Re: UPDATES FROM TAX GURU (in this message: 23 new items)

On Wed, Dec 2, 2009 at 9:35 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 23 new items)

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• Low dividend or no dividend by a Company cannot be termed as oppression of minority shareholders
• Prerequisites for issue of valid notice for reopening of assessment under the Income Tax Act, 1961
• Review of website on Power Graphics
• All overseas payments are subject to withholding tax, whether or not the income is taxable : Karnataka High Court
• Assocham asked to raise the tax exemption limit for Individuals to 4 lakh and for senior citizens to 5 lakh
• Code on corporate governance in a year's time
• Government nominated Members of the Dispute Resolution Panel (DRP) on recommendations of the DGIT
• Merger of State Bank of Indore with State Bank of India (SBI)
• Investors can buy and sell mutual funds units like shares from 07th December 2009
• Govt. may provide Interest subsidy on education loan to student from weaker section for moratorium period
• Banks may seek time beyond the March 2011 to shift to IFRS
• RBI rejected appointment of auditing firm PwC as auditors for commercial banks
• Unlicenced moneylenders can't recover their money by using legal ways
• Introduction of new entries in the Drawback Schedule and clarification on certain issues
• RBI Circular on Up-gradation of PDO-NDS application to Windows 2008
• Amendment in Notification No 103/2008-Customs (N.T.), dated the 29th August, 2008 – Determines the rates of drawback as specified in the Schedule
• KYC Norms/ AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by PML (Amendment) Act, 2009- Cross Border Inward Remittance under MTSS
• CBDT issues clarification on procedure for remittances abroad by diplomatic missions
• Safeguard the Constitution and its values – Mukul Wasnik
• ICAI president message on Environment Audit, Social Audit, KYC norms, GST, Corporate Forum, ICAI Elections, etc.
• IASB Exposure Draft of Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters
• ICAI changed examination center in Mumbai for CPT exam to be held in December 2009
• 17 FDI proposal worth Rs. 4500 crore cleared by Govt. on recommendation of FIPB

Low dividend or no dividend by a Company cannot be termed as oppression of minority shareholders Posted: 01 Dec 2009 08:01 PM PST It is well established position that Articles of a Company are constituent document and are binding on the Company and its Directors. As aforesaid, the intention of Article 57 is that the share capital of the Company remains within the close knit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Prerequisites for issue of valid notice for reopening of assessment under the Income Tax Act, 1961 Posted: 01 Dec 2009 07:59 PM PST In the case of Mayawati v. CIT [2009] 222 CTR 117 (Delhi), it is nowhere mentioned that for drawing the presumption u/s 27 of the General Clauses Act, there is necessity of acknowledgment due. Related posts:Reopening notice even if served after... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Review of website on Power Graphics Posted: 01 Dec 2009 07:52 PM PST Power Graphic.com is the best place for quality giclee fine art printing including printing on canvas and watercolor papers, high quality printing for indoor and outdoor displays such as banners, trade show graphics, custom wallpaper murals, floor... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

