Re: UPDATES FROM TAX GURU (in this message: 28 new items)

On Thu, Jan 14, 2010 at 9:41 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 28 new items)

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• Income tax department seized Rs 7.5 crore from Weight loss doctor
• No element of charity in BCCI conduct: Income Tax Department
• Bombay High court fined NGO 40 lakh
• Retail Issue of Subordinated Debt for Raising Tier II Capital
• RBI issued guidelines to execute repo in corporate bonds which would be effective from March 1, 2010
• Government may introduce bill to amend the Companies Act in the budget session
• Use of Cash Profi t / Sales and Cash Profi t / Cost emphasized as an appropriate PLI for use of TNMM
• Purchase of Immovable Property in India by Persons of Indian Origin (PIOs) – Amendment of the definition
• Amendment in HBP-V1-Additional items-markets for incentives under chapter-3 schemes Table-6
• Amendment in HBP-V1-Additional items under MLFPS – incentives under chapter-3 schemes
• Eligibility of cotton bathmats/rugs for grant of duty credit scrip under VKGUY/FPS of FTP
• Amendment in HBP-V1-Additional items-markets for incentives under chapter-3 schemes
• Amendment in Notification No. 110/2004 regarding continuation of anti-dumping duty on imports of Polytetrafluroethylene (PTFE) originating in, or exported from Russia
• Stay on declaration of ICAI election result vacated-Rajasthan high court
• Notes, jottings and draft judgements not fall under RTI
• Competition Appellate Tribunal (CAT) to hear unfair trade practice cases
• Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
• FM Holds Pre-Budget Meeting with State Finance Ministers
• Result of ISA test held in December 2009 likely to be declared on 17th January, 2010
• SEBI circular on Market Wide Position Limits across Stock Exchanges
• Quarterly Reporting by Venture Capital Funds (VCF)
• RBI circular on Ready Forward Contracts in Corporate Debt Securities
• Prevention of Money-laundering Rules – Amendment – Obligation of Banks/FIs
• Corrigendum to the new perquisite valuation rules for A.Y. 2010-11
• Government announced series of new incentives for exporters
• Government committed to converge to IFRS by April, 2011
• MVAT circular on tax Treatment of Goods sent to other States
• No clear mandate in CA elections of Ahmedabad branch of ICAI

Income tax department seized Rs 7.5 crore from Weight loss doctor Posted: 13 Jan 2010 07:12 PM PST In one of the largest seizures of cash in an income-tax raid on an individual, the department on Tuesday recovered Rs 7.5 crore from the premises of a reputed nutritionist based in Vile Parle. Nutritionist Sarita Davare is known to have helped... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

No element of charity in BCCI conduct: Income Tax Department Posted: 13 Jan 2010 07:07 PM PST No, this isn't an ungrammatical anti-BCCI tirade from a rival cricket organisation. It is, rather, what the income-tax department has to say about the BCCI in its assessment order dated December 30 last year while disallowing tax exemptions for the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Bombay High court fined NGO 40 lakh Posted: 13 Jan 2010 07:01 PM PST Taking a strict view of frivolous petitions that flood the courts, the Bombay high court in an unprecedented move has ordered a city-based organisation, the Bhrastachar Nirmoolan Sanghatana , to pay Rs 40 lakh as legal costs after dismissing its... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Retail Issue of Subordinated Debt for Raising Tier II Capital Posted: 13 Jan 2010 06:56 PM PST Some banks have indicated that they would like to issue subordinated debt to retail investors. With a view to enhancing investor education relating to risk characteristics of regulatory capital instruments, banks issuing subordinated debt to retail... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI issued guidelines to execute repo in corporate bonds which would be effective from March 1, 2010 Posted: 13 Jan 2010 06:54 PM PST Repos in corporate debt securities will be for a minimum period of one day and a maximum period of one year, the RBI said in a release adding that only listed corporate debt securities which are rated 'AA' or above by the rating agencies can be used... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government may introduce bill to amend the Companies Act in the budget session Posted: 13 Jan 2010 06:50 PM PST The government plans to introduce a bill to amend the Companies Act in the budget session of parliament to enable convergence of Indian accounting standards with the International Financial Reporting Standards (IFRS). "The ministry will carry out... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Use of Cash Profi t / Sales and Cash Profi t / Cost emphasized as an appropriate PLI for use of TNMM Posted: 13 Jan 2010 06:33 PM PST In the case of Schefenacker Motherson Ltd v. ITO, ITA No. 4459/DEL/07 for AY 2003-04 and schefenacker Motherson Ltd v. DCIT, ITA No.4460/DEL/07 for AY 2004-05, the Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal), held that cash... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Purchase of Immovable Property in India by Persons of Indian Origin (PIOs) – Amendment of the definition Posted: 13 Jan 2010 06:18 PM PST Attention of Authorised Dealer Category-I banks is invited to clause (c) of Regulation 2 of Notification No. FEMA 21/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India), Regulations,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Amendment in HBP-V1-Additional items-markets for incentives under chapter-3 schemes Table-6 Posted: 13 Jan 2010 06:13 PM PST DGFT PUBLIC NOTICE No 33/2009-14- NEW DELHI: the 13 January, 2010. In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in HBPv1,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Amendment in HBP-V1-Additional items under MLFPS – incentives under chapter-3 schemes Posted: 13 Jan 2010 06:08 PM PST PUBLIC NOTICE No. 31/ 2009-14- NEW DELHI: the 12th January, 2010. In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in HBPv1. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Eligibility of cotton bathmats/rugs for grant of duty credit scrip under VKGUY/FPS of FTP Posted: 13 Jan 2010 06:03 PM PST Hand-made carpets and other textile floor coverings, covered under Chapter 57 of ITC (HS) Classification Book, are eligible for duty credit scrip under Focus Product Scheme at the rate of 5% for exports made with effect from 23-2-2009. Before... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Amendment in HBP-V1-Additional items-markets for incentives under chapter-3 schemes Posted: 13 Jan 2010 05:58 PM PST In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in HBPv1, for benefits on exports made on or after 1.1.2010: [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Amendment in Notification No. 110/2004 regarding continuation of anti-dumping duty on imports of Polytetrafluroethylene (PTFE) originating in, or exported from Russia Posted: 13 Jan 2010 05:54 PM PST Whereas, the designated authority vide notification No. 15/30/2008-DGAD, dated the 27th February, 2009, published in the Gazette of India, Extraordinary, Part I, Section 1 dated the 27th February, 2009 , has initiated review in terms of sub-section... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Stay on declaration of ICAI election result vacated-Rajasthan high court Posted: 13 Jan 2010 05:44 PM PST Rajasthan High Court directed to recount votes after considering these postal ballots. Now, see whether recounting is also required for Regional Council votes as well as other constituencies. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Notes, jottings and draft judgements not fall under RTI Posted: 13 Jan 2010 05:33 PM PST The only silver lining for the Supreme Court in the Delhi High Court verdict holding that the Chief Justice of India's office comes within the purview of RTI Act was that it said notes, jottings and draft judgements would not fall within the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Competition Appellate Tribunal (CAT) to hear unfair trade practice cases Posted: 13 Jan 2010 05:30 PM PST The government also ordered it to hear cases that the MRTPC had failed to resolve when it was wound up last year. The government has expanded the mandate of a tribunal, which has been hearing pending cases of restrictive trade practices, to include... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit Posted: 13 Jan 2010 05:25 PM PST In terms of the decision taken by the Council of the Institute at its 260th meeting held in June 2006, the following Standard onInternal Audit shall be re-commendatory in nature in the initial period. The Standard shall become mandatory from such... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

