Fwd: Financial, Legal & Tax Updates from TaxGuru (in this message: 28 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Feb 4, 2010 at 9:33 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 28 new items)
To: palashbiswaskl@gmail.com

Financial, Legal & Tax Updates from TaxGuru (in this message: 28 new items)

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• CBI successfully busted international gang specialising in fake US money orders
• Nucleus Software wins Gold shield for Best Annual Report, 2009, by ICAI
• ICAI list of toppers in CA PEE- II examination, PCE examination and IPCE examination held in November 2009
• MCA issued criteria for identification of a vanishing company
• Law ministry invited applications for the posts of Judicial Members and Accountant Members in the Income Tax Appellate Tribunal
• Corrigendum to Circular No. 1/2010 related to deduction of tax on salaries
• RBI circular on Maintenance of Cash Reserve Ratio (CRR) by Scheduled State Co-operative Banks
• RBI circular on Maintenance of Cash Reserve Ratio (CRR) by All Scheduled Primary (Urban) Co-operative Banks
• RBI circular on Maintenance of CRR by regional rural bank
• List of Terrorist Individuals/ Organisations – under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation
• DTC may increases the tax burden of middle-class and may penalise long term investor
• MVAT circular extending due date for filing revised return in case of Change in Periodicity determined by the department
• RBI doesn't approve penalties on foreclosure of loans but not done enough to prevent such practice
• Budget may not fulfill the demand of banks to allow them to issue tax-free infrastructure bond
• Sixteen new sports added under Section 80G of the Income Tax Act on recommendation of IOA
• Bombay HC accepted writ petition challenging applicability Rule 8 D of section 14 A of the Income-Tax Act, 1961
• Sebi announced valuation norms for Mutual Funds
• Delhi HC deferred hearing of petition seeking refund of penalty of Rs 80 lakh in connection with seizure of 800 kg gold
• High Court stayed collection of taxes from 69 companies allegedly having connections with Ramalinga Raju of Satyam Computers
• Anti-cancer and HIV drugs likely to be exempted from duty in coming budget
• Applicability of transfer pricing provisions on interest-free loans advanced to associated enterprises
• Taxability of payments received by Applicant from its Indian reseller for supply of software products to end users
• Market Basics
• Can the provision barring civil court's jurisdiction in the proposed companies act be effective?
• Vat rate changed in Punjab from 4% to 5%
• Budget may contain the provision requiring TPAs to deduct TDS on payment to hospitals
• Government s likely to introduce a fixed time-frame for nomination of independent directors in state-run companies
• RBI not have info on "heavy penalties" and "extra-ordinary interest rates" imposed by banks on credit card defaults

CBI successfully busted international gang specialising in fake US money orders Posted: 03 Feb 2010 07:46 PM PST THE CBI has successfully busted an international gang involved in printing, possession, circulation and use of counterfeit MoneyGram money orders running into millions of dollars which were being used in the USA. The gang involves Nigerian nationals... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Nucleus Software wins Gold shield for Best Annual Report, 2009, by ICAI Posted: 03 Feb 2010 07:40 PM PST The award under different categories is conferred on the basis of evaluation administered by ICAI's committee for the degree of compliance with the accounting standards, statutory guidelines and other relevant pronouncements which also include... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI list of toppers in CA PEE- II examination, PCE examination and IPCE examination held in November 2009 Posted: 03 Feb 2010 07:36 PM PST The Institute Of Chartered Accountants of India Declares Results of Professional Education Examination (PEE-II), Professional Competence Exam (PCE), and Integrated Professional Education Examination ( [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

