Re: UPDATES FROM TAX GURU (in this message: 21 new items)

On Wed, Jan 13, 2010 at 9:37 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 21 new items)

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• ICAI launched facility to post your Grievance online
• Suspension of Accounting Standards 11 under Bombay high courts scanner
• Office of the Chief Justice of India (CJI) not beyond the ambit of RTI provisions: Delhi HC
• ICAEW excludes and fines KPMG employee for false travel expense claims
• All you want to know about Public Provident Fund Scheme (PPF), 1968
• Income tax department withdrawn the approval granted under Section 17(2) to Hospital in Chandigarh
• Mergers of banks will not be forced by Government
• Bonus stripping under the Income tax lens
• Circular on Extension of Export Obligation period for the Advance License Holders who have imported raw sugar between 21.9.2004 and 15.4.2008
• Notification on anti dumping duty on tyre vulcanisers or rubber processing machineries for tyres, originating in or exported from China
• Interest rate may go up in the coming months if RBI tightens its monetary policy
• Right to subscribe for shares arises only when right offer is made by the company: SC
• Provisions for NPA as per RBI Norms by NBFCs not deductible
• High court will hear Writ Petition challenging the constitutional validity of Rule 8D and matters related to interpretation of section 14A
• 29th January RBI Policy MEET
• Corporate filing – complications – corporate law in India
• Survey under section 133A of income tax act 1961
• Notice for assessment or reassessment U/S 148 of the Income Tax Act, 1961
• Use of section 144A of the Income Tax Act 1961
• Irregularities in VAT department at Punjab
• Validity of Assessment notices U/S 29 of PVAT for the year 2005-06 issued by department recently

ICAI launched facility to post your Grievance online Posted: 12 Jan 2010 07:45 PM PST ICAI - e-Samadhaan (The ICAI Helping Hand), Grievance Resolution Management System, For more details click on below:- http://www.icai. org/help/ [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Suspension of Accounting Standards 11 under Bombay high courts scanner Posted: 12 Jan 2010 07:42 PM PST The Union governments move to suspend Accounting Standards 11, allowing companies to show foreign currency liabilities as assets, has come under the Bombay high courts scanner. The petition filed by an organisation of city-based legal experts, Just... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Office of the Chief Justice of India (CJI) not beyond the ambit of RTI provisions: Delhi HC Posted: 12 Jan 2010 07:37 PM PST In an unusual display of checks and balances within the judiciary, the Delhi high court on Tuesday rejected the contention of the Supreme Court that the office of the Chief Justice of India (CJI) was beyond the ambit of the Right to Information Act. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAEW excludes and fines KPMG employee for false travel expense claims Posted: 12 Jan 2010 07:27 PM PST ICAEW excludes and fines Darren Merchant for false travel expense claims. A senior KPMG employee who dishonestly claimed more than £43,000 in expenses has been excluded from the ICAEW and fined. At an ICAEW disciplinary hearing, Darren Merchant of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

