Fwd: TaxGuru.in : Legal & Tax Updates

---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, May 4, 2011 at 10:01 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

---

• IDFC likely to issue tax-saving infra bonds in Q2, FY 12
• RBI Consulting govt over draft guideline for new banks; Uncertainty continues over licences to new pvt banks
• Salient Points of Strategy for Doubling Exports in next Three Years (2011-12 TO 2013-14)
• Short term capital gains arising from the transfer of depreciable assets held for more than 36 months u/s. 50(2) of the Act can be set-off against brought forward loss from other long term capital assets
• RBI Monetary Policy Statement 2011-12
• Grounds on which Entry Tax stayed in Punjab by HC – Analysis of the Judgment in Bhushan Steel case
• Clarification regarding effective date of Companies (Particulars of employees)Amendment Rules,2011
• RBI raises policy rates by 50 basis points
• RBI circular on changes in Repo and Reverse Repo Rates
• RBI increases Interest Rate on Savings Deposits to 4 Percent
• Standing Liquidity Facilities for Banks and Primary Dealers – REF.No.MPD.BC.343 /07.01.279/2010-11 dated May 3, 2011
• Bank loans to Micro Finance Institutions (MFIs) – Priority Sector status – RPCD.CO.Plan. 66 /04.09.01/2010-11 Dated – May 3, 2011
• IRDA invites Tender for Development and Implementation of Integrated Surveyor Licensing Management
• Empanelment of CA firm for statutory audit of Uttarakhand Health and Family Welfare Society
• Empanelment foe Auditing the Accounts of Tripura State Council for Science & Technology for the Financial Year 2010-11
• Empanelment of CA Firms for Conducting Internal Audit Of Sarva Shiksha Abhiyan For The Financial Year 2010-11
• Definition of 'industry' as per Section 2 (j) of the Industrial Disputes Act, 1947 (14 of 1947)
• Pre Printed Form Contracts-Validity
• Director's Personal Guarantee – A Void Agreement
• ICAI e-Journal (May 2011)
• Repo to be reference rate for monetary policy- RBI, 9th Increase in rates by RBI in last one year
• Govt approves 21 Proposals of Foreign Direct Investment amounting to Rs. 1027.20 crore
• Haryana Excise Dept collects revenue of Rs 16,068 cr
• SEBI – Amendment in SEBI (Stock Brokers and Sub-Brokers) Regulations – Notification No. LAD-NRO/GN/2011-12/01/11486, DATED 06-04-2011
• RBI ups provisioning on select types of non-performing loans
• Micro Finance Institutions (MFIs) cannot charge more than 26 pc interest – RBI
• Home, auto loans to cost more as RBI tightens policy
• SEBI – Renewal of recognition to Gauhati Stock Exchange from 1-5-2011 to 30-4-2012 – NOTIFICATION NO. LAD-NRO/GN/2011-12/04/13647, DATED 28-04-2011
• RBI Monetary Policy Statement for 2011-12 Press Statement by Dr. D. Subbarao, Governor
• DGFT – Permission to export 2,50,000 MTs of wheat, in the year 2011-12, to Afghanistan, upto 31.03.2012.
• Exports post highest growth of 37.5 Percent at 245.90 bn Dollar in FY'2011
• PwC in $25.5 mn settlement over Satyam audit

