Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Nov 10, 2010 at 10:24 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• CA Coaching Set To Go Online
• RBI See No Case For Levy Of Pre-payment Penalty
• EPFO Cannot Claim Damages For Delayed Payment
• Draft Guidelines For Foreign Banks Delayed
• Supreme Court Rejects Plea Raju To Surrender Tomorrow
• Sebi Wants MFS To Spend Money On Investors Not Distributors
• RBI Ask Banks To Levy Reasonable Minimum Balance Charges
• RBI Asks Banks To Promote E-Payment Options
• States Demands Exclusion Of Coal From GST List
• Soon 7 12 Extract Will Include Additional Information On Whether The Plots Are Under Litigation
• Retirement Liabilities- Instead Of Providing In Profit And Loss Account Companies Can Create Separate Reserve
• Is It Correct To Say Once NPA Is Alwyas NPA Under SARFAESI Act 2002
• Payment Of Non-compete Fees In Connection With The Acquisition Of A Business Constitutes Capital Expenditure
• Section 92 Of The Income-tax Act 1961 Not Applicable To Advertisement Expense Paid By One Resident Entity For Another Resident Entity
• No Requirement To Approach The Tax Officer For Nil Withholding Certificate Under Section 195 2 Where The Non-resident Is Not Liable To Tax
• Electronic Funds Transfer Infrastructure In India Usage Of RTGS And NEFT
• Ready Forward Contracts In Corporate Debt Securities
• Shortfall In Maintenance Of SLR Additional Liquidity Support Under LAF
• Facilitating Transactions In Mutual Fund Schemes Through The Stock Exchange Infrastructure
• Banking- Guidelines On Banks Asset Liability Management Framework Interest Rate Risk
• Banking - Sale Of Investments Held Under Held To Maturity HTM Category
• Section 621 Of The Companies Act 1956 - Offences Against Act To Be Cognizable Only On Complaint By Registrar
• SEBI - Display Of Details By Stock Brokers Including Trading Members
• Section 80-IA Of The Income-tax Act 1961 - Deductions - Profits And Gains From Industrial Infrastructure Undertakings Etc - Notified Undertakings
• Income Tax Calculator For Financial Year 2010-2011 Only For Bank Employees
• Tax Calculation For West Bengal Govt Employee For Financial Year 2010-2011
• Tax Calculator Fy 10-11 For All Employees

CA Coaching Set To Go Online Posted: 09 Nov 2010 02:31 PM PST THE Chartered Accountancy course supposed to be one of the toughest has a pass percentage of 5-10 per cent In an attempt to increase it to 20 per cent efforts are on start satellite-based... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI See No Case For Levy Of Pre-payment Penalty Posted: 09 Nov 2010 02:16 PM PST Banks are losing their battle for penalty on home loan pre-payments as the Reserve Bank of India sees no case for such a levy given that lenders don t play a fair game with borrowers nbsp In a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

EPFO Cannot Claim Damages For Delayed Payment Posted: 09 Nov 2010 02:04 PM PST The Madras High Court bench here has ruled that the Employees Provident Fund Organisation EPFO cannot claim damages from employers for delayed payment of their contribution if there is no... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Draft Guidelines For Foreign Banks Delayed Posted: 09 Nov 2010 01:59 PM PST The draft guidelines on how foreign banks can convert themselves into wholly owned subsidiaries of their parents have been delayed with the Reserve Bank of India RBI awaiting clarity from tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Supreme Court Rejects Plea Raju To Surrender Tomorrow Posted: 09 Nov 2010 01:25 PM PST The Supreme Court on Tuesday rejected scam-tainted Satyam Computer founder B Ramalinga Raju splea seeking extension of time beyond November 10 to surrender nbsp He now has to surrender on Wednesday ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi Wants MFS To Spend Money On Investors Not Distributors Posted: 09 Nov 2010 01:07 PM PST Concerned over large-scale outflow from mutual fund schemes market regulator Sebi wants fund houses to invest part of their profit on cementing ties with investors and curtail commissions and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Ask Banks To Levy Reasonable Minimum Balance Charges Posted: 09 Nov 2010 01:01 PM PST Banks have been told by the Reserve Bank of India RBI to be more transparent and levy reasonable penal charges nbsp The central bank is concerned at the rising number of complaints by customers... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Asks Banks To Promote E-Payment Options Posted: 09 Nov 2010 12:51 PM PST The Reserve Bank of nbsp India or RBI has told a bunch of top bank executives to push the use of electronic transactions among customers to trim the serpentine queues in front of teller counters... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

