Re: UPDATES FROM TAX GURU (in this message: 14 new items)

On Tue, Jan 12, 2010 at 9:37 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 14 new items)

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• Domestic tariff area (DTA) units could use SEZ facilities
• SEBI moves SC seeking on the issue of power of SAT
• Union budget for 2010-11likely to be presented on February 26
• Action against PWC may be taken after ICAI report
• Income tax department ask bankers to deduct and pay TDS properly
• Finance Ministry to review loan recovery practices and undervaluation of mortgaged properties during auctions
• Government proposes ban on adjournments of proceedings in trademark cases
• Internal audit and its social accountability
• New Direct Taxes Code (DTC) likely from April 2011
• RBI asked banks to cap bank charges
• CBDT set up committee to formulate rules to enable acceptance of transfer pricing returns without scrutiny
• Income tax department, Mumbai unearthed recorded concealment of Rs. 1,315 crore
• Information on income tax can be disclosed under RTI
• Driver of Indian Economy

Domestic tariff area (DTA) units could use SEZ facilities Posted: 11 Jan 2010 05:58 PM PST To help special economic zones (SEZs) absorb global economic shocks, the government plans to allow them to make available their excess installed capacities for the use of industrial consumers in the domestic tariff area (DTA). The idea is to ensure... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI moves SC seeking on the issue of power of SAT Posted: 11 Jan 2010 05:56 PM PST The tribunal has set a wrong precedent by arrogating to itself the power vested in it, said Sebi. The tribunal had directed the Bombay Stock Exchange (BSE) to grant in-principle approval to the issue, allotment and listing of shares issued by a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Union budget for 2010-11likely to be presented on February 26 Posted: 11 Jan 2010 05:52 PM PST The annual budget date is being advanced from the normal practice of being presented on February 28, because February 27 is a government holiday on account of Prophet Mohammad's birthday and February 28 is a Sunday. The Cabinet is expected to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Action against PWC may be taken after ICAI report Posted: 11 Jan 2010 05:50 PM PST The ministry of corporate affairs(MCA) will take a call against the audit and accounting firm PricewaterhouseCoopers only after receiving the fact-finding reports of the Rs 10,000-crore Satyam accounting fraud from the Institute of Chartered... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Income tax department ask bankers to deduct and pay TDS properly Posted: 11 Jan 2010 05:47 PM PST This seems to be the message of the I-T department, which has undertaken a sensitisation drive to make the DDOs aware of their responsibilities. As part of this, the I-T's TDS wing organised a seminar on Friday for officers of nationalised banks'... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Finance Ministry to review loan recovery practices and undervaluation of mortgaged properties during auctions Posted: 11 Jan 2010 05:43 PM PST Also, there have been incidents where mortgaged properties were auctioned off at "undervalued" prices, the sources said. The meeting is to find out whether there was any actual mischief or if it was due to practical difficulties in finding a buyer... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government proposes ban on adjournments of proceedings in trademark cases Posted: 11 Jan 2010 05:39 PM PST The directive was issued in December in the wake of mounting "indefinitely adjourned" cases, which stood at 150,000 in March 2009. On the heels of a key amendment that brings India's intellectual property laws in line with international standards,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Internal audit and its social accountability Posted: 11 Jan 2010 05:36 PM PST The World Bank defines accountability as "the obligation of power-holders (those who hold political, financial or other forms of power) to take responsibility and answer for their actions". It defines social accountability as "the broad range of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

New Direct Taxes Code (DTC) likely from April 2011 Posted: 11 Jan 2010 05:31 PM PST The Finance Minister, Mr Pranab Mukherjee, said that he was hopeful that the new Direct Taxes Code would be implemented from April next year. "We are working on tax reforms. I am hopeful that the Direct Taxes Code will be implemented from April... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI asked banks to cap bank charges Posted: 11 Jan 2010 05:28 PM PST Banks may soon have to cap the charges on basic services such as issuing a draft, remittances or for stop-payment instructions. Faced with a rising number of customer complaints on excessive charges, the Reserve Bank of India (RBI) has asked the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBDT set up committee to formulate rules to enable acceptance of transfer pricing returns without scrutiny Posted: 11 Jan 2010 08:43 AM PST The Central Board of Direct Taxes (CBDT) has set up a committee to formulate rules for the safe harbour provisions—a set of rules that would enable the income tax (I-T) authorities to accept the transfer pricing returns without scrutiny. Transfer... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Income tax department, Mumbai unearthed recorded concealment of Rs. 1,315 crore Posted: 11 Jan 2010 08:38 AM PST The investigation wing of the income tax (I-T) department in Mumbai has unearthed a record Rs1,315 crore in undisclosed income in the first nine months of the fiscal year, I-T officials said. The cases involve 16 companies, including 10 that are... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Information on income tax can be disclosed under RTI Posted: 11 Jan 2010 08:30 AM PST In a ruling that is bound to have ramifications, specially on big tax-payers , and in a move aimed at curbing tax evasion, the Central Information Commission has ruled that seeking information on income tax is not invasion of privacy. Ruling out... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Driver of Indian Economy Posted: 11 Jan 2010 08:25 AM PST Infrastructure is the back bone of every economy. Infrastructure contributes a great deal too sustained economic development. Country with good infrastructure can be classified as a developed country whereas the other countries have little finance... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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