| What Audit Firm thinks on ICAI's proposed ban on firms for auditor negligence? Posted: 13 May 2010 08:39 PM PDT 
It has the powers to suspend an auditor, but now ICAI, the Institute of Chartered Accountants of India wants the power to suspend entire firms. This proposal is part of ICAI's recommendations for better regulation of the audit profession. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| No service tax on commission received by Insurance companies from reinsurance companies Posted: 13 May 2010 08:28 PM PDT 
In a relief to insurance companies, the finance ministry has revoked its demand asking insurers to pay service tax on commission they receive from reinsurance companies. The Central Board of Excise and Customs (CBEC) has clarified that service tax... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| 10 steps to Register a Company in India Posted: 13 May 2010 07:49 PM PDT 
The steps of registering a company in India are as under: Step 1 – Acquire director identification number (DIN) by filling Form DIN-1. The temporary DIN is immediately issued which must then be printed, signed and sent to RoC for its consent along... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Government planning bill to ensure 25 percent representation of workers on the board of directors Posted: 13 May 2010 07:40 PM PDT 
The United Progressive Alliance government has initiated a move to revive a 20-year-old controversial bill which seeks to give representation to workers on company boards. As a first step, Union Labour Secretary Prabhat Chaturvedi met human... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CBDT plans to set up two more central processing centres to improve taxpayer services Posted: 13 May 2010 07:33 PM PDT 
The Central Board of Direct Taxes plans to set up two more central processing centres (CPC) — one each in Ahmedabad and Faridabad (National Capital Region) — to improve taxpayer service, the CBDT Chairman, Mr S. S. N. Moorthy, said here today. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Non-Receipt of ICAI Journal-Helpline Posted: 13 May 2010 07:22 PM PDT 
This is for the attention of Members of the Institute who fail to receive "The Chartered Accountant", Journal dispatched to them either due to un-intimated change of address or postal problems. Please inform your respective region immediately for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| We are moving towards full rupee float: Reserve Bank of India Posted: 13 May 2010 07:04 PM PDT 
The Reserve Bank has said the country will continue to move towards capital account convertibility that would provide unfettered freedom to local entities to exchange the rupee with other currencies, after drawing lessons from the global financial... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI imposes Rs 30 lakh fine in Suzlon IPO case Posted: 13 May 2010 07:02 PM PDT 
Market regulator SEBI today debarred one Chandrakant Amratlal Parekh from dealing in the stock market for one year for his alleged involvement in cornering shares meant for retail investors of Suzlon during its IPO. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Sebi challenges Securities Appellate Tribunal order on Takeover Code Posted: 13 May 2010 07:00 PM PDT 
The market watchdog Sebi today moved the Supreme Court challenging the decision of the appellate tribunal SAT that held that financial investors like PEs and VCs do not acquire controlling stake in a company by just picking up more equity. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Finance for Housing Projects – Incorporating clause in the terms and conditions to disclose in pamphlets/brochures/advertisements, information regarding mortgage of property to the NBFC Posted: 13 May 2010 06:58 PM PDT 
In a case which came up before the Hon'ble High Court of Judicature at Bombay, the Hon'ble Court observed that the bank granting finance in housing, should insist on projects, disclosure of the charge or any other liability on the plot in question... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Sebi asks mutual fund houses to disclose the details of investor complaints on websites, as well as in annual reports Posted: 13 May 2010 06:55 PM PDT 
Sebi on Thursday asked mutual fund houses to disclose the details of investor complaints on websites, as well as in annual reports, to enable clients to make more informed decisions."Mutual Funds shall henceforth disclose on their websites, on the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Unique Identification Number : Challenges and security concerns Posted: 13 May 2010 06:48 PM PDT 
Sunil Chandiramani, Partner and National Director-Advisory Business Leader-Government Services, Ernst & Young (E&Y), with a team of 15 people is busy with India's most ambitious programme of providing a unique identification (UID) number... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification on New Income Tax return forms (ITR) for Assessment year 2010-11 Posted: 13 May 2010 06:32 PM PDT 
