| National Housing Bank not supportive of teaser rate, examines issue Posted: 04 May 2010 09:09 PM PDT 
National Housing Bank, the housing finance regulator, is looking at issues concerning teaser rate saying such practices could pose systemic risk for the home loan sector. "We have to be on top of the issue (teaser rate) ... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government may increase BIFR benches Posted: 04 May 2010 09:07 PM PDT 
The Government is considering increasing the number of benches in BIFR, the quasi-judicial body that looks at revival of financially sick companies, Finance Minister Pranab Mukherjee said yesterday. Board of Industrial and Financial Reconstruction... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Delhi High Court stays order of bringing stock exchanges under RTI Posted: 04 May 2010 08:53 PM PDT 
The Delhi High Court today stayed its order of bringing stock exchanges within the ambit of the Right to Information Act. A division bench headed by acting Chief Justice Madan B Lokur stayed the operation of a single bench order which had on April... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Consolidated Statement on Clarifications on the Roadmaps for Application of Converged Indian Accounting Standards by Companies Posted: 04 May 2010 08:49 PM PDT 
A meeting of the Core Group constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with the International financial Reporting Standards (IFRSs) from the year 2011 was held on 11th January, 2010 and on 29th... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Company Liquidation Process Posted: 04 May 2010 08:47 PM PDT 
The Government has said that according to a recent study, it takes an average of about 10 years to complete a company liquidation process in India. Giving this information in reply to a question in the Rajya Sabha, the Minsiter for Corporate... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Loan Proposal of Asian Development Bank for MSMEs Posted: 04 May 2010 08:45 PM PDT 
An agreement has been signed with Asian Development Bank (ADB) for a loan of US$ 50 million to SIDBI on 19th March, 2010. ADB has also approved a Partial Credit Guarantee (PCG) facility of US$ 250 million for the Micro, Small and Medium Enterprises... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| FM's Speech at the 43rd Annual Meeting of Asian Development Bank Posted: 04 May 2010 08:42 PM PDT 
At the outset, I extend my warm greetings and thanks to our hosts for organizing the Annual meeting in this beautiful city of Tashkent. Uzbekistan is special to India because of its close historic and cultural ties. A memorial to our former Prime... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Lok Sabha passes bill to hike gratuity ceiling to Rs. 10 lakh from Rs. 3.50 Lakh Posted: 04 May 2010 08:38 PM PDT 
A bill to raise the ceiling of gratuity for employees to Rs 10 lakh from Rs 3.5 lakh was passed by the Lok Sabha without discussion today. The House, which witnessed an opposition furore over the 2G spectrum "scam" and reports about alleged... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government ask SEBI & IRDA to resolve ULIP ban row at the earliest Posted: 04 May 2010 08:34 PM PDT 
The government today informed the Rajya Sabha that it has asked Sebi and Irda to expeditiously get a binding legal order over the jurisdiction of unit-linked insurance products (Ulips). "The Sebi has moved the Supreme Court seeking transfer of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| New SEBI directive require institutional investors to pay upfront 100 per cent money in IPO like retail investors Posted: 04 May 2010 08:30 PM PDT 
Retail and institutional investors will be treated alike in terms of bidding for shares in public offers, a move also likely to bring down the exorbitant levels of over subscriptions in the primary market. A new directive from the market regulator... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| PIL filers opposed transfer of ULIP related cases to Supreme Court Posted: 04 May 2010 08:26 PM PDT 
Petitioners who have filed public interest litigations (PILs) on unit linked insurance plans (Ulips) with various High Courts, plan to oppose capital market regulator Sebi's plea that all those cases be transferred to the Supreme Court. Sumedha Rao,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI circular on Introduction of Index options with tenure up to 5 years Posted: 04 May 2010 08:13 PM PDT 
It has now been decided to permit Stock Exchanges to introduce option contracts on Sensex and Nifty with tenure up to 5 years subject to the condition that; a. There are 8 semi annual contracts of the cycle June/December in sequence to 3 serial... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI Guidelines for Credit Rating Agencies Posted: 04 May 2010 08:08 PM PDT 
Recent events in global financial system have underlined the pivotal role that credit ratings play. Effective use of credit ratings by the users is crucially dependent upon quality and quantity of disclosures made by the Credit Rating Agencies... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Amendment in the Notification No.26/2009-14 dated 25.1.2010 regarding export of Animal by Products to EU vide Notification No. 39/2009-2014 Posted: 04 May 2010 07:43 PM PDT 
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Amendment in Appendix 11B for Value addition notified vide Public Notice No. 42 dated 16.2.2010 : DGFT Public Notice No. 59/2009-14 Posted: 04 May 2010 07:39 PM PDT 
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures (Vol.1), 2009-14 [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| High Court directs refund of Rs.80 lakh to heirs of Maharani Gayatri Devi Posted: 04 May 2010 07:10 PM PDT 
