TaxGuru.in : Legal & Tax Updates 31.12.2010

TaxGuru.in : Legal & Tax Updates Govt Likely To Announce FDI Policy On LLPs In January 2011 Posted: 31 Dec 2010 01:04 AM PST The government is likely to usher in the New Year with some important policy reforms Important foreign direct investment FDI policy announcements is likely to be made in January 2011 reports sources nbsp It is learnt that F [[ This is a content summary only. Visit www.taxguru.in for full article ]] Citigroup Investigating Transactions At India Branch Posted: 31 Dec 2010 01:00 AM PST U S bank Citigroup said on Tuesday it was investigating a set of suspicious transactions based on what it said were forged documents by an employee at a branch in India nbsp The bank did not say how much money was involved but a [[ This is a content summary only. Visit www.taxguru.in for full article ]] Cricketer Harbhajan And Yuvraj Defaulted On Payment Of Service Tax Posted: 31 Dec 2010 12:58 AM PST Cricketer Harbhajan Singh currently spinning misery on the South African team seems to have been caught by the central excise and service tax department for defaulting on service tax The department has found that he owes nearly R [[ This is a content summary only. Visit www.taxguru.in for full article ]] Income Tax Department Suspects Tax Evasion In Derivative Transactions Posted: 31 Dec 2010 12:56 AM PST The revenue department of the finance ministry estimates that Corporate India could have evaded over Rs 20 000 crore in taxes in 2007-08 had it shown mark-to-market losses on forex derivative transactions nbsp According to the inco [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBI Detains Senior Joint Commissioner Of Income Tax And An Inspector For Alleged Graft Posted: 31 Dec 2010 12:15 AM PST New Delhi- CBI yesterday detained a Joint Commissioner of Income tax and an inspector of the Income Tax department here in an alleged corruption case CBI sources said Arun Gurjar a 1999 batch Indian Revenue Service officer and Ba [[ This is a content summary only. Visit www.taxguru.in for full article ]] Position Paper On Identification Of Tax Issues Arising Out Of Convergence With IFRS Prepared By The Group Constituted By Posted: 30 Dec 2010 11:35 PM PST A Group for identifying direct tax issues arising from convergence of Indian Accounting Standards IAS with International Financial Reporting Standards Ind AS was constituted by the ICAI which comprised both of members of the Co [[ This is a content summary only. Visit www.taxguru.in for full article ]] FICCI Call To Defer Compliance Date Of IFRS From April 1 2011 Posted: 30 Dec 2010 11:30 PM PST nbsp nbsp nbsp nbsp nbsp nbsp nbsp Convergence Of Accounting Standards With IFRS nbsp nbsp nbsp nbsp nbsp nbsp nbsp FICCI Call to Defer Compliance Date of IFRS from April 1 2011 nbsp nbsp nbsp nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]] China S Top Auditor To Serve As Chairman Of UN Board Of Auditor Posted: 30 Dec 2010 11:24 PM PST Liu Jiayi auditor-general of China s National Audit Office NAO will take up the position as chairman of the United Nations Board of Auditors UNBA starting Jan 1 2011 the NAO announced in Beijing Wednesday nbsp Liu who [[ This is a content summary only. Visit www.taxguru.in for full article ]] Johnny And Service Tax Refund Series-II Part VI - Self Certification - An Inflexible Condition Posted: 30 Dec 2010 10:14 PM PST nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp CA Pradeep Jain Mayank Palgauta nbsp In continuation of previous articles elaborating the difficulties in getting t [[ This is a content summary only. Visit www.taxguru.in for full article ]] Gujarat High Court Decision On The Demerger Scheme Between Vodafone Essar Group Companies Posted: 30 Dec 2010 01:27 AM PST In a recent ruling Gujarat High Court HC in the case of Vodafone Essar Gujarat Ltd hereinafter referred to as VEG Transferor Tax Payer Company petition no 183 of 2009 on the issue of whether a scheme of demerger of infrastruc [[ This is a content summary only. Visit www.taxguru.in for full article ]] Collection Of Statistics On Pre-paid Instruments Posted: 31 Dec 2010 12:54 AM PST RBI 2010-11 342 DPSS CO OSD No 1381 06 08 001 2010-2011 nbsp December 27 2010 nbsp To nbsp All entities authorised to issue pre paid payment instruments in India nbsp Dear Sir nbsp Collection of Statist [[ This is a content summary only. Visit www.taxguru.in for full article ]] Issuance And Operation Of Prepaid Payment Instruments In India Auditor Certificate On The Balances In Escrow Account Posted: 31 Dec 2010 12:53 AM PST RBI 2010-11 341 DPSS CO OSD No 1445 06 12 001 2010-2011 nbsp December 27 2010 nbsp To nbsp All Scheduled Commercial Banks Authorised Payment System Operators nbsp Dear Sir nbsp Issuance and operation of [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI Directions For Submission Of System Audit Reports From CISA Qualified Auditor Posted: 31 Dec 2010 12:29 AM PST RBI 2010-11 340 DPSS CO OSD No 1444 06 11 001 2010-2011 nbsp December 27 2010 nbsp To All Scheduled Commercial Banks Authorised Payment System Operators nbsp Dear Sir nbsp Directions for submission of sy [[ This is a content summary only. Visit www.taxguru.in for full article ]] Directions For Opening And Operation Of Accounts And Settlement Of Payment