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May 26, 2010

Legal & Tax Updates 27.05.2010

TaxGuru.in : Legal & Tax Updates (in this message: 21 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU


Mumbai lost Rs 35,000 crore in income tax in 5 years

Posted: 26 May 2010 08:51 PM PDT


Your city has lost income tax worth Rs 35,000 crore in the last five years. This is because 11.4 crore "pieces of information" pertaining to unaccounted income collected by the Income Tax (I-T) department's Central Information Branch (CIB) was not...

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Taxation of financial services under GST

Posted: 26 May 2010 08:37 PM PDT


One of the most significant features of GST would be the taxation of financial services. No country in the world has been able to design a model for inclusion of financial services within the VAT/GST framework. India, if successful, will chart a new...

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Tax treatment of Gratuity after Increase in limit from 3.50 lakh to 10 lakh

Posted: 26 May 2010 08:31 PM PDT


The government notified the Payment of Gratuity (Amendment) Act, 2010 on May 18, 2010, which increases the limit of gratuity payment to employees in the specified sectors/establishments covered under the Payment of Gratuity Act, 1972 ("Gratuity...

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Mutual funds opposes new SEBI norms on investment in derivatives

Posted: 26 May 2010 07:59 PM PDT


Sebi's proposal to tighten the norms for investment in derivatives has run into opposition from mutual funds with the industry lobby arguing that fund managers need access to some of the products the regulator wants to ban.The Association of Mutual...

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Corporate Ministry in talks with Law Ministry to implement SC suggestion on NCLT

Posted: 26 May 2010 07:55 PM PDT


The ministry of corporate affairs has begun discussions with the law ministry to incorporate the suggestions made by the Supreme Court when it cleared the National Companies Law Tribunal (NCLT) in the Companies Bill that is with a Parliamentary...

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LIC may submit two new ULIP plans with IRDA for approval

Posted: 26 May 2010 07:50 PM PDT


Life Insurance Corporation of India is likely to submit new unit-linked insurance plans Ulips with the regulator in light of its two plans coming to a close. The corporation's endowment plan Wealth Plus closed on May 8 while another pension plan...

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ICAI submitted its final report on Satyam scam

Posted: 26 May 2010 07:46 PM PDT


The CA Institute's second and final report on the Satyam scam and the role of the company's statutory auditor in that accounting fraud was submitted to the Corporate Affairs Ministry on Monday.While ICAI officials were tight-lipped about the...

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Parliamentary Committee to submit its report on Companies Bill, 2009 during monsoon session of Parliament

Posted: 26 May 2010 07:43 PM PDT


However, the Corporate Affairs Ministry sources said the Government may not be able to get the Bill passed in Parliament in the monsoon session (scheduled to begin in July) itself because preparing a 'revised proposal', on the basis of the...

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Government may allow 100% foreign owned NBFCs to set up subsidiaries in India

Posted: 26 May 2010 07:38 PM PDT


The government will consider changes in rules to allow 100% foreign owned and well capitalised non-banking finance companies (NBFCs) to set up subsidiaries, removing the curbs introduced by the foreign direct investment guidelines issued last year....

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CAG raised concerns over some provisions of the proposed direct tax code

Posted: 26 May 2010 07:30 PM PDT


The Comptroller and Auditor General (CAG) has raised several concerns over some provisions of the proposed direct tax code (DTC), the draft of which was unveiled by the finance?ministry in 2009. The country's statutory auditor pointed out in a...

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FinMin received 10,000 suggestions on Direct Tax code

Posted: 26 May 2010 07:27 PM PDT


Redrafting the Direct Taxes Code (DTC) is proving to be an uphill task for the finance ministry, bombarded with comments from various stakeholders. The Central Board of Direct Taxes (CBDT) has received about 10,000 suggestions on the code, which...

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DGFT- Amendment in Appendix 13, Appendix 22C and Appendix 27

Posted: 26 May 2010 07:24 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 (Volume 1).

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Remittance towards participation in lottery, money circulation schemes, other fictitious offers of cheap funds, etc.

Posted: 26 May 2010 07:16 PM PDT


Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to the A.P. (DIR Series) Circular No. 22 dated December 7, 2000,A.P. (DIR Series) Circular No. 02 dated July 27, 2001 and A.P. (DIR Series) Circular No. 49 dated June 4,...

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Appointment of Merchant Bankers and Intermediaries required for Disinvestment Transactions

Posted: 26 May 2010 07:13 PM PDT


The Cabinet Committee on Economic Affairs today approved the appointment of Merchant Bankers and other intermediaries to disinvestment transactions involving offer for sale or fresh issue by the company in conjunction with offer for sale be advanced...

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CIC benches to continue hearings: Wajahat Habibullah

Posted: 26 May 2010 07:08 PM PDT


Chief Information Commissioner Wajahat Habibullah on Tuesday convened a meeting of all the Information Commissioners to discuss the Delhi High Court's stand that the Central Information Commission had no powers to frame rules for its regulation.

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Timeshare membership fee is taxable only over the term of contract

Posted: 26 May 2010 07:06 PM PDT


The assessee, a time-share company having resorts at tourist places granted membership for a period of 33/25 years on payment of certain amount. During the currency of the membership, the member had the right to holiday for one week in a year at the...

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Government pushing for affirmative action in private sector: PM

Posted: 26 May 2010 07:03 PM PDT


Prime Minister Manmohan Singh has said the govt is working towards creating an atmosphere where trade and industry come forward to reserve jobs for the socially underprivileged - a practice in vogue in the public sector.

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PM promises steps to tame inflation to 5- 6% by December 2010

Posted: 26 May 2010 07:01 PM PDT


Prime Minister Manmohan Singh has said inflation would come down to 5-6 percent by December and projected an 8.5 percent economic growth for this fiscal.

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Draft Policy on Open Standards for E-Governance Available for Public Feedback Public Review Closes on 3rd June, 2010

Posted: 26 May 2010 06:47 PM PDT


Government of India has initiated collaborative process of formulation of Open Standards for e-Governance in India with the objective of enabling seamless interoperability of various e-governance solutions developed by multiple agencies, and to...

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Rule 36 of Punjab VAT Rules regarding monthly filing of VAT returns amended

Posted: 26 May 2010 06:17 PM PDT


Rule 36 of Punjab VAT rules which deals with the filing of VAT returns has been amended w.e.f 18/05/2010 vide notification No. G.S.R. /P.A.8/2005/S.70/Amd.( )/2010. s. The second and third Proviso to Rule 36 (1) have been amended to provide that...

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Dos and Dont's for printing and submitting of ITR-Vs to ITD-CPC Bangalore for A.Y. 2010-11

Posted: 25 May 2010 10:52 PM PDT


Please use Ink Jet /Laser printer to print the ITR-V Form. The ITR-V Form should be printed only in black ink. Do not use any other ink option to print ITR V.

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