Fwd: Financial, Legal & Tax Updates from TaxGuru (in this message: 19 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Feb 6, 2010 at 9:39 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 19 new items)
To: palashbiswaskl@gmail.com

Financial, Legal & Tax Updates from TaxGuru (in this message: 19 new items)

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• In absence of stay from SC, Department can't collect service tax on renting of immovable properties by resorting to other means
• Legal Woes not over for Price Waterhouse
• ICAI employees call off strike after 20% pay hike
• MVAT circular providing clarification regarding Schedule Entry C-70 – Paper
• SEBI issued circular on Standard warning in Advertisements by Mutual Funds
• Britsh PM warned India on Vodafone issue
• Exim Bank's Line of Credit of USD 36 million to the Government of the Republic of Mali
• Section 23 of the Banking Regulation Act, 1949 – Master Circular on Branch Licensing – Regional Rural Banks (RRBs)- Policy for opening of Regional Offices by RRBs
• National Electronic Funds Transfer (NEFT) System – Refinement of process-flow and enhancement of features
• New Companies Bill 2009 expected to be enacted by the end of this year: Khurshid
• Salman Khurshid suggested ministers to hand over their businesses to trust
• CBDT decided to monitor advance tax payments by top companies
• "India redefined…. CMAs with the difference"
• ICAI awards for excellence in financial reporting for financial year 2008-
• ICAI Exam forms for IPCE, PE-II, PCE and Final Examinations thru AXIS Banks to be available from 8th February 2010
• ICAI Exam forms for IPCE, PE-II, PCE and Final Examinations will be available from 08th February 2010
• Amendment of paragraph 2.13.1, 3.11.7 and 4.50 of HBP Vol. 1 for revalidation of freely transferable Authorization/ Duty credit scrips and re-credit of 4% SAD thereof.
• DGFT issued circular on Procedure to re-credit 4% Special Additional Duty (SAD) of Customs in DEPB, VKGUY, FPS, FMS, MLFPS scrips
• Profit attribution to PE of foreign company when his agent been paid for his services in India on an arm's length basis

In absence of stay from SC, Department can't collect service tax on renting of immovable properties by resorting to other means Posted: 05 Feb 2010 08:05 PM PST In absence of Supreme Court's order staying operations of High Court's judgment relating to levy of service on renting of immovable property, Revenue Department could not instruct its officers to pursue the matter with tax payers calling upon them... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Legal Woes not over for Price Waterhouse Posted: 05 Feb 2010 07:56 PM PST Price Waterhouse may have heaved a sigh of relief with its auditor Srinivas Talluri getting bail on Thursday, but its legal woes are far from over. On Wednesday, the Institute of Chartered Accountants of India (ICAI) banned two chartered accountants... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI employees call off strike after 20% pay hike Posted: 05 Feb 2010 07:52 PM PST Employees of accounting regulator, the Institute of Chartered Accountants (ICAI), late night on Thurday called off their two-day old strike, after the management agreed to their demand for a salary hike. "The management has given us a 20 per cent... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

MVAT circular providing clarification regarding Schedule Entry C-70 – Paper Posted: 05 Feb 2010 07:41 PM PST In this regard, certain representations were received from the Trade seeking clarification on the said circulars. The matter is examined in this office and it is now clarified that Circular No.35-T of 2005 and Circular No. 1-T of 2006 are withdrawn.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI issued circular on Standard warning in Advertisements by Mutual Funds Posted: 05 Feb 2010 07:33 PM PST As per the present guidelines, in advertisements through audio-visual media like television, a statement "Mutual Fund investments are subject to market risks, read the offer document carefully before investing" is required to be displayed on the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Britsh PM warned India on Vodafone issue Posted: 05 Feb 2010 07:15 PM PST Over a year after the Supreme Court dismissed telecom major Vodafone's petition challenging Indian tax authorities' jurisdiction over its $11.2-billion acquisition of Hutchison Essar in 2007, UK Prime Minister Gordon Brown has written to Prime... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Exim Bank's Line of Credit of USD 36 million to the Government of the Republic of Mali Posted: 05 Feb 2010 07:07 PM PST Export-Import Bank of India (Exim Bank) has concluded an Agreement dated October 12, 2009 with the Government of the Republic of Mali making available to the latter, a Line of Credit (LOC) of USD 36 million (USD thirty six million) for financing... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Section 23 of the Banking Regulation Act, 1949 – Master Circular on Branch Licensing – Regional Rural Banks (RRBs)- Policy for opening of Regional Offices by RRBs Posted: 05 Feb 2010 07:04 PM PST Please refer to paragraph 2.3 of our Master Circular RPCD. CO. RRB. No. BL. BC.8/03.05.90-A/2009-10 (RBI/2009-10/41) dated July 1, 2009 in terms of which amalgamated RRBs having 75 or more branches will be allowed to open one Regional Office (RO)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

