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Aug 7, 2010

TaxGuru.in : Legal & Tax Updates 07.08.2010

TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Tax Planning- Save tax through your family

Posted: 06 Aug 2010 09:00 PM PDT


Its a fact that Your own parents as well as your own in-laws can become legal tools of tax planning for you and your family. If you want to achieve this dictum then all you are need to do is just to give away a portion of your funds, either as a...

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GST: FM says don't want to be super FM, request to talk

Posted: 06 Aug 2010 08:59 PM PDT


"I have no intention of becoming the Super Finance Minister to interfere with the State GST...They (states) will have their rights as I shall have my right," he said while replying to the discussion on the supplementary demand for grants.

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Result analysis of CA PE-II, PCE and IPCE Held in May-2010

Posted: 06 Aug 2010 08:58 PM PDT


The results of the Chartered Accountants Professional Education Examination-II (PEE-II), Professional Competence (PCE) and Integrated Professional Competence Examinations (IPCE) held in May 2010 were declared recently.

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Service Tax : Draft Point of Taxation (for Services Provided or Received in India) Rules, 2010 and Explanatory Notes

Posted: 06 Aug 2010 08:32 PM PDT


The purpose of these rules is to introduce clarity and certainty in the matter of levy and collection of Service Tax particularly in situations of change of rate of service tax or imposition of service tax on new services. At present there is lack...

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SEBI circular on Allocation of Government debt & Corporate debt investment limits to FIIs

Posted: 06 Aug 2010 08:16 PM PDT


In partial amendment to clause 3 (h) of the aforesaid circular IMD/FII & C/37/2009, no single entity shall be allocated more than Rs.100 cr. of the government debt investment limit. ii. In partial amendment to clause 3 (c) and 3(d) of the...

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Requirements for becoming a Chartered Accountant

Posted: 06 Aug 2010 08:10 PM PDT


Enroll with the ICAI for Common Proficiency Test (CPT) after passing class 10th examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto.

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No legislation to recover non-performing assets: Govt

Posted: 06 Aug 2010 08:00 PM PDT


Noting that public disclosure of names of bank loan defaulters could harm investors' interests, Government today ruled out a legislation to recover non-performing assets. "Government's interest is to reduce NPAs and recover outstanding loans from...

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States say petroleum items to remain outside the ambit of GST

Posted: 06 Aug 2010 07:38 PM PDT


In yet another blow to the Centre's plans on the proposed GST, the states today categorically stated that petroleum products will be out of the proposed indirect tax regime, even as the Centre pressed for the same saying such a move can check wild...

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Sebi asks companies to report promoters holding in depository receipts (DRs)

Posted: 06 Aug 2010 07:31 PM PDT


The Securities and Exchange Board of India (Sebi) today asked companies to categorically state whether shares of the custodians, against which depository receipts (DRs) are issued, belong to the promoter or non-promoter entity, a move that will have...

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Mutual funds transferring redemption proceeds to non-resident investors are agents of non resident investors: ITAT Mumbai

Posted: 06 Aug 2010 07:25 PM PDT


Mutual funds will have to be careful while transferring redemption proceeds to non-resident investors, as they (mutual funds) could be categorised as "agents" by the tax department. This could have implications for the fund houses, as they will have...

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Companies going public will have to file shareholding details one day prior to listing

Posted: 06 Aug 2010 07:19 PM PDT


Companies will now have to provide more disclosures about their shareholding pattern to the stock exchanges, with the Securities and Exchange Board of India introducing some new rules in addition to the existing ones. The decision was taken at the...

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SEBI shifts 7 scripts from Trade for Trade Settlement (TFTS) to normal Rolling Settlement

Posted: 06 Aug 2010 07:10 PM PDT


At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement. For this purpose, the listed companies...

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A big Flaw and Mistake in The Punjab VAT Act 2005

Posted: 06 Aug 2010 06:10 PM PDT


There are many sections under the Punjab VAT Act where the word Designated officers is used. Many powers under the Punjab VAT Act 2005 like of assessments, levying penalties etc. have been conferred on the Designated Officers. These Designated...

