Fwd: Financial, Legal & Tax Updates from TaxGuru (in this message: 24 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Feb 5, 2010 at 9:37 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 24 new items)
To: palashbiswaskl@gmail.com

Financial, Legal & Tax Updates from TaxGuru (in this message: 24 new items)

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• Employees can't be sacked without giving reasonable opportunity of being heard
• Notice u/s. 143(2) should be issued within one year from the date of filing of block return if A.O. rejects the same
• Top-level vacancies in the direct tax administration affecting realisation of targets
• Section 10(15)(iv)(h) of the Income-tax Act, 1961 – Exemption – Interest on bonds/debentures – Notified bonds or debentures of public sector companies
• Alimony cannot be decided on the basis of income-tax returns
• Section 2(48) of the Income-tax Act, 1961 – Zero Coupon Bond – Specified bond
• IT Chief Commissioners discuss strategies for achieving revenue collection target
• ICAI President's Message for February 2010
• Infighting, a way of life at ICAI
• ICSI to suggest changes to make the LLP model more suitable for the SMEs
• Press release on Amendment to the Companies Act, Competition Act, LLP, Vanishing Companies, SFIO, Corporate Governance, Investor Education and Protection
• NSE, BSE to hold 90 minute special trading session on Saturday
• SC granted bail to PWC auditor Srinivas Talluri allegedly involved in Satyam fraud
• Change in DTC likely, to remove inconsistency with IFRS
• 14 Innovation Universities is likely to get exemption from CAG audit
• ICAI found two GTB auditors guilty of professional misconduct
• Compliance with FDI norms-Half yearly certificate from Statutory Auditors of NBFCs
• Issue of s. 143 (2) notice is mandatory for block assessment proceedings. Disclosed items cannot be assessed in block assessment. Circulars are binding on the revenue
• Surcharge Additional Tax levied under PVAT Act
• Entry Tax Imposed on new goods in Punjab
• Comments of the Department of Revenue (DoR) on the First Discussion Paper on GST
• Section 372A – Inter corporate Loan/Investment/Guarantee/ Security
• Excise duty circular on Valuation of MS and HSD sold amongst OMCs – MOU – Withdrawal of instructions dated 14-2-2007
• UCBs – Prevention of Money-laundering – Amendment Rules, 2009 – Obligation of banks / Financial institutions

Employees can't be sacked without giving reasonable opportunity of being heard Posted: 04 Feb 2010 07:21 PM PST The Supreme Court has held principles of "natural justice" is a Constitutional requirement that has to be observed by government while taking disciplinary action against him or her. The apex court said the inquiry officer must act as a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Notice u/s. 143(2) should be issued within one year from the date of filing of block return if A.O. rejects the same Posted: 04 Feb 2010 07:18 PM PST The Supreme Court has ruled that it is mandatory for the Income Tax Department to issue notice within the prescribed time limit of one year where the assessing officer in repudiation of the block return filed by the assessee proceeds for an inquiry. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Top-level vacancies in the direct tax administration affecting realisation of targets Posted: 04 Feb 2010 07:01 PM PST With just three weeks to go for India's national budget for next fiscal, the finance ministry has called for urgent steps to fill top-level vacancies in the direct tax administration as delays were affecting the realisation of targets. Central... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Section 10(15)(iv)(h) of the Income-tax Act, 1961 – Exemption – Interest on bonds/debentures – Notified bonds or debentures of public sector companies Posted: 04 Feb 2010 06:57 PM PST In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorizes Indian Railway Finance Corporation (IRFC) to issue, during Financial... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Alimony cannot be decided on the basis of income-tax returns Posted: 04 Feb 2010 06:41 PM PST Alimony cannot be decided on the basis of the husband's income-tax returns as the I-T document is not the "gospel truth", the Gujarat high court has ruled. The HC gave the ruling while rejecting the plea of a Vadodara doctor, who moved the court... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Section 2(48) of the Income-tax Act, 1961 – Zero Coupon Bond – Specified bond Posted: 04 Feb 2010 06:37 PM PST In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the following particulars of zero coupon bonds for the purposes of the said clause, namely:— [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IT Chief Commissioners discuss strategies for achieving revenue collection target Posted: 04 Feb 2010 06:33 PM PST The Central Board of Direct Taxes (CBDT) convened a meeting of all cadre-Controlling Chief Commissioners of Income Tax here today to discuss strategies for achieving the revenue collection target budgeted at Rs.3,70,000 crore (Rs.3.7 trillion) and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI President's Message for February 2010 Posted: 04 Feb 2010 06:30 PM PST This year has been the year of recognition. Our Institute has already achieved international recognition. National recognition was achieved recently when I received the award for "Recognition of Excellence" on behalf of the Institute from H.E. Smt.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Infighting, a way of life at ICAI Posted: 04 Feb 2010 06:11 PM PST Country's regulator for chartered accountants (CAs), the Institute of Chartered Accountants of India or ICAI, which witnessed enormous mudslinging in the year 2009 has started 2010 also with infighting. The centre of the controversy again is Uttam... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICSI to suggest changes to make the LLP model more suitable for the SMEs Posted: 04 Feb 2010 06:01 PM PST THE ministry of corporate affairs has asked the Institute of Company Secretaries of India (ICSI) to suggest changes to make the limited liability partnership (LLP) model more suitable for the small and medium sector enterprises in the country. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Press release on Amendment to the Companies Act, Competition Act, LLP, Vanishing Companies, SFIO, Corporate Governance, Investor Education and Protection Posted: 04 Feb 2010 05:48 PM PST The Ministry of Company Affairs is now functioning under a Cabinet Minister, after its up-gradation with effect from January 29, 2006. The Ministry is continuing its initiatives to meet the expectations of the corporate sector and its stakeholders... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

