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Friday, December 4, 2009

Re: UPDATES FROM TAX GURU (in this message: 20 new items)



On Fri, Dec 4, 2009 at 9:39 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 20 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

SEBI decided to compute limitation period for arbitration from the end of the quarter during which the disputed transaction was executed

Posted: 03 Dec 2009 08:06 PM PST

In a move to help investors by giving them more time to file arbitration applications, the Securities and Exchange Board of India (SEBI) on Wednesday decided to compute the limitation period for arbitration from the end of the quarter during which...

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RBI allowed inclusion of technical write-offs while calculating provision coverage ratio

Posted: 03 Dec 2009 08:00 PM PST

Allows inclusion of technical write-offs while calculating provision coverage ratio. In a relief to a large number of banks such as Canara Bank, the Reserve Bank of India (RBI) has allowed the lenders to include technical write-offs while increasing...

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Government may wind up MRTP Commission before 2011

Posted: 03 Dec 2009 07:57 PM PST

The government is likely to seek the Cabinet's approval on amending the Competition Act 2002 to facilitate the winding up of the Monopolistic and Restrictive Trade Practices Commission before 2011. The Bill will essentially replace the ordinance...

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Central excise refund is taxable and distinct from profit derived from industrial activity

Posted: 03 Dec 2009 07:44 PM PST

Tax dept says Central excise refund should be taxed because it is a benefit derived from a government scheme and is distinct from profit derived from industrial activity.IN A decision that could impact companies with operations in the north-east ,...

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Air passengers carrying large amounts of money can be detained by authorities for questioning

Posted: 03 Dec 2009 07:40 PM PST

Air passengers carrying large amounts of money can be detained by authorities for questioning. Such detention cannot be dubbed as violation of a citizen's personal liberty, the Supreme Court has ruled.The court has held that such frisking and...

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Satyam ex-directors being prosecuted on issue of head count

Posted: 03 Dec 2009 07:34 PM PST

The head count in the fraud hit Satyam Computers, which engaged the attention of investigating agencies considerably, is now become the curse for the company's former directors.A charge common to most of the accused in the complaints filed in a...

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IT department raid on CA unearthed money laundering racket running into over Rs 1,000 crore

Posted: 03 Dec 2009 07:31 PM PST

The income tax (IT ) department in a raid on a chartered accountant (CA) last week unearthed a money laundering racket running into over Rs 1,000 crore. The CA, Mukesh Choksi, through his several companies generated fake bills showing share...

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MVAT Circular on periodicity or returns and Penalty

Posted: 03 Dec 2009 07:22 PM PST

You are aware that the provisions of section 29(8) and section 85 of MVAT Act, 2002 related to levy of penalty for non filing of returns within prescribed time limit were amended with effect from 1st July 2009. The amended provision provides for...

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MVAT circular on Filing of Refund Application in Form – 501 electronically

Posted: 03 Dec 2009 07:16 PM PST

The sub-rule (1) of rule 17A of the Maharashtra Value Added Tax Rules, 2005 empowers the Commissioner of Sales Tax to issue notification and to provide the class or classes of dealers required to file various Forms, Declarations, Returns including...

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Unnecessary litigation clogging the wheels of justice

Posted: 03 Dec 2009 06:48 PM PST

It is well known that the government is the largest litigant in the courts. It is less known that it starves the judiciary of funds. It is even less known that it chokes the courts with unnecessary suits. The last one frequently invites drubbing...

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RBI circular on Capital Adequacy – Risk weightage on Lending through Collateralized Borrowing and Lending Obligation (CBLO)

Posted: 03 Dec 2009 06:41 PM PST

It is therefore clarified that the counterparty credit risk, arising out of exposure of NBFCs to CCIL on account of securities financing transactions (CBLOs) will carry a risk weight of zero, as it is presumed that the CCP’s exposures to their...

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ICAI Announcement regarding change in Polling Booth addresses

Posted: 03 Dec 2009 06:38 PM PST

The complete postal addresses pertaining to the Polling Booths set up for the forthcoming elections to be held in December, 2009 across the country have been hosted on the website of the Institute for the information of all voters and candidates...

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Enforcement Directorate conducted searches at the premises of realtor Emmar MGF

Posted: 03 Dec 2009 06:25 PM PST

The Enforcement Directorate on Thursday conducted searches on the premises of realtor Emmar MGF in connection with the multi-crore illegal Hawala and investment case involving former Jharkhand Chief Minister Madhu Koda.The search followed the ED...

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FM likely to retain EET (exempt-exempt-tax) principle proposed in the Direct Tax Code

Posted: 03 Dec 2009 06:23 PM PST

The finance ministry is likely to retain the EET (exempt-exempt-tax) principle proposed in the Direct Tax Code on the lump sum amount a salaried taxpayer will receive from his investment in savings schemes such as the Public Provident Fund and other...

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Method of Voting – ICAI Council Elections – 2009

Posted: 03 Dec 2009 06:06 PM PST

1) The elections to the Central/Regional Councils of our Institute are to be held on 5th December, 2009, in all cities. However, in Mumbai, Ahmedabad, Pune, New Delhi, Delhi, Kolkatta, Chennai, Bangalore and Hyderabad the...

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Clarification apropos incorrect designation used by a section of media for Shri R.Vasudevan, member CLB

Posted: 03 Dec 2009 06:00 PM PST

Reports have been published in a section of media indicating Shri R.Vasudevan as "Acting Chairman, Company Law Board" or "Company Law Board Chief". This is factually incorrect as he was never the Acting Chairman of the Company Law Board at any point...

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ICAI organizing Three Months' Residential Programme on Professional Skills Development

Posted: 03 Dec 2009 05:55 PM PST

(General Management, Personality Development and Communication Skills) A three months' residential programme on Professional Skills Development has been initiated for the benefit of CA students and newly qualified Chartered Accountants. The...

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Direct tax collections register growth of 3.71% till November 2009

Posted: 03 Dec 2009 05:49 PM PST

Net direct tax collections during first eight months of the present fiscal (up to November 2009) stood at Rs.1,83,822 crore, up from Rs.1,77,251 crore in the same period last fiscal, registering a growth of 3.71 percent. Growth in Corporate Taxes...

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ICAI president communication on derogatory mails

Posted: 03 Dec 2009 05:38 PM PST

email that was widely circulated in the name of the ICAI employees, maligning the Institute, the Council & the President in office. The email had grabbed a lot of attention as the communiqué was floated in the name of the employees and since...

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Law Courses through Distance / Online Learning

Posted: 03 Dec 2009 05:26 PM PST

'Distance Learning' as quoted by Dr. S B Mujumdar, Founder, Symbiosis International University is, "the education of the 21st century. The traditional method of teaching in a classroom called 'brick & mortar' education has failed to reach...

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Palash Biswas
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