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May 30, 2010

Legal & Tax Updates 30.05.2010

TaxGuru.in : Legal & Tax Updates (in this message: 7 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Procedure for electronic filing of Central Excise returns- Circular No. 926/16/2010-CX, dated 28-5-2010

Posted: 29 May 2010 12:53 AM PDT


Manufacturers who have paid Central Excise duty of Rs. 10 Lakh or more (including payment by utilisation of Cenvat credit) in the previous financial year shall file their Annual Financial Information Statement (ER4) as prescribed under the proviso...

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RBI advises banks to exercise due caution while allowing remittances

Posted: 28 May 2010 11:52 PM PDT


The Reserve Bank of India (RBI) has advised banks to exercise due caution and to be extra vigilant while opening or allowing transactions in remittances."It is clarified that any person resident in India collecting and effecting or remitting such...

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Banks asked RBI to defer tightening measures on account of mounting liquidity concerns

Posted: 28 May 2010 11:46 PM PDT


A clutch of banks in both public and private sector have sought deferral of the Reserve Bank of India's exit from quantitative expansion on mounting liquidity concerns.

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LIC cannot charge any fee for transfer or assignment of its policies: Bombay HC

Posted: 28 May 2010 11:34 PM PDT


Life Insurance Corporation of India, the market leader in insurance sector, cannot charge any fee for transfer or assignment of its policies, the Bombay High Court has held.

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States will have power equal to center in administering the proposed GST

Posted: 28 May 2010 11:28 PM PDT


In a landmark decision, the UPA government has resolved to amend the Constitution to enable states to have the same powers as the Centre in administering the proposed Goods and Services Tax (GST).

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NHB want clarity on tax liability for banks that offer reverse mortgage loans

Posted: 28 May 2010 08:10 PM PDT


Under the new model of RML launched last year, banks will pay a lump-sum amount to a life insurance company, which in turn makes annuity-based payment to the borrower. The catch, however, is that the interest payable by the borrower is treated as...

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Income Tax return scam in AP will be investigated by CBI

Posted: 28 May 2010 08:02 PM PDT


Alarmed by the initial findings of its departmental inquiry, the income-tax (I-T ) department has moved the Central Bureau of Investigations (CBI) to probe the 'tax return scam.' The hand of several I-T officials working in tandem with some rogue...

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