For Electronic Payment Transactions Involving Intermediaries Posted: 31 Dec 2010 12:27 AM PST RBI 2010-11 339 DPSS CO OSD No 1448 06 08 001 2010-2011 December 28 2010 nbsp To All Scheduled Commercial Banks Dear Sir Directions for opening and operation of Accounts and settlement of payment for electronic [[ This is a content summary only. Visit www.taxguru.in for full article ]] Comprehensive Guidelines On Over The Counter OTC Foreign Exchange Derivatives And Overseas Hedging Of Commodity Price And Freight Risks Posted: 31 Dec 2010 12:22 AM PST RBI 2010-11 338 A P DIR Series Circular No 32 nbsp December 28 2010 To nbsp All Authorised Dealer - Category I banks nbsp Madam Sir nbsp Comprehensive Guidelines on Over the Counter OTC Foreign Exchange [[ This is a content summary only. Visit www.taxguru.in for full article ]] Corrigendum To Notification No 14 RE-2010 2009-14 Dated 22 12 2010 Regarding Export Of Cotton Yarn Posted: 31 Dec 2010 12:10 AM PST Notification No nbsp 15 RE-2010 2009-14 New Delhi Dated 29 December 2010 nbsp Subject Corrigendum to Notification No 14 RE-2010 2009-14 dated 22 12 2010 regarding export of cotton yarn nbsp S O E nbsp nbsp nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]] Conditions And Modalities For Registration Of Contracts Of Cotton With DGFT Posted: 31 Dec 2010 12:08 AM PST Policy Circular No nbsp nbsp 09 RE-2010 2009-14 nbsp nbsp Dated the 29th December 2010Subject - Conditions and modalities for registration of contracts of cotton with DGFT nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]] Insurance - Recognition Of Surplus Arising In Non-participating Funds As Profit Loss In The Profit Loss Account Posted: 31 Dec 2010 12:04 AM PST CIRCULAR NO IRDA F amp A CIR 217 12 2010 DATED 27-12-2010 Authority has observed that there is no uniform approach followed by the insurers for transfer of the surplus to the Profit amp Loss Account A few of the insurers are [[ This is a content summary only. Visit www.taxguru.in for full article ]] SEBI - Establishment Of Connectivity With Both Depositories NSDL And CDSL - Companies Eligible For Shifting From Trade For Trade Settlement TFTS To Normal Rolling Settlement Posted: 30 Dec 2010 11:58 PM PST SEBI Establishment of Connectivity with both depositories NSDL and CDSL - Companies eligible for shifting from Trade for Trade Settlement TFTS to normal Rolling Settlement CIRCULAR NO MRD DP 38 2010 DATED 28-12-2010 1 [[ This is a content summary only. Visit www.taxguru.in for full article ]] Amending Notification No 94 2005-Customs Dated The 20th October 2005 Regarding Continuation Of Anti-dumping Duty On Imports Of Certain Rubber Chemicals Posted: 30 Dec 2010 11:55 PM PST Notification No 132 2010-Customs New Delhi the 28th December 2010 nbsp G S R nbsp nbsp nbsp nbsp nbsp E -Whereas the designated authority vide notification No 15 14 2009-DGAD dated the 12th May 2010 published in [[ This is a content summary only. Visit www.taxguru.in for full article ]] Amends Notification No 10 2008 Cus - Prescribes Effective Rate Of Duty Concessional Rate Of Duty On Certain Goods Imported From Singapore Subject To Origin Of Goods Are Of Singapore -Notification No 131 2010-Cus Dated -24-12-2010 Posted: 30 Dec 2010 11:52 PM PST Amends notification no 10 2008 Cus - Prescribes effective rate of duty concessional rate of duty on certain goods imported from Singapore subject to Origin of goods are of Singapore -Notification No 131 2010-Cus dated -24-12- [[ This is a content summary only. Visit www.taxguru.in for full article ]] Exemption From Additional Duty On Specified Goods By Designated Airlines When Imported From Specified Countries-Notification No 130 2010-Cus Dated -23-12-2010 Posted: 30 Dec 2010 11:47 PM PST Notification No 130 2010-Customs New Delhi dated the 23rd December 2010 nbsp G S R nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp E - In exercise of the powers conferred by sub-section 1 of section 25 of the Customs Act [[ This is a content summary only. Visit www.taxguru.in for full article ]] Anti Dumping Duty Imposed On Import Of Bus And Truck Radial Tyres- Notification No 129 2010-Cus Dated -23-12-2010 Posted: 30 Dec 2010 11:44 PM PST Notification No 129 2010-Customs nbsp New Delhi the 23rd December 2010 nbsp G S R nbsp nbsp E Whereas in the matter of import of Bus and Truck Radial Tyres hereinafter referred to as the subject goods falli [[ This is a content summary only. Visit www.taxguru.in for full article ]] Lead Bank Scheme Conduct Of State Level Bankers Committee SLBC Union Territory Level Bankers Committee UTLBC Meetings Posted: 30 Dec 2010 11:40 PM PST RBI 2010-11 343 RPCD CO LBS BC No 44 02 19 10 2010-11 nbsp December 29 2010 nbsp CMDs of all SLBC Convenor Banks nbsp Dear Sir nbsp Lead Bank Scheme Conduct of State Level Bankers Committee SLBC Union Territ [[ This is a content summary only. Visit www.taxguru.in for full article ]] Public Provident Fund Scheme 1968 Amendment To Section 9 3 Of The Scheme Posted: 30 Dec 2010 11:38 PM PST RBI 2010-11 344 DGBA CDD No H-4311 15 02 001 2010-11 nbsp December 27 2010 nbsp The Chairman and Managing Director Managing Director Government Accounts Department Head Office State Bank of India State Bank of Pa [[ This is a content summary only. Visit www.taxguru.in for full article ]]

