Re: UPDATES FROM TAX GURU (in this message: 27 new items)

On Mon, Nov 30, 2009 at 9:37 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 27 new items)

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• RBI will ask banks to provide details of their direct and indirect exposure to Dubai
• Convergence to IFRS by April 2011 as India is signatory to IFRS
• Success of transition to GST will depend on alignment with Indirect taxes
• Dubai crisis will not have much impact on our economy: Pranab Mukherjee
• Burden to determine "actual cost" of assets in accordance with law is on Assessing officer
• Applicability of Interest u/s 234B or 234C on taxable profit/book profit computed under section 115JA
• Receipt through banking channel not sufficient to prove genuineness of a gift
• Rent income from subleasing can not be taxed under the head `income from business'
• AO not empowered to select head of income for computation of permissible deductions u/s 40(b)
• Taxability of ESOP up to 31.03.2000
• I-T relief for welfare contributions
• Life insurance policy and Protection to policyholders
• Need for Life Insurance
• History of General Insurance, Reform in the sector, General Insurance Products, Non –Life Insurance companies and IRDA
• Mere Expression Of Regret Cannot Be Interpreted As Admission Of Guilt
• KYC Norms/AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by PMLA (Amendment) Act, 2009- Money Changing Activities
• Compliance to be insured by ICAI election candidates , their authorised representatives and by members of ICAI
• Procedure for seeking clarification on policy issues relating to SEZ Act and Rules from Department of Commerce
• Guidelines for consideration of proposals for authorized operations by the BoA
• Circular on Setting up Private/Public bonded warehouse for diamonds and gemstones for import and re-export therefrom
• Exchange Rate notification for Import / Export of goods with effect from 1st November, 2009
• RBI circular on Auction of Government of India Dated Securities
• Memorandum of Instructions for Opening and Maintenance of Rupee /Foreign Currency Vostro Accounts of Non-resident Exchange Houses
• High Level Committee to Review Lead Bank Scheme – Providing banking services in every village having population of over 2000 by March 2011
• Circular on Augmentation of capital funds by issue of Long Term Deposits
• Practical guide to documentation for audit ,peer review, Financial Review and other assurance services
• Internal Audit of treasury

RBI will ask banks to provide details of their direct and indirect exposure to Dubai Posted: 29 Nov 2009 06:56 PM PST While RBI played down the issue, it emerged that Bank of Baroda (BoB) had an exposure of around $200 million (Rs 928 crore at Friday's rates) to Dubai World, a senior bank executive said. "The amount is due for repayment only after 2011. It is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Convergence to IFRS by April 2011 as India is signatory to IFRS Posted: 29 Nov 2009 06:52 PM PST India will stick to its earlier announced deadline for convergence with the International Financial Reporting Standards (IFRS) by April 2011, a top Government official has said. "Let me make it very clear that India is a signatory to accept IFRS.By... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Success of transition to GST will depend on alignment with Indirect taxes Posted: 29 Nov 2009 06:46 PM PST The FTP is primarily focused around export-import guidelines and various incentives available for export of goods and services outside India. In addition, it is also an important source of information for companies effecting deemed exports, i.e.,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Dubai crisis will not have much impact on our economy: Pranab Mukherjee Posted: 29 Nov 2009 06:41 PM PST Asserting that there is no need to press the panic button, Finance Minister Pranab Mukherjee today said the Dubai debt crisis will not have "earth shaking" impact on the country's economy. "The full impact of the Dubai debt crisis is yet to be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Burden to determine "actual cost" of assets in accordance with law is on Assessing officer Posted: 29 Nov 2009 06:34 PM PST After careful consideration of1 above provisions and facts and circumstances of the case, I am unable to accept the stand of the Revenue. As noted above actual cost should ordinarily mean real cost or real worth of assets. If it is not market value,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Applicability of Interest u/s 234B or 234C on taxable profit/book profit computed under section 115JA Posted: 29 Nov 2009 06:31 PM PST There are no two opinions that but for the addition of sub-section [4] in section 115JA of the Act and which was conspicuously absent in section 115J of the Act, the ruling of this court and the reasoning and ratio mentioned in KWALITY BISCUITS*... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Receipt through banking channel not sufficient to prove genuineness of a gift Posted: 29 Nov 2009 06:04 PM PST It is the burden of the assessee to show and demonstrate what kind of relationship or what kind of love and affection the donor has with the assessee, and to explain circumstances in which gifts are made. Related posts:Identification of donor and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Rent income from subleasing can not be taxed under the head `income from business' Posted: 29 Nov 2009 06:01 PM PST The income in respect of a portion of the building, which has been taken on lease by the assessee from the owner of the land and thereafter subleased, cannot be taxed under the head `income from house property' but is to be taxed under the head... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

AO not empowered to select head of income for computation of permissible deductions u/s 40(b) Posted: 29 Nov 2009 05:58 PM PST The Explanation 3 to section 40(b) nowhere empowers the AO to go behind the net profit shown in the Profit & Loss account except to the extent of adjustments provided in the said Explanation, nor he is empowered to decide under which head the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Taxability of ESOP up to 31.03.2000 Posted: 29 Nov 2009 05:49 PM PST In respect of shares acquired under stock option scheme, the difference between the price of shares at the time of exercise of option and the predetermined price is liable to tax as perquisite under s. 17(2)(iii) up to 31st March, 2000. Related... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

