Re: UPDATES FROM TAX GURU (in this message: 13 new items)

On Sat, Nov 28, 2009 at 9:34 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 13 new items)

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• DTC likely be tabled in Parliament only in Budget Session
• Government planning to discuss M&A clauses with Competition Commission of India (CCI)
• Insurance Council opposed DTC proposal to tax withdrawal of insurance fund
• Proposal to pay salary to independent directors subject to attendance of 70% Board meetings
• ICWAI to drive adoption of cost accounting standards in SAARC region
• Interest on funds borrowed for acquiring controlling stake in a company not allowable
• Bankruptcy of the America is now certain
• SEBI relaxed norms for security, or the asset cover, required for issuing secured bonds
• Govt. will launch portal for online registration of birth
• Government allowed ICWAI to change its name to ICMAI
• Introduction of New Mutual Fund Service System (MFSS)
• Revised norms for execution of Bank Guarantee under specified Export Promotion Schemes
• Desert Storm

DTC likely be tabled in Parliament only in Budget Session Posted: 27 Nov 2009 05:58 PM PST With the mammoth task of garnering support on contentious issues like exempt exempt tax (EET) regime for savings and minimum alternative tax (MAT) still to be done, the Direct Tax Codes Bill, which will replace the archaic Income Tax Act, 1961, is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government planning to discuss M&A clauses with Competition Commission of India (CCI) Posted: 27 Nov 2009 05:47 PM PST After a lull, the contentious provisions regarding mergers and acquisitions (M&A's) of the amended Competition Act is back on the discussion table of the Ministry of Corporate Affairs (MCA). The Ministry is planning to hold a meeting with the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Insurance Council opposed DTC proposal to tax withdrawal of insurance fund Posted: 27 Nov 2009 05:42 PM PST SB Mathur, Secretary General of the Life Insurance Council, said either the proposal be changed to retain the present system of exempting a life insurance holder from tax at the time of withdrawal, or tax should be levied only on the real value of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Proposal to pay salary to independent directors subject to attendance of 70% Board meetings Posted: 27 Nov 2009 05:34 PM PST The government is examining a proposal seeking to split the compensation package of independent directors into fixed and variable components to ensure they play an active role in the affairs of companies. The variable component will be linked to the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICWAI to drive adoption of cost accounting standards in SAARC region Posted: 27 Nov 2009 05:28 PM PST Institute of Cost and Works Accounts of India (ICWAI), an apex body to regulate the profession of cost and management accountancy in India, in association with the other Cost and Management Accounting (CMA) bodies of the SAARC region, organized an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Interest on funds borrowed for acquiring controlling stake in a company not allowable Posted: 27 Nov 2009 05:07 PM PST Interest paid on funds borrowed for acquiring controlling stake in a company will not be exempt from tax. The Income Tax Appellate Tribunal (ITAT) has ruled that such expenditure for investing in shares of a company cannot be exempted, since it has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Bankruptcy of the America is now certain Posted: 27 Nov 2009 04:55 PM PST It's one of those numbers that's so unbelievable you have to actually think about it for a while... Within the next 12 months, the U.S. Treasury will have to refinance $2 trillion in short-term debt. And that's not counting any additional deficit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI relaxed norms for security, or the asset cover, required for issuing secured bonds Posted: 27 Nov 2009 04:42 PM PST Capital market regulator Securities and Exchange Board of India (Sebi) on Thursday eased norms for security, or the asset cover, required for issuing secured bonds. Sebi said that issuers will have to maintain a 100% asset cover that is sufficient... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Govt. will launch portal for online registration of birth Posted: 27 Nov 2009 04:38 PM PST If you are fed up of standing in a queue for securing a birth certificate for your newborn, there is good news as the government's soon to be launched health portal will reduce your inconvenience by making the process a click away.Besides... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government allowed ICWAI to change its name to ICMAI Posted: 27 Nov 2009 04:34 PM PST The government on Thursday said cost accounting body ICWAI can change its name to Institute of Cost and Management Accountants of India . "We have in-principle allowed ICWAI to change its name to Institute of Cost and Management Accountants of India... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Introduction of New Mutual Fund Service System (MFSS) Posted: 27 Nov 2009 04:27 PM PST All trading members of the Exchange who are registered with Association of Mutual Funds of India (AMFI) as Mutual Fund Advisors and who have signed up with the specific Asset Management Company (AMC) of a Mutual Fund are eligible to participate in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Revised norms for execution of Bank Guarantee under specified Export Promotion Schemes Posted: 27 Nov 2009 04:24 PM PST I am directed to invite your attention to Circular No.17/2009-Cus. dated 25.05.2009 (herein after referred to as 'the said circular') vide which revised norms for execution of Bond / Bank Guarantee (BG) in respect of imports made under the Advance... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Desert Storm Posted: 27 Nov 2009 04:16 PM PST After 40 years Dubai have created artificial islands full of luxury villas, the world's tallest tower, an underwater hotel and many more things which might make tails spin of ones eyes. Dubai is now the glittering crown of the Middle East. The gulf... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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