National Electronic Funds Transfer (NEFT) System – Refinement of process-flow and enhancement of features Posted: 05 Feb 2010 07:00 PM PST The National Electronic Funds Transfer (NEFT) system has been successfully handling significant volumes, ever since its launch in November 2005. More than 6 million transactions were processed by the system during the month of January 2010 alone.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

New Companies Bill 2009 expected to be enacted by the end of this year: Khurshid Posted: 05 Feb 2010 06:52 PM PST The new Companies Bill with stricter corporate governance norms is expected to be enacted by the end of this year, Corporate Affairs Minister Salman Khurshid said today. Companies Bill 2009, which lapsed with the dissolution of the 14th Lok Sabha,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Salman Khurshid suggested ministers to hand over their businesses to trust Posted: 05 Feb 2010 06:47 PM PST Following the Prime Minister's reported call to his Cabinet colleagues to stay away from any business interest, Corporate Affairs Minister Salman Khurshid today suggested that ministers could hand over their businesses to a trust, as is being... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBDT decided to monitor advance tax payments by top companies Posted: 05 Feb 2010 06:43 PM PST Big corporations will now find it difficult to defer their advance tax payments. In a bid to meet its revenue collection targets, the Central Board of Direct Taxes (CBDT) has decided to monitor advance tax payments by top companies and persuade them... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

"India redefined…. CMAs with the difference" Posted: 05 Feb 2010 06:40 PM PST Eastern India Regional Council of the Institute of Cost & Works Accountants of India is organizing the "Regional Students Conference" at ITC Fortune, Kolkata on 14th February, 2010. The theme of the Conference is "India redefined…. CMAs with... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI awards for excellence in financial reporting for financial year 2008- Posted: 05 Feb 2010 06:14 PM PST The 'Shield Panel', a sub-committee of the Research Committee of the Institute, conducts the competition for the 'ICAI Awards for Excellence in Financial Reporting' annually, with a view to promote better standards in the presentation of information... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI Exam forms for IPCE, PE-II, PCE and Final Examinations thru AXIS Banks to be available from 8th February 2010 Posted: 05 Feb 2010 06:07 PM PST The next Chartered Accountants Examinations of the Institute will be held from 4th to 17th May, 2010. The sale of Examination Application forms for IPCE, PE-II, PCE and Final Examinations would commence from 08th February, 2010. The last date for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI Exam forms for IPCE, PE-II, PCE and Final Examinations will be available from 08th February 2010 Posted: 05 Feb 2010 05:58 PM PST The Sale of Examination Application Forms for Chartered Accountants Professional Education – II, Professional Competence Course (PCE), Integrated Professional Competence Course (IPCE) and Final Examinations and also for the Management Accountancy... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Amendment of paragraph 2.13.1, 3.11.7 and 4.50 of HBP Vol. 1 for revalidation of freely transferable Authorization/ Duty credit scrips and re-credit of 4% SAD thereof. Posted: 05 Feb 2010 05:52 PM PST 2.13.1 However, revalidation of freely transferable Authorisation / Duty credit scrips and stock and sale Authorisation shall not be permitted unless validity has expired while in custody of Customs authority / RA. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

DGFT issued circular on Procedure to re-credit 4% Special Additional Duty (SAD) of Customs in DEPB, VKGUY, FPS, FMS, MLFPS scrips Posted: 05 Feb 2010 05:44 PM PST Procedure to re-credit 4% Special Additional Duty (SAD) of Customs in DEPB, VKGUY, FPS, FMS, MLFPS scrips in view of the refund facility allowed under Customs Notification No. 102/2007-Customs dated 14th September, 2007 (as amended) to be read with... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Profit attribution to PE of foreign company when his agent been paid for his services in India on an arm's length basis Posted: 05 Feb 2010 05:38 PM PST This article summarizes a recent ruling of the Delhi Income Tax Appellate Tribunal (ITAT) [2010-TIOL-59-ITAT-DEL] in the case of BBC Worldwide Ltd. (Taxpayer) on the issue of attribution of profits in relation to the airtime sale activity carried... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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