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Mar 26, 2010

Updates from TaxGuru 26.03.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 14 new items)



US Treasury Department may label China as currency manipulator

Posted: 25 Mar 2010 09:00 PM PDT

"There is a high possibility definitely (that China will be labelled as a manipulator), but it is very important to remember that the decision is largely symbolic and does not force any action, other than consultations," the China Daily quoted...

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Maharashtra Government imposed 1% Vat on property sale from April 1, 2010 in its Budget for 2010-11

Posted: 25 Mar 2010 08:56 PM PDT

The Maharashtra Government has decided to levy one per cent Value-Added Tax on property sale from April 1, 2010 in its Budget for 2010-11. All sale agreements registered on or after April 1 will attract one per cent on the contract price of flats...

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Government approves Corporate Governance guidelines for Central PSUs

Posted: 25 Mar 2010 08:53 PM PDT

The Union Cabinet today approved the continuation of Guidelines on Corporate governance for Central Public Sector Enterprises (CPSEs) on mandatory basis. The Guidelines have now been made mandatory and are applicable to all CPSEs. The guidelines...

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Central asked other states to replicate Maharashtra in computerizing sales tax department

Posted: 25 Mar 2010 08:43 PM PDT

THE Centre asked other states to replicate Maharashtra's model of fully computerising its sales tax department before GST is introduced in April 2011. Full computerisation has not only helped the state win accolades, but also has resulted in higher...

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CAG recommended closure of non-functional PSUs

Posted: 25 Mar 2010 08:35 PM PDT

Comptroller and Auditor General of India has recommended to close down 10 non-functional state-owned public sector undertakings (PSUs) as they do not serve any purpose. In its report tabled today in the state Assembly, the CAG said, "The process of...

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ICAI held former auditor of Bhubaneswar Stock Exchange guilty of professional misconduct

Posted: 25 Mar 2010 08:27 PM PDT

The disciplinary committee of the Institute of Chartered Accountants of India (ICAI) has held the former auditor of Bhubaneswar Stock Exchange (BhSE), Gokul Chandra Das of M/s. G.C. Das & Co, guilty of professional misconduct.

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Maharashtra budget 2010- some of the highlights

Posted: 25 Mar 2010 08:04 PM PDT

Maharashtra has become the first State in the country to provide through Internet the electronic services like acceptance of registration application, filing of return and payment of taxes, application of refund, acceptance of audit report and...

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Income tax officer caught accepting bribe

Posted: 25 Mar 2010 08:01 PM PDT

It was alleged in the complaint that the accused served a show cause notice to the complainant U/s 271 (b) of the Income Tax Act. for not filing the Income Tax Returns for the Annual year 2001-2002 & 2002-2003. He demanded a bribe of Rs....

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Impleadment of legal representatives – 397/398 – Indian company law

Posted: 25 Mar 2010 07:45 PM PDT

The issue of impleading legal representatives of a deceased party to a proceeding under section 397/398 of Companies Act, 1956 stands on a different footing to that of a normal Civil Suit. In a normal Civil Suit before a Civil Court, it is the rule...

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CBDT instruction to its staff regarding allowing losses on account of forex derivatives

Posted: 25 Mar 2010 07:39 PM PDT

"Marked to Market" is in substance a methodology of assigning value to a position held in a financial instrument based on its market price on the closing day of the accounting or reporting record. Essentially, 'Marked to Market' is a concept under...

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ICAI may summon CBI for Satyam audit papers

Posted: 25 Mar 2010 07:36 PM PDT

The CA institute would use its powers to summon the Central Bureau of Investigation (CBI) regarding the audit papers on the cash and bank balances in the Satyam scam, the Institute of Chartered Accountants of India (ICAI) President, Mr Amarjit...

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AAR ruled out taxability of Income of FII from derivatives trading

Posted: 25 Mar 2010 07:28 PM PDT

Income of foreign institutional investors (FIIs) from derivatives trading will not be liable to tax in India, the Authority for Advance Rulings has said, clearing the air on taxability of the income of foreign investors trading in Indian securities.

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CIC imposed penalty for not furnishing information under the RTI

Posted: 25 Mar 2010 07:26 PM PDT

The Central Information Commission (CIC) has ruled that excuses like 'shortage of staff and work overload' cannot be considered as reasons for not providing information under the Right to Information (RTI) Act and fined a local official for 'delay'...

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Transfer of Members of ITAT

Posted: 25 Mar 2010 07:10 PM PDT

In pursuance of the consultations of the collegium of the I.T.A.T consisting of the President and two senior-most Vice Presidents, the following Members of the Income-tax Appellate Tribunal have been transferred, in public interest, in the same...

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