TaxGuru.in : Legal & Tax Updates 29.12.2010

 

 

TaxGuru.in : Legal & Tax Updates

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Complete Your KYC Formalities Before Jan 1 2011 Posted: 29 Dec 2010 12:58 AM PST Know-Your-Customer or KYC norms will be mandatory for all mutual fund investors irrespective of the amount you invest after January 1 2011 KYC-Compliance CDSL Ventures CVL a wholly-owned subsidiary of Central Depositor [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CVC Seeks Report From MCD On 30 Graft Complaints Posted: 29 Dec 2010 12:51 AM PST The Central Vigilance Commission has directed the Municipal Corporation of Delhi to investigate and report its findings on a total of 30 complaints of alleged corruption nbsp Besides it has imposed major penalty against 138 officia [[ This is a content summary only. Visit www.taxguru.in for full article ]]

HUFs Can Not Continue PPF After 15 Years Posted: 29 Dec 2010 12:49 AM PST Hindu undivided families HUFs will now have to mandatorily exit from the public provident fund PPF on completion of 15 years The move is aimed at checking misuse as several people were investing in PPF to earn 8 tax-free retur [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Work For GST Not Against It Posted: 29 Dec 2010 12:25 AM PST The government s move to offer fresh excise duty exemptions to companies already enjoying a tax holiday in Himachal Pradesh and Uttarakhand is blatantly wrong It does damage to the goal of having a harmonised goods and services t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

TRAI Likely To Postpone Implementation Of Norms For Unsolicited Calls Posted: 29 Dec 2010 12:12 AM PST Lack of preparedness on the part of mobile operators may force the Telecom Regulatory Authority of India TRAI to extend its January 1 2011 deadline to begin its crackdown against telemarketing companies for making unsolicited cal [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Department Notice To Satyam To Get Accounts For Years 2002 03 And 2007 08 Audited Posted: 29 Dec 2010 12:09 AM PST Satyam Computer Services Ltd said Tuesday it has received a letter from India s tax department requesting it to get its accounts audited for the tax assessment years of 2002-2003 and 2007-2008 nbsp No further details were provided [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Monetary And Credit Information Review Posted: 29 Dec 2010 12:04 AM PST Volume VII Issue 6 December 2010 nbsp MONETARY AND CREDIT INFORMATION REVIEW nbsp Important Banking and Financial Developments in 2010 nbsp January nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MVAT- Notification For Mandatory E-filing Of PTRC Monthly Return Posted: 29 Dec 2010 12:55 AM PST COMMISSIONER OF PROFESSIONS TAX MAHARASHTRA STATE Vikrikar Bhavan Mazgaon Mumbai 400 010 dated the 26th November 2010 NOTIFICATION THE MAHARASHTRA STATE TAX ON PROFESSIONS TRADES CALLINGS AND EMPLOYMENTS ACT 1975 No VAT AMD- [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Special Economic Zones Sixth Amendment Rules 2010 - Amendment In Form C Posted: 28 Dec 2010 10:53 PM PST NOTIFICATION NO G S R 982 E DATED 16-12-2010 nbsp In exercise of the powers conferred by section 55 of the Special Economic Zone Act 2005 28 of 2005 the Central Government hereby makes the following rules further to amen [[ This is a content summary only. Visit www.taxguru.in for full article ]]

TaxGuru.in : Legal & Tax Updates 28.12.2010

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TaxGuru.in : Legal & Tax Updates

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ICAI Extends Last Date For Complying With CPE Hours Credit Requirement To 31st March 2011 Posted: 28 Dec 2010 12:02 AM PST Extention of last date for complying with the requirements of CPE hours credit from 31st December 2010 to 31st March 2011For information of the members Sub Extension of last date for complying with the requirements of CPE hours cred [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Extends Last Date For Receipt Of Nomination Form For ICAI Awards Posted: 28 Dec 2010 12:00 AM PST Extension of Last Date of Receipt of Nomination Form for ICAI Awards ICAI Awards 2010 Corporate CA Achiever s Acclaim have been instituted to honour the contributions and achievements of CAs who are in Industry To facilitate [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Asks Banks To Add Extra Security Layer For Phone Banking Posted: 27 Dec 2010 04:52 PM PST Banks will ask for an additional password from their credit card customers from the new year for any transactions conducted over phone subsequent to a Reserve Bank direction for making phone banking more secure nbsp As per the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Cuts SLR For RRBs To 24 Per Cent Posted: 27 Dec 2010 04:51 PM PST The Reserve Bank today announced reduction of Statutory Liquidity Ratio SLR requirement for lenders to keep a portion of deposits in government securities cash and gold by one percentage point to 24 per cent for regional rural [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Anti-dumping Duty Imposed On Chinese Telecom Equipments Posted: 27 Dec 2010 04:46 PM PST India has imposed anti-dumping duty of up to 266 per cent on imports of an IT equipment also used in the telecom sector to guard the domestic industry from cheap Chinese and Israeli shipments Revenue department says the restrict [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI Challenges CIC Order To Disclose Probe In RIL Posted: 27 Dec 2010 04:44 PM PST SEBI has challenged in the Bombay High Court an order of the Central Information Commission to make public action taken by it on a complaint against Reliance Industries Ltd in the year 2000 on the sale of 12 crore shares for the ben [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Achievements Of Ministry Of Labour And Employment In The Year 2010 Posted: 27 Dec 2010 04:33 PM PST Year-End Review 2010 -The Ministry of Labour amp Employment has made serious efforts to implement various provisions mandated relating to enhancement of the welfare and well-being of farmers farm labour and workers particularly [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T Department Unearths Tax Evasion Of Around Rs 86 Crore Posted: 27 Dec 2010 04:28 PM PST Income tax sleuths unearthed under-invoicing and tax evasion of around Rs 86 crore by Obulapuram Mining Company OMC run by Karnataka s Reddy brothers and also their trusted confidante and state health minister B Sriramulu nbsp T [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Issuance Of Non-Convertible Debentures NCDs - IDMD PCD 25 14 03 03 2010-11 Posted: 27 Dec 2010 11:57 PM PST RBI 2010-11 333IDMD PCD 25 14 03 03 2010-11 nbsp December 27 2010 nbsp All Market Participants nbsp Dear Sirs nbsp Issuance of Non-Convertible Debentures NCDs nbsp A reference is invited to the Issuance of N [[ This is a content summary only. Visit www.taxguru.in for full article ]]

StCBs DCCBs - Operation Of Bank Accounts And Money Mules- RPCD CO RCB AML BC No 39 07 40 00 2010-11 Posted: 27 Dec 2010 11:53 PM PST RBI 2010-11 334 RPCD CO RCB AML BC No 39 07 40 00 2010-11 nbsp December 27 2010 nbsp The Chief Executives of nbsp all State and Central Co-operative Banks nbsp Dear Sir nbsp Operation of bank accounts amp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Asian Clearing Union ACU Mechanism Indo - Iran Trade - A P DIR Series Circular No 31 Posted: 27 Dec 2010 11:48 PM PST ACU Mechanism Indo-Iran Trade nbsp RBI 2010-11 335 A P DIR Series Circular No 31 nbsp December 27 2010 nbsp To All Authorised Dealer Category - I Banks nbsp Madam Sir nbsp Asian Clearing Union AC [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Operationalisation Of Provisions Of Para 5 11 2 Of Hand Book Of Procedure Vol -1 2009-14 Posted: 27 Dec 2010 04:41 PM PST Circular No 8 RE-2010 2009-14 Dated 24-12-2010 nbsp Subject - Operationalisation of provisions of nbsp Para 5 11 2 of Hand Book nbsp of Procedure Vol -1 2009-14 nbsp nbsp Para 5 11 2 of the Hand Book of Procedure Vo [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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