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Feb 4, 2010

Tax Updates from TaxGuru 05.02.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 24 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Employees can't be sacked without giving reasonable opportunity of being heard

Posted: 04 Feb 2010 07:21 PM PST

The Supreme Court has held principles of "natural justice" is a Constitutional requirement that has to be observed by government while taking disciplinary action against him or her. The apex court said the inquiry officer must act as a...

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Notice u/s. 143(2) should be issued within one year from the date of filing of block return if A.O. rejects the same

Posted: 04 Feb 2010 07:18 PM PST

The Supreme Court has ruled that it is mandatory for the Income Tax Department to issue notice within the prescribed time limit of one year where the assessing officer in repudiation of the block return filed by the assessee proceeds for an inquiry.

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Top-level vacancies in the direct tax administration affecting realisation of targets

Posted: 04 Feb 2010 07:01 PM PST

With just three weeks to go for India's national budget for next fiscal, the finance ministry has called for urgent steps to fill top-level vacancies in the direct tax administration as delays were affecting the realisation of targets. Central...

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Section 10(15)(iv)(h) of the Income-tax Act, 1961 – Exemption – Interest on bonds/debentures – Notified bonds or debentures of public sector companies

Posted: 04 Feb 2010 06:57 PM PST

In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorizes Indian Railway Finance Corporation (IRFC) to issue, during Financial...

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Alimony cannot be decided on the basis of income-tax returns

Posted: 04 Feb 2010 06:41 PM PST

Alimony cannot be decided on the basis of the husband's income-tax returns as the I-T document is not the "gospel truth", the Gujarat high court has ruled. The HC gave the ruling while rejecting the plea of a Vadodara doctor, who moved the court...

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Section 2(48) of the Income-tax Act, 1961 – Zero Coupon Bond – Specified bond

Posted: 04 Feb 2010 06:37 PM PST

In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the following particulars of zero coupon bonds for the purposes of the said clause, namely:—

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IT Chief Commissioners discuss strategies for achieving revenue collection target

Posted: 04 Feb 2010 06:33 PM PST

The Central Board of Direct Taxes (CBDT) convened a meeting of all cadre-Controlling Chief Commissioners of Income Tax here today to discuss strategies for achieving the revenue collection target budgeted at Rs.3,70,000 crore (Rs.3.7 trillion) and...

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ICAI President's Message for February 2010

Posted: 04 Feb 2010 06:30 PM PST

This year has been the year of recognition. Our Institute has already achieved international recognition. National recognition was achieved recently when I received the award for "Recognition of Excellence" on behalf of the Institute from H.E. Smt....

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Infighting, a way of life at ICAI

Posted: 04 Feb 2010 06:11 PM PST

Country's regulator for chartered accountants (CAs), the Institute of Chartered Accountants of India or ICAI, which witnessed enormous mudslinging in the year 2009 has started 2010 also with infighting. The centre of the controversy again is Uttam...

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ICSI to suggest changes to make the LLP model more suitable for the SMEs

Posted: 04 Feb 2010 06:01 PM PST

THE ministry of corporate affairs has asked the Institute of Company Secretaries of India (ICSI) to suggest changes to make the limited liability partnership (LLP) model more suitable for the small and medium sector enterprises in the country.

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Press release on Amendment to the Companies Act, Competition Act, LLP, Vanishing Companies, SFIO, Corporate Governance, Investor Education and Protection

Posted: 04 Feb 2010 05:48 PM PST

The Ministry of Company Affairs is now functioning under a Cabinet Minister, after its up-gradation with effect from January 29, 2006. The Ministry is continuing its initiatives to meet the expectations of the corporate sector and its stakeholders...

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NSE, BSE to hold 90 minute special trading session on Saturday

Posted: 04 Feb 2010 05:36 PM PST

The country's two prime bourses Bombay Stock Exchange and National Stock Exchange will carry out a special 90-minute trading session on Saturday to help NSE test an upgrade its trading system.The special live trading session on February 6, in cash...

