| 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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 --... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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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