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Jul 27, 2010

TaxGuru.in : Legal & Tax Updates 27.07.2010

TaxGuru.in : Legal & Tax Updates

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All about payment of Payment of Gratuity Act 1972 in brief including the recent amendments

Posted: 26 Jul 2010 08:54 PM PDT


The Payment of Gratuity Act 1972:- Gratuity is a voluntary Payment made by the employer to the employee in recognition of continuous, meritorious services and sincere efforts by the employee towards the organization.It is governed under the Payment...

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Takeover Regulations — Proposed Makeover

Posted: 26 Jul 2010 08:33 PM PDT


The Takeover Advisory Committee has proposed to replace the Securities Exchange Board of India ("SEBI") (Substantial acquisition of shares and takeovers) Regulations, 1997 ("Takeover Code") in line with international standards and changing economic...

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Take-out finance scheme for infrastructure sector – liberalisation of External Commercial Borrowing policy

Posted: 26 Jul 2010 08:21 PM PDT


Keeping in view the special funding needs of the infrastructure sector, Reserve Bank of India ("RBI") has issued a Circular (A.P. (DIR Series) Circular No. 4 dated 22 July, 2010) ' to liberalise the above refinancing restriction under a Take-out...

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Arbitration and Conciliation Act applies to non-commercial disputes also

Posted: 26 Jul 2010 08:20 PM PDT


The Supreme Court has stated that the Arbitration and Conciliation Act would apply to all civil disputes, and not merely to commercial disputes. It set aside the view of the Karnataka high court in the case, H Srinivas Pai vs H V Pai, in which the...

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Default u/s 194C does not result in s. 40(a)(ia) disallowance if TDS paid before due date of filing ROI

Posted: 26 Jul 2010 08:18 PM PDT


The assessee made payments to sub-contractors during the previous year and though s. 194C requires TDS at the stage of payment/credit, did not do so. The tax was, however, deducted on 31st March and paid over in Sept before the due date for filing...

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ICAI Discontinues CA Final Examination under the old syllabus

Posted: 26 Jul 2010 08:17 PM PDT


Students are hereby informed that the CA Final (Old) Course shall be discontinued with the holding of the November, 2010 examination. In other words, November, 2010 examination will be the last attempt available to Final (Old) students and no...

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Kapil Sibal unveils prototype for $35 touch-screen computer

Posted: 26 Jul 2010 08:16 PM PDT


Here we go again! India's Human Resource Development Minister Kapil Sibal has "launched" a $35 computer, evidently a "dream project" of his. The touch-screen, Linux-based device looks iPad-inspired, but we know little about how it works.

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CAG report suggests Massive tax evasion may upset GST rollout

Posted: 26 Jul 2010 07:40 PM PDT


While the government is lobbying hard with Opposition parties to implement Goods and Services Tax (GST) from April next year, a study carried out to assess the current tax base in states and the compliance level could upset its gameplan. The study...

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SEBI mulls separate days for retail and institutional investors

Posted: 26 Jul 2010 07:16 PM PDT


As part of efforts to attract more retail investors to the stock market, Sebi is considering a proposal wherein the institutional investors would be first asked to submit their bids, possibly in the first two days, and then the remaining two days...

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Mutual Funds resist SEBI proposal of same charges for small, big investors

Posted: 26 Jul 2010 07:10 PM PDT


Mutual fund houses are strongly resisting a proposal from market regulator SEBI for treating small investors at par with large institutional ones in terms of various charges, such as exit-loads, with the argument that retail investors are costlier...

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Section 210A of the Companies Act 1956 – Constitution of National Advisory Committee on Accounting Standards – Amendment in Notification number S.O. 1800(E), dated 21-7-2009

Posted: 26 Jul 2010 07:05 PM PDT


In exercise of the powers conferred by sub-section (1) of Section 210A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendment in the notification of Government of India, Ministry of Corporate Affairs,...

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Bombay High Court Rules Overdraft facility can't be attached for tax recovery

Posted: 26 Jul 2010 06:19 PM PDT


The taxman does not have claim over the bank overdraft facility of a defaulter since the lender does not owe money, but has promised a loan for business, the Bombay High Court has ruled. By taking an overdraft facility, a taxpayer becomes a debtor...

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FM Announces New Pay Scales for Employees of RRBs at Par with PSBs

Posted: 26 Jul 2010 06:01 PM PDT


Finance Minister Shri Pranab Mukherjee has asked the Regional Rural Banks (RRBs) to bring their Non-Performing Assets (NPAs) below 5% by this year itself. Finance Minister also announced the wage revision of the pay-scale and allowances of the...

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In Bihar, women give 'birth' to 5 children in 2 months

Posted: 26 Jul 2010 05:39 PM PDT


PATNA: A woman, as everyone knows, usually gives birth to a baby after nine months of pregnancy, but in Bihar 298 women claim to have delivered two to five children in a span of 60 days - at least that's what records of incentives amount given to...

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The Exposure Draft on Non-Financial Disclosures – Views and comments solicited by 4th August, 2010

Posted: 26 Jul 2010 05:03 PM PDT


One of the principal underpinnings of good corporate governance is that shareholders and other stakeholders are provided with detailed information on financial and operating results in order to understand the current state of affairs, like balance...

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Bill to change Competition Act likely in Monsoon session: MCA

Posted: 26 Jul 2010 04:56 PM PDT


Corporate affairs minister Salman Khurshid has said the Competition Act amendment bill, seeking to invest the competition watchdog CCI with powers to vet big-ticket takeovers, is likely to be tabled in the Monsoon session.

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Customs Circular No 21/2010, 26-07-2010, Regarding classification of Aseptic Packaging Paper

Posted: 26 Jul 2010 04:42 PM PDT


Reference has been received from the Trade that divergent practices are being followed by field formations regarding classification of 'Aseptic packaging paper'. It has been reported that even when the aseptic packing paper is coated, impregnated or...

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Import of 'Worn Clothing' -Customs Circular No 22/2010, 26-07-2010

Posted: 26 Jul 2010 04:42 PM PDT


In this regard, the Committee on Petitions (Fourteenth Lok Sabha) has made a recommendation that the increasing tendency of import of such worn clothing needs to be curbed. The Board has, accordingly, decided to reiterate that being a restricted...

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Centre will compensate states on possible losses arising from implementation of the GST

Posted: 26 Jul 2010 02:20 PM PDT


Finance minister Pranab Mukherjee today assured the states that the Centre will fully compensate them on possible losses arising from implementation of the goods and services tax (GST) regime. "No state would be allowed to suffer any loss and would...

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Section 294AA of the Companies Act, 1956 – Power of Central Government to prohibit appointment of sole selling agents in certain cases – Prohibition for appointment of sole selling agents by companies in specified goods

Posted: 26 Jul 2010 02:00 PM PDT


In exercise of the powers conferred by sub-section (1) of Section 294AA of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that the demand for the category of goods specified in the Table below is substantially in...

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Debts Recovery Tribunal (Procedure for Investigation of Misbehaviour or Incapacity of Presiding Officer) Rules, 2010

Posted: 26 Jul 2010 01:26 PM PDT


If a written complaint, alleging any definite charges of misbehaviour or incapacity to perform the functions of the office in respcet of a Presiding Officer is received by the Central Government, it shall make a preliminary scrutiny of such...

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