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SC granted bail to PWC auditor Srinivas Talluri allegedly involved in Satyam fraud

Posted: 04 Feb 2010 05:25 PM PST

The Supreme Court granted bail to PriceWaterhouseCoopers auditor Srinivas Talluri who was arrested in Satyam fraud case for allegedly conniving with its founder B Ramalinga Raju and other aides.

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Change in DTC likely, to remove inconsistency with IFRS

Posted: 04 Feb 2010 05:18 PM PST

The migration of the accounting standards for corporate India to the International Financial Reporting Standards (IFRS) platform has created a challenge for the revenue department at the Centre. The Direct Taxes Code written by the finance ministry...

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14 Innovation Universities is likely to get exemption from CAG audit

Posted: 04 Feb 2010 05:05 PM PST

Aimed at encouraging research and teaching activities, the proposed 14 Innovation Universities is likely to get exemption from CAG audit, a privilege currently enjoyed by institutions like Bhaba Atomic Research Centre, Atomic Energy Commission and...

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ICAI found two GTB auditors guilty of professional misconduct

Posted: 04 Feb 2010 05:00 PM PST

Accounting regulator the Institute of Chartered Accountants of India (ICAI) today said it has found two auditors guilty of professional misconduct in the Global Trust Bank (GTB) scandal. A final notice would be soon sent to S Gopalakrishnan, facing...

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Compliance with FDI norms-Half yearly certificate from Statutory Auditors of NBFCs

Posted: 04 Feb 2010 04:53 PM PST

The Reserve Bank of India (RBI) on Wednesday withdrew the special short-term foreign currency borrowings facility for non-banking financial companies (NBFCs) and housing finance companies. The central bank made the decision after reviewing the...

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Issue of s. 143 (2) notice is mandatory for block assessment proceedings. Disclosed items cannot be assessed in block assessment. Circulars are binding on the revenue

Posted: 04 Feb 2010 09:16 AM PST

Chapter XIV-B provides that where a search u/s 132 is conducted, the AO shall determine the undisclosed income for the block period. S. 158 BC(b) provides that in making the block assessment the provisions of s. 143 (2) shall "so far as may be,...

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Surcharge Additional Tax levied under PVAT Act

Posted: 04 Feb 2010 09:08 AM PST

The Government of Punjab has levied Surcharge/Additional Tax @10% on all the goods under Punjab VAT Act 2005 other than those seecified as declared goods under section 14 of Central sales Tax Act 1956 with effect from 05-02-2010. However this...

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Entry Tax Imposed on new goods in Punjab

Posted: 04 Feb 2010 09:05 AM PST

The Government of Punjab,Department of Excise & Taxation has levied Entry tax on 12 new items Punjab Tax on Entry of Goods into Local Areas Act, 2000 (Punjab Act No.9 of 2000) with effect from 05-02-2010 vide notifications dated 01-02-2010. The...

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Comments of the Department of Revenue (DoR) on the First Discussion Paper on GST

Posted: 04 Feb 2010 08:54 AM PST

"GST", commonly known as Goods and Service Tax has now become the buzz word of the industry as a whole. Any news, views or comments on this topic influences the industry at large and when the comments are from the Department of Revenue the impact is...

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Section 372A – Inter corporate Loan/Investment/Guarantee/ Security

Posted: 04 Feb 2010 08:42 AM PST

Section 372A of the Companies Act, 1956 (The Act) deals with inter-corporate Loan, Investment, Guarantee and Securities in connection with loan. All the four transactions are frequently taken place in any company and henceforth the section becomes...

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Excise duty circular on Valuation of MS and HSD sold amongst OMCs – MOU – Withdrawal of instructions dated 14-2-2007

Posted: 03 Feb 2010 10:09 PM PST

In the aforesaid instructions field formations were directed to decide the cases pertaining to SCNs issued to the Oil companies on the inter company sale during the relevant period on the basis of the decision of CESTAT, Bangalore in the case of CCE...

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UCBs – Prevention of Money-laundering – Amendment Rules, 2009 – Obligation of banks / Financial institutions

Posted: 03 Feb 2010 09:27 PM PST

UCBs - Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the...

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