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

On Wed, Jan 20, 2010 at 9:41 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 finds Haribhakti & Co partner guilty of negligence
• Income tax department decided to take up fewer tax returns for scrutiny this year
• Bail plea of PWC auditor Talluri Srinivas will be decided by SC on February 3
• Fraudsters siphoned off About Rs 4 crore from Income Tax Department as I-T refunds
• CA final old and New Course, CPT examination Passing percentage with list of toppers
• Circular on Problems faced by exporters in availing refund of excess credit
• Result of the Assessment Test held on Saturday 19th December 2009 for the Certificate Course on International Taxation in Mumbai (First Batch) and Hyderabad
• Requirement to include the registration number of the firm as allotted by ICAI, in the audit reports signed by members of the ICAI
• RBI guidelines on trading of Currency Futures in Recognized Stock Exchanges
• SEBI ask mutual funds to disclose risk in bold letters in Advertisement Code
• Mutual fund distributors set to approach Sebi for central KYC bureau to cut documentation
• Sebi plans to start volatility index based F&O contracts
• Duty Entitlement Passbook (DEPB) scheme likely to be scrapped in Budget
• New regulations likely to spur business for consulting and audit firms
• Government may increase Excise duty and services tax rates
• Centre suggested common dispute resolution scheme for settlement of cases in the GST
• Trade circular No. 4T of 2010 on Filing of Audit Report in Form-704 for the periods 2005-06, 2006-07 and 2007-08
• Trade Circular No.3T of 2010 on Refund under MVAT
• Right to set-off loss is a "vested right" which is available despite amendment in year of set-off
• AO deemed to have applied his mind if facts are on record and reopening on change of opinion is not permissible even within 4 years
• FM seeks suggestions for general budget 2010-11 from the members

ICAI finds Haribhakti & Co partner guilty of negligence Posted: 19 Jan 2010 08:00 PM PST The accounting regulator is finally swinging into action in the multiple demat account scam that was detected over 3 years ago. The Disciplinary Committee of the Institute of Chartered Accountants of India (ICAI) has found the internal auditors –... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Income tax department decided to take up fewer tax returns for scrutiny this year Posted: 19 Jan 2010 07:57 PM PST If you're worried about what questions your income tax officer will ask about your returns, you can relax a bit. The department has decided to take up fewer tax returns for scrutiny this year. The Central Board of Direct Taxes had issued an internal... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Bail plea of PWC auditor Talluri Srinivas will be decided by SC on February 3 Posted: 19 Jan 2010 07:14 PM PST The Supreme Court will decide on February 3 the bail plea of Price Waterhouse auditor Talluri Srinivas, who was arrested in the Rs 7,136-crore Satyam fraud case for allegedly conniving with its founder B Ramalinga Raju and other aides. A Bench... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Fraudsters siphoned off About Rs 4 crore from Income Tax Department as I-T refunds Posted: 19 Jan 2010 07:03 PM PST About Rs 4 crore has been siphoned off the I-T system by some unidentified fraudsters with the help of bogus PAN cards, e-returns and e-refund orders. The I-T refunds claimed on the basis of these bogus documents have been deposited in some bank... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CA final old and New Course, CPT examination Passing percentage with list of toppers Posted: 19 Jan 2010 06:44 PM PST The results of the Chartered Accountants Final Examination held in November-2009 was declared recently. The details of percentage of candidates passed in the above said examinations are given below. CHARTERED ACCOUNTANTS FINAL EXAMINATION( Existing... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Circular on Problems faced by exporters in availing refund of excess credit Posted: 19 Jan 2010 06:04 PM PST CENVAT Credit Rules, 2004 permit taking of credit of inputs and input services which are used for providing output services or output goods. In order to zero-rate the exports, Rule 5 of CENVAT Credit Rules, 2004 provides that such accumulated credit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Result of the Assessment Test held on Saturday 19th December 2009 for the Certificate Course on International Taxation in Mumbai (First Batch) and Hyderabad Posted: 19 Jan 2010 05:44 PM PST Result of the Assessment Test held on Saturday 19th December 2009 for the Certificate Course on International Taxation in Mumbai (First Batch) and Hyderabad (Second Batch) - (19-01-2010) * Result - Mumbai (First Batch) * Result - Hyderabad (Second... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Requirement to include the registration number of the firm as allotted by ICAI, in the audit reports signed by members of the ICAI Posted: 19 Jan 2010 05:32 PM PST Announcement on – Requirement to include the registration number of the firm as allotted by ICAI, in the audit reports signed by members of the ICAI - (19-01-2010). ANNOUNCEMENT FOR THE ATTENTION OF THE MEMBERS. The Council of the Institute of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI guidelines on trading of Currency Futures in Recognized Stock Exchanges Posted: 19 Jan 2010 05:25 PM PST Attention of Authorized Dealers Category – I (AD Category – I) banks is invited to A.P.(DIR Series) Circular No. 05 dated August 06, 2008, permitting persons resident in India to participate in the currency futures market in India, subject to the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI ask mutual funds to disclose risk in bold letters in Advertisement Code Posted: 19 Jan 2010 09:45 AM PST The market regulator SEBI on Monday asked mutual fund companies to make all the disclosures about market risks involved in the products more prominent in their communication. "To make these statements more prominent, it is advised that the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Mutual fund distributors set to approach Sebi for central KYC bureau to cut documentation Posted: 19 Jan 2010 09:41 AM PST Mutual fund distributors are set to approach the capital market regulator, the Securities and Exchange Board of India (Sebi), seeking a central bureau of registry for all 'know your client' (KYC) documentation. The distributors will also lobby for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Sebi plans to start volatility index based F&O contracts Posted: 19 Jan 2010 09:39 AM PST Eighteen months after introducing India's volatility index, or VIX, market regulator Sebi has begun its groundwork to introduce derivatives contracts, with the index as the underlying. VIX is a measure of traders' near-term expectations of implied... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Duty Entitlement Passbook (DEPB) scheme likely to be scrapped in Budget Posted: 19 Jan 2010 09:33 AM PST One of the most favoured duty reimbursement schemes among exporters — the Duty Entitlement Passbook (DEPB) scheme — is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

