LEGAL & FINANCIAL UPDATES 01.05.2009

LEGAL & FINANCIAL UPDATES FROM TAX GURU Multipurpose Empanelment (MEF) for Chartered Accountnats started for the year 2009-10 Posted: Fri, 01 May 2009 03:11:53 +0000 Multipurpose Empanelment Form for the year 2009-10 is an on line application instead of offline application Members can fill up the application form directly in the site it self and Upload... Relaxation of due date for uploading MVAT e_returns for period ending March 2009 Posted: Fri, 01 May 2009 03:02:07 +0000 8th floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010. Trade Cir. No. 16 T of 2009 No.VAT/VAT Ret/ Mumbai, Dt.30.04.2009 Sub: Relaxation of the due date for the uploading of e returns for the period... Raju gratest cook : Cooked books by 27167 Crore Posted: Fri, 01 May 2009 02:40:40 +0000 Specific figures that reflect the magnitude of the swindle at Satyam Computer Services Ltd are coming to light. The books of the software services firm were inflated to the tune of Rs27,167 crore... TAN - FACTS WE SHOULD KNOW Posted: Thu, 30 Apr 2009 06:28:21 +0000 TAN or Tax Deduction and Collection account number is a unique ten digit alpha-numeric number required to be compulsorily obtained by all persons who are responsible for deducting or collecting tax... Department filed appeal against KBC winner in High Court Posted: Thu, 30 Apr 2009 02:12:46 +0000 Crorepati (KBC), Harshvardhan Nawathe is being re-visited by the tax Harshvardhan Nawathe had won the Rs 1 crore jackpot on KBC in 2000 man. A division bench of the Bombay High Court last week... ICAI issued notices to E&Y, Deloitte Posted: Thu, 30 Apr 2009 01:59:54 +0000 Two other big four accounting firms have received a letter from the accounting regulator, the Institute of Chartered Accountants of India (ICAI). According to sources, the ICAI has written to... ICAI extended due date for completion of 100 Hours IT training Posted: Wed, 29 Apr 2009 07:53:20 +0000 Removing difficulties being faced by the students for successfully completing 100 Hours Information Technology Training before the commencement of June, 2009 Professional Competence Examination.  It... For faster processing of Income Tax Refunds IT dept coming with Central Processing centre in Hyderabad Posted: Wed, 29 Apr 2009 07:49:57 +0000 Income tax assesseess may soon hope to get their refund amounts earlier than they are used to now. The income tax department will be coming up with a central processing centre in Hyderabad, which may.... With Regards, With Regards, Sandeep Kanoi  Website: http://www.taxguru. in/ Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email   Enter your email address: Delivered by FeedBurner ↑ Grab this Headline Animator

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LEGAL & FINANCIAL UPDATES 30.04.2009

UPDATES FROM TAX GURU ICAI issued notices to E&Y, Deloitte Posted: Thu, 30 Apr 2009 01:59:54 +0000 Two other big four accounting firms have received a letter from the accounting regulator, the Institute of Chartered Accountants of India (ICAI). According to sources, the ICAI has written to...   ICAI extended due date for completion of 100 Hours IT training Posted: Wed, 29 Apr 2009 07:53:20 +0000 Removing difficulties being faced by the students for successfully completing 100 Hours Information Technology Training before the commencement of June, 2009 Professional Competence Examination.  It...   For faster processing of Income Tax Refunds IT dept coming with Central Processing centre in Hyderabad Posted: Wed, 29 Apr 2009 07:49:57 +0000 Income tax assesseess may soon hope to get their refund amounts earlier than they are used to now. The income tax department will be coming up with a central processing centre in Hyderabad, which may...   RBI Circular on Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs) Posted: Wed, 29 Apr 2009 05:24:32 +0000 RBI/2008-09/461,   (A. P. (DIR Series) Circular No 65, Dated :April 28,  2009)   Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A.P.(DIR Series) Circular No....   Foreign Exchange Management (Deposit) Regulations, 2000-Loans to Non Residents / third party against security of Non Resident (External) Rupee Accounts [NR (E) RA / Foreign Currency Non Resident (Bank) Accounts [FCNR(B)] -Deposits Posted: Wed, 29 Apr 2009 05:21:42 +0000   RBI/2008-09/462 ( A. P. (DIR Series) Circular No.66 Dated: April 28, 2009) Attention of Authorised Dealer Category - I banks and Authorised banks (the banks) is invited to Para 6 (a), (b), (c) and...   RBI Circular on External Commercial Borrowings (ECB) Policy - Liberalisation Posted: Wed, 29 Apr 2009 05:11:26 +0000 RBI/2008-09/460 A.P. (DIR Series) Circular No. 64 Dated : April 28, 2009  Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to the A.P. (DIR Series) Circular No. 46 dated...   Announcement regarding the transfer of articles Posted: Wed, 29 Apr 2009 04:54:03 +0000   To All the Members,   This has reference to the announcement regarding the transfer of articles dated 27th March, 2009.In view of the transitional difficulties experienced by members and students in...   Govt not fully geared up for change in TDS Rules relating to payment of TDS Posted: Tue, 28 Apr 2009 16:04:38 +0000 A new form introduced by the Central Board for Direct Taxes (CBDT) to improve tax deductions at source (TDS) has allegedly made the process more cumbersome, and may even prompt the government to...   Tech Mahindra plans to appoint two auditors at Satyam Computer Services Posted: Tue, 28 Apr 2009 15:57:53 +0000   Tech Mahindra plans to appoint two auditors at Satyam Computer Services as part of its initiative to enhance the corporate governance standard of the fraud-hit software exporter, said a top Tech...   Profits from sale of jaggery is not an agricultural income: ITAT Delhi Posted: Tue, 28 Apr 2009 15:51:23 +0000   Profits earned from the sale of jaggery will be taxed as converting sugarcane into a saleable commodity like jaggery or gur is not an agricultural operation, a tax tribunal has ruled. "Profit...   With Regards, Sandeep Kanoi  Website: http://www.taxguru.in/ Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email   Enter your email address: Delivered by FeedBurner

