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Feb 5, 2011

TaxGuru.in : Legal & Tax Updates 06.02.2011

TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Pranab On Black Money Trail- Notices Served - Prosecution On

Posted: 06 Feb 2011 02:31 AM PST


The government today said it has served notices to 17 persons alleged to have kept untaxed money in foreign banks and prosecution has begun against them but refused to reveal their names The comments made by Union Finance Mi

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Former Prime Minister Of The Netherlands Jan Peter Balkenende To Join Ernst Amp Young As Partner

Posted: 06 Feb 2011 01:00 AM PST


Former Prime Minister of the Netherlands Jan Peter Balkenende to join Ernst amp Young as partner London 31 January 2011 Ernst amp Young is delighted to announce that from 1 April 2011 Jan Peter Balkenende the former Pri

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ICSI - Schedule For The Year 2011 With Regard To Various Cut-Off Dates For Services Pertaining To Students

Posted: 06 Feb 2011 12:58 AM PST


ICSI - Schedule for the year 2011 with regard to various Cut-Off Dates for services pertaining to Students Schedule for the year 2011 with regard to various Cut-Off Dates for services pertaining to Students nbsp Pa

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ICSI - Notice-For Compulsory Switch Over To New Syllabus

Posted: 06 Feb 2011 12:56 AM PST


ICSI - Notice-For compulsory switch over to new syllabus Notice-For compulsory switch over to new syllabus nbsp Students of Final under old syllabus nbsp Regarding Compulsory switchover to New Syllabus nbsp All stud

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Six Weeks Residential Programme For PCC IPCC PE-II Students Newly Qualified Chartered Accountants

Posted: 06 Feb 2011 12:54 AM PST


After successful completion of two batches of Six Weeks Residential Programme at Centre of Excellence COE Hyderabad 3rd Batch of six weeks residential programme Commenced from 20th January 2011 nbsp Board of Studies is pl

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IPCC Results Nov 2010 Likely To Be Announced On 8th Feb 2011

Posted: 06 Feb 2011 12:51 AM PST


The Institute of Chartered Accountants of India ICAI will be declare the Integrated Professional Competence Examination Accounting Technician Examination IPCC on 8th February 2011 ICAI IPCC Result of following courses I

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Govt Has No Magic Lamp To Control Inflation- FM

Posted: 06 Feb 2011 12:40 AM PST


Finance Minister Pranab Mukherjee today said steps have been taken to tame inflation but the government has no magic lamp to bring it down immediately nbsp You cannot expect that there is any magic wand or like Alladin s magic

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Nandan Nilekani Submits TAGUP Report To The Finance Minister

Posted: 06 Feb 2011 12:39 AM PST


Shri Nandan Nilekani Chairman UIDAI and Technology Advisory Group for Unique Projects TAGUP handed over the TAGUP Report to the Union Finance Minister Shri Pranab Mukherjee here today nbsp Speaking on the occasion Shri Mukhe

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FM Meets Film Industry Delegation As Part Of Pre-Budget Consultations

Posted: 06 Feb 2011 12:37 AM PST


Union Finance Minister Shri Pranab Mukherjee met here today the film industry delegation who were accompanying the Minister of Information and Broadcasting Ms Ambika Soni as part of his pre-Budget consultations The delegation cons

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The Registration Of Electors Amendment Rules 2011 To Provide Voting Rights To NRIs

Posted: 06 Feb 2011 12:36 AM PST


The Registration of Electors Amendment Rules 2011 The Central Government in consultation with the Election Commission prepared and published the Registration of Electors Amendment Rules 2011 on 3rd February 2011 so as t

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Easy Exit Scheme 2011- Introduced U S 560 Of The Companies Act Extended For Another Three Months

Posted: 06 Feb 2011 12:32 AM PST


The Ministry of Corporate Affairs had decided to introduce a Scheme namely Easy Exit Scheme 2011 under Section 560 of the Companies Act 1956 for the period 01 01 2011 to 31 01 2011 in order to give an opportunity to the de

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15 Indians Figure In List Of Black Money Hoarders

Posted: 06 Feb 2011 12:27 AM PST


In a new twist to the black money issue Tehelka on Friday released the names of 15 Indians including three trusts who it claimed had stashed their wealth in the LGT bank in Liechtenstein a well-known tax haven nbsp Revealing o

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Income Tax Department Search Premises Of TDP MP Nama Nageswara Rao

Posted: 06 Feb 2011 12:26 AM PST


Income tax department officials on Friday conducted searches in the office and residence of TDP MP Nama Nageswara Rao nbsp I-T officials raided Nageswara Rao s construction firm Madhucon in his native Khammam town besides premises

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Increase In Income Limits For Assigning Cases To DC AC ITOs To Benefit Taxpayers In Small City

Posted: 06 Feb 2011 12:18 AM PST


Taxpayers from villages and small cities will not have to travel to big cities to file income tax returns from the next fiscal as the Finance Ministry has increased the income limit to be dealt by Income Tax Officers who are the

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Indian Banks Chase Companies To Foreign Shores

Posted: 06 Feb 2011 12:14 AM PST


As Indian companies farm out across the globe chasing business where they can through a slew of M amp As and joint ventures stodgy Indian banks are spreading following suit as much to retain clients as to chase profits nbsp Deal

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Books Of Account Companies Act 1956 - Allegations Of Mismanagement And Connected Issues

Posted: 05 Feb 2011 12:47 PM PST


Despite the clear regulations in the Companies Act 1956 as to how every Company should record its transactions maintain books of account and should submit the approved Financial Statements with the ROC financial transactions in some