All overseas payments are subject to withholding tax, whether or not the income is taxable : Karnataka High Court Posted: 01 Dec 2009 07:26 PM PST Due to recent ruling of Karnataka High Court order, all overseas payments will now be subject to withholding tax, whether or not the income is taxable. Not only is this in dramatic contrast to previous High Court decisions, it's also a judgment... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Assocham asked to raise the tax exemption limit for Individuals to 4 lakh and for senior citizens to 5 lakh Posted: 01 Dec 2009 07:13 PM PST Industry body Assocham today asked the government to raise the tax exemption limit on personal income from Rs 1.6 lakh per annum to Rs 4 lakh per annum and for senior citizens up to Rs 5 lakh per annum. The industry body was giving its proposals on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Code on corporate governance in a year's time Posted: 01 Dec 2009 07:08 PM PST The Corporate Affairs Ministry is expected to bring out the code on corporate governance in a year's time. Mr Salman Khursheed, Minister of State for Corporate Affairs, said on Monday that the final code would be based on the draft common minimum... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government nominated Members of the Dispute Resolution Panel (DRP) on recommendations of the DGIT Posted: 01 Dec 2009 06:56 PM PST The following officers are nominated as Members of the Dispute Resolution Panel (DRP) based on the recommendations of the DGIT (International Taxation), New Delhi: Related posts:Notification on Income-tax (Dispute Resolution Panel) Rules, 2009 13.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Merger of State Bank of Indore with State Bank of India (SBI) Posted: 01 Dec 2009 06:53 PM PST The Government has granted sanction to State Bank of India (SBI), under Section 35(1) of the State Bank of India Act, 1955, vide Department of Financial Services' letter dated 08.10.2009 for proceeding with the negotiation with State Bank of Indore... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Investors can buy and sell mutual funds units like shares from 07th December 2009 Posted: 01 Dec 2009 06:50 PM PST Investors will be able to transact in mutual funds units through the National Stock Exchange (NSE) from Monday. UTI Mutual Fund will be the first fund house to use the NSE's mutual fund platform, which would enable exchange's members to use its... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Govt. may provide Interest subsidy on education loan to student from weaker section for moratorium period Posted: 01 Dec 2009 06:26 PM PST Ministry of Human Resource Development has proposed to introduce a scheme for full interest subsidy during the period of moratorium on loans taken by students belonging to economically weaker sections from the banks under the Education Loan Scheme... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Banks may seek time beyond the March 2011 to shift to IFRS Posted: 01 Dec 2009 06:22 PM PST Banks' association says the process needs a huge effort. Banks may seek time beyond the March 2011 deadline to shift to International Financial Reporting Standards (IFRS) in view of the mammoth effort required for the switover, according to industry... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI rejected appointment of auditing firm PwC as auditors for commercial banks Posted: 01 Dec 2009 06:16 PM PST The government today said the Reserve Bank of India (RBI) had not approved appointment of financial consultancy and auditing firm PwC as auditors for commercial banks from the financial year 2009-10 in the wake of alleged irregularities on its part... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Unlicenced moneylenders can't recover their money by using legal ways Posted: 01 Dec 2009 06:01 PM PST Lack of a licence will debar a moneylender from using legal ways to secure repayment, said Justice P R Borkar of the Aurangabad bench of the high court last week. The Negotiable Instruments Acta law that bounced cheque victims use to recover their... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Introduction of new entries in the Drawback Schedule and clarification on certain issues Posted: 01 Dec 2009 05:54 PM PST The drawback rates provided for gold & silver jewellery will only be applicable for exports made through the ports /custom houses as specified in para 4A.12 of the Hand Book of Procedures (vol.1), 2004-2009 after examination by the jewellery... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI Circular on Up-gradation of PDO-NDS application to Windows 2008 Posted: 01 Dec 2009 05:51 PM PST You are requested to initiate the activity for migrating the PDO NDS application at your end to work in this new environment. We will be uploading the new setup and the installation document in the PDO NDS link available on the RBI Secured Websitebe... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Amendment in Notification No 103/2008-Customs (N.T.), dated the 29th August, 2008 – Determines the rates of drawback as specified in the Schedule Posted: 01 Dec 2009 05:44 PM PST The drawback rates prescribed in the said Schedule against tariff items 711301 and 711302 shall apply only to goods exported by airfreight, post parcel or authorised courier through the Custom Houses as specified in para 4A.12 of the Hand Book of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

KYC Norms/ AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by PML (Amendment) Act, 2009- Cross Border Inward Remittance under MTSS Posted: 01 Dec 2009 05:41 PM PST Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBDT issues clarification on procedure for remittances abroad by diplomatic missions Posted: 01 Dec 2009 05:22 PM PST The Government has clarified that while remitting consular receipts abroad, diplomatic missions in India will be required to submit only a self certified undertaking in Form No 15CA to the remitter bank and they are not required to obtain a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Safeguard the Constitution and its values – Mukul Wasnik Posted: 01 Dec 2009 05:17 PM PST "The vision and values of the Constitution are facing challenges. It is up to us to safeguard the Constitution and its values from such challenges. As has been said the Constitution has not failed us. We have to ensure that we do not fail the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI president message on Environment Audit, Social Audit, KYC norms, GST, Corporate Forum, ICAI Elections, etc. Posted: 01 Dec 2009 05:05 PM PST The 'green shoots' of economic revival are now truly maturing - at least from the Indian perspective - and are showing fruits of the labours of the government and regulators. Recovery is gaining in strength across the globe albeit at a slow pace... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IASB Exposure Draft of Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters Posted: 01 Dec 2009 05:00 PM PST The International Accounting Standards Board (IASB) has issued Exposure Draft of Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters: Proposed amendment to IFRS 1 so as to amend Appendix E of IFRS 1 to include transition... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI changed examination center in Mumbai for CPT exam to be held in December 2009 Posted: 01 Dec 2009 04:55 PM PST This is to inform that due to unavoidable circumstances the Examination Centre for Common Proficiency Test –December-2009 is changed in respect of candidates who have been allotted Roll Nos.: 114112 to 114311 at H & GHM Institute of Management... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

17 FDI proposal worth Rs. 4500 crore cleared by Govt. on recommendation of FIPB Posted: 01 Dec 2009 04:51 PM PST Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on November 20, 2009, Government has approved 17 Proposals of Foreign Direct Investment amounting to Rs. 4551.05 Crore approximately, the largest chunk of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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