UPDATES FROM TAXGURU

SEBI asked mutual fund to get their systems audited at least once in two years

The Securities and Exchange Board of India today asked all mutual fund companies to get their systems audited at least once in two years and submit the reports to the market regulator. Also for the financial years April 2008 to March 2010 the audit should be completed by September 2010, the regulator in a statement [...] Related posts:

SEBI decision on Transparency in payment of commission to Mutual Fund distributors PR No..192/2009 SEBI Board Meeting The Board met as on 18-07-2009 and took....
Slab of Auditors fees for inspection of Mutual Funds for the year 2008-09 Board's right to inspect and investigation The Board may appoint one or...
Reporting of Inter-Scheme Transfers of Corporate Bonds by Mutual Funds Reporting of Inter-Scheme Transfers of Corporate Bonds by Mutual Funds on SEBI...

RBI extended interest subvention of 2% on rupee export credit for a further period of six months

Rupee Export Credit Interest Rates RBI/2009-10/ 157 , Ref.: UBD.CO.BPD.Cir. No. 1/13.05.000/ 2009-10 Dated:-September 16, 2009 Rupee Export Credit Interest Rates Please refer to our circular UBD.PCB.Cir. No. 3/13.05.000/ 2008-09 dated June 18, 2009 on the captioned subject regarding extension of interest subvention of 2 percentage points w.e.f. June 1, 2009 till September 30, 2009 on rupee export credit [...] Related posts:

RBI eased Credit Norm For Exporters Exporters are especially hit by recessionary conditions globally. RBI has taken the...
Export proceeds can now be realised in 12 Months as against 6 Months earlier A. P. (DIR Series) CIRCULAR NO 50 /RBI., Dated: June 3, 2008....
Exporters won't require CA audit to avail 2% interest rate subvention It may now be easier for exporters to borrow money at a...

RBI Circular on Agriclutural Debt Waiver and Debt Relief Scheme, 2009 – Prudential Norms

RBI/2009-10/ 160 – RPCD.CO.RF.BC. No.23 /07.37.02/2009- 10 dated: September 16, 2009 Agricultural Debt Waiver and Debt Relief Scheme, 2008 – Prudential Norms on Income Recognition, Asset Classification, Provisioning and Capital Adequacy. Please refer to our circulars RPCD.CO.RF.BC. No.17/ 07.38..03/2008- 09 dated July 30, 2008, RPCD.CO.RF.BC. No.91 /07.37.02 /2008-09 dated March 6, 2009 and RPCD.CO.RF.BC. No.116/07. 37.02/2008- 09 dated June 26, 2009 [...] Related posts:

Agricultural Debt Waiver and Debt Relief Scheme, 2008– Prudential Norms on Income Recognition, Asset Classification, Provisioning and Capital Adequacy RBI/2009-10/137 DBOD.No.BP.BC. 35/21.04.048/2009-10 Dated: August 31, 2009 The Chairman and Managing Director/...
RBI circular on extension of last date under Agricultural Debt Waiver and Debt Relief Scheme, 2008 RBI/2009-10/145 UBD.BPD.PCB.Cir.No 8 /13.05.006/2009-10 Dated: September 3, 2009 The Chief Executive Officer,...
Farm loan waiver may not trigger defaults: RBI The farm loan waiver scheme may not trigger a tendency among farmers...

ITAT Mumbai benches not functioning for the period from 22.09.09 to 25.09.09

The following Benches will not function during the period from 22.09.09 to 25.09.09: - "C", "G", "H", "J" & "WT"The cases are adjourned to respective date. Please see separate Notice.Sd/-(G.D. Agarwal)Vice President Related posts:ITAT mumbai benches not functioning during the period 24.08.09 to 28.08.09 The following Benches will not function during the period 24.08.09 to 28.08.09:-...ITAT Mumbai [...] Related posts:

ITAT mumbai benches not functioning during the period 24.08.09 to 28.08.09 The following Benches will not function during the period 24.08.09 to 28.08.09:-...
ITAT Mumbai Benches not functioning during the period 31.08.09 to 03..09.09 The following Bences will not function during the period 31.08.09 to 03.09.09"...
ITAT Mumbai benches not functioning during the period 27.07.09 to 31.07.09 The following benches will not function during the period 27.07.09 to 31.07.09...

Government approved setting up of new National Institutes of Technology (NITs)

The Union Cabinet today approved setting up of new National Institutes of Technology (NITs). These new NITs will be established in Manipur; Meghalaya; Mizoram; Nagaland; Goa (which will also cater to UTs of Daman Diu, Dadra Nagar Haveli and Lakshdweep); Pudducherry (which will also cater to Andaman Nicobar Islands); Sikkim; Delhi (which will also cater [...] Related posts:

P.S.G. & Sons Charities for the unit P.S.G. College of Technology, Coimbator approved under section 35 (1)(ii) of the Income tax Act NOTIFICATION NO. 64/2009, DATED 1-9-2009 It is hereby notified for general information...
Government likely to extend the tax benefits from the Software Technology Parks of India (STPI), to March 31, 2010 The government is likely to extend the tax benefits on exports earnings...
Government proposed excise waiver and income-tax holiday benefit to power projects based on supercritical technology The government has proposed to extend the excise waiver and income-tax holiday...