MCA issued criteria for identification of a vanishing company Posted: 03 Feb 2010 07:25 PM PST Criteria for identification of a vanishing company:A company would be deemed to be a vanishing company, if it is found to have: a) Failed to file returns with Registrar of Companies (ROC) for a period of two years; [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Law ministry invited applications for the posts of Judicial Members and Accountant Members in the Income Tax Appellate Tribunal Posted: 03 Feb 2010 07:05 PM PST The Department of Legal Affairs, Ministry of Law & Justice has invited applications for the posts of Judicial Members and Accountant Members in the Income Tax Appellate Tribunal. There are 22 vacancies for the post of Judicial Member while... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Corrigendum to Circular No. 1/2010 related to deduction of tax on salaries Posted: 03 Feb 2010 06:43 PM PST Section 192 of the Income-tax Act, 1961 – Deduction of tax at source – Salary – Income-tax deduction from salaries during the financial year 2009-10 – Corrigendum to Circular No. 1/2010, dated 11-1-2010 [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI circular on Maintenance of Cash Reserve Ratio (CRR) by Scheduled State Co-operative Banks Posted: 03 Feb 2010 06:36 PM PST On the basis of the current macroeconomic assessment, as set out in the Third Quarter Review of Monetary Policy 2009-10 issued on January 29, 2010, it has been decided to increase the Cash Reserve Ratio (CRR) for Scheduled State Co-operative Banks... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI circular on Maintenance of Cash Reserve Ratio (CRR) by All Scheduled Primary (Urban) Co-operative Banks Posted: 03 Feb 2010 06:32 PM PST On the basis of the current macroeconomic assessment, as set out in the Third Quarter Review of the Monetary Policy 2009-10 issued on January 29, 2010, ithas been decided to increase the Cash Reserve Ratio (CRR) for Scheduled Primary (Urban)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI circular on Maintenance of CRR by regional rural bank Posted: 03 Feb 2010 06:10 PM PST On the basis of the current macroeconomic assessment, as set out in the Third Quarter Review of Monetary Policy 2009-10 issued on January 29, 2010, it has been decided to increase the Cash Reserve Ratio (CRR) for Regional Rural Banks by 75 basis... [[ 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: 03 Feb 2010 06:06 PM PST Banks/Financial Institutions are required to update the consolidated list of individuals/entities as circulated by Reserve Bank and before opening any new account, it should be ensured that the name/s of the proposed customer does not appear in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

DTC may increases the tax burden of middle-class and may penalise long term investor Posted: 03 Feb 2010 05:53 PM PST Most finance ministers in the past gave direct tax reforms a miss, preferring discretion to valour, until P. Chidambaram took the bull by its horns and drafted a new code to replace the Income Tax Act of 1961. The new code is expected to simplify... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

MVAT circular extending due date for filing revised return in case of Change in Periodicity determined by the department Posted: 03 Feb 2010 05:46 PM PST In the Trade Circular cited at reference No. 3 above, in the para 5 it is provided that if the periodicity determined by the department and periodicity at which the dealer has filed returns is different, then the said dealer shall file revised... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI doesn't approve penalties on foreclosure of loans but not done enough to prevent such practice Posted: 03 Feb 2010 05:25 PM PST The Reserve Bank of India (RBI) does not approve of penalties on foreclosure of loans and admits there is no uniformity among banks on such matters, but appears to have done little to address the problem. This is reflected in two separate sets of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Budget may not fulfill the demand of banks to allow them to issue tax-free infrastructure bond Posted: 03 Feb 2010 05:21 PM PST The long-standing demand of banks that they be allowed to issue tax-free bonds to fund long-term infrastructure projects may not be accepted by the government and included in the Budget. The government has not found any reason to accept the demand,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Sixteen new sports added under Section 80G of the Income Tax Act on recommendation of IOA Posted: 03 Feb 2010 05:13 PM PST Sixteen new sporting disciplines have been brought under the ambit of Section 80G of the Income Tax Act-- which defines charitable and benevolent purposes and allows tax benefits to donors if donations are made to institutions or funds under its... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Bombay HC accepted writ petition challenging applicability Rule 8 D of section 14 A of the Income-Tax Act, 1961 Posted: 03 Feb 2010 05:08 PM PST The Bombay High Court has recently admitted a writ petition that challenges an Income-Tax rule allowing the taxation of expenditure incurred on earning tax-free income like dividends and long-term capital gains. The writ petition was filed by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Sebi announced valuation norms for Mutual Funds Posted: 03 Feb 2010 04:53 PM PST In a move to bring in standardised practices in the mutual fund industry, especially in the debt market segment, Securities & Exchange Board of India (Sebi) on Tuesday asked mutual funds to value all money market and debt securities with... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Delhi HC deferred hearing of petition seeking refund of penalty of Rs 80 lakh in connection with seizure of 800 kg gold Posted: 03 Feb 2010 04:48 PM PST The Delhi High Court deferred the hearing of a petition filed by legal heirs of Maharani Gayatri Devi seeking release of Rs 80 lakh deposited by them in the Government vault as taxes for contravention of the Gold Control Act in 1975. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