Notification No. 33/2010/ F.No.142/12/2010-SO(TPL), New Delhi, the 11th May, 2010. Income-tax S.O. 1056(E).- In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| 8 News services under the service tax net from 8th May 2010 Posted: 13 May 2010 06:24 PM PDT 
The Union finance minister had introduced the Finance Bill, 2010 in the Lok Sabha on February 26, 2010 and proposed to tax 8 new services. On May 8, 2010, the President gave her consent to the Finance Bill and thus the Finance Act, 1994 (14 of 2010)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Supreme Court on NCLT & NCLAT? Posted: 13 May 2010 05:40 AM PDT 
The Challenge to the NCLT & NCALT: The five-judge Constitution Bench of the Supreme Court of India Justice KG Balakrishnan, Justice RV Raveendran, Justice DK Jain, Justice P Sathasivam and Justice JM Panchal has delivered its judgment on the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Check Your Cheque Writing Posted: 13 May 2010 05:28 AM PDT 
The cheque writing will not be so easy and casual again. All of us do write cheques and issue the same to our creditors, suppliers or to those whom we owe some money - loan to friends, investment in shares, payment of salary, payment of hotel bills... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Delays in issue of Income tax refund costs government Rs 5,785 crore Posted: 13 May 2010 05:09 AM PDT 
Continuous rise in pendency of refund claims cost the exchequer interest of a whopping Rs 5,785 crore during 2008-09, the Comptroller and Auditor General of India said today. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Revised draft of Direct tax code will be available for comments soon Posted: 13 May 2010 05:02 AM PDT 
The revised draft of the Direct Tax Code (DTC), that will replace the Income Tax Act, will be available for comments soon before it is finalised and placed before Parliament for its approval, possibly in the winter session. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| IRDA circular on Reporting of Maintenance of Solvency Margin Ratio Posted: 13 May 2010 04:56 AM PDT 
Authority vide circular No. 46/IRDA/F&A/Nov.-07 dated 22.11.2007 has made it mandatory for to file quarterly report of solvency margin. The said circular mandates filing of Table II – Available solvency margin and solvency ratio as mentioned in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| IRDA circular on quarterly Submission of Financial Statements Posted: 13 May 2010 04:46 AM PDT 
Authority vide Circular No. IRDA/F&I/CIR/012/01/2010 dated 28.01.2010, has introduced Public Disclosures by Insurers, which is comprehensive and covers all the important aspects of an insurer. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Prohibition on export of wheat – exemption for export of wheat to Bangladesh vide DGFT Notification No. 40 /2009-2014 Posted: 13 May 2010 02:07 AM PDT 
S.O. (E) In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Priority Sector Lending – Export Credit for agriculture and allied activities Posted: 13 May 2010 02:06 AM PDT 
Some banks have sought clarification in respect of classification of working capital limits granted to borrowers engaged in agricultural and allied activities and to food and agro-based processing units by way of export credit, under priority... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Know Your Customer (KYC) guidelines dated May 12, 2010 – accounts of proprietary concerns Posted: 13 May 2010 02:06 AM PDT 
For sake of clarity, in case of accounts of proprietorship concerns, it has been decided to lay down criteria for the customer identification procedure for account opening by proprietary concerns. Accordingly, apart from following the extant... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Hello National Tax Tribunal .. Goodbye High Court ..??!! Posted: 13 May 2010 01:55 AM PDT 
UOI vs. R. Gandhi (Supreme Court – 5 Judges). Parliament is competent to constitute Tribunals for special Acts. However, the failure to ensure independence of judiciary and separation of judicial and executive power renders the Company Law Tribunal... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Direct tax Collection for 2009-10 may fall short of target Posted: 13 May 2010 01:45 AM PDT 
The direct tax collection for 2009-10 is likely to be around Rs 3.80 lakh crore, missing the revised target by Rs 7,000 crore (Rs 70 billion). "The final figure will be available in mid-May when all the transactions are compiled. As on date it is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Circular No. 121/3/2010-ST- Service tax on Container Detention Charges – regarding Posted: 13 May 2010 01:19 AM PDT 
Generally marine containers are temporarily brought into a customs territory and have to be re-exported within a specified period. Normally, a Full Container Load is taken out of the port and the activity of stuffing or de-stuffing takes place at... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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