New regulations likely to spur business for consulting and audit firms Posted: 19 Jan 2010 09:28 AM PST Changes in regulations like the International Financial Reporting Standards (IFRS), Goods and Services Tax (GST), Direct Taxes Code and the new Companies Act are likely to spur business for consulting and audit firms. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government may increase Excise duty and services tax rates Posted: 19 Jan 2010 09:25 AM PST The government may take the first step towards fiscal consolidation in Budget 2010-11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Centre suggested common dispute resolution scheme for settlement of cases in the GST Posted: 19 Jan 2010 09:18 AM PST The Centre has suggested setting up a common dispute resolution scheme for settlement of cases in the proposed goods and services tax (GST). It is also suggesting sharing of service centres between the Centre and states, besides common registration... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Trade circular No. 4T of 2010 on Filing of Audit Report in Form-704 for the periods 2005-06, 2006-07 and 2007-08 Posted: 19 Jan 2010 09:09 AM PST As per Section 61 of MVAT Act, 2002 it is mandatory for all eligible dealers to get their books of accounts audited. As per trade circular No. 27 T of 2009 Dated 01.10.2009, any dealer who files Audit Report in Form 704 on or after 1" Oct.2009 for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Trade Circular No.3T of 2010 on Refund under MVAT Posted: 19 Jan 2010 09:01 AM PST We had issued the above referred Trade Circular on 23.08.07 to formulate a standard procedure for processing of the refund applications. The circular contained certain provisions in Para 9(i) to facilitate issuance of refund amount against a BG... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Right to set-off loss is a "vested right" which is available despite amendment in year of set-off Posted: 19 Jan 2010 08:53 AM PST In AY 2002-03, the assessee suffered a long-term capital loss. U/s 74(1) as it then stood, such loss could be carried forward and set off against all capital gains including short-term capital gains. S. 74 was amended in AY 2003-04 to provide that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

AO deemed to have applied his mind if facts are on record and reopening on change of opinion is not permissible even within 4 years Posted: 19 Jan 2010 08:46 AM PST In CIT vs. Kelvinator of India Ltd. 256 ITR 1 the Full Bench of the Delhi High Court was considering a case of reopening u/s 147 within 4 years from the end of the assessment year. The Court held that when a regular order of assessment is passed in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

FM seeks suggestions for general budget 2010-11 from the members Posted: 19 Jan 2010 08:36 AM PST The Finance Minister, Shri Pranab Mukherjee has said that timely and pro-active monetary and fiscal measures have ensured that the growth process remain intact despite the adverse impact of global financial crisis. He was chairing the meeting of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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