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Maharashtra Government decides to impose green tax on old vehicles

Posted: 06 Aug 2010 07:17 AM PDT


The Maharashtra Government has decided to impose an environment tax on 15 lakh private vehicles registered in the State which are more that 15 years old and six lakh goods and transport vehicles that are more than eight years old.

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Procedure for Verification of Answer Books of Chartered Accountants – Final, PE-II, PCE, IPCE/ATE, IPCE/ATE-UNITS, Examinations (May-2010), Common Proficiency Test (June-2010) and CPT Online (July-2010)

Posted: 06 Aug 2010 06:48 AM PDT


The Students who wish to apply for Verification of their answer books for the Chartered Accountants Examination held in May, 2010, CPT held on June 20, 2010 and CPT Online held on July 24-25, 2010 are requested to note and follow the procedure as...

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CPT – Applicability of Revised Economics Study Material

Posted: 06 Aug 2010 06:42 AM PDT


This is to bring to the notice of all students pursuing CPT course that the Study Material on General Economics was revised in February 2010. In view of the fact that the revision of the study material is a continuous process, it is expected that...

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Regulatory Mechanism to Deal with Corporate Frauds

Posted: 06 Aug 2010 06:34 AM PDT


The Minister of Corporate Affairs has informed the Lok Sabha that during the period from 01/04/2007 to 31/7/2010, investigations into the affairs of 44 companies have been referred by the Ministry to Serious Fraud Investigation Office. Giving this...

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Committee set up to Review Practices and Procedures regarding Procurement of Sensitive items Relating to Currency, Recommends Waiver of Custom Duty on Imported Machinery for Bank Note Paper Production and Printing

Posted: 06 Aug 2010 06:31 AM PDT


The Government has set up a Committee under the Chairmanship of Shri Shilabhadra Banerjee to review the whole gamut of processes, practices and procedures being followed for procurement and finalisation of security sensitive items relating to...

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SEBI Specifies the Model Equity Listing Agreement for SME issuer and stock exchange, Enables SMES to access Capital market

Posted: 06 Aug 2010 06:28 AM PDT


Securities and Exchange Board of India (SEBI) has finalized and specified the Model Equity Listing Agreement for execution between the Small and Medium Enterprise (SME) issuer and the Stock Exchange.

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No Entry load for any Mutual fund Scheme ; Mutual funds Transactions made possible through stock Exchange Platforms

Posted: 06 Aug 2010 06:21 AM PDT


SEBI has stipulated that no entry load shall be there for any mutual fund scheme and the upfront commission to distributors will be paid by the investor directly based on the assessment of various factors including the service rendered by the...

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Base Rate System Replaces Benchmark Prime Lending Rate System; Expected to Increase Credit flow to Small Borrowers

Posted: 06 Aug 2010 06:17 AM PDT


The Base Rate system has replaced the Benchmark Prime Lending Rate (BPLR) system with effect from July 1, 2010. Since the Base Rate is the minimum rate for all loans, banks are not permitted to resort to any lending below the Base Rate. Accordingly,...

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Government proposes to set up 'National Company Law Tribunal'

Posted: 06 Aug 2010 06:13 AM PDT


The Government has said that it proposes to set up a 'National Company Law Tribunal' to consolidate the powers and jurisdiction presently being exercised by various bodies namely, Company Law Board, Board for Industrial and Financial Reconstruction,...

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Scheme for Helping Companies to get the Delay Condoned

Posted: 06 Aug 2010 06:11 AM PDT


The Minister of Corporate Affairs has informed the Lok Sabha that the number of companies that have not filed their Annual Return consecutively during the last three years – 2006-07, 2007-08 and 2008-09, is 2,13,185. Of these the maximum number of...

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Malpractices in Realty Sector

Posted: 06 Aug 2010 06:09 AM PDT


The Ministry of Corporate Affairs has said that it is concerned with taking action against the developers in the realty sector which are registered as companies under Companies Act, 1956 for offences/violations of the provisions of the Companies...

