| New pictorial warning for tobacco products to come into effect from 1st June 2010 Posted: 15 Mar 2010 06:41 PM PDT As per the provisions of the Cigarettes and Other Tobacco Products (Packaging and Labelling) Rules, 2008, subsequently amended in 2008 and 2009, the specified health warning rules notified by the Ministry of Health & Family Welfare on 31.5.2009... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Additional Disclosures by banks in Notes to Accounts Posted: 15 Mar 2010 06:39 PM PDT 1. Concentration of Deposits, Advances, Exposures and NPAs. 2. Sector-wise NPAs 3. Movement of NPAs 4. Overseas assets, NPAs and revenue 5. Off-balance sheet SPVs sponsored by banks [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Banks rejecting non fake note too, If the same is from the suspected series issued by RBI Posted: 15 Mar 2010 06:20 PM PDT If your bank rejects any of your currency notes in the Rs 1,000 or Rs 500 denomination on the suspicion of it being fake, you have a right to fight. The problem of fake notes in circulation has assumed serious proportions across the country,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Sebi panel may raise open offer trigger to 25% Posted: 15 Mar 2010 06:15 PM PDT Sources said the Sebi committee was comprehensively reviewing open offers and may raise the open offer trigger to 25 per cent from 15 per cent now — the reason being that 26 per cent shareholding in India gives acquirers the power to block special... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| In case of Merger/Acquisition, target company board may be asked to guide shareholders Posted: 15 Mar 2010 06:13 PM PDT The Securities and Exchange Board of India's (Sebi) committee on takeovers headed by C Achuthan is seriously considering making it mandatory for boards of target companies to guide shareholders in the event of competitive bids in line with global... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Satyam auditor Gopalkrishnan moved Supreme Court seeking bail Posted: 15 Mar 2010 06:06 PM PDT Price Waterhouse auditor Subramani Gopalkrishnan, who was arrested in the Rs 7,136-crore Satyam fraud for allegedly conniving with its founder B Ramalinga Raju and other aides, on Friday moved the Supreme Court seeking bail. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Notice – 143(2)-validity of service – notice by affixture- important issues dealt with Posted: 15 Mar 2010 05:52 PM PDT Provisions of s. 124(3) are self-explanatory. No person shall be entitled to call in question the jurisdiction of an AO after the expiry of one month from the date on which he was served with a notice or after the completion of the assessment,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Unless there is money borrowed or debt incurred, provisions of TDS u/s. 194A are not attracted Posted: 15 Mar 2010 05:50 PM PDT A bare reading of s. 2(28A) would reveal that interest is payable in respect of \'moneys borrowed\' or \'debt incurred\'. It, of course, would include a deposit, claim or other similar right or application of any service fee or other charges in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| MVAT – Amendment to Rate Schedule in "A" & "C" Posted: 15 Mar 2010 05:48 PM PDT in Schedule-A, in entry 45, in column, (2) for the words, figures and brackets " the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957)", the words, figures and brackets "the Additional Duties of Excise (Goods of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| FDI in sensitive sector under automatic approval route may be under post-investment surveillance Posted: 15 Mar 2010 10:19 AM PDT The Committee of Secretaries (CoS) set up to formulate changes in the foreign direct investment (FDI) policy in sensitive sectors that are now under the automatic approval route has added a rider subjecting them to post-investment surveillance. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| BJP may recourse to legal action if government decides not to impose Entertainment tax on IPL Posted: 15 Mar 2010 10:15 AM PDT BJP today said it would take legal action, if the state government fails to implement a cabinet decision to impose entertainment tax on the Indian Premier League(IPL) matches here. Finance minister Sunil Tatkare's recent announcement that there will... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBEC instructed DGFT to strictly monitor Export- Import (Exim) licence norms Posted: 15 Mar 2010 10:11 AM PDT Norms for issuing export licences should be tightened, the Central Board of Excise and Customs (CBEC) has told the Directorate-General of Foreign Trade (DGFT). The directive is believed to have come immediately after a probe by the Directorate of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Validity of s. 147 reopening has to be determined on the basis of law prevailing on date of issue of s. 148 notice and not on retrospectively amended law Posted: 15 Mar 2010 09:59 AM PDT In respect of AY 2004-05, the assessee computed its book profits u/s 115JB by claiming a deduction for provision for doubtful debts and advances and the same was allowed vide order u/s 143 (3). On 18.7.2008 (within 4 years), the AO issued a notice... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Minister of state of Corporate Affair addresses members of CA profession Posted: 15 Mar 2010 09:57 AM PDT The Institute of Chartered Accountants of India (ICAI) organized a special address for its members on March 12, 2010 at Vigyan Bhawan, New Delhi. It was for the first time that the Hon'ble Minister of State (Independent Charge) of Corporate Affairs,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Role of QIBs in capital issues – preview of current scenario Posted: 15 Mar 2010 09:43 AM PDT On 5th March,2010, SEBI announced that it would be mandatory for `Qualified Institutional Buyers' (QIBs) to put in 100 per cent of the application money towards subscription of shares in capital issues through offers. This would come into force... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Bharti Auditor given it clean chit on payment of licence fees and spectrum charges Posted: 15 Mar 2010 02:34 AM PDT Bharti Airtel on Sunday welcomed the findings of the government-appointed special auditor and said the audit showed that the licence fees and spectrum charges paid by the company conform to the licence conditions and rulings of the regulator. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI ask for role in probes undertaken by CBI or SFIP related to financial irregularities or corporate scams Posted: 15 Mar 2010 02:29 AM PDT The CA institute is keen on having a role in the probes undertaken by the Central Bureau of Investigation (CBI) or Serious Frauds Investigation Office (SFIO) on any financial irregularities or corporate scams. The audit profession regulator will... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICSI released 10 secretarial standards, two been included in new companies' bill Posted: 15 Mar 2010 02:23 AM PDT In order to have uniformity in the practices adopted by different companies, the Institute of Company Secretaries of India (ICSI) has released 10 secretarial standards, recommending the Government to make them mandatory for all companies, a to p... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Two of ICSI secretarial standards recommendations been incorporated in new Companies Bill Posted: 15 Mar 2010 02:20 AM PDT The Institute of Company Secretaries of India (ICSI) has said that two of its secretarial standards recommendations have been incorporated in the new Companies Bill and it expects more to be considered before finalisation. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| China: Shifting Concentration of Wealth Posted: 15 Mar 2010 02:13 AM PDT Inflation of china and the asset bubbles in every corner of china is now a matter of concern for the world economy. They are afraid that if the bubble goes for burst out then the nights of recession will be longer. Economist and every financial... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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