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Saturday, August 21, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Aug 21, 2010 at 9:59 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

CBDT put burden on Taxpayers to persuade the deductors to rectify the deficiencies in TDS returns filed by them

Posted: 20 Aug 2010 09:03 PM PDT


On July 24, 2010, the Finance Minister released Citizen's Charter — a declaration of Income-Tax Department's commitment to taxpayers. In this Charter, one of the commitments is to make compliance easy. In this background, one of the members of the...

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Government making Efforts to reduce tax burden for Indian companies in United States

Posted: 20 Aug 2010 09:02 PM PDT


Even as America's new Border Security Act raises hackles in India, government officials said the country will renew efforts to push for exemption of social security tax paid by top tech firms including TCS, Infosys and Wipro in the US. India's...

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Several provisions in DTC weighed heavily in favour of revenue

Posted: 20 Aug 2010 09:00 PM PDT


The former President of the Institute of Chartered Accountants of India (ICAI), Mr T.N. Manoharan, has sought the need for equitable treatment of tax payers and revenue authorities in the Direct Taxes Code (DTC). In his discussion paper on 'DTC' at...

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Income-tax rates could be reduced in the proposed Bill for new Direct Taxes Code

Posted: 20 Aug 2010 08:59 PM PDT


Taxpayers may get relief in terms of tax rates in the proposed Direct Taxes Code, which is likely to replace the 50-year-old Income Tax Act from the next fiscal, a key official indicated today. "We are in the process of reducing the rate of tax and...

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Submission of Online Form for Chartered Accountants Examinations, November 2010.

Posted: 20 Aug 2010 08:52 PM PDT


Candidates who have tried to submit the online Examination Application for the forthcoming for Chartered Accountants Examinations, November 2010 and whose online payment through Credit Card / Debit Card / Netbanking has been effected but online PDF...

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Sebi and mutual funds asks finance ministry to continue tax benefits on equity linked schemes in DTC

Posted: 20 Aug 2010 08:39 PM PDT


Market regulator Sebi and mutual fund houses have asked the finance ministry to continue with the tax benefits on equity linked schemes in the Direct Taxes Code, which will replace the existing Income Tax Act. The revised DTC draft, based on which...

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Government to streamline process of appointment of independent directors in Public Sector Undertakings

Posted: 20 Aug 2010 08:33 PM PDT


The government is streamlining the process of appointment of independent directors in Public Sector Undertakings (PSUs), a senior government official said on Friday. "We are in the process of shaping a note that actually gives timelines to each part...

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Higher Rate of Interest under Senior Citizens Saving Scheme

Posted: 20 Aug 2010 08:06 PM PDT


The Senior Citizens Savings Scheme, 2004 (SCSS), was designed to meet the need of a regular flow of income for the senior citizens and retired persons with security of investment, liquidity of funds and operation convenience. Keeping in view of the...

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Interest Subsidy Scheme on Educational Loan for Economically Weaker Sections (EWS)

Posted: 20 Aug 2010 08:02 PM PDT


The Ministry of Human Resources Development (HRD) has circulated Interest Subsidy Scheme on Educational Loan for Economically Weaker Sections (EWS) to banks on 25th May, 2010. In terms of the Scheme, full interest subsidy would be provided by...

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Government appoints 2463 Advocates for handling govt cases: Law Minister

Posted: 20 Aug 2010 07:26 PM PDT


Central Government appoints/engages counsel to conduct its litigation in different courts of law. Informing this in Lok Sabha in a written reply Dr. M. Veerappa Moily said that at present, the total number of counsel appointed by the Ministry of Law...

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Regulatory Body for Real Estate Sector: 350 suggestions received

Posted: 20 Aug 2010 07:22 PM PDT


The Minister of Housing and Urban Poverty Alleviation Kumari Selja has said that in order to promote planned and healthy real estate development of colonies and apartments with a view to protecting consumer interest and to facilitate smooth and...

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Mahatma Gandhi National Rural Employment programme may be Audited by CAs

Posted: 20 Aug 2010 06:49 PM PDT


Use of funds allocated under the UPA government's flagship programme Mahatma Gandhi National Rural Employment Guarantee Act could end up being audited by local chartered accountants. This is part of an endeavour by The Institute of Chartered...

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Extension of ACP Programme to Export Houses / Trading Houses – Circular No.29/2010-Customs

Posted: 20 Aug 2010 06:30 PM PDT


Representations have been received in the Board from Trade and Industry Associations requesting to extend the benefit of ACP scheme to the category of status holders like Export Houses, Star Export Houses, Star Trading Houses etc. Requests have...

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Secretary, Ministry of Corporate Affairs, Reviews the Progress of Investor Education Initiatives of the Ministry

Posted: 20 Aug 2010 06:08 PM PDT


Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs reviewed the progress of investor education initiatives of the Ministry. The Ministry of Corporate Affairs had decided to upscale its investor education initiatives for the current...

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Special court posts Satyam computer fraud case hearing to Tuesday

Posted: 20 Aug 2010 06:03 PM PDT


The special court for trying Satyam Computer Services Ltd financial fraud case will hear the arguments again on framing of charges on August 24. Mr B.V. Ln Chakravarti, the XXIII Additional Chief Metropolitan Magistrate has posted the case for next...

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449 Hospitals to Provide Cashless Facility to the Insured and also Package Rates for 41 Common Surgical Procedures

Posted: 20 Aug 2010 05:59 PM PDT


The Public Sector General Insurance Companies have been incurring health insurance claims in excess of premium received and after factoring in acquisition costs, which are around 10%, and the management expenses which are over 25%, the Combined...

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Indian corporates to face tough norms in global government purchase orders

Posted: 20 Aug 2010 05:44 PM PDT


Peeved that Indian corporate have to face tough norms in global government purchase orders totalling an estimated $3 trillion, the Commerce Ministry has suggested that the industry too should root for similar norms back home. "I (India) have given...

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Customers of a Bank Allowed to Withdraw Cash Five Times in a Month Free of Charge from other Banks' ATMs

Posted: 20 Aug 2010 05:32 PM PDT


Indian Banks' Association (IBA) has reported that banks have been permitted by Reserve Bank of India (RBI) to allow free cash withdrawal at their ATMs by customers from other banks upto five times in a month free of charge. Banks are generally...

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SFIO may be engaged to recover bad loans from companies

Posted: 20 Aug 2010 04:51 PM PDT


A day after the Supreme Court suggested that SFIO could help banks in recovering bad loans, the government on Thursday said it would look into the possibility of engaging the corporate fraud probing body to deal with the menace of non-performing...

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Finance ministry asks Irda, Sebi to park surplus with government

Posted: 20 Aug 2010 03:51 PM PDT


The finance ministry has asked market regulator Sebi and insurance watchdog IRDA to deposit their surplus funds with the government, a move that may be resisted by these bodies citing regulatory autonomy. The directive follows repeated suggestions...

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Disagreement between states and center may further delay GST rollout

Posted: 20 Aug 2010 02:50 PM PDT


A few months ago, Gujarat Chief Minister Narendra Modi walked up to Finance Minister Pranab Mukherjee and said: "Gujarat is awaiting the Goods and Services Tax (GST) eagerly." On Tuesday, at a meeting of state finance ministers where it was decided...

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International Financial Reporting Standards, DTC will make next fiscal challenging for Chartered Accountants

Posted: 20 Aug 2010 01:48 PM PDT


The financial year 2011-12 is going to be more vibrant, especially for the accounting professionals, with the implementation of Direct Taxes Code (DTC) and the convergence of Indian accounting standards with IFRS (International Financial Reporting...

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--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/

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