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LEGAL & FINANCIAL UPDATES 29.04.2009

UPDATES FROM TAX GURU Govt not fully geared up for change in TDS Rules relating to payment of TDS Posted: Tue, 28 Apr 2009 16:04:38 +0000 A new form introduced by the Central Board for Direct Taxes (CBDT) to improve tax deductions at source (TDS) has allegedly made the process more cumbersome, and may even prompt the government to... Tech Mahindra plans to appoint two auditors at Satyam Computer Services Posted: Tue, 28 Apr 2009 15:57:53 +0000 Tech Mahindra plans to appoint two auditors at Satyam Computer Services as part of its initiative to enhance the corporate governance standard of the fraud-hit software exporter, said a top Tech... Profits from sale of jaggery is not an agricultural income: ITAT Delhi Posted: Tue, 28 Apr 2009 15:51:23 +0000 Profits earned from the sale of jaggery will be taxed as converting sugarcane into a saleable commodity like jaggery or gur is not an agricultural operation, a tax tribunal has ruled. "Profit... Tax gains, easy compliance in comparison to companies set to make LLP popular Posted: Tue, 28 Apr 2009 15:46:42 +0000 The ministry of corporate affairs has said that out of the eight lakh companies in India, a large chunk of them would be interested in getting converted into limited liability partnership (LLP) once... I-T Dept makes online info submission mandatory for remittance of money to non-residents Posted: Tue, 28 Apr 2009 15:41:40 +0000 In a move to plug loopholes that led to the alleged tax evasion by telecom giant Vodafone, the Income-Tax Department will make it mandatory for firms to submit information to it online before... RBI, finance ministry divided on FDI relaxation given by of Press Notes Posted: Tue, 28 Apr 2009 15:38:09 +0000 It's the central bank & finance ministry versus commerce over 'unintended liberalisation' permitted in February guidelines. Differences have developed between both the Reserve... ICWAI made 6 Cost Accounting Standards mandatory w.e.f. period commencing on or after 1st April 2010 Posted: Tue, 28 Apr 2009 04:42:06 +0000 The Council of the ICWAI at its 251st Meeting held on 12-13 February 2009 decided as below: Mandatory application of Cost Accounting Standards "RESOLVED THAT the following Cost Accounting... BIG FOUR CA firms plead for help amid fear of lawsuit-Britain Posted: Mon, 27 Apr 2009 17:37:50 +0000 Leading accountants will meet the Government this week to plead for protection as they prepare for a surge in litigation from investors trying to recover their losses from big company failures. The... With Regards, Sandeep Kanoi My Website: http://www.taxguru.in/ Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email   Enter your email address: Delivered by FeedBurner

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LEGAL & FINANCIAL UPDATES 288.04.2009

