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

On Sat, Dec 5, 2009 at 9:36 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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• Delay in Income Tax refunds trouble tax payers most
• BSE made trading in mutual funds operational
• Public and Pvt sector insurance companies would continue cede 10% of their risks to GIC
• FDI applicants must furnish three years audited financial statements to FIPB: Revenue Department
• Govt may table bill in parliament to allow SBI to split its shares and issue bonus shares
• Indian banks do not have much exposure to Dubai World : RBI
• SEBI taken new steps to curb the misuse of client money by brokers
• MCA decided to put implementation of early-warning system on hold due to technical problems
• Maharashtra taxman wants GST to be implemented from April 2011 instead of April 2010
• Cost accountants may not be treated at par with chartered Accountants
• SEBI's income from fees and other charges dropped by 46 per cent
• Government sanctioned 116 posts for the Central Information Commission
• Potential Voting Rights — Impact on Consolidated Financial Statements
• TDS on exempt incomes (especially agricultural income)
• Interest on central excise duty refund is taxable under the Income Tax Provisions
• Government may get banks audited to check if they passed on the Interest subvention benefit to exporters
• Registration of political parties under section 29A of the Representation of the People Act, 1951
• RBI allowed foreign nationals working in India to take home entire post-tax salaries
• Know Your Customer (KYC) Norms/ Anti- Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)
• Radio broadcasters expressed concerns over the proposed move to introduce Section 33A in the Copyright Act
• Absence of tax free climate affected inflows of foreign investment in the shipping sector
• In a effort to maximise revenue CBEC ordered to reopen cases where Tax demand stayed
• Proposal for Mandatory PF to workers with a salary of up to Rs 15,000 a month instead of Rs 6,500 at present

Delay in Income Tax refunds trouble tax payers most Posted: 04 Dec 2009 07:48 PM PST Delay in receipt of income tax returns is the most registered grievance of taxpayers in the national capital with the I-T Ombudsman receiving almost 85 per cent complaints in this regard. The I-T Ombudsman, during 2007-09, has also come across... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

BSE made trading in mutual funds operational Posted: 04 Dec 2009 07:35 PM PST Less than a week after the National Stock Exchange launched its mutual funds (MF) transaction platform, Asia's oldest bourse, the Bombay Stock Exchange, today made operational its own MF platform for all investors. Related posts:Investors can buy... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Public and Pvt sector insurance companies would continue cede 10% of their risks to GIC Posted: 04 Dec 2009 07:26 PM PST The Insurance Regulatory and Development Authority (IRDA) have stipulated that the mandatory ceding by every general insurer in the country to the national reinsurer – GeneralInsurance Corporation (GIC), would continue to remain at 10 per cent.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

FDI applicants must furnish three years audited financial statements to FIPB: Revenue Department Posted: 04 Dec 2009 07:22 PM PST The Revenue Department, which scrutinises all foreign investments from the tax angle, has asked the Foreign Investment Promotion Board (FIPB) to ensure that FDI applicants furnish three years audited financial statements of the investor.Such... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Govt may table bill in parliament to allow SBI to split its shares and issue bonus shares Posted: 04 Dec 2009 07:05 PM PST A bill enabling the State Bank of India (SBI) to split its shares and issue bonus shares may be placed in the current winter session of Parliament. Besides, the amendments to the State Bank of India Act, 1955, envisage the preferential or private... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Indian banks do not have much exposure to Dubai World : RBI Posted: 04 Dec 2009 07:01 PM PST The Reserve Bank today said the domestic banks do not have much exposure to the debt-ridden Dubai World and hence their balance sheets will not be materially affected from the crisis. In the larger context, the rating agency Moody's also today said... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI taken new steps to curb the misuse of client money by brokers Posted: 04 Dec 2009 06:59 PM PST Capital market regulator SEBI has tightened key clauses in the client-broker agreement, as part of its attempts to curb the misuse of client money by brokers. In a circular on Thursday, SEBI said stock brokers should maintain a book containing all... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

