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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Jan 30, 2010 at 9:38 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 18 new items)
To: palashbiswaskl@gmail.com
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Jan 30, 2010 at 9:38 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 18 new items)
To: palashbiswaskl@gmail.com
Financial, Legal & Tax Updates from TaxGuru (in this message: 18 new items) | |
- Section 4 of Securities Contracts (Regulation) Act, 1956 does not require publication of pre-recognition Rules and Bye-laws of a Stock
- Department of Telecommunication given ultimatum to the auditors of three telecom majors
- Section 80G of the Income-tax Act, 1961 – Deductions – Donations to certain funds, charitable institutions, etc. – Amendment in Notification No. S.O. 1246(E), dated 29-11-2002
- Rajasthan announced VAT exemption on sugar imported in state till 30th June
- Tariff value of edible oils, brass scrap and poppy seeds notified
- IRDA issued new disclosure norms- mandating insurance companies publish accounts on half-yearly basis
- Exchange Rate notification for Import / Export of goods with effect from 1st February, 2010
- RBI Circular on Exim Bank's Line of Credit to Government of the United Republic of Tanzania
- Adjustment of Advance FBT with Advance Tax for A.Y. 2010-11
- Aal is well
- Integrity and Ethics are Basic to Good Governance in Banking
- Government likely to scrap DEPB scheme
- Mauritius Vice Prime Minister claimed his country is not a tax haven
- 12 per cent service tax likely to return
- Circular on adjustment of Advance FBT Paid for Assessment Year 2010-11
- Clarification regarding filing of Objections before Dispute Resolution Panel (DRP)
- RBI hikes CRR by 75 bps, No Change in Reverse Repo Rate and Repo rate
- Meaning, Formation, Taxation, Membership and Partition of HUF
| Posted: 29 Jan 2010 07:30 PM PST As would be evident from the pleadings and submissions made on behalf of the respective arties, the main question which we are called upon to consider is whether in the absence of publication of the Rules and Bye-laws of the Bombay Stock Exchange,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Department of Telecommunication given ultimatum to the auditors of three telecom majors Posted: 29 Jan 2010 06:45 PM PST The Department of Telecommunication (DoT) has given an ultimatum to the auditors of three telecom majors — Vodafone Essar, Idea Cellular and Bharti Airtel — to submit their final reports to the government by February 7. They are conducting a special... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Posted: 29 Jan 2010 06:40 PM PST In exercise of the powers conferred by Explanation 4 to section 80G of the Income-tax Act, 1961(43 of 1961), the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Rajasthan announced VAT exemption on sugar imported in state till 30th June Posted: 29 Jan 2010 05:55 PM PST The Rajasthan government has announced VAT exemption on imported sugar in the state till June 30, in a bid to control the spiraling sweetener prices."The decision to exempt four per cent VAT was taken by Chief Minister Ashok Gehlot following which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Tariff value of edible oils, brass scrap and poppy seeds notified Posted: 29 Jan 2010 05:43 PM PST Central Board of Excise and Customs (CBEC), Department of Revenue has issued Notification No.10/2010-Customs (N.T.) dated January 29, 2010 notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Posted: 29 Jan 2010 05:17 PM PST The Insurance Regulatory and Development Authority (Irda) has issued disclosure norms for insurance companies, mandating them to publish accounts on a half-yearly basis. The disclosure norms are seen as a precursor to allowing insurance companies to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Exchange Rate notification for Import / Export of goods with effect from 1st February, 2010 Posted: 29 Jan 2010 09:09 AM PST In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in suppression of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 186/2009-Customs (N. T.), dated the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| RBI Circular on Exim Bank's Line of Credit to Government of the United Republic of Tanzania Posted: 29 Jan 2010 09:02 AM PST Export-Import Bank of India (Exim Bank) has concluded an Agreement dated May 28, 2009 with the Government of the United Republic of Tanzania making available to the latter, a Line of Credit (LOC) of USD 40 million (USD forty million only) for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Adjustment of Advance FBT with Advance Tax for A.Y. 2010-11 Posted: 29 Jan 2010 08:57 AM PST The Central Board of Direct Taxes have decided that any instalment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11. The assessee can adjust... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Posted: 29 Jan 2010 08:39 AM PST The phrase aal is well is catching up fast with one and all- thanks to the recent film '3 Idiots' which has made this phrase popular amongst the gen next and other factions of the society. The film, 3 idiots sends the message to the present society... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Integrity and Ethics are Basic to Good Governance in Banking Posted: 29 Jan 2010 08:35 AM PST One may govern life in accordance with the revealed truth as one sees it or natural law or a simple precept of not treating others as ends, or in pursuit of the good life of contemplation prized by Aristole . One may believe that morality lies in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Government likely to scrap DEPB scheme Posted: 29 Jan 2010 08:22 AM PST One of the most favoured duty reimbursement schemes among exporters - the Duty Entitlement Passbook (DEPB) scheme - is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Mauritius Vice Prime Minister claimed his country is not a tax haven Posted: 29 Jan 2010 08:19 AM PST Dismissing the notion that Mauritius is a tax haven, the island nation's Vice Prime Minister Ramakrishna Sithanen on Tuesday said he has not received any complaints from India about routing investments via his country to evade taxes. However,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| 12 per cent service tax likely to return Posted: 29 Jan 2010 08:11 AM PST The government may take the first step towards fiscal consolidation in Budget 2010-11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Circular on adjustment of Advance FBT Paid for Assessment Year 2010-11 Posted: 29 Jan 2010 01:19 AM PST The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII H (Sections 115 W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115 WM... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Clarification regarding filing of Objections before Dispute Resolution Panel (DRP) Posted: 28 Jan 2010 10:53 PM PST A new section 144C was inserted in the Income-tax Act, 1961 vide Finance (No. 2) Act of 2009. Section 144C provides for constitution of a Dispute Resolution Panel (DRP) to decide cases of an eligible assessee as defined in sub-section (15) of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| RBI hikes CRR by 75 bps, No Change in Reverse Repo Rate and Repo rate Posted: 28 Jan 2010 10:35 PM PST RBI has increased cash reserve ratio by 75 bps to 5.75 Percent , the hike would happen in two stages, the first stage of hike of 50 bps will be effective from February 13 and the next 25 bps from February 27. RBI has not touched the the reverse repo... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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| Meaning, Formation, Taxation, Membership and Partition of HUF Posted: 28 Jan 2010 08:12 PM PST The Hindu Undivided Family can best be defined as a family that consists of a common ancestor and all his lineal male descendants and their wives and unmarried daughters. The Hindu Undivided Family (HUF) cannot be created by acts of any party. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
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