NSE, BSE to hold 90 minute special trading session on Saturday Posted: 04 Feb 2010 05:36 PM PST The country's two prime bourses Bombay Stock Exchange and National Stock Exchange will carry out a special 90-minute trading session on Saturday to help NSE test an upgrade its trading system.The special live trading session on February 6, in cash... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SC granted bail to PWC auditor Srinivas Talluri allegedly involved in Satyam fraud Posted: 04 Feb 2010 05:25 PM PST The Supreme Court granted bail to PriceWaterhouseCoopers auditor Srinivas Talluri who was arrested in Satyam fraud case for allegedly conniving with its founder B Ramalinga Raju and other aides. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Change in DTC likely, to remove inconsistency with IFRS Posted: 04 Feb 2010 05:18 PM PST The migration of the accounting standards for corporate India to the International Financial Reporting Standards (IFRS) platform has created a challenge for the revenue department at the Centre. The Direct Taxes Code written by the finance ministry... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

14 Innovation Universities is likely to get exemption from CAG audit Posted: 04 Feb 2010 05:05 PM PST Aimed at encouraging research and teaching activities, the proposed 14 Innovation Universities is likely to get exemption from CAG audit, a privilege currently enjoyed by institutions like Bhaba Atomic Research Centre, Atomic Energy Commission and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI found two GTB auditors guilty of professional misconduct Posted: 04 Feb 2010 05:00 PM PST Accounting regulator the Institute of Chartered Accountants of India (ICAI) today said it has found two auditors guilty of professional misconduct in the Global Trust Bank (GTB) scandal. A final notice would be soon sent to S Gopalakrishnan, facing... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Compliance with FDI norms-Half yearly certificate from Statutory Auditors of NBFCs Posted: 04 Feb 2010 04:53 PM PST The Reserve Bank of India (RBI) on Wednesday withdrew the special short-term foreign currency borrowings facility for non-banking financial companies (NBFCs) and housing finance companies. The central bank made the decision after reviewing the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Issue of s. 143 (2) notice is mandatory for block assessment proceedings. Disclosed items cannot be assessed in block assessment. Circulars are binding on the revenue Posted: 04 Feb 2010 09:16 AM PST Chapter XIV-B provides that where a search u/s 132 is conducted, the AO shall determine the undisclosed income for the block period. S. 158 BC(b) provides that in making the block assessment the provisions of s. 143 (2) shall "so far as may be,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Surcharge Additional Tax levied under PVAT Act Posted: 04 Feb 2010 09:08 AM PST The Government of Punjab has levied Surcharge/Additional Tax @10% on all the goods under Punjab VAT Act 2005 other than those seecified as declared goods under section 14 of Central sales Tax Act 1956 with effect from 05-02-2010. However this... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Entry Tax Imposed on new goods in Punjab Posted: 04 Feb 2010 09:05 AM PST The Government of Punjab,Department of Excise & Taxation has levied Entry tax on 12 new items Punjab Tax on Entry of Goods into Local Areas Act, 2000 (Punjab Act No.9 of 2000) with effect from 05-02-2010 vide notifications dated 01-02-2010. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Comments of the Department of Revenue (DoR) on the First Discussion Paper on GST Posted: 04 Feb 2010 08:54 AM PST "GST", commonly known as Goods and Service Tax has now become the buzz word of the industry as a whole. Any news, views or comments on this topic influences the industry at large and when the comments are from the Department of Revenue the impact is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Section 372A – Inter corporate Loan/Investment/Guarantee/ Security Posted: 04 Feb 2010 08:42 AM PST Section 372A of the Companies Act, 1956 (The Act) deals with inter-corporate Loan, Investment, Guarantee and Securities in connection with loan. All the four transactions are frequently taken place in any company and henceforth the section becomes... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Excise duty circular on Valuation of MS and HSD sold amongst OMCs – MOU – Withdrawal of instructions dated 14-2-2007 Posted: 03 Feb 2010 10:09 PM PST In the aforesaid instructions field formations were directed to decide the cases pertaining to SCNs issued to the Oil companies on the inter company sale during the relevant period on the basis of the decision of CESTAT, Bangalore in the case of CCE... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

UCBs – Prevention of Money-laundering – Amendment Rules, 2009 – Obligation of banks / Financial institutions Posted: 03 Feb 2010 09:27 PM PST UCBs - Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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