MCA decided to put implementation of early-warning system on hold due to technical problems Posted: 04 Dec 2009 06:56 PM PST The Ministry of Corporate Affairs (MCA) has decided to put the early-warning system on the backburner due to technical snags.Sources close to the development said the software-based system incorporated ten financial parameters for diagnosing... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Maharashtra taxman wants GST to be implemented from April 2011 instead of April 2010 Posted: 04 Dec 2009 06:43 PM PST He said that the white paper proposes that the Central GST and State GST, that is CGST and SGST, will be concurrently administered by the centre and the state. Mr. Bhatia seems to believe that this will lead to immense confusion because it means... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Cost accountants may not be treated at par with chartered Accountants Posted: 04 Dec 2009 06:30 PM PST Officials at Icwai have been lobbying the government to include cost accountants under the definition accountant as defined in the subsection 2 of Section 288 of the Income-tax Act. The finance ministry has ignored calls by cost accountants that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI's income from fees and other charges dropped by 46 per cent Posted: 04 Dec 2009 06:25 PM PST SEBI's income from fees and other charges dropped by 46 per cent to Rs 213 crore in the fiscal 2008-09 as against Rs 397 crore recorded during the previous fiscal, SEBI's annual report released on Wednesday said. Related posts:SEBI ASKS BROKERS TO... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government sanctioned 116 posts for the Central Information Commission Posted: 04 Dec 2009 06:24 PM PST THE Central Government has sanctioned 116 posts for the Central Information Commission. The Commission has constituted a Committee to assess its staff requirement. The Government shall examine the report of the Committee as and when received. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Potential Voting Rights — Impact on Consolidated Financial Statements Posted: 04 Dec 2009 06:12 PM PST Consolidated Financial Statements shall be prepared by an entity if it has control over another entity. 'Control' under IFRS, being power to govern the financial and operating policies, covers within its purview even those entities that have been... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

TDS on exempt incomes (especially agricultural income) Posted: 04 Dec 2009 06:07 PM PST It is obvious that the TDS provisions are going to be expanded day by day even in the direct Tax Code era. In the process to recover more and more tax through this mode of recovery, in many cases tax is also deducted from incomes which are expressly... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Interest on central excise duty refund is taxable under the Income Tax Provisions Posted: 04 Dec 2009 05:53 PM PST Income-tax Appellate Tribunal (ITAT), Amritsar, stated that companies with operations in the north-east, Jammu & Kashmir and Himachal Pradesh, will be legally responsible to pay tax on Central excise duty refunds. Companies, such as Balaji... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government may get banks audited to check if they passed on the Interest subvention benefit to exporters Posted: 04 Dec 2009 05:43 PM PST The government may soon ask for an audit of banks to check if they are passing on to exporters the interest rate discounts on loans, given as a part of the stimulus packages, following complaints from exporters that some banks were not crediting to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Registration of political parties under section 29A of the Representation of the People Act, 1951 Posted: 04 Dec 2009 05:33 PM PST For the purpose of registration of any association or body of individual citizens of India as a political party, the association or body is required to make an application to the Election Commission of India giving therein full particulars required... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI allowed foreign nationals working in India to take home entire post-tax salaries Posted: 04 Dec 2009 05:19 PM PST Christmas cheer has come early for foreign nationals working in India. They can now take their entire post-tax salaries home, following a change in rules to this effect by the Reserve Bank of India (RBI). This will benefit sectors such as aviation,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Know Your Customer (KYC) Norms/ Anti- Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT) Posted: 03 Dec 2009 10:29 PM PST Financial Action Task Force (FATF) has issued a Statement on October 16, 2009 on risks arising from the deficiencies in AML/CFT regime of Uzbekistan, Iran, Pakistan, Turkmenistan, Sao Tome and Principe on the subject (copy enclosed). All NBFCs and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Radio broadcasters expressed concerns over the proposed move to introduce Section 33A in the Copyright Act Posted: 03 Dec 2009 08:27 PM PST RADIO broadcasters have expressed concerns over the proposed move to introduce Section 33A in the Copyright Act which would give unfair powers to the music societies to fix tariff and could potentially derail the radio industry already reeling under... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Absence of tax free climate affected inflows of foreign investment in the shipping sector Posted: 03 Dec 2009 08:22 PM PST Absence of tax-free climate has affected inflows of foreign investment in the shipping sector, reducing its competitiveness, the government informed Rajya Sabha. "The Indian flag suffers from certain barriers in terms of tax and duty structures... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

In a effort to maximise revenue CBEC ordered to reopen cases where Tax demand stayed Posted: 03 Dec 2009 08:19 PM PST Directions form part of revenue maximisation measures. The Central Board of Excise and Customs (CBEC) has directed its field formations across the country to open all cases, irrespective of year and amount involved, where it had raised a demand but... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Proposal for Mandatory PF to workers with a salary of up to Rs 15,000 a month instead of Rs 6,500 at present Posted: 03 Dec 2009 08:13 PM PST Employers may soon be required to make mandatory provident fund contributions to workers with a salary of up to Rs 15,000 a month instead of Rs 6,500 at present. Union labour minister Mallikarjun Kharge is likely to ratify a proposal to this effect... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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