Fwd: Financial, Legal & Tax Updates from TaxGuru (in this message: 7 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sun, Feb 7, 2010 at 9:37 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 7 new items)
To: palashbiswaskl@gmail.com

Financial, Legal & Tax Updates from TaxGuru (in this message: 7 new items)

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• Income tax department recovered Rs, 3 crore in raid at IAS couple
• ICAI will start disciplinary proceedings against the Satyam auditor—Srinivas Talluri as he is out on bail
• MCX signed MOU with ICAI to share knowledge and expertise
• SEBI appointed former CIT Vijay Ranjan, as administrator for reallocation of unjust gains in IPO scam
• CBI registered corruption case against JNU Professor
• Even employees' contribution to PF paid before due date of filing ROI is allowable u/s 43B
• Summary of provisions related to declared goods under the CST Act, 1956

Income tax department recovered Rs, 3 crore in raid at IAS couple Posted: 06 Feb 2010 07:28 AM PST Over Rs 3 crore in cash have been recovered from an IAS couple in Bhopal following raids by the Income Tax Department officials at their residence on Thursday night. Officials also seized details of bank deposits worth Rs 2.25 crore from the house... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI will start disciplinary proceedings against the Satyam auditor—Srinivas Talluri as he is out on bail Posted: 06 Feb 2010 07:13 AM PST Accounting regulator Institute of Chartered Accountants of India (ICAI) has said that it will start disciplinary proceedings against the Satyam auditor—Srinivas Talluri who has been granted bail on Thursday by the Supreme Court. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

MCX signed MOU with ICAI to share knowledge and expertise Posted: 06 Feb 2010 07:02 AM PST MCX Stock Exchange (MCX-SX), India's new stock exchange, has signed a memorandum of understanding with The Institute of Chartered Accountants of India (ICAI) Set up by an Act of Parliament for leveraging each-others' expertise and domain knowledge... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI appointed former CIT Vijay Ranjan, as administrator for reallocation of unjust gains in IPO scam Posted: 06 Feb 2010 06:53 AM PST SEBI has appointed a former chief commissioner of income-tax, Mr Vijay Ranjan, as administrator for reallocation of unjust gains in the IPO scam (2003-05) to the unsuccessful retail applicants. Mr Ranjan was also associated with SEBI as an Executive... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBI registered corruption case against JNU Professor Posted: 06 Feb 2010 06:44 AM PST THE Central Bureau of Investigation has registered a case against Professor, School of Computer & System Sciences, Jawaharlal Nehru University, New Delhi; Professor, Electronics & Communication Engineering Department, National Institute of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Even employees' contribution to PF paid before due date of filing ROI is allowable u/s 43B Posted: 06 Feb 2010 05:51 AM PST S. 2 (24) (x) provides that amounts received by an assessee from employees towards PF contributions etc shall be "income". S. 36 (1) (va) provides that if such sums are contributed to the employees account in the relevant fund on or before the due... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Summary of provisions related to declared goods under the CST Act, 1956 Posted: 06 Feb 2010 05:33 AM PST Declared goods are the goods of special importance on which there are certain restrictions placed under CST Act 1956 on imposition of sales tax or VAT by the states. Article286(3)(a) of the Constitution of india authorises parliament to declare some... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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Palash Biswas
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