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Jan 12, 2010

UPDATES FROM TAXGURU 12.01.2009

UPDATES FROM TAX GURU (in this message: 14 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Domestic tariff area (DTA) units could use SEZ facilities

Posted: 11 Jan 2010 05:58 PM PST

To help special economic zones (SEZs) absorb global economic shocks, the government plans to allow them to make available their excess installed capacities for the use of industrial consumers in the domestic tariff area (DTA). The idea is to ensure...

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SEBI moves SC seeking on the issue of power of SAT

Posted: 11 Jan 2010 05:56 PM PST

The tribunal has set a wrong precedent by arrogating to itself the power vested in it, said Sebi. The tribunal had directed the Bombay Stock Exchange (BSE) to grant in-principle approval to the issue, allotment and listing of shares issued by a...

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Union budget for 2010-11likely to be presented on February 26

Posted: 11 Jan 2010 05:52 PM PST

The annual budget date is being advanced from the normal practice of being presented on February 28, because February 27 is a government holiday on account of Prophet Mohammad's birthday and February 28 is a Sunday. The Cabinet is expected to...

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Action against PWC may be taken after ICAI report

Posted: 11 Jan 2010 05:50 PM PST

The ministry of corporate affairs(MCA) will take a call against the audit and accounting firm PricewaterhouseCoopers only after receiving the fact-finding reports of the Rs 10,000-crore Satyam accounting fraud from the Institute of Chartered...

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Income tax department ask bankers to deduct and pay TDS properly

Posted: 11 Jan 2010 05:47 PM PST

This seems to be the message of the I-T department, which has undertaken a sensitisation drive to make the DDOs aware of their responsibilities. As part of this, the I-T's TDS wing organised a seminar on Friday for officers of nationalised banks'...

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Finance Ministry to review loan recovery practices and undervaluation of mortgaged properties during auctions

Posted: 11 Jan 2010 05:43 PM PST

Also, there have been incidents where mortgaged properties were auctioned off at "undervalued" prices, the sources said. The meeting is to find out whether there was any actual mischief or if it was due to practical difficulties in finding a buyer...

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Government proposes ban on adjournments of proceedings in trademark cases

Posted: 11 Jan 2010 05:39 PM PST

The directive was issued in December in the wake of mounting "indefinitely adjourned" cases, which stood at 150,000 in March 2009. On the heels of a key amendment that brings India's intellectual property laws in line with international standards,...

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Internal audit and its social accountability

Posted: 11 Jan 2010 05:36 PM PST

The World Bank defines accountability as "the obligation of power-holders (those who hold political, financial or other forms of power) to take responsibility and answer for their actions". It defines social accountability as "the broad range of...

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New Direct Taxes Code (DTC) likely from April 2011

Posted: 11 Jan 2010 05:31 PM PST

The Finance Minister, Mr Pranab Mukherjee, said that he was hopeful that the new Direct Taxes Code would be implemented from April next year. "We are working on tax reforms. I am hopeful that the Direct Taxes Code will be implemented from April...

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RBI asked banks to cap bank charges

Posted: 11 Jan 2010 05:28 PM PST

Banks may soon have to cap the charges on basic services such as issuing a draft, remittances or for stop-payment instructions. Faced with a rising number of customer complaints on excessive charges, the Reserve Bank of India (RBI) has asked the...

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CBDT set up committee to formulate rules to enable acceptance of transfer pricing returns without scrutiny

Posted: 11 Jan 2010 08:43 AM PST

The Central Board of Direct Taxes (CBDT) has set up a committee to formulate rules for the safe harbour provisions—a set of rules that would enable the income tax (I-T) authorities to accept the transfer pricing returns without scrutiny. Transfer...

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Income tax department, Mumbai unearthed recorded concealment of Rs. 1,315 crore

Posted: 11 Jan 2010 08:38 AM PST

The investigation wing of the income tax (I-T) department in Mumbai has unearthed a record Rs1,315 crore in undisclosed income in the first nine months of the fiscal year, I-T officials said. The cases involve 16 companies, including 10 that are...

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Information on income tax can be disclosed under RTI

Posted: 11 Jan 2010 08:30 AM PST

In a ruling that is bound to have ramifications, specially on big tax-payers , and in a move aimed at curbing tax evasion, the Central Information Commission has ruled that seeking information on income tax is not invasion of privacy. Ruling out...

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Driver of Indian Economy

Posted: 11 Jan 2010 08:25 AM PST

Infrastructure is the back bone of every economy. Infrastructure contributes a great deal too sustained economic development. Country with good infrastructure can be classified as a developed country whereas the other countries have little finance...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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