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Mar 4, 2010

Updates from TaxGuru 05.03.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 16 new items)



SC asked Samsung to reply why it is not liable to deduct tax in respect of goods outsourced for manufacturing

Posted: 04 Mar 2010 07:53 PM PST

The Supreme Court has sought a reply from Samsung India Electronics on the I-T department plea that the firm is liable to deduct tax in respect of goods outsourced for manufacturing. The issue has been raised by the income-tax department saying...

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Section 56 amended to cover property received without or inadequate consideration by closely held companies

Posted: 04 Mar 2010 07:44 PM PST

In a move expected to make family settlements and transfer of shares more taxing, the government plans to tighten anti-abuse provisions in the Income Tax Act, by including share sales in unlisted companies below fair market value under the ambit of...

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Income tax slabs may be further raised in direct tax code: Finance Ministry

Posted: 04 Mar 2010 07:39 PM PST

Having altered the income tax slabs in the Budget, the Finance Ministry on Thursday said the next round of widening of the tax slabs is possible when the direct taxes code comes into effect, likely from 2011-12. "A further widening (of tax slabs)...

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Brief note on Income Tax Survey Provisions under the Income Tax Act, 1961

Posted: 04 Mar 2010 07:34 PM PST

Survey means to inspect or in a wider sense to scrutinize. The object of a survey is to find out, gather information, verify and collate information so as to apprehend a tax dodger or a tax evader. Survey is basically a surprise inspection carried...

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Model questions and answers which may be asked during the course of search operations

Posted: 04 Mar 2010 07:21 PM PST

The sources of income should be stated irrespective of whether the income there from is taxable or not. The answer be given with regard to the sources as exist on the date of recording of the statement including the source which might have come into...

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CBI arrested auditor and DCIT for accepting bribe

Posted: 04 Mar 2010 06:44 PM PST

CBI has arrested a Deputy Commissioner of Income Tax and an auditor in Guntur in Andhra Pradesh for allegedly demanding and accepting a bribe of Rs four lakh from a man. The two arrested are A V Srinivasa Rao and Koteswara Rao, DC, Income Tax,...

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Some tips on how to be a good auditor

Posted: 04 Mar 2010 06:31 PM PST

An auditor has to keep himself abreast of the latest developments in the audit field by constant upgradition of his skills and knowledge through Internet, seminars, self-study and correspondence course. The Satyam multi-crore scam is still fresh in...

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Insurer as consumer

Posted: 04 Mar 2010 06:29 PM PST

One recurring point of dispute in consumer law has been the standing of the person who makes the complaint. The Consumer Protection Act allows only persons who buy goods or services for their own purpose to approach a consumer forum. The law was...

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Direct tax collections register 7.5 per cent growth upto February

Posted: 04 Mar 2010 05:04 PM PST

Net direct tax collections during first eleven months of the present fiscal (up to February 2010) stood at Rs.2,78,373 crore, up from Rs.2,58,902 crore in the same period last fiscal, registering a growth of 7.52 percent. Growth in Corporate Taxes...

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RBI circular on Provisioning Requirement by Regional Rural bank for Standard Assets

Posted: 04 Mar 2010 04:59 PM PST

It was proposed to increase the provisioning requirement for advances to the Commercial Real Estate (CRE) sector classified as 'standard assets' to 1.00 per cent with a view to building cushion against likely non-performing assets (NPAs)....

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Banks may ask more time for implementation of base rate

Posted: 04 Mar 2010 04:49 PM PST

With the April 1 deadline to migrate to the base rate model fast approaching, bank chiefs are likely to raise concerns about the new system and seek an extension of the deadline during their scheduled meeting with top RBI officials on Friday....

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Under COTP Act, 2003 excise department is empowered to enter, search and seizure only at the premises registered under the Central Excise and Customs

Posted: 04 Mar 2010 04:44 PM PST

The effect of the Notification is that the officers at the level of Superintendents and above of the Customs & Central Excise department are empowered for entry, search and seizure only at the premises registered under the Central Excise &...

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Interest Rate started going up, ICICI bank raised Interest rate on Home and Auto Loan

Posted: 04 Mar 2010 04:38 PM PST

In a clear signal of a rising interest rate regime, country's largest private sector lender, ICICI Bank, on Thursday said it has hiked its auto loan rates by up to 0.5 percent and withdrawn its 8.25 percent special home loan scheme. "Auto loans rack...

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UCBs – Payment of Interest on Savings Bank Account on Daily Product Basis from 01st April 2010

Posted: 04 Mar 2010 04:25 PM PST

Please refer to our circular UBD (PCB) BPD.Cir.No. 7/13.01.000/2009-10 dated September 1, 2009 advising banks to put in place requisite infrastructure so that transition to the revised procedure of calculating interest on balances in savings bank...

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Company Liquidation – Winding-Up – Preferential Payments- Official Liquidator – Indian Company Law

Posted: 04 Mar 2010 04:21 PM PST

Winding-up – a brief: The Companies Act, 1956 contain elaborate provisions as to when a Company is to be wound-up, the procedure for initiating winding-up proceedings, the role of the managerial personal if the company is wound-up by the Company...

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

Posted: 04 Mar 2010 02:22 AM PST

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 Clients of...

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