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Friday, December 4, 2009

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)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

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...

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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...

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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....

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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,...

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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...

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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...

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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...

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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...

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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...

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Palash Biswas
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