2010

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