Fwd: Financial, Legal & Tax Updates from TaxGuru (in this message: 17 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Jan 29, 2010 at 9:40 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 17 new items)
To: palashbiswaskl@gmail.com

Financial, Legal & Tax Updates from TaxGuru (in this message: 17 new items)

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• New GST rollout date will be known in April 2010
• Summary of comments made by Department of Revenue on First Discussion Paper on Goods and Service Tax (GST)
• Restructuring of businesses cannot be construed as an exercise for avoiding tax: AAR
• NBFCs can't be put under the purview of the Money laundering act: Gujarat high court
• Interest rate on home loans may remain unchanged
• Government likely to extended Interest subvention scheme for exporters till December 2010
• List of Terrorist Individuals/ Organisations – under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation
• RBI circular on External Commercial Borrowings (ECB) Policy
• DGFT notification on Import policy of Toys
• Former Satyam chief declared 'pauper' in US court
• PPPAC approves PPP Projects worth Rs. 4120.29 crores
• Committee on Comprehensive Regulation for Credit Rating Agencies suggests Strengthening of Existing Regulations
• Coaching classes for CA students not permissible between 9.30 a.m. and 5.30 p.m
• ICAI postponed the result of PE–II, PCE and IPCE examination held in November, 2009
• Due Date for MVAT audit in form 704 for financial year 2008-09 extended to 31st March 2010
• Easy Economy to a Competitive Economy (series 1)
• Goods and Services Tax (GST) may not meet April 1 deadline: Plan panel

New GST rollout date will be known in April 2010 Posted: 28 Jan 2010 07:02 PM PST It is official. The much-anticipated Goods and Services Tax (GST), which will replace most of the indirect taxes levied by the Centre and states, will not be introduced from the targeted date of April 1. The Bills pertaining to the introduction of a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Summary of comments made by Department of Revenue on First Discussion Paper on Goods and Service Tax (GST) Posted: 28 Jan 2010 06:34 PM PST Department of Revenue has agreed to most of the recommendations put forward by Empowered committee in FDP on GST relating to harmonious structure of rate, taxation base, exemptions, chargeability, definition of taxable event, taxable person,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Restructuring of businesses cannot be construed as an exercise for avoiding tax: AAR Posted: 28 Jan 2010 10:32 AM PST In a ruling that will provide great relief to corporates planning to restructure their businesses, the Authority for Advance Ruling (AAR) held that restructuring of businesses cannot be construed as an exercise for avoiding tax in India. AAR, a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

NBFCs can't be put under the purview of the Money laundering act: Gujarat high court Posted: 28 Jan 2010 10:28 AM PST An attempt by the state government to regulate non-banking financial companies (NBFCs) operating in the state failed when justice Jayant Patel of the Gujarat high court ruled that NBFCs can't be put under the purview of the Money laundering act (ML... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Interest rate on home loans may remain unchanged Posted: 28 Jan 2010 10:13 AM PST Interest rates may remain soft even if the central bank were to withdraw its accommodating stance and tighten monetary policy, which will be reviewed on Friday. The good news for home loan borrowers is that retail loans are the only form of credit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government likely to extended Interest subvention scheme for exporters till December 2010 Posted: 28 Jan 2010 10:10 AM PST The government is likely to extend the 2 per cent interest subsidy given to exporters on rupee export credit from March 31 to December 2010. The announcement is expected in the upcoming Budget. Although India's exports have started growing again... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

List of Terrorist Individuals/ Organisations – under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation Posted: 28 Jan 2010 09:57 AM PST Please find enclosed a copy of the corrigendum received from Government of India (Ministry of External Affairs) as forwarded by the Chairman of UN Security Council's 1267 Committee regarding a technical error in the Arabic script of one of names... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI circular on External Commercial Borrowings (ECB) Policy Posted: 28 Jan 2010 09:54 AM PST As per the extant policy, eligible borrowers in the telecommunication sector are permitted to avail of ECB for the purpose of payment for spectrum allocation, under the automatic route. Keeping in view the large outlay of funds required to be paid... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

DGFT notification on Import policy of Toys Posted: 28 Jan 2010 09:50 AM PST In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-14, the Central Government hereby makes the following amendments in the Schedule 1... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Former Satyam chief declared 'pauper' in US court Posted: 28 Jan 2010 09:44 AM PST Ramalinga Raju, former chairman of Satyam Computers, who last year confessed to have inflated his company's assets by over $ 1 billion, was declared a pauper by a court here exempting him from paying court costs. New York judge Barabara S Jones... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

PPPAC approves PPP Projects worth Rs. 4120.29 crores Posted: 28 Jan 2010 09:01 AM PST The Thirtieth PPPAC meeting, chaired by Finance Secretary, met on January 6, 2010 and granted approval to 4 projects of Ministry of Shipping. These projects are in 3 States. The estimated project cost of the approved projects is Rs. 4120.29 crore. ... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Committee on Comprehensive Regulation for Credit Rating Agencies suggests Strengthening of Existing Regulations Posted: 28 Jan 2010 08:58 AM PST The Committee on Comprehensive Regulation for Credit Rating Agencies (CRAs), set up by the Department of Economic Affairs, Ministry of Finance under the Chairmanship of Dr. K.P. Krishnan, Joint Secretary (Capital Markets) with representatives from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Coaching classes for CA students not permissible between 9.30 a.m. and 5.30 p.m Posted: 28 Jan 2010 08:55 AM PST Attention of the members is drawn to Announcements dated 27th March 2009 and 19th May 2009 hosted on website of the Institute wherein the decision of the Council with regard to, inter-alia, working hours and coaching hours have been notified. ... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI postponed the result of PE–II, PCE and IPCE examination held in November, 2009 Posted: 28 Jan 2010 08:51 AM PST The results of the Chartered Accountants Professional Education (Examination-II), Professional Competence Examination and Integrated Professional Competence Examination held in November, 2009 scheduled to be announced on 29th January, 2010 will now... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Due Date for MVAT audit in form 704 for financial year 2008-09 extended to 31st March 2010 Posted: 28 Jan 2010 08:47 AM PST Representations from various Trades and Associations have been received with a request to extend the due date for submission of Audit Report in Form-704 for the year 2008-09. The Finance Department, Government of Maharashtra has examined and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Easy Economy to a Competitive Economy (series 1) Posted: 28 Jan 2010 08:32 AM PST This year again we will see this same picture on 26th of February 2010.Lots of hope and fate in that briefcase. Along with this US budget is also about get on the table within a next week followed with many countries budget. But we are already... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Goods and Services Tax (GST) may not meet April 1 deadline: Plan panel Posted: 28 Jan 2010 07:55 AM PST The Planning Commission today said that the proposed Goods and Services Tax (GST) is likely to miss the deadline of April 1, but it could be introduced in the next fiscal only. "Well, we were hoping that it (GST) will come from April 1, but it does... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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