High Court stayed collection of taxes from 69 companies allegedly having connections with Ramalinga Raju of Satyam Computers Posted: 03 Feb 2010 04:20 PM PST A Division Bench of the High Court comprising Justice G. Raghuram and Justice Ramesh Ranganathan on Thursday stayed the collection of taxes from 69 companies allegedly having connections with Ramalinga Raju of Satyam Computers on the condition that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Anti-cancer and HIV drugs likely to be exempted from duty in coming budget Posted: 03 Feb 2010 04:14 PM PST ALL anti-cancer and HIV drugs are likely to become cheaper as the forthcoming budget is likely to fully exempt these from customs duty/countervailing duty (CVD), but on the condition that the benefits are passed on to patients. Also, the finance... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Applicability of transfer pricing provisions on interest-free loans advanced to associated enterprises Posted: 03 Feb 2010 08:40 AM PST Delhi Income Tax Appellate recently held in the case of Perot Systems TS! (India) Ltd. (Taxpayer) on the issue of whether interest-free loans advanced to associated enterprises (AEs) can be regarded as arm's length in nature under the transfer... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Taxability of payments received by Applicant from its Indian reseller for supply of software products to end users Posted: 03 Feb 2010 08:18 AM PST Authority for advance ruling recently held that payments received by the Applicant from its Indian reseller for supply of software products to end users should not be classified as royalty. The AAR further held that the relationship between the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Market Basics Posted: 03 Feb 2010 07:38 AM PST Almost everybody of us, feel very excited when the stock market indices go up and make the front page news. Needless to say, almost everybody of us, feel very disheartened when the stock market indices dip down. It can be said, that without stock... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Can the provision barring civil court's jurisdiction in the proposed companies act be effective? Posted: 03 Feb 2010 01:26 AM PST We all aware that there is no express provision barring the Civil Courts to entertain certain company disputes under the Companies Act, 1956. We have been seeing the cases where the Civil Court entertains Company disputes if there is no specific... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Vat rate changed in Punjab from 4% to 5% Posted: 03 Feb 2010 01:21 AM PST The VAT rate on goods as mentioned in schedule B has been changed from 4% to 5% with effect from 29-01-2010. As per a Notification issued by the EXCISE AND TAXATION DEPARTMENT, PUNJAB No S.O. /P.A.8/2005/S.8/2010. dated 29-01-2010 the VAT rate on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Budget may contain the provision requiring TPAs to deduct TDS on payment to hospitals Posted: 03 Feb 2010 01:13 AM PST The forthcoming budget may have provisions binding on the third party administrators (TPAs), the entities that network between insurers and hospitals to facilitate cashless treatment for policyholders, to deduct tax at source (TDS) before making... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government s likely to introduce a fixed time-frame for nomination of independent directors in state-run companies Posted: 03 Feb 2010 01:07 AM PST With the aggressive disinvestment of PSUs being planned for the coming months, the government is likely to introduce a fixed time-frame during which the nomination of independent directors should be completed by state-run companies. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI not have info on "heavy penalties" and "extra-ordinary interest rates" imposed by banks on credit card defaults Posted: 03 Feb 2010 01:00 AM PST The banking regulator of the country, Reserve Bank of India, does not have any information about "heavy penalties" and "extra-ordinary interest rates" imposed by banks on credit card defaults. In reply to a question "Is RBI aware that banks are... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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