All you want to know about Public Provident Fund Scheme (PPF), 1968 Posted: 12 Jan 2010 07:09 PM PST Every individual desirous of subscribing to Fund under the Scheme for the first time either on his own behalf or on behalf of a minor of whom he is the guardian or on behalf of a Hindu Undivided Family of which he is a member or on behalf of an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Income tax department withdrawn the approval granted under Section 17(2) to Hospital in Chandigarh Posted: 12 Jan 2010 06:37 PM PST A dozen private nursing homes and hospitals today lost their approval granted under Section 17(2) of the Income Tax Act on the basis of an assessment conducted by the Department of Income Tax, Chandigarh. According to Chief Commissioner (Chandigarh... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Mergers of banks will not be forced by Government Posted: 12 Jan 2010 06:25 PM PST Mergers on individual banks will not be forced, and no time frame has been set for the consolidation process in the banking system, financial services secretary R Gopalan said today. Merger of state-run banks should be done with a view to bring in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Bonus stripping under the Income tax lens Posted: 12 Jan 2010 06:22 PM PST After taxing investors for dividend stripping, the Income Tax (I-T) Department is gearing up to tax bonus stripping. Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Circular on Extension of Export Obligation period for the Advance License Holders who have imported raw sugar between 21.9.2004 and 15.4.2008 Posted: 12 Jan 2010 05:53 PM PST and 15.4.2008-reg I am directed to invite your attention to the above-mentioned subject and to say that, a reference was received from the Ministry of Agriculture Food & Public Distribution to consider extension of export obligation period for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Notification on anti dumping duty on tyre vulcanisers or rubber processing machineries for tyres, originating in or exported from China Posted: 12 Jan 2010 05:49 PM PST the dumping margins of the subject goods imported from the subject country are substantial and above de minimis; and the domestic industry has suffered material injury and the injury has been caused to the domestic industry, both by volume and price... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Interest rate may go up in the coming months if RBI tightens its monetary policy Posted: 12 Jan 2010 05:42 PM PST SBI chairman O P Bhatt on Monday said that interest rates are likely to go up in the coming months if the Reserve Bank of India (RBI) tightens its monetary stance. He has also warned that loan defaults, particularly from the SME segment, may rise... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Right to subscribe for shares arises only when right offer is made by the company: SC Posted: 12 Jan 2010 05:35 PM PST Accordingly, the right to subscribe for additional offer of shares/debentures comes into existence only when the Company decides to come out with the Rights Offer and it is only when that event takes place, that diminution in the value of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Provisions for NPA as per RBI Norms by NBFCs not deductible Posted: 12 Jan 2010 05:31 PM PST The assessee, a NBFC, made a 'Provision for NPA' in terms of the RBI Directions 1998. It claimed a deduction for the said provision u/s 36 (1)(vii) on the ground that as it was debited to the P&L Account and reduced the profits, it was a 'write... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

High court will hear Writ Petition challenging the constitutional validity of Rule 8D and matters related to interpretation of section 14A Posted: 12 Jan 2010 05:23 PM PST Writ Petition bearing No. 50 of 2010 (Indian Exporters Grievances Forum & Other vs. CIT) challenging the constitutional validity of Rule 8D has been admitted on 12.1.2010 by Hon'ble Shri Justice Dr. D.Y. Chandrachud and Hon'ble Shri Justice... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

29th January RBI Policy MEET Posted: 12 Jan 2010 10:02 AM PST 29th January is an important date. Now it's not a red letter day or neither is any day the Indian history to be remembered. For financial market 29th of January remains a big day as the RBI will hold its much-awaited monetary policy. The whole... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Corporate filing – complications – corporate law in India Posted: 12 Jan 2010 09:45 AM PST With the introduction of MCA scheme or online filing facility, regulating the company affairs has become much easier and it is certainly a boon for corporate sector. Incorporating a Company is not a difficult affair and filing the necessary... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Survey under section 133A of income tax act 1961 Posted: 12 Jan 2010 09:41 AM PST Survey in a wider sense means to scrutinize or to inspect. The power of survey under the Income tax Act has been provided U/S 133A and 133B. The provisions contained in section 133A are independent and to the exclusion of the other provisions of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Notice for assessment or reassessment U/S 148 of the Income Tax Act, 1961 Posted: 12 Jan 2010 09:35 AM PST The power of assessment or reassessment of any income chargeable to tax that have escaped assessment has been provided under section 147 r w s 148 of Income Tax Act of 1961. If the assessing officer has the reason to believe that any income... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Use of section 144A of the Income Tax Act 1961 Posted: 12 Jan 2010 09:23 AM PST Assessments under Income Tax Act 1961 are made U/S 143, 144, 147, 153. The criteria's for selection of cases for scrutiny has been increased. While making the assessment the assessing officer has to appreciate all the facts properly. If there is any... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Irregularities in VAT department at Punjab Posted: 12 Jan 2010 09:15 AM PST Since rules of natural justice are part of the fundamental rights provided by our constitution the same have to be followed while taking any quasi judicial or administrative action under every law and the taxation laws are no exception to it. Any... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Validity of Assessment notices U/S 29 of PVAT for the year 2005-06 issued by department recently Posted: 12 Jan 2010 09:05 AM PST The VAT Department in Punjab has started issuing the notices for assessment for the year 2005-2006 under section 29 of Punjab Value Added Tax Act 2005 to the dealers across the state. The notices u/s 29 of PVAT Act 2005 can be issued within 3 years... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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