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)

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• SEBI decided to compute limitation period for arbitration from the end of the quarter during which the disputed transaction was executed
• RBI allowed inclusion of technical write-offs while calculating provision coverage ratio
• Government may wind up MRTP Commission before 2011
• Central excise refund is taxable and distinct from profit derived from industrial activity
• Air passengers carrying large amounts of money can be detained by authorities for questioning
• Satyam ex-directors being prosecuted on issue of head count
• IT department raid on CA unearthed money laundering racket running into over Rs 1,000 crore
• MVAT Circular on periodicity or returns and Penalty
• MVAT circular on Filing of Refund Application in Form – 501 electronically
• Unnecessary litigation clogging the wheels of justice
• RBI circular on Capital Adequacy – Risk weightage on Lending through Collateralized Borrowing and Lending Obligation (CBLO)
• ICAI Announcement regarding change in Polling Booth addresses
• Enforcement Directorate conducted searches at the premises of realtor Emmar MGF
• FM likely to retain EET (exempt-exempt-tax) principle proposed in the Direct Tax Code
• Method of Voting – ICAI Council Elections – 2009
• Clarification apropos incorrect designation used by a section of media for Shri R.Vasudevan, member CLB
• ICAI organizing Three Months' Residential Programme on Professional Skills Development
• Direct tax collections register growth of 3.71% till November 2009
• ICAI president communication on derogatory mails
• Law Courses through Distance / Online Learning

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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 ,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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