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Apr 27, 2009

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...



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Sandeep Kanoi
My Website: http://www.taxguru.in/
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UPDATES FROM TAX GURU

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--- 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


 
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