The Delhi High Court Wednesday asked the government to refund Rs.80 lakh fine to the heirs of Maharani Gayatri Devi of the erstwhile Jaipur royal family, which was penalised 35 years ago for possessing undeclared gold. The income tax department had... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CBI arrests Branch Manager of IOB, CA and five others for duping Rs. 5.38 crores to bank Posted: 04 May 2010 07:04 PM PDT 
The Central Bureau of Investigation has arrested today a Branch Manager, Indian Overseas Bank, Berhampore Branch (under suspension), Chartered Accountant and four other private accused persons for defrauding Indian Overseas Bank, Berhampore Branch... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| China's economy may slow and possibly crash within a year: Marc Faber Posted: 04 May 2010 06:52 PM PDT 
Investor Marc Faber said China's economy will slow and possibly "crash" within a year as declines in stock and commodity prices signal the nation's property bubble is set to burst. The Shanghai Composite Index has failed to regain its 2009 high... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ULIP policies must have a minimum assured sum payable on death, says IRDA Posted: 04 May 2010 06:45 PM PDT 
Insurance regulator IRDA, locked in a turf war with capital market watchdog Sebi over regulation of unit-linked policies, has reemphasised that insurers should offer assured life insurance cover with ULIPs. Reiterating its December 2005 order on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Form 11 made available for LLPs Posted: 04 May 2010 06:34 PM PDT 
Form 11 is made available at http://llp.gov.in. All LLPs whose financial year closes on 31st March of every year has to file Form 11 within 60 days from the date of financial year closure without any late fee and later it attracts late fee at the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Extension of Time for Entry to Chartered Accountants Exams at Centres in Mumbai City and its Suburbs Posted: 04 May 2010 06:30 PM PDT 
May 4, 2010- In view of the disruption in local train traffic due to the strike call of Railway Motor – men, and in order to avoid hardship to the candidates appearing in CA exams at different Centres in Mumbai city and its suburbs, it has been... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI collecting information from Multi-National Accounting Firms to check violation of service norms Posted: 04 May 2010 06:27 PM PDT 
The Government has said that the Institute of Chartered Accountants of India (ICAI) is the Regulator for Chartered Accountancy profession in India and it is collecting information whether top multi-national firms have flouted norms to provide... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SFIO investigated 61 cases during 2004-05 to 2008-09 Posted: 04 May 2010 06:22 PM PDT 
Serious Fraud Investigation Office (SFIO), functioning under the Ministry of Corporate Affairs, has handled 61 cases for investigation during 2004-05 to 2008-09. Giving this information in reply to a question in the Rajya Sabha, the Minsiter for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Indian finance companies need RBI "no-objection" certificate for investing overseas Posted: 04 May 2010 03:12 AM PDT 
RBI has asked finance companies to obtain a "no-objection" certificate from it before investing overseas, it said on Monday. The company will also have to clearly mention the activities that will be done by the overseas entity while making an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Indian Premier League sponsors contest service tax notices Posted: 04 May 2010 03:03 AM PDT 
Matter likely to be litigated, with officials agreeing the law was unclear in the earlier editions of the IPL. The Union finance ministry may have to battle it out in court with the sponsors of the Indian Premier League (IPL) cricket tournament to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Panel to suggest measure required for early disposal of appeal pending with CIT (A) Posted: 04 May 2010 02:54 AM PDT 
Citizens aggrieved by the orders of income tax assessing officers may soon find earlier resolution of their appeals before the Commissioners of Income Tax (CsIT), the first appellate authority for such disputes. The department of revenue has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Large unlisted companies may be allowed to list with 10% public holding Posted: 04 May 2010 02:43 AM PDT 
The finance ministry plans to exempt large unlisted companies from the proposed 25% minimum public holding norm to ensure that it does not discourage them from going public. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Clarification regarding availment of CENVAT credit on input services- Service Tax Circular No. 122/03/2010-ST, dated 30-4-2010 Posted: 04 May 2010 01:46 AM PDT 
As per Rule 4 (7) of the CENVAT Credit Rules, 2004, the CENVAT credit on input services is available only on or after the day on which payment of the value of input service and service tax is made. The section 67 (4) of the Finance Act, 1994,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| S. 80HHC: EEFC foreign exchange fluctuation and interest not eligible: Bombay High Court Posted: 04 May 2010 01:15 AM PDT 
The assessee, an exporter, claimed deduction u/s 80HHC on account of foreign exchange fluctuation and interest in the EEFC account on the ground that it was part of business income and arose from exports. The AO & CIT (A) rejected the claim... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| S. 197 TDS: High Court censures Dept for cavalier approach Posted: 04 May 2010 01:12 AM PDT 
The assessee, a consortium, was awarded a contract by MMRDA for the monorail project. The assessee filed an application u/s 197 for a certificate that MMRDA be directed to deduct tax at 0.11% on the ground that the percentage of total tax liability... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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