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China Forgets European Humiliation-Joins For A New Start

Posted: 05 Feb 2011 12:16 PM PST


After the Debacle nbsp Europe has covered the attention of the financial media in the past 6 months One after the other the financial crisis have triggered fear and fought among the investors across the globe The stock markets ar

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Allowability Of Set Off Of Brought Forward Business Against The Profits On Sale Of Business Assets Which Are Assessed To

Posted: 05 Feb 2011 12:06 PM PST


Brought forward business losses can be set off against the gains arising from any business or profession though chargeable to tax under any other head of income Facts nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp n

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No Income Deemed To Accrue In India From Use Of Satellite Outside India To Beam TV Signals Into India Even If Bulk Of Re

Posted: 05 Feb 2011 11:58 AM PST


No income deemed to accrue in India from use of satellite outside India to beam TV signals into India even if bulk of revenue arises due to viewers in India Delhi High Court in the case of Asia Satellite Telecommunications Co Ltd

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China Comes To Rescue

Posted: 05 Feb 2011 11:31 AM PST


Last year the financial media was busy in covering the growth strategies and the asset bubbles being spooked by the Chinese government over the various asset classes The world markets was suspecting another round asset bubble burst

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Locking Of TIN No Under Rule 51A Of PVAT Rules

Posted: 04 Feb 2011 01:22 PM PST


Rule 51A of Punjab VAT Rules has been added in the Punjab VAT Rules 2005 w e f 12-09-2008 to provide for the locking of TIN No of a dealer in certain circumstances Locking the TIN no means the temporary stoppage of interstate moveme

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Tax Payable In Works Contracts Under Punjab VAT Act 2005

Posted: 04 Feb 2011 01:20 PM PST


Section 8 of PVAT Act 2005 which deals with the rates of tax has been amended w e f 21 10 2010 to provide for sub section 2-A explaining the tax payable in works contracts which runs as under 2-A every person executing works co

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IFRS - Euphoria Over Certain Doom

Posted: 04 Feb 2011 09:47 AM PST


Oh Lord Forgive them They do not know what they do can be the prayers of well meaning people over the inexplicable euphoria and excitement on the possible convergence with IFRS propelled by the ICAI at the behest of their b

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Talented Young Lawyers Should Not Leave Court Practice And Should Strengthen The Judiciary

Posted: 04 Feb 2011 02:44 AM PST


When I was a student of law I was privileged to see enthusiastic young students discussing many constitutional issues peculiar cases and even discussing interesting issues of International Law There was no doubt in my mind at that t

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Section 68- Initial Burden Is On The Assessee To Explain The Nature And Source Of The Credit

Posted: 06 Feb 2011 01:03 AM PST




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Reopening Without Proper Application Of Mind By The Assessing Officer Is Invalid

Posted: 06 Feb 2011 12:45 AM PST


If the assessee is not able to give satisfactory explanation as to the nature and source of a sum found credited in his books the sum may be treated as the undisclosed income of the assessee The initial burden is on the a

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Amendment Brought Out In Section 40 A Ia Are Clarificatory In Nature And Retrospective W E F 1st April 2005

Posted: 06 Feb 2011 12:10 AM PST


Business disallowance under section 40 a ia - Payment to resident without deduction of tax-Amendment in section 40 a ia by the Finance Act 2010-Nature of amendment-Amendment made by the Finance Act 2010 in section 40 a ia is of

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Money Advanced To Shareholder For Specific Purpose Cannot Be Treated As Deemed Dividend Under Section 2 22 E

Posted: 05 Feb 2011 11:58 PM PST


Dividend - Deemed dividend under section 2 22 e -Money advanced to shareholder for specific purpose-Where the company advanced certain sum to a shareholder for a specific purpose then the amount so advanced cannot be treated as deemed

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In Case Of Export Of Service Relevant Date Is The Date When The Payment Of Service Exported Has Been Received By The Assessee

Posted: 05 Feb 2011 11:34 AM PST


Refund - export of services - relevant date - The Commissioner Appeals has held that in such a case the relevant date is the date when the payment of service exported is received by the assessee not the date when the service is pro

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Recognition Of Permanent Diminution In The Value Of Investments In Banks Subsidiaries Joint Ventures

Posted: 06 Feb 2011 12:49 AM PST


RBI 2010-11 398 DBOD FID FIC No 11 01 02 00 2010-11 February 01 2011 The CEOs of select All-India Term Lending and Refinancing Institutions Exim Bank NABARD NHB and SIDBI Dear Sir Recognition of Permanent Dimin

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Insurance - Guidelines On Outsourcing Of Activities By Insurance Companies

Posted: 06 Feb 2011 12:25 AM PST


Insurance - Guidelines on Outsourcing of Activities by Insurance Companies Reference nbsp nbsp nbsp 1 nbsp nbsp nbsp INV CIR 031 2004-05 dated 27th July 2004 2 nbsp nbsp nbsp INV CIR 058 2004-05 dated 28th Dece

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Insurance - Creation Of Reserve For Unexpired Risk URR By The Non-life Insurance Companies For Health Segment

Posted: 06 Feb 2011 12:21 AM PST


Insurance - Creation of Reserve for Unexpired Risk URR by the Non-life Insurance Companies for Health Segment CIRCULAR No IRDA F amp I CIR F amp A 015 02 2011 dated 2-2-2011 Authority vide Circular No IRDA F amp A ClR 49

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UPDATES FROM TAXGURU