UPDATES FROM TAX GURU BIG FOUR CA firms plead for help amid fear of lawsuit-Britain Posted: 27 Apr 2009 10:37 AM PDT Leading accountants will meet the Government this week to plead for protection as they prepare for a surge in litigation from investors trying to recover their losses from big company failures. The... CAR won't come down below minimum required despite high NPAs: RBI Posted: 27 Apr 2009 10:23 AM PDT CAPITAL adequacy ratio—the minimum amount of capital banks have to set aside while lending—of Indian banks would continue to remain higher than the minimum regulatory requirement of 9% even if sticky... SEBI asked listed companies disclose the voting rights break up of shareholders for each class of security issued Posted: 27 Apr 2009 10:17 AM PDT Listed companies have to disclose to stock exchanges the voting rights break up of shareholders for each class of security issued, a SEBI amendment to the Equity Listing Agreement has... SC ask IT department why Bachchan was given tax rebate Posted: 27 Apr 2009 10:12 AM PDT The Supreme Court on Monday asked the Income-Tax department to explain why actor Amitabh Bachchan was allowed to withdraw his security expense claim amounting to 30% of around Rs 6.90 crore, the... ICAI planning to change syllabus to include CAAT, IFRS, VAT, Management accountancy and internal auditing Posted: 27 Apr 2009 10:04 AM PDT Institute of Chartered Accountants of India (ICAI) is mulling over bringing about some changes in the chartered accountancy course syllabus, ICAI President Uttamprakash Agrawal said on Wednesday.... Income Tax department asked to pay cost for retaining the books of Assessee for more then 15 days Posted: 27 Apr 2009 09:58 AM PDT The Income-Tax department routinely imposes cost on assesses for late filing of returns or delayed tax payment. For a change, it was at the receiving end when the high court imposed a cost of Rs... Satyam auditors played key role in scam: CBI Posted: 27 Apr 2009 09:52 AM PDT Despite the auditors of the fraud-hit Satyam Computer Services pleading ignorance, the Central Bureau of Investigation (CBI) has accused them of colluding with the company's erstwhile... Election Commission blocks service tax sops for SEZ units & Developers Posted: 27 Apr 2009 09:45 AM PDT Developers of special economic zones (SEZ) and units operating in them will have to wait until a new government is formed to get a keenly-awaited exemption on service... With Regards, Sandeep Kanoi My Website: http://www.taxguru.in/ Subscribe for Free Income Tax Updates   Enter your email address: Delivered by FeedBurner ↑ Grab this Headline Animator --- On Sat, 25/4/09, Tax Guru <caupdate08@yahoo.in> wrote: From: Tax Guru <caupdate08@yahoo.in> Subject: LEGAL & FINANCIAL UPDATES 25.04.2009 To: bhilai-ca@yahoogroups..com Date: Saturday, 25 April, 2009, 2:40 AM ICAI selects 1,240 CA firms for peer review Posted: Fri, 24 Apr 2009 14:36:43 +0000 The Institute of Chartered Accountants  of India (ICAI), the apex body to regulate the profession of chartered accountancy in the country, has selected 1,240 listed firms for peer review. According... PwC auditors 'ignored' Satyam fraud for exorbitant audit fee Posted: Fri, 24 Apr 2009 14:30:07 +0000 Two PricewaterhouseCoopers auditors were aware that accounts of Satyam, the IT outsourcer at the centre of India's biggest corporate fraud, were being misstated but signed them off in return for an... Foreign Direct Investment in India -Transfer of Shares / Preference Shares / Convertible Debentures by way of Sale - Modified Reporting Mechanism Posted: Fri, 24 Apr 2009 13:42:59 +0000 RESERVE BANK OF INDIA RBI/2008-09/447      A. P. (DIR Series) Circular No.63 April 22, 2009 To All Category-I Authorised Dealer Banks Madam / Sir, Foreign Direct Investment in India -Transfer of... IRDA not to have panel of auditors for statutory audit Posted: Fri, 24 Apr 2009 13:19:50 +0000 The Insurance Regulatory and Development Authority (IRDA) has refrained from directly appointing statutory auditors, by retaining the practice of prescribing eligibility criteria for appointment... Date of Purchase for higher rate of depreciation on Purchase of Commercial Vehicle extended to 30th September 2009 Posted: Fri, 24 Apr 2009 12:36:58 +0000 Income-tax (Eleventh Amendment) Rules, 2009 - Amendment in New Appendix 1 NOTIFICATION NO. 37/2009 [F.No.142/01/2009-TPL], DATED 21-4-2009 In exercise of the powers conferred by section 295 of the... Uploading of MVAT electronic returns by refund claimants and 'nil' return dealers Posted: Fri, 24 Apr 2009 07:40:09 +0000 TRADE CIRCULAR. No.VAT/ JC Returns/       Mumbai Dt : 21.04.2009    Trade Cir.15 T of 2009                 Sub:   Uploading of electronic returns by refund claimants and 'nil' return dealers Ref:... 75-year-old former Income Tax Officer wins defamation case against CBDT chairman and 2 Commissners with damages worth Rs 5L Posted: Fri, 24 Apr 2009 07:31:18 +0000 Justice prevails finally after a long legal battle for 10 years when of a former I-T officer, PR Toora aged about 75 year old got back his "lost reputation" when Additional District Judge... Grant of Administration Relief to unregistered dealers under MVAT Act Posted: Fri, 24 Apr 2009 07:10:33 +0000 TRADE CIRCULAR Mumbai Dt :18.04.2009 No.DC(A&R)/Adm-6/VAT- 2009/Adm. Relief Trade Cir.- 14 T of 2009  Sub:-   Grant of Administration Relief to unregistered dealers. Ref:-    1) Govt. Resolution... RBI to phase out high value clearing for Cheques drawn over 1 Lakh Rupees Posted: Fri, 24 Apr 2009 02:57:26 +0000 High value clearing, the facility that enables depositors to encash cheques drawn for over Rs 1 lakh the next day, is set to be phased out. The Reserve Bank of India (RBI) has increased the minimum With Regards, My Website: http://www.taxguru.in/ Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email   Enter your email address: Delivered by FeedBurner   Now surf faster and smarter ! Check out the new Firefox 3 - Yahoo! Edition * Click here!

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