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Income Tax Department in Mumbai yet to process 20 lakh returns

Posted: 06 Aug 2010 01:05 AM PDT


Haven't got your income tax (I-T) refunds? Here is the reason - the department has not processed close to 20 lakh returns filed by taxpayers in Mumbai. The issue was taken up by Chief Commissioner of Income Tax, Mumbai, P. P. Srivastava, who...

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Income department starts investigating Vendors and contractors working with CWG

Posted: 06 Aug 2010 12:55 AM PDT


Income Tax (I-T) investigation has started probing vendors and contractors involved in supply of goods and execution of works for Commonwealth Games stadiums. Surveys are being conducted to verify books of accounts and record transaction details.

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Finance Minster forms panels to cut tax litigation

Posted: 06 Aug 2010 12:33 AM PDT


The billions of rupees stuck in courts and rising tax litigation have invited the attention of finance minister Pranab Mukherjee as he pushes through a major reform in the country's tax regime. The finance minister has set up two panels, one each...

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Soon service tax may be levied when the consideration is received or when the invoice is raised, whichever is earlier

Posted: 05 Aug 2010 11:55 PM PDT


According to the new rules on 'time of supply', service tax will also be levied at the point of raising invoice. At present, service tax is charged only when the amount is received. However, it has been proposed in the new rules that it be levied...

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Not filed Your IT Return by 4th August? File it now.

Posted: 05 Aug 2010 11:35 PM PDT


Not filing a return on time does have financial implications, especially if you have a net income tax payable and / or if you have losses to be carried forward. This can really hurt especially if the losses to be carried forward are significant....

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Amended DTAA with Switzerland will provide sharing of information on Indians having unaccounted wealth in secret Swiss bank accounts

Posted: 05 Aug 2010 11:16 PM PDT


It will soon be easier to get specific details of Indians having unaccounted wealth in secret Swiss bank accounts. The Union Cabinet is likely to clear on Thursday, the amended Double Taxation Avoidance Agreement (DTAA) with Switzerland, official...

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Government set up two panels to suggest way to reduce litigation in Direct and Indirect Tax

Posted: 05 Aug 2010 11:02 PM PDT


The finance minister has set up two panels, one each for direct and indirect taxes, to draw up a road map to reduce rising litigation, asking them to submit a report within a month.

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Highlights of E- Filing Season Assessment Year 2010-11/ Financial Year 2009-2010 (up to 04/08/2010)

Posted: 05 Aug 2010 10:17 PM PDT


Highlights of E- Filing Season Assessment Year 2010-11/ Financial Year 2009-2010 (up to 04/08/2010). Please see updated "Quick Statistics" for E-Filing of Income Tax Returns upto 4th August 2010.

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DGFT Notification No. 55/2009-2014- Prohibition on export of wheat – exemption for export of wheat to Bangladesh

Posted: 05 Aug 2010 09:50 PM PDT


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 Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby...

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DGFT Notification No. 55/2009-2014- Prohibition on export of Non-basmati Rice –exemption regarding

Posted: 05 Aug 2010 09:48 PM PDT


With immediate effect, the existing entry at para (2) & (3) of Notification No. 42 /2009-2014 dated 18.05.2010 is substituted to read as under:-"2.1.13 the ban on export of Non-Basmati rice shall also not be applicable on export of 3 lakh...

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DGFT Public Notice No. 88/2009-14- Amendment in Appendix 11B for Value addition (notified vide Public Notice No.42 dated 16.2.2010)

Posted: 04 Aug 2010 08:48 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 with immediate effect.

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DGFT Notification No. 54/2009-2014- Amendments in Table A of the Schedule 2 of the ITC(HS) Classification of Export and Import Items, by inserting entry at S.No. 7A of HBP

Posted: 03 Aug 2010 08:57 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 2.1 of the Foreign Trade Policy,2009-2014, the Central Government hereby makes following...

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