Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Oct 7, 2010 at 11:44 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• SEBI Issues Circular Asking Portfolio Managers To Fix Uniform Fee
• E-stamping The Easy And Cost-effective Way To Pay Stamp Duty
• Invest In Non Convertible Debenture NCD For Higher Fixed Return And To Lower To Tax Burden
• LIC Plans To Seek IRDA Approval To Issue Infrastructure Bonds Investment In Which Will Be Exempt U S 80CCF
• Delhi Finally Has Its Own Excise Act With Stiff Penalties And Fine
• CII Asks Government To Reconsider The Liability Clause
• Government May Approach Supreme Court For Permission To Appoint RoC Chief
• Entire 9 50 Percent Interest Income On Employees Provident Fund To Be Tax-exempt
• IT Department Demands 570 Crore From Mahindra Satyam For Illegally Claiming TDS On Fictitious Income
• Entry Of 3 New Credit Rating Agencies May Ensure Speedy Loan Approval And Faster Dispute Resolution
• DTC And GST Likely Be Taught To Commerce Students In Universities
• ICAI Proposes Changes In Accounting Practices In Commercial Banks To Make Bank Audits Foolproof And Effective
• MCA Resists Ordinance To Amend Companies Act To Meet The Deadline For Implementation Of IFRS
• Cotton Exports- Traders Rush For Registration
• Government Launches Website To Get Feedback On 12th Plan
• CBI Files Chargesheet Against Former CLB Member
• The Judicial Standards And Accountability Bill 2010
• Mahindra Satyam Moves ITAT Challenging CIT Order Rejecting Application U S 154 In Respect Of Foreign Tax Credit
• Former Central Excise Commissioner Sentenced To Four Years Rigorous Imprisonment
• ICAI Wants Power To Take Action Against Erring Audit Firms
• Empanelment With Canara Bank For Appointment As Concurrent Auditor Of Its Branches
• Shaping Up Of Future Tax Regime Direct Tax Code
• Direct Taxes Code Bill 2010- Settlement Of Cases
• CBDT Notifies Undertaking Developed By Shyam Developers As Industrial Infrastructure Undertakings U S 80-IA
• Xavier Centre Of Historical Research Goa Approved As Social Science Or Statistical Research Associations Or Institutions- Notification No 74 2010

SEBI Issues Circular Asking Portfolio Managers To Fix Uniform Fee Posted: 07 Oct 2010 02:05 AM PDT The fee charged by portfolio managers will soon be linked to the profits they have been able to make for their clients with capital market regulator Sebi asking portfolio management service PMS providers to follow a uniform fee s [[ This is a content summary only. Visit www.taxguru.in for full article ]]

E-stamping The Easy And Cost-effective Way To Pay Stamp Duty Posted: 07 Oct 2010 01:54 AM PDT Paying stamp duty while purchasing or transferring a property is often a long-drawn process You need to go to the registrar s office and await your turn or seek a broker s help to get the job done with minimum fuss But there i [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Invest In Non Convertible Debenture NCD For Higher Fixed Return And To Lower To Tax Burden Posted: 07 Oct 2010 01:53 AM PDT A non-convertible debenture is a fixed income instrument where the issuer agrees to pay a fixed rate of interest to the investor The fixed-income instrument cannot be converted into equity of the issuing company and is very differe [[ This is a content summary only. Visit www.taxguru.in for full article ]]