Sneak peek into the 'Secretarial Standards'

As we all know that The Institute of Chartered Accountants of India (ICAI) has listed out numerous accounting principles and rules which are to be followed by the auditor fraternity while auditing the organizations they are appointed to audit for. ICAI has also introduced the Accounting Standards, most popularly called as 'AS' which are supplementary [...] Related posts:

ICAI entering into domain of ICSI by setting up corporate affairs standards The accounting and auditing regulator, the Institute of Chartered Accountants of India...
NOTIFICATION OF ACCOUNTING STANDARDS BY THE CENTRAL GOVERNMENT UNDER THE COMPANIES ACT, 1956 PRESS RELEASE, DATED 14-5-2008 The Government recognises the importance of financial reporting...
Provisions contained in Companies Bill, 2009 related to the profession of Company Secretaries 1. Key Managerial Personnel (Clause 178) (a) Definition As per clause 178, every company belonging to such...

Clauses Make Agreements Flawless

In common parlance the terms 'Agreement' and 'Contract' are used as synonyms.. But in legal jargon, these two terms are not the same. Agreement is a vital element for a contract to become valid, but it's not a contract in itself. The enforceability of an agreement makes it a Contract. It is said that, every [...] Related posts:

SC: International arbitration awards can be challenged in the Indian courts of law The Supreme Court has ruled that international arbitration awards are not immune...
Interpretation of double tax avoidance agreements November, 06th 2007 The Central Government has signed with several countries,...
Development agreements are NOT joint ventures: Supreme Court Faqir Chand Gulati vs. Uppal (Supreme Court) (i) A development agreement is...

Towards a Greener Environment Carbon Credit – For Environmental Management

Environmental Management: Environmental management is not merely managing the environment but it's the management of human interaction with; and impact upon the environment in order to conserve the environment for mankind's sake. Managing environment is the biggest issue these days which is being faced by everyone everywhere across the globe. Initially, the Environmental Law was perceived [...] Related posts:

I-T dept considering tax imposition on carbon credits The Income-Tax department is mulling tax on carbon credit trade, estimated to...
Accounting guidelines on carbon credits effective from July 1 : ICAI Accounting guidelines on carbon credits will come into force from July 1....
LICs MAIDEN HEALTH INSURANCE PRODUCT SOON Life Insurance Corporation of India will file its maiden health insurance product...

Co-Relating Economics and Law

This article makes an attempt of co-relating or linking Economics and Law – an out of the world unestablished & rare combination/concept as you may term it. Sanjay and Deepak co-incidentally met in a restaurant some months after they completed their graduation in Commerce. And a conversation started… Sanjay: Hey, Deepak! How's you buddy? How's life? Deepak: Hey, [...] Related posts:

INVESTING IN HEDGE FUND Hedging means managing risk.. A fund manager employs a particular hedging technique...
New Form 15CA & 15CB relating to remittance of payments to a non-resident or to a foreign company & CA Certificate Currently, remittances to non-residents are allowed by banks if the person making...
Banks don't want CAs to appear before Debt Recovery Tribunal (DRT) Citing a need for legal knowledge and skills, banks have shot down...

RBI named 7 MLM companies involved in operating ponzi schemes

Coming down heavily on shady operations of fraudulent multi-level marketing companies, Reserve Bank of India has alerted banks to be careful while opening accounts of the marketing/trading agencies. Many such firms pose as MLM agencies for consumer goods and services and manage to mobilise large amount of deposits from the unsuspecting public with promises of ridiculously [...] Related posts:

Companies should deduct TDS on director loans The Supreme Court has ruled that the companies have statutory obligation to...
RBI ask banks to clear local cheques within a day and of outstation cheques within 14 days Banks were told by the Reserve Bank of India on Tuesday to ensure...
RBI circular on Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account RBI/2009-10/ 148 —RPCD.CO.RF.BC. No.18 /07.38.03/2009- 10 Dated: September 7, 2009 All State Co-operative...

State Governments finally agrees to GST

States have finally reached a consensus on having two basic rates under the Goods and Services Tax, slated to be rolled out on April 1, 2010. There will be one standard rate of taxation and another low rate of taxation for essential commodities. "A consensus has been reached between state finance ministers regarding the two basic [...] Related posts:

Icai offered free consultancy service to the Orissa state government A delegation of the Public Finance Committee of the Institute of Chartered...
GST critical for economic reforms: Finance Minister Asking the state finance ministers to resolve the pending issues expeditiously, the...
Reduced rate of CST would be effective from 1-5-2008 Finance Minister Mr. P Chidambram has informed the parliament during his budget...

E-COMMUNICATION – A Serious Thing

CS. Monika Bhardwaj, B.Com (Hons.), ACS, LL.B (I), Gurgaon This article aims to highlight that communications done through electronic mode are now recognized by Indian Law and hold true as an 'evidence' as well as 'contractual liability'. Internet and electronic communications has now become an integral part of our day to day life, from SMS [...] Related posts:

IT department can now track down fraudulent electronic transactions Tax evasion in Mumbai may now become more difficult as taxpayers will...
ICAI Communication to members providing Articles Training to Articled Assistants Dear Sir(s)/Madam, The Council of the Institute appointed a Working Group to...
ICAI approves three new Standards on Internal Audits The Institute of Chartered Accountants of India (ICAI) has approved three new...

ICWAI council approved CAS 7 & CAS 8

Central Council of the ICWAI has approved on 12th September 2009 the Cost Accounting Standards on Employee Cost (CAS-7) and Cost of Utilities (CAS-8). The same have been hosted on the website of the ICWAI. 1. Final Cost Accounting Standard on Employee Cost (CAS-7). http://www.icwai. org/icwai/ docs/CASB/ CAS7.pdf 2. Final Cost Accounting Standard on Cost of Utilities (CAS-8). http://www.icwai. org/icwai/ [...] Related posts: