Fwd: TaxGuru.in : Legal & Tax Updates

---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Sep 30, 2010 at 9:37 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

---

• Government Considering New Law To Multinational Audit Firms Responsible
• National Launch Of Unique Identification Numbers Adhaar
• PIL Alleges Sales Tax Scam Of Over Rs 100 Crore
• Reserve Bank Of India Allows Companies To Act As Business Correspondents For Profit
• Finance Minister Releases The First Budget Manual Of Union Government
• Delivery Of 150 Mercedes Car On Single Day On 14th October In Aurangabad
• No Capital Gains In Hutch Deal No Tax Payable - Vodafone
• SC To Decide Soon On Levy Of Sales Tax On Incidental Charges Like Transportation Packaging Labour Etc
• Supreme Court Declines To Stay Bombay HC Order In Vodafone Tax Plea Case Fresh Demand Notice Soon
• ICAI May Be Roped In To Finalise Mines Profit-sharing Regime
• SEBI Bourses Up Vigil For Market Manipulators
• No Penalty U S 271B If The Audit Report Is Obtained Within The Due Date But Return Is Filed After The Due Date
• How To Know Date Of Birth On PAN Card
• Delay In Filing Return Of Income Due To Late Appointment Of Auditor Must Be Condoned
• Order Of The Madras HC On The Legislative Competency Of The Parliament To Levy Service Tax On Information Technology Software Services
• Exemption To Penultimate Sale Under Section 5 3 Of The CST Act 1956 Decision Of The Constitutional Bench Of The SC
• Dispute Resolution Mechanism Under The Payment And Settlement Systems Act 2007
• RBI Circular On Bank Loans For Financing Promoter S Contribution
• Makes CENVAT Credit Fifth Amendment Rules 2010 Central Excise Notification No 29 2010 CE NT 24-09-2010
• Illegal Use Of Satellite Phones In India-Circular No 37 2010-Customs

Government Considering New Law To Multinational Audit Firms Responsible Posted: 29 Sep 2010 01:31 PM PDT The government is considering changes in laws to make multinational audit firms responsible for professional wrongdoings by their Indian affiliates Currently domestic laws do not allow regulatory action against the global net [[ This is a content summary only. Visit www.taxguru.in for full article ]]

National Launch Of Unique Identification Numbers Adhaar Posted: 29 Sep 2010 11:11 AM PDT On 29th September 2010 Prime Minister Dr Manmohan Singh and UPA Chairperson Smt Sonia Gandhi will launch the issue of Unique Identification Numbers Aadhaar nationally by distributing the first set of numbers among the villager [[ This is a content summary only. Visit www.taxguru.in for full article ]]

PIL Alleges Sales Tax Scam Of Over Rs 100 Crore Posted: 29 Sep 2010 09:39 AM PDT The Bombay High Court has asked Maharashtra government s Principal Secretary Finance to file an affidavit by October 8 in reply to a PIL alleging scam in refund of Sales Tax to the tune of crores of rupees in Palghar division in n [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reserve Bank Of India Allows Companies To Act As Business Correspondents For Profit Posted: 29 Sep 2010 09:35 AM PDT The Reserve Bank of India RBI has decided to permit banks to engage companies excluding non-banking financial companies to act as business correspondents BCs for the purpose of financial inclusion nbsp These companies will [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Minister Releases The First Budget Manual Of Union Government Posted: 29 Sep 2010 09:31 AM PDT Union Finance Minister Shri Pranab Mukherjee released the first Budget Manual of the Union Government here today Releasing the Manual the Finance Minister said that the Union Budget has evolved over the past six decades to re [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delivery Of 150 Mercedes Car On Single Day On 14th October In Aurangabad Posted: 28 Sep 2010 02:08 AM PDT Delhi and Mumbai are so 2009 The millionaires of Aurangabad want to be recognized for what they are - with the help of 115 Mercedes cars A group of the city s industrialists have come together to give Mercedes its largest-ever coll [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Capital Gains In Hutch Deal No Tax Payable - Vodafone Posted: 28 Sep 2010 01:17 AM PDT Sticking to its claim that it does not have a tax liability Vodafone today said it made no capital gains in the USD 11 billion about Rs 50 000 crore Hutchison buyout deal and would take necessary action to defend its position [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC To Decide Soon On Levy Of Sales Tax On Incidental Charges Like Transportation Packaging Labour Etc Posted: 28 Sep 2010 01:12 AM PDT The Supreme Court will soon decide whether sales tax is to be levied on the incidental charges like transportation packaging and labour incurred by Food Corporation of India FCI on purchase of foodgrains for the state machinery i [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Supreme Court Declines To Stay Bombay HC Order In Vodafone Tax Plea Case Fresh Demand Notice Soon Posted: 28 Sep 2010 12:31 AM PDT The Supreme Court on Monday refused to offer any immediate relief to Vodafone which has challenged the Bombay High Court order allowing the government to tax the company s USD 11 billion deal with Hutch The tax department had rai [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI May Be Roped In To Finalise Mines Profit-sharing Regime Posted: 28 Sep 2010 12:23 AM PDT The government is understood to be considering roping in ICAI the apex accounting body to tighten the compensatory scheme for the people displaced by mining projects amid a furore over the proposal for 26 per cent profit-shari [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI Bourses Up Vigil For Market Manipulators Posted: 28 Sep 2010 12:19 AM PDT With the stock market moving closer to new record peaks watchdog SEBI and the stock exchanges have enhanced their guard against manipulators The regulating authority as well as the bourses which act like first-stage regulator [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Penalty U S 271B If The Audit Report Is Obtained Within The Due Date But Return Is Filed After The Due Date Posted: 28 Sep 2010 11:23 AM PDT I have had a discussion lately on the topic whether penalty u s 271B is imposable in case the audit report u s 44AB is obtained within the due date of filing the ITR u s 139 but the ITR is filed after such due date I have tried to exa [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How To Know Date Of Birth On PAN Card Posted: 28 Sep 2010 01:55 AM PDT You forgot your date of birth which you written while submitting the Application with Income Tax Department and neither having a copy of PAN card to know your date of birth as per Income Tax Department Database Is there a way [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delay In Filing Return Of Income Due To Late Appointment Of Auditor Must Be Condoned Posted: 29 Sep 2010 11:43 AM PDT The assessee a co-op bank filed a return for AY 2001-02 showing a loss of Rs 15 94 crores As the return was belated the assessee filed an application u s 119 2 b with the CBDT requesting condonation of delay and for being allowe [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Order Of The Madras HC On The Legislative Competency Of The Parliament To Levy Service Tax On Information Technology Software Services Posted: 28 Sep 2010 02:46 AM PDT Infotech Software Dealers Association hereinafter referred to as the ISODA or the Petitioner is a society registered under the Societies Registration Act having its headquarters at Mumbai Members of ISODA are engaged in th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exemption To Penultimate Sale Under Section 5 3 Of The CST Act 1956 Decision Of The Constitutional Bench Of The SC Posted: 28 Sep 2010 02:38 AM PDT M s Azad Coach Builders Pvt Ltd hereinafter referred to as the Assessee has received an order to build bus bodies by an Indian exporter Tata Engineering Locomotive Co Ltd in accordance with an export order placed on the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Dispute Resolution Mechanism Under The Payment And Settlement Systems Act 2007 Posted: 29 Sep 2010 01:48 PM PDT nbsp Dispute Resolution Mechanism under the Payment and Settlement Systems Act 2007 nbsp RBI 2010-11 213DPSS CO CHD No 654 03 01 03 2010-2011 nbsp September 24 2010 nbsp The Chairman and Managing Director Chief Executi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Circular On Bank Loans For Financing Promoter S Contribution Posted: 29 Sep 2010 08:30 AM PDT Bank loans for financing promoters contribution RBI 2010-11 214 nbsp nbsp DBOD No BP BC 42 21 04 141 2010-11 nbsp nbsp September 27 2010 nbsp The Chairmen and Managing Directors Chief Executive Officers of nbsp All Commerc [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Makes CENVAT Credit Fifth Amendment Rules 2010 Central Excise Notification No 29 2010 CE NT 24-09-2010 Posted: 28 Sep 2010 12:55 AM PDT nbsp G S R nbsp nbsp nbsp nbsp nbsp E - In exercise of the powers conferred by section 37 of the Central Excise Act 1944 1 of 1944 and section 94 of the Finance Act 1994 32 of 1994 the Central Government hereby m [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Illegal Use Of Satellite Phones In India-Circular No 37 2010-Customs Posted: 28 Sep 2010 12:48 AM PDT Attention is invited to the existing guidelines of Department of Telecommunications DOT Ministry of Communications and Information Technology Government of India whereby use of any kind of satellite phone in India is permiss [[ This is a content summary only. Visit www.taxguru.in for full article ]]

You are subscribed to email updates from LEGAL & FINANCIAL UPDATES FROM TAX GURU To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/