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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Feb 2, 2010 at 9:43 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 13 new items)
To: palashbiswaskl@gmail.com
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Feb 2, 2010 at 9:43 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 13 new items)
To: palashbiswaskl@gmail.com
Financial, Legal & Tax Updates from TaxGuru (in this message: 13 new items) | |
- Section 23 of the Banking Regulation Act, 1949 – Relaxations in Branch Authorisation Policy
- RBI circular on Export and Import of Currency
- Amendment in ANF2-A of Handbook of Procedures Vol.I,2009-14
- CBDT planning to put in place a more robust and foolproof system for handling high value refunds
- CBI arrested Assistant General Manager of SEBI for allegedly demanding and accepting a bribe
- ICAI created special Group to consider the matter of Armed Booth Capturing at Vaishali, Ghaziabad
- Quality assessment Scheme: Move to improve the quality of Assessment
- Big four in race to grab the consultant's job for the Unique Identification Authority of India's UID project
- Notional interest on interest-free loans is assessable under transfer pricing law
- No addition can be made or sustained simply on basis of statement recorded at the time of survey/search
- SEBI circular on Disclosure of investor complaints and arbitration details on Depository website
- CBEC amends tariff value of Brass scrap and poppy seeds
- Anti-dumping duty on the imports of Carbon Black used in rubber applications, originating in or exported from Australia, China PR, Russia and Thailand
| Section 23 of the Banking Regulation Act, 1949 – Relaxations in Branch Authorisation Policy Posted: 01 Feb 2010 06:04 PM PST In partial modification thereof, we advise that Jammu & Kashmir State has since been included in the list of underbanked States and consequently the following underbanked districts of Jammu & Kashmir State – Anantnag, Doda, Kupwara and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| RBI circular on Export and Import of Currency Posted: 01 Feb 2010 05:36 PM PST Attention of Authorised Persons is invited to clauses (a) and (c) of sub-regulation (1) of Regulation 3 of Foreign Exchange Management (Export and Import of Currency) Regulations, 2000, notified vide Notification No. FEMA 6 /RB-2000 dated May 3,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Amendment in ANF2-A of Handbook of Procedures Vol.I,2009-14 Posted: 01 Feb 2010 05:29 PM PST B-3. No fee is payable for modification/amendment if such application is made within 90 days provided, however, that RA issuing I.E.Code may condone delay on payment of penalty of Rs.1000/- to be made in the form of Demand Draft. No fee is required... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| CBDT planning to put in place a more robust and foolproof system for handling high value refunds Posted: 01 Feb 2010 05:20 PM PST The Central Board of Direct Taxes (CBDT) was chasing tax evaders so far. Now they have to deal with hackers too as incidents of fraudulent tax refunds were detected involving at least Rs 4 crore from the Income Tax Department, Mumbai with CBDT... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| CBI arrested Assistant General Manager of SEBI for allegedly demanding and accepting a bribe Posted: 01 Feb 2010 05:15 PM PST CBI has arrested an Assistant General Manager of market regulator SEBI for allegedly demanding and accepting a bribe of Rs 25 lakh. Official sources said R P Singh, an AGM of the Securities and Exchange Board of India (SEBI)in Kolkata, was arrested... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| ICAI created special Group to consider the matter of Armed Booth Capturing at Vaishali, Ghaziabad Posted: 01 Feb 2010 04:48 PM PST A special Group comprising of Two Ex- President and Two Government nominees shall examine the matter related to the most disreputable incident of armed booth capturing in the History of Institute of Chartered Accountants at Vaishali, Ghaziabad on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Quality assessment Scheme: Move to improve the quality of Assessment Posted: 01 Feb 2010 04:38 PM PST The Central Board of Direct Taxes recently framed a scheme for ensuring quality tax assessments by its officers across India. In the preface to the scheme (issued in December 2009), the CBDT has expressed its concerns on the need for improving the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Posted: 01 Feb 2010 04:30 PM PST The Big Four – KPMG, Deloitte, Ernst and Young and PricewaterhouseCoopers – are in a fray for snapping up the consultant's job for the Unique Identification Authority of India's UID project. These four have cleared the first two rounds of evaluation... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Notional interest on interest-free loans is assessable under transfer pricing law Posted: 01 Feb 2010 04:19 PM PST The assessee, an Indian company, advanced interest-free loans to its 100% foreign subsidiaries. The subsidiaries used those funds to make investments in other step-down subsidiaries. On the question whether notional interest on the said loans could... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Posted: 01 Feb 2010 04:06 AM PST In order to make an addition on the basis of surrender during search or survey, it is sine qua non that there should be some other material to co-relate the undisclosed income with such statement. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| SEBI circular on Disclosure of investor complaints and arbitration details on Depository website Posted: 01 Feb 2010 01:58 AM PST Based on the feedback and inputs received from them transparency in 'grievance redressal' is identified as a key area to augment investor protection. It is envisaged that transparency will also improve the general functioning of the market by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| CBEC amends tariff value of Brass scrap and poppy seeds Posted: 01 Feb 2010 01:47 AM PST In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Posted: 31 Jan 2010 08:03 PM PST Whereas, in the matter of import of Carbon Black used in rubber applications (hereinafter referred to as the subject goods), falling under sub heading 2803 00 10 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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