States Demands Exclusion Of Coal From GST List Posted: 09 Nov 2010 12:39 PM PST State finance ministers have asked the Centre to exclude coal from the list of proposed Goods and Services Tax GST so as the tax rate does not increase on such an important fuel nbsp Besides ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Soon 7 12 Extract Will Include Additional Information On Whether The Plots Are Under Litigation Posted: 09 Nov 2010 12:36 PM PST Soon 7 12 extract will include additional information on whether the plots are under litigationProperty buyers dreading the antecedents of the land they are planning to buy have reason to rejoice ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Retirement Liabilities- Instead Of Providing In Profit And Loss Account Companies Can Create Separate Reserve Posted: 09 Nov 2010 12:32 PM PST Retirement liabilities- Instead of providing in profit and loss account companies can create separate reserveThe country s apex body on accounting standard has cleared way for a change in the ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Is It Correct To Say Once NPA Is Alwyas NPA Under SARFAESI Act 2002 Posted: 09 Nov 2010 07:56 AM PST It true that the Banks suffer a lot in recovering the outstanding dues from the borrowers in the absence of special enactment like SARFAESI Act and the object of the enactment is really laudable ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Payment Of Non-compete Fees In Connection With The Acquisition Of A Business Constitutes Capital Expenditure Posted: 09 Nov 2010 12:55 PM PST In a recent decision in the case of Tecumseh India Pvt Ltd v ACIT 2010-TIOL-408-ITAT-DEL-SE3 the Special Bench of Delhi Income-tax Appellate Tribunal the Tribunal has held that non-compete... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 92 Of The Income-tax Act 1961 Not Applicable To Advertisement Expense Paid By One Resident Entity For Another Resident Entity Posted: 09 Nov 2010 12:48 PM PST Advertisement expenditure incurred by a resident entity on behalf of another resident entity does not invoke the provisions of section 92 of the Income-tax Act 1961 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Requirement To Approach The Tax Officer For Nil Withholding Certificate Under Section 195 2 Where The Non-resident Is Not Liable To Tax Posted: 09 Nov 2010 12:30 PM PST No requirement to approach the Tax Officer for nil withholding certificate under section 195 2 where the non-resident is not liable to tax and further no disallowance can be made under section 40 a ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Electronic Funds Transfer Infrastructure In India Usage Of RTGS And NEFT Posted: 09 Nov 2010 02:48 PM PST RBI 2010-11 265 DPSS CO RTGS No 1051 04 04 002 2010-2011 November 9 2010 Chairman and Managing Director nbsp Chief Executive Officer of all banks participating in RTGS and NEFT ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Ready Forward Contracts In Corporate Debt Securities Posted: 09 Nov 2010 02:44 PM PST RBI 2010-11 268IDMD PCD 22 11 08 38 2010-11 November 9 2010 To All Market Participants Ready Forward Contracts in Corporate Debt Securities As part of the measures to develop the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Shortfall In Maintenance Of SLR Additional Liquidity Support Under LAF Posted: 09 Nov 2010 02:41 PM PST RBI 2010-11 267 Ref DBOD No Ret BC 60 12 02 001 2010-11 nbsp November 09 2010 All Scheduled Commercial Banks Dear Sir Section 24 of Banking Regulation Act 1949- Shortfall... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Facilitating Transactions In Mutual Fund Schemes Through The Stock Exchange Infrastructure Posted: 09 Nov 2010 02:40 PM PST CIR IMD DF 17 2010 November 9 2010 All Mutual Funds Asset Management Companies AMCs Recognised Stock Exchanges Depositories nbsp Registrar to an Issue and Share Transfer Agents Sir ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Banking- Guidelines On Banks Asset Liability Management Framework Interest Rate Risk Posted: 09 Nov 2010 01:47 PM PST Banking Guidelines on Banks Asset Liability Management Framework Interest Rate Risk nbsp CIRCULAR NO DBOD NO BP BC 59 21 04 098 2010-11 DATED 4-11-2010 nbsp Please refer to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Banking - Sale Of Investments Held Under Held To Maturity HTM Category Posted: 09 Nov 2010 01:44 PM PST CIRCULAR NO DBOD NO BP BC 56 21 04-141 2010-11 DATED 1-11-2010 nbsp In terms of our circular No DBOD BP BC 34 21 04 141 2010-11 dated August 6 2010 on the captioned subject it was... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 621 Of The Companies Act 1956 - Offences Against Act To Be Cognizable Only On Complaint By Registrar Posted: 09 Nov 2010 01:40 PM PST Section 621 of the Companies Act 1956 - Offences against Act to be cognizable only on complaint by Registrar shareholder or Government - Authorization of certain officers in Serious Fraud... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI - Display Of Details By Stock Brokers Including Trading Members Posted: 09 Nov 2010 01:37 PM PST CIRCULAR NO MIRSD 9 2010 DATED 4-11-2010 nbsp 1 It is observed that a few stock brokers are using brand names logos of their group companies in their portals notice display boards ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 80-IA Of The Income-tax Act 1961 - Deductions - Profits And Gains From Industrial Infrastructure Undertakings Etc - Notified Undertakings Posted: 09 Nov 2010 12:42 PM PST Section 80-IA of the Income-tax Act 1961 - Deductions - Profits and gains from industrial infrastructure undertakings etc - Notified undertakings Notification No 81 2010 F No 178 29... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Calculator For Financial Year 2010-2011 Only For Bank Employees Posted: 08 Nov 2010 06:09 PM PST Income Tax Calculation for financial year 2010-2011 for Bank Employees only [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tax Calculation For West Bengal Govt Employee For Financial Year 2010-2011 Posted: 08 Nov 2010 06:06 PM PST Tax Calculator as well as Tax Calculation for financial year 2010-2011 only for West Bengal Govt Employees [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tax Calculator Fy 10-11 For All Employees Posted: 08 Nov 2010 06:03 PM PST Tax Calculator for All Employees for financial year 2010-2011 and Assessment year 2011-2012 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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