IDFC likely to issue tax-saving infra bonds in Q2, FY 12 Posted: 03 May 2011 09:02 PM PDT IDFC today said it has learnt right lessons on issuing retail tax-saving infra bonds and will be hitting the market in second quarter of FY 12 with a fresh issue, hoping to improve on the Rs 1,400-crore it had mopped up last year. We have learnt... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Consulting govt over draft guideline for new banks; Uncertainty continues over licences to new pvt banks Posted: 03 May 2011 09:00 PM PDT The Reserve Bank today said the uncertainty over issuing guidelines for new bank licences is likely to continue for some more time as it is in consultation with the government over the draft norms. There is some uncertainty about the time-frame for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Salient Points of Strategy for Doubling Exports in next Three Years (2011-12 TO 2013-14) Posted: 03 May 2011 08:56 PM PDT THE TARGET -The target is to double the country's merchandise exports in dollar terms over the next three years (2011-12 to 2013-14) from US $ 246 billion in 2010-11 to US$ 500 billion in 2013-14. To realize this, exports have to grow at a compound... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Short term capital gains arising from the transfer of depreciable assets held for more than 36 months u/s. 50(2) of the Act can be set-off against brought forward loss from other long term capital assets Posted: 03 May 2011 08:43 PM PDT ITAT Mumbai in the case of Manali Investments v. ACIT held that the short term capital gains arising from the transfer of depreciable assets held for more than 36 months under Section 50(2) of the Income-tax Act, 1961 (the Act) can be set-off... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Monetary Policy Statement 2011-12 Posted: 03 May 2011 08:34 PM PDT The Annual Policy for 2011-12 is set in conditions significantly different than they were a year ago. Last year's policy was made in an environment of incipient domestic recovery amidst uncertainty about the state of the global economy, a perception... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Grounds on which Entry Tax stayed in Punjab by HC – Analysis of the Judgment in Bhushan Steel case Posted: 03 May 2011 08:33 PM PDT Punjab & Haryana High Court in Bhushan Power & Steel Limited v State of Punjab & others has granted interim stay to the petitioners on the levy of entry tax u/s 3-A of Punjab Tax on Entry of Goods into Local areas Act 2000(hereinafter... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification regarding effective date of Companies (Particulars of employees)Amendment Rules,2011 Posted: 03 May 2011 08:32 PM PDT General Circular No. 23/2011, Date: 03.05.2011 Ministry had notified Companies (Particulars of Employees) Amendment Rules, 2011 vide GSR 289 (E) dated 31.03.2011 raising the limit of employee's salary to be disclosed in Directors Report. In this... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI raises policy rates by 50 basis points Posted: 03 May 2011 08:31 PM PDT In a bid to check inflation, Reserve Bank today raised its short term lending (repo) rate by 50 basis points to 7.25 per cent, while lowering the economic growth projection to 8 per cent for the current fiscal. The RBI has also increased the saving... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI circular on changes in Repo and Reverse Repo Rates Posted: 03 May 2011 08:31 PM PDT As announced today in the Annual Monetary Policy 2011-12, it has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 50 basis points from 6.75 per cent to 7.25 per cent with immediate effect. Further, as announced... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI increases Interest Rate on Savings Deposits to 4 Percent Posted: 03 May 2011 08:11 PM PDT In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and in partial modification of its directive DBOD.No.Dir.BC.75/13.03.00/2002-03 dated February 28, 2003 as amended from time to time, the Reserve Bank of India,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Standing Liquidity Facilities for Banks and Primary Dealers – REF.No.MPD.BC.343 /07.01.279/2010-11 dated May 3, 2011 Posted: 03 May 2011 08:07 PM PDT Please refer to the Monetary Policy Statement 2011-12 dated May 3, 2011, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 50 basis points from 6.75 per cent to 7.25 per cent with immediate effect.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bank loans to Micro Finance Institutions (MFIs) – Priority Sector status – RPCD.CO.Plan. 66 /04.09.01/2010-11 Dated – May 3, 2011 Posted: 03 May 2011 08:04 PM PDT It has been decided to regulate microfinance sector by the Reserve Bank as a separate category. In this connection, we advise that bank credit to Micro Finance Institutions extended on, or after, April 1, 2011 for on-lending to individuals and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA invites Tender for Development and Implementation of Integrated Surveyor Licensing Management Posted: 03 May 2011 07:57 PM PDT IRDA requests for Proposal from reputed IT firms / Organizations for the development and implementation of Integrated Surveyor Licensing Management System (ISLMS), maintenance and hosting the same. For details, please visit http://www.irda.gov.in. ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment of CA firm for statutory audit of Uttarakhand Health and Family Welfare Society Posted: 03 May 2011 07:43 PM PDT Hiring services of chartered Accountant firm for statutory audit of state health society - Selection of auditors - Request for proposal Hiring services of chartered Accountant firm for statutory audit of state health society ( SHs) & district... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment foe Auditing the Accounts of Tripura State Council for Science & Technology for the Financial Year 2010-11 Posted: 03 May 2011 07:40 PM PDT TRIPURA STATE COUNCIL FOR SCIENCE AND TECHNOLOGY VIGYAN BHAWAN, IST FLOOR GORKHABASTI, AGARTALA TRIPURA ( WEST) Notice Expression of Interest for auditing the Accounts of Tripura State Council for Science & Technology for the Financial Year... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment of CA Firms for Conducting Internal Audit Of Sarva Shiksha Abhiyan For The Financial Year 2010-11 Posted: 03 May 2011 07:38 PM PDT Expression of interest is invited from registered CA firms having at least 3 years experience and having at least one full time practicing Chartered Accountant (who should be FCA) and having annual turnover of more than Rs. 7.50 lacs for conducting... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Definition of 'industry' as per Section 2 (j) of the Industrial Disputes Act, 1947 (14 of 1947) Posted: 03 May 2011 07:34 PM PDT Sec 2 (j) of the Industrial Disputes Act has defined the term industry means any systematic activity carried on by co-operation between an employer and his workmen (whether such workmen are employed by such employer directly or by or through any... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pre Printed Form Contracts-Validity Posted: 03 May 2011 07:29 PM PDT The Bombay High Court in Road Transport Corpn Vs. Kirloskar Bros Ltd (AIR 1981 Bom 299) has said that it is for the carrier to plead and prove that the print on the receipt was brought to the notice of the consignor and that he had agreed to and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Director's Personal Guarantee – A Void Agreement Posted: 03 May 2011 07:24 PM PDT A division bench of Delhi High Court in J B Exports Ltd and another vs. BSES Rajdhani Power Ltd (2006 134 Comp cas 106 Del. decided on 3.3.2006) observed that the concept that a company is a distinct legal entity apart from its shareholders, vide... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI e-Journal (May 2011) Posted: 03 May 2011 05:11 PM PDT Online Journal Released by ICAI for the month of May 2011. icai -e journal may 2011 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Repo to be reference rate for monetary policy- RBI, 9th Increase in rates by RBI in last one year Posted: 03 May 2011 03:58 PM PDT In line with international practice, the RBI on Tuesday decided to anchor monetary policy through a single short term lending rate known as repo rate. Unlike in the past, the rate at which the RBI borrows from banks (reverse-repo) will be the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt approves 21 Proposals of Foreign Direct Investment amounting to Rs. 1027.20 crore Posted: 03 May 2011 03:45 PM PDT Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on April 20, 2011, Government has approved 21 Proposals of Foreign Direct Investment amounting to Rs. 1027.20 crore approximately. Following 21 (Twenty... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Haryana Excise Dept collects revenue of Rs 16,068 cr Posted: 03 May 2011 02:59 PM PDT Haryana Excise and Taxation Department has collected a revenue of Rs 16,068.81 crore during the financial year 2010-11. The revenue during the previous fiscal was 24.54 per cent more as compared to 2009-10, Haryana's Excise and Taxation Minister... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Amendment in SEBI (Stock Brokers and Sub-Brokers) Regulations – Notification No. LAD-NRO/GN/2011-12/01/11486, DATED 06-04-2011 Posted: 03 May 2011 02:07 PM PDT NOTIFICATION NO. LAD-NRO/GN/2011-12/01/11486, DATED 6-4-2011 1. These Regulations may be called the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) (Amendment) Regulations, 2011. 2. They shall come into force on the date of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI ups provisioning on select types of non-performing loans Posted: 03 May 2011 02:01 PM PDT The RBI today tightened the provisioning requirement for banks on certain types of bad and restructured loans as part of its prudential provisioning framework. Banks' bad loans are classified into three categories -- sub-standard, doubtful and loss.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Micro Finance Institutions (MFIs) cannot charge more than 26 pc interest – RBI Posted: 03 May 2011 02:01 PM PDT The Reserve Bank has capped interest rates charged by micro finance institutions from small borrowers at 26 per cent, but opened for MFIs the bank credit line which was curtailed following the crisis faced by the sector in October, 2010. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Home, auto loans to cost more as RBI tightens policy Posted: 03 May 2011 02:01 PM PDT Home, auto and corporate loans are likely to cost more, with the Reserve Bank raising key policy rates by half a percentage point, bankers said today. I think banks do not have any other option but to increase rates. It could be 25 basis points or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Renewal of recognition to Gauhati Stock Exchange from 1-5-2011 to 30-4-2012 – NOTIFICATION NO. LAD-NRO/GN/2011-12/04/13647, DATED 28-04-2011 Posted: 03 May 2011 01:07 PM PDT NOTIFICATION NO. LAD-NRO/GN/2011-12/04/13647, DATED 28-4-2011 - The Securities and Exchange Board of India, having considered the application, dated February 11, 2011 for renewal of recognition made under section 3 of the Securities Contracts... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Monetary Policy Statement for 2011-12 Press Statement by Dr. D. Subbarao, Governor Posted: 03 May 2011 01:20 AM PDT The Annual Policy for 2011-12 is set in conditions significantly different from those a year ago. Last year's policy was made in an environment of incipient domestic recovery and uncertainty about the state of the global economy. While signs of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Permission to export 2,50,000 MTs of wheat, in the year 2011-12, to Afghanistan, upto 31.03.2012. Posted: 02 May 2011 10:43 PM PDT Notification No. 44 (RE-2010)/2009-2014 Central Government hereby makes, with immediate effect, the following amendment in Notification No. 27(RE-2010)/2009-2014 dated 28.02.2011 read with Notification No. 33(RE-2007)/2004-2009, dated 08.10.2007. ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exports post highest growth of 37.5 Percent at 245.90 bn Dollar in FY'2011 Posted: 02 May 2011 09:20 PM PDT The country's exports went up by 37.55 per cent to USD 245.86 billion during FY2010-11, demonstrating robust demand for Indian merchandise not just in Western economies, but in new markets like Latin America and Africa as well. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

PwC in $25.5 mn settlement over Satyam audit Posted: 02 May 2011 09:19 PM PDT PricewaterhouseCoopers affiliates agreed to pay $25.5 million to former Satyam Computer Services Ltd investors to settle US litigation over the audit of the Indian outsourcing company. The settlement came four weeks after PwC agreed to pay a record... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

You are subscribed to email updates from LEGAL & FINANCIAL UPDATES FROM TAX GURU To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/