FM Holds Pre-Budget Meeting with State Finance Ministers Posted: 13 Jan 2010 05:15 PM PST Finance Minister, Shri Pranab Mukherjee held a pre-Budget meeting with the Finance Ministers of States and Union Territories, here today to deliberate on issues that would have a bearing on the annual Budget for 2010-11. In his inaugural speech,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Result of ISA test held in December 2009 likely to be declared on 17th January, 2010 Posted: 13 Jan 2010 05:13 PM PST The result of the Information Systems Audit [ISA] Assessment Test held on 19th December, 2009 is likely to be declared on 17th January, 2010 around 2.00 PM at the Institute's office at New Delhi. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI circular on Market Wide Position Limits across Stock Exchanges Posted: 13 Jan 2010 09:10 AM PST In consultation with Stock Exchanges and based on the recommendations of the Secondary Market Advisory Committee of SEBI, it has been decided to streamline the operationalisation of Market Wide Position Limits (MWPL) of the derivative contracts on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Quarterly Reporting by Venture Capital Funds (VCF) Posted: 13 Jan 2010 09:01 AM PST Format for the quarterly report on venture capital activity to be submitted by Venture Capital Funds has been revised as per enclosed Annexure. In accordance with Regulation 22 of SEBI (Venture Capital Funds) Regulations, 1996, all venture capital... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI circular on Ready Forward Contracts in Corporate Debt Securities Posted: 13 Jan 2010 08:53 AM PST It has been decided to introduce repo in corporate bonds. In this regard, the Reserve Bank of India has issued a direction IDMD.DOD.04/11.08.38/2009-10 dated January 08, 2009 under section 45W of the RBI Act, 1934, which has been placed on the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Prevention of Money-laundering Rules – Amendment – Obligation of Banks/FIs Posted: 13 Jan 2010 08:41 AM PST Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Corrigendum to the new perquisite valuation rules for A.Y. 2010-11 Posted: 13 Jan 2010 08:33 AM PST at page 20 of the Gazette Notification, in sixth line of clause (B) of sub-rule 2, for "amount attributable to official use of the vehicle provided that the following conditions are fulfilled", read "amount of charges met or reimbursed by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government announced series of new incentives for exporters Posted: 13 Jan 2010 08:27 AM PST Shri Anand Sharma, Union Minister of Commerce and Industry, while addressing the media here today, has announced a series of new incentives for exporters. These are as follows: 1. New Products under Focus Product Scheme (FPS): 1.1 112 new products... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government committed to converge to IFRS by April, 2011 Posted: 13 Jan 2010 08:22 AM PST The core group for convergence of Indian Accounting Standards with International Financial Reporting Standards accepts the Report of Sub-Group 1. Ministry of corporate affairs reiterates commitment to carry out the convergence of Indian accounting... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

MVAT circular on tax Treatment of Goods sent to other States Posted: 12 Jan 2010 08:10 PM PST This office had issued above referred Trade Circulars explaining scope of section 6A of CST Act, 1956. In the Trade Circular dated 20th February 2007, a view had been taken that section 6A of CST Act, 1956 deals only with transactions between... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

No clear mandate in CA elections of Ahmedabad branch of ICAI Posted: 12 Jan 2010 08:07 PM PST None of the two panels that contested in the election of Ahmedabad branch of Institute of Chartered Accountants of India (ICAI) received clear mandate. Both vibrant-8 panel, representing small and medium CA practitioners, and care panel,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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