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Apr 20, 2010

Legal & Tax Updates 20.04.2010

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PAN card must for all Indian Citizens

Posted: 19 Apr 2010 09:12 PM PDT

All eyes are now on S S N Moorthy. A quintessential tax sleuth, he is following the money trail in the Indian Premier League to establish the identity of franchisee owners. Moorthy stepped in to steer the Central Board of Direct Taxes (CBDT) in...

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Arrested Income Tax officer have Property in Malaysia and Two Crore Rupees in foreign Bank Accounts

Posted: 19 Apr 2010 08:30 PM PDT

The Anti-Corruption Bureau of CBI on Sunday searched the Chembur residence of Sumitra Banerji, additional commissioner of I-T, Thane, who was arrested along with her husband Subroto, on Saturday for allegedly accepting a bribe of Rs 1.5 crore from a...

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Fund set up in ICAI member's memory

Posted: 19 Apr 2010 08:18 PM PDT

The family of the late G Chandrasekaran, a long-time Doha resident, has instituted an endowment fund under the management of the Institute of Chartered Accountants of India (ICAI). The G Chandrasekaran Memorial Endowment Fund will finance the...

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CEOs can be paid higher with government approval: Khurshid

Posted: 19 Apr 2010 08:05 PM PDT

The corporate affairs ministry today told the Rajya Sabha that companies can pay higher salaries to the top brasses after getting approval from the government under the existing Act. "The companies may pay more than the prescribed ceiling to their...

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IPL: Income tax department will seek information from Mauritius

Posted: 19 Apr 2010 07:59 PM PDT

The income tax department will put to the test a bilateral tax treaty with Mauritius to glean information from the tax haven on investors in Indian Premier League teams as part of a wide-ranging probe into the shadowy flow of money into the T20...

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Awesome Growth in Income of IPL commissioner Lalit Modi during last three year

Posted: 19 Apr 2010 07:54 PM PDT

The Income Tax (IT) department, probing alleged financial irregularities in the cash-rich IPL, is likely to investigate the assets of its high-profile commissioner Lalit Modi and his close associates including their financial interests abroad....

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Proper drafting of agreements necessary to avoid unnecessary litigation and tax liabilities

Posted: 19 Apr 2010 07:38 PM PDT

The AAR held that the amount received by the applicant is taxable as FTS in India mainly because the responsibility of the German company was not limited to the supply of the drawing and design, rather as provided in the agreement, the German...

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Income Tax department surveyed Ahmedabad-based Astral Poly Technik Ltd

Posted: 19 Apr 2010 07:30 PM PDT

Ahmedabad-based Astral Poly Technik Ltd today said that Income Tax department has carried out survey on the premises of the company on April 15 and 16. Astral said IT department raised two technical issues on allocation of expenses between Gujarat...

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DGFT needs to clarify on confusion regarding realisation of foreign exchange

Posted: 19 Apr 2010 07:24 PM PDT

The Director General of Foreign Trade (DGFT) has notified the procedures for claiming the duty credits under the Status Holder Incentive Scheme (SHIS). He has also issued a Policy Circular clarifying listing of supporting manufacturers in the duty...

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Court dismissed petitions of Satyam Auditors requesting defreeze of their bank accounts

Posted: 19 Apr 2010 07:11 PM PDT

Hyderabad court on Friday dismissed the petitions of two accused in the multi-crore Satyam fraud case seeking issuance of directions to the CBI to defreeze their saving bank accounts. Dismissing the petitions of former Price Waterhouse auditors --...

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Government planing to tighten investment norms for non-resident Indians (NRI)

Posted: 19 Apr 2010 07:01 PM PDT

The government plans to tighten investment norms for non-resident Indians (NRI) in companies to ensure that they do not violate foreign direct investment (FDI) sectoral caps or enter areas where such investment is banned. The Reserve Bank of India...

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All IPL franchises under the scanner of Corporate Affairs Ministry

Posted: 19 Apr 2010 06:56 PM PDT

Corporate Affairs Ministry today said it is looking into all IPL franchises in the face of the controversy over team owners, a move that is in tandem with I-T probe into source of funding of the games body. Corporate Affairs Minister Salman Khurshid...

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ROC to Judge Violation of Companies Act by Rendezvous Sports: Salman Khurshid

Posted: 19 Apr 2010 06:50 PM PDT

Corporate Affairs Minister Salman Khurshid today said the Registrar of Companies has to judge if Rendezvous Sports had violated any procedures in its foray into the Indian Premier League cricket. "That is not for me to judge. If there are any...

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Areas of Importance -Investors need to consider

Posted: 19 Apr 2010 06:44 PM PDT

Investors spend time on their investments, mostly on the selection of options for their portfolio. However, little attention is paid to another area of equal importance, the paperwork related to the investment. Inadequate attention to this area can...

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Custom Notification No 31/2010 (NT), Amending Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001

Posted: 19 Apr 2010 06:35 PM PDT

Notification No. 31/2010-CUSTOMS (N. T.), New Delhi, 16 th April, 2010. S. O... (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and...

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ICAI asked local audit firms to furnish details of tie-ups with MNCs to check surrogate practices

Posted: 19 Apr 2010 06:25 PM PDT

Tightening the noose around the audit companies having arrangements with global firms, the accounting regulator ICAI has sought details of their tie-ups with MNCs to check surrogate practices. The decision to seek tie-up details from CA firms,...

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RBI may hike rate by 0.25 percent

Posted: 19 Apr 2010 06:20 PM PDT

Reserve Bank of India is likely to squeeze money supply and make borrowings costlier further in its monetary policy on Tuesday to tame inflation which has come close to ten per cent, say bankers. The apex bank, however, may not aggressively tighten...

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IPL controversy – a classic example of complications in dealing with a corporate dispute

Posted: 19 Apr 2010 05:48 PM PDT

Many in this country including the corporates are closely watching the IPL controversy and it had led Mr.Shari Tharoor to submit his resignation. There are many interesting issues in the entire episode and I want to highlight few issues as a classic...

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Resignation Letter under protest or Duress is no resignation: Bombay High Court

Posted: 18 Apr 2010 07:49 PM PDT

Their letter expressing a desire to quit owing to the government's indifference will not cost two doctors their job, thanks to a Bombay high court order. The state government had challenged an order of the Maharashtra Administrative Tribunal (MAT)...

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FIRs should be made compulsory

Posted: 18 Apr 2010 07:45 PM PDT

FIR means First Information Report i.e report about the happening of a crime. Whenever anyone meet with a crime or see the crime happening and he informs the police, it should constitute an FIR and police should not refuse to register it.

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CBI arrested Income tax officer and her husband for accepting Rs. 1.70 crore bribe in Mumbai

Posted: 18 Apr 2010 01:57 AM PDT

Additional commissioner (IT) Sumitra Banerjee and her husband Subratho Banerjee were arrested yesterday from suburban Mulund and Rs1.50 crore were recovered from them, they said, adding the accused had also taken Rs20 lakh as bribe earlier from the...

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Download online ICAI Admit Card for May 2010 examination

Posted: 18 Apr 2010 01:46 AM PDT

ICAI The Institute of Chartered Accountants of India. ICAI conducts various examinations for take admission into various Accountancy Courses. ICAI Admit Card 2010 is available for C.A. Final, Final (New Course), PE-II, PCE, IPCE/ATC Examinations.

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