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Jan 3, 2011

TaxGuru.in : Legal & Tax Updates 03.01.2011

 

TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Audits Of Government Schemes For Public Welfare Will Be Subject To Peer Review

Posted: 02 Jan 2011 11:22 AM PST


The audits of government schemes like the national rural employment guarantee act by professional auditors will be subject to peer review accounting regulator the Institute of Chartered Accountants of India ICAI has said nbsp n

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KPMG Appoints Two Indians As New Audit Partners

Posted: 02 Jan 2011 11:14 AM PST


Global audit tax and advisory firm KPMG Fakhro has announced the appointment of two new audit partners to strengthen the firm s financial services and owner managed business practices in Bahrain nbsp Islamic banking specialist

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Marriage Between A Hindu And A Non-Hindu Not Valid Under Hindu Marriage Act- Delhi HC

Posted: 02 Jan 2011 11:12 AM PST


The marriage between a Hindu and a non-Hindu solemnised as per the Hindu rites is neither valid nor the parties can claim any benefits under the Hindu Marriage Act HMA the Delhi High Court has ruled The High Court also held

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RBI Tightens Norms For Investment By Banks In Non-Convertible Debentures NCDs Of Maturity Up To One Year

Posted: 02 Jan 2011 11:10 AM PST


Tightening investment norms the Reserve Bank today directed banks not to invest in non-convertible debenture NCD of corporates unless they disclose the purpose for which the funds are being raised nbsp While investing in such i

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Major Banks Raises Deposit And Lending Rates

Posted: 02 Jan 2011 11:04 AM PST


Major lenders including State Bank of India SBI ICICI Bank and HDFC Bank on Friday raised their lending and deposit rates by up to 100 basis points on the eve of the New Year nbsp While the hike in lending rate would make auto

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ICAI President S Message - January 2011

Posted: 02 Jan 2011 10:54 AM PST


Dear All Let us take this opportunity to wish everybody a very delightful and blissful New Year Let happiness satisfaction and joy always be an integral part of your life In 2011 to begin with let us take this opportunity

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ICAI Launches Live Virtual Classes In 22 Cities

Posted: 02 Jan 2011 10:48 AM PST


Live Virtual Classes started on December 28 2010 Inaugurated by ICAI president CA Amarjit Chopra Classes will start from second week of January 2011 Live virtual classes will be conducted in 22 cities across India Following

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Subhir Chandra Is CBDT Chairman

Posted: 02 Jan 2011 10:37 AM PST


Having accepted the Mankad committee recommendation which limits the tenure of CBDT chairman to one year Sudhir Chandra IRS 1973 Member Investigation assumed charges on Friday in place of retiring Chairman SSN Murthy Prior to this

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Income Tax Dept Gets Info On IPL Finances From UK Mauritius

Posted: 02 Jan 2011 08:34 AM PST


The Income Tax department has got substantial information from the UK and Mauritius on overseas accounts of non-residents who invested in the cash-rich IPL after months of communication with the two countries nbsp The department

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CITI Bank Fraud- Hero Group Exposure Rs 28 75cr Police Questions CFO

Posted: 02 Jan 2011 08:24 AM PST


Hero Group said on Friday its exposure in the alleged financial fraud unearthed at Citigroup s Gurgaon branch in Haryana was Rs 28 75 crore and that it was taking action to recover its dues nbsp On December 28 US-based Citigroup h

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Citibank Fraud- RBI To Probe Scam

Posted: 02 Jan 2011 08:19 AM PST


The Reserve Bank of India RBI has begun a probe into the Rs 300 crore fraud at Citibank s Gurgaon branch RBI Executive Director G Gopalakrishna told reporters on Friday that soon a statement in this regard would be made nbsp

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Provision Of Budget For Balance Funds Under Scheme Of Rupees Export Credit Subvention To Scheduled Commercial Banks Im

Posted: 31 Dec 2010 05:26 AM PST


Provision of Budget for balance funds under Scheme of Rupees Export Credit Subvention to Scheduled Commercial Banks Impact of Global Meltdown on Exports nbsp The Cabinet Committee on Economic Affairs today approved provision

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Corporate Veil Can Be Lifted If Attempt Is To Evade Taxes

Posted: 02 Jan 2011 07:35 AM PST


the Tribunal was right in holding that a sum of Rs 1 25 00 000 - representing the value of technical know-how is liable to tax under the head Long Term Capital Gain the context of Section 45 read with Section 55 of the Income Tax Act

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Amends Notification No 61 1994-Customs N T Dated The 21st November 1994 - Customs Airports Appointment For Specified Purposes - Notification No 104 2010 -Cus NT

Posted: 02 Jan 2011 10:16 AM PST


Notification No 104 2010 - Customs N T New Delhi 31st December 2010 S O E In exercise of the powers conferred by clause a of sub-section 1 of section 7 of the Customs Act 1962 52 of 1962 the Central Boa

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Amends Notification No 36 2001-Cus N T Dated The 3rd August 2001- Palm Oil Palmolein Soyabean Oil Crude And Brass Scrap All Grades - Traiff Values - Notification No 103 2010-Cus NT

Posted: 02 Jan 2011 10:10 AM PST


Notification No 103 2010 - Customs N T New Delhi 31st December 2010 nbsp S O E In exercise of the powers conferred by sub-section 2 of section 14 of the Customs Act 1962 52 of 1962 the Board being sat

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Rate Of Exchange Of Conversion Of Each Of The Foreign Currency With Effect From 1st January 2011 - Notification No 102 2010 -Cus NT

Posted: 02 Jan 2011 10:06 AM PST


Notification No 102 2010 Customs N T Dated the 29th December 2010 nbsp S O nbsp nbsp nbsp nbsp nbsp nbsp E In exercise of the powers conferred by section 14 of the Customs Act 1962 52 of 1962 and in s

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Now Apply For Importer Exporter Code Code IEC Online

Posted: 02 Jan 2011 09:58 AM PST


Policy Circular No 10 RE-2010 2009-14 nbsp nbsp nbsp nbsp Dated the 31st nbsp nbsp nbsp nbsp nbsp December 2010 Subject - nbsp Provision of additional facility for filing Importer Exporter Code IEC nbsp application

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RBI Circular On Investment In Non-SLR Securities- Non-Convertible Debentures NCDs Of Maturity Up To One Year

Posted: 02 Jan 2011 09:48 AM PST


RBI 2010-11 349 DBOD BP BC No 72 21 04 141 2010-11 nbsp December 31 2010 nbsp The Chairmen Chief Executives of All Commercial Banks excluding Regional Rural Banks nbsp Dear Sir nbsp Investment in Non-SLR Secur

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Prudential Guidelines On Capital Adequacy And Market Discipline - New Capital Adequacy Framework NCAF - Parallel Run And Prudential Floor

Posted: 02 Jan 2011 09:44 AM PST


RBI 2010-11 348 DBOD BP BC No 71 21 06 001 2010-11 nbsp December 31 2010 nbsp All Scheduled Commercial Banks nbsp excluding Local Area Banks and nbsp Regional Rural Banks nbsp Dear Sir nbsp Prudential Guideline

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RBI Notification - Security Issues And Risk Mitigation Measures Related To Card Not Present Transactions

Posted: 02 Jan 2011 09:39 AM PST


RBI 2010-11 347 DPSS CO No 1503 02 14 003 2010-2011 nbsp December 31 2010 nbsp To nbsp The Chairman and Managing Director Chief Executive Officers All scheduled Commercial Banks including RRBs Urban Co-operative B

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