LIC Plans To Seek IRDA Approval To Issue Infrastructure Bonds Investment In Which Will Be Exempt U S 80CCF Posted: 07 Oct 2010 01:50 AM PDT The country s largest insurer Life Insurance Corporation plans to approach sector regulator IRDA in the next 8-10 days to get approval for floating infrastructure bonds nbsp nbsp We are getting ready to approach IRDA for approv [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi Finally Has Its Own Excise Act With Stiff Penalties And Fine Posted: 07 Oct 2010 01:46 AM PDT Delhi finally has its own excise Act nbsp After years of preparation the Delhi Excise Act 2009 came into effect from Monday The Act replaces the outdated Punjab Excise Act 1914 and is modelled after the Model Excise Act suggeste [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CII Asks Government To Reconsider The Liability Clause Posted: 07 Oct 2010 01:33 AM PDT Fearing that the government may soon make a company promoter liable for mistakes even though they are not actively a part of the board s decision-making process India Inc has asked the ministry of corporate affairs to reconsider [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government May Approach Supreme Court For Permission To Appoint RoC Chief Posted: 07 Oct 2010 01:32 AM PDT The Union ministry of corporate affairs is likely to approach the Supreme Court for permission to appoint a new central administrative head for offices of the registrar of companies RoC spread across the country nbsp The move com [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Entire 9 50 Percent Interest Income On Employees Provident Fund To Be Tax-exempt Posted: 07 Oct 2010 01:31 AM PDT The finance ministry has assured the Employees Provident Fund Organisation or EPFO that the entire 9 5 interest on the accumulated corpus of account holders for the current fiscal will not be taxed ending speculation that the g [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IT Department Demands 570 Crore From Mahindra Satyam For Illegally Claiming TDS On Fictitious Income Posted: 07 Oct 2010 01:30 AM PDT The income Tax Department has demanded 570 crore from Mahindra Satyam earlier Satyam Computer Services for illegally claiming tax credit on fictitious income during the 2003-04 to 2008-09 period We have asked the company t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Entry Of 3 New Credit Rating Agencies May Ensure Speedy Loan Approval And Faster Dispute Resolution Posted: 07 Oct 2010 01:29 AM PDT Borrowers often find their home or auto loan applications rejected due to credit rating scores from the Credit Information Bureau of India or Cibil And sometimes even though they may not have defaulted it can be the outcome of a [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTC And GST Likely Be Taught To Commerce Students In Universities Posted: 06 Oct 2010 06:34 AM PDT The proposed Direct Taxes Code DTC and the goods and services tax GST will likely be taught to commerce students in universities on the initiative of the Institute of Chartered Accountants of India ICAI nbsp The ICAI is in [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Proposes Changes In Accounting Practices In Commercial Banks To Make Bank Audits Foolproof And Effective Posted: 06 Oct 2010 05:02 AM PDT The Institute of Chartered Accountants of India ICAI the national standard setting body of auditors has proposed comprehensive changes to the current accounting practices in commercial banks to make bank audits foolproof and eff [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA Resists Ordinance To Amend Companies Act To Meet The Deadline For Implementation Of IFRS Posted: 06 Oct 2010 04:58 AM PDT The ministry of corporate affairs MCA does not plan to push for an ordinance to ensure India meets the deadline on conforming to International Financial Reporting Standards IFRS reversing its earlier stance according to two of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cotton Exports- Traders Rush For Registration Posted: 06 Oct 2010 04:52 AM PDT Within days of opening the registration exporters have applied for about 30 per cent of the cotton permitted for exports in the backdrop of high global prices Of the 55 lakh bales 170 kg each allowed for exports in the current seas [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government Launches Website To Get Feedback On 12th Plan Posted: 06 Oct 2010 04:51 AM PDT In a bid to make 12th Five Year Plan 2012-17 more inclusive and effective the Plan panel today launched a web portal to get public feedback on the Approach Paper to 12th Plan nbsp nbsp Before unveiling any five year Plan the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI Files Chargesheet Against Former CLB Member Posted: 06 Oct 2010 02:20 AM PDT New Delhi nbsp The CBI has filed chargesheet against former member of Company Law Board R Vasudevan and five others for allegedly accepting a bribe of Rs seven lakh for giving a favourable order in a case being presided over by h [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The Judicial Standards And Accountability Bill 2010 Posted: 06 Oct 2010 02:19 AM PDT The Union Cabinet today approved The Judicial Standards and Accountability Bill 2010 and its introduction in the Parliament nbsp The Bill provides a mechanism for enquiring into complaints against the Judges of the Supreme Co [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mahindra Satyam Moves ITAT Challenging CIT Order Rejecting Application U S 154 In Respect Of Foreign Tax Credit Posted: 06 Oct 2010 01:45 AM PDT Last week Mahindra Satyam had disclosed several tax matters with respect to the company that it had acquired It has now moved the tax tribunal for grant of relief in one of the matters reports quoting Central Board of Direct Taxe [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Former Central Excise Commissioner Sentenced To Four Years Rigorous Imprisonment Posted: 06 Oct 2010 01:41 AM PDT A special CBI court sentenced former commissioner of central excise North East to four years rigorous imprisonment on charges of bribery and tax evasion nbsp The special CBI judge passed the sentence convicting former central exc [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Wants Power To Take Action Against Erring Audit Firms Posted: 06 Oct 2010 01:34 AM PDT Accounting regulator Institute of Chartered Accountants of India ICAI today said it is seeking power to take action against erring firms nbsp As per the Act the institute can take disciplinary action against our members bu [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment With Canara Bank For Appointment As Concurrent Auditor Of Its Branches Posted: 06 Oct 2010 01:24 AM PDT Canara Bank invites applications from the eligible interested Individuals Firms Companies for empanelment as concurrent auditors for conducting concurren [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Shaping Up Of Future Tax Regime Direct Tax Code Posted: 06 Oct 2010 11:27 PM PDT Dr Sanjiv Agarwal The new revised direct tax code DTC has been approved by the Union Cabinet and has been being placed as a Bill in the monsoon session of Parliament recently It is expected that the new tax regime shall usher int [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Taxes Code Bill 2010- Settlement Of Cases Posted: 12 Sep 2010 09:20 AM PDT DIRECT TAXES CODE BILL 2010- A DISCUSSION ON INCOME TAX SETTLEMENT COMMISSION1 The Direct Code Bill 2010 is in public domain now after a long debate and discussion on the Draft DTC put on public domain in August 2009 The Chapter of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT Notifies Undertaking Developed By Shyam Developers As Industrial Infrastructure Undertakings U S 80-IA Posted: 07 Oct 2010 01:41 AM PDT Section 80-IA of the Income-tax Act 1961 - Deductions -Profits and gains from industrial infrastructure undertakings etc - Notified undertakings Notification No 73 2010 F No 178 97 2008-ITA 1 dated 22-9-2010 Whereas th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Xavier Centre Of Historical Research Goa Approved As Social Science Or Statistical Research Associations Or Institutions- Notification No 74 2010 Posted: 07 Oct 2010 01:39 AM PDT Section 35 1 iii of the Income-tax Act 1961 Scientific research expenditure Approved social science or statistical research associations or institutions Notification No 74 2010 F No 203 6 2010 ITA-II dated 28-9-2010 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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