I-T relief for welfare contributions Posted: 29 Nov 2009 05:31 PM PST Granting Income Tax relief to companies for deductions for contributions to provident fund (PF), the Supreme Court (SC) on Wednesday dismissed over 60 appeals by the commissioner of income tax. The Finance Act 2003, which operated from April 1,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Life insurance policy and Protection to policyholders Posted: 29 Nov 2009 08:36 AM PST The prospectus of any insurance product should state the scope of benefits, the extent of insurance cover and in an explicit manner explain the warranties, exceptions and conditions of the insurance cover and, whether the product is participating... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Need for Life Insurance Posted: 29 Nov 2009 08:26 AM PST Life Insurance provides risk cover which no other investment option offers. Following are the advantages of Life Insurance: It provides full protection against risk of death. Encourages and forces compulsory savings as the saved money cannot be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

History of General Insurance, Reform in the sector, General Insurance Products, Non –Life Insurance companies and IRDA Posted: 29 Nov 2009 08:15 AM PST Insurance probably made a beginning in the ancient land of Babylonia In the 18th century B.C., Babylonian king Hammurabi developed a code of law, known as the Code of Hammurabi, which codified many specific rules governing the practices of early... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Mere Expression Of Regret Cannot Be Interpreted As Admission Of Guilt Posted: 29 Nov 2009 08:04 AM PST Justice KK Sasidharan, directing the reinstatement of three industrial workers dismissed from service 17 years ago, said: "Admission (of guilt), to be used against the maker, should be clear, unambiguous, unequivocal and without any scope for two... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

KYC Norms/AML Standards/Combating Financing of Terrorism/Obligation of Authorised Persons under PMLA, 2002, as amended by PMLA (Amendment) Act, 2009- Money Changing Activities Posted: 29 Nov 2009 08:00 AM PST In terms of Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009, all Authorized Persons, authorized under Section 10(1) of FEMA, 1999 have been brought under the purview of PMLA, 2002.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Compliance to be insured by ICAI election candidates , their authorised representatives and by members of ICAI Posted: 29 Nov 2009 07:18 AM PST Compliance to be ensured by candidates, their authorised representatives/supporters/volunteers, in particular, and members of the institute, in general, within as well as outside the zero tolerance zone in relation to polling booths set... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Procedure for seeking clarification on policy issues relating to SEZ Act and Rules from Department of Commerce Posted: 28 Nov 2009 11:13 PM PST Meetings of all Zonal Development Commissioners under the chairmanship of AS(SEZ) would be held after BOA meeting in the Department of Commerce to discuss and clarify policy matters which required further discussion. Therefore, if Zonal DCs need any... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Guidelines for consideration of proposals for authorized operations by the BoA Posted: 28 Nov 2009 11:06 PM PST It has been noted that developers/co-developers have been seeking permission of the BoA for carrying out such authorized operations, which are already covered in the default list of authorized operations, the powers for which have already been... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Circular on Setting up Private/Public bonded warehouse for diamonds and gemstones for import and re-export therefrom Posted: 28 Nov 2009 11:00 PM PST Attention is invited to erstwhile scheme for setting up private/public bonded warehouse in SEZ/DTA for import and re-exports of cut & polished diamonds, cut & polished colored gems stones, uncut & unset precious & semi precious... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Exchange Rate notification for Import / Export of goods with effect from 1st November, 2009 Posted: 28 Nov 2009 10:54 PM PST Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI circular on Auction of Government of India Dated Securities Posted: 28 Nov 2009 10:50 PM PST On the basis of bids received, the Reserve Bank will determine the minimum price up to which tenders for purchase of Government Stock will be accepted at the auctions. Bids quoted at rates lower than the minimum price determined by the Reserve Bank... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Memorandum of Instructions for Opening and Maintenance of Rupee /Foreign Currency Vostro Accounts of Non-resident Exchange Houses Posted: 28 Nov 2009 10:44 PM PST Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses, issued vide A.P.(DIR Series)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

High Level Committee to Review Lead Bank Scheme – Providing banking services in every village having population of over 2000 by March 2011 Posted: 28 Nov 2009 10:34 PM PST The Committee, inter-alia, recommended broadening of the scope of the Scheme to specifically cover financial inclusion, role of State Governments, financial literacy and credit counselling, 'credit plus' activities, formulation of time bound... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Circular on Augmentation of capital funds by issue of Long Term Deposits Posted: 28 Nov 2009 09:59 PM PST Please refer to our circular UBD.PCB.Cir.No.4/09.18.201/2008-09 dated July 15, 2008 prescribing guidelines for issue of Preference shares and Long term Deposits by Urban Cooperative Banks. In this connection, it is advised that the Long Term... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Practical guide to documentation for audit ,peer review, Financial Review and other assurance services Posted: 28 Nov 2009 08:33 PM PST The word "document" is used to refer to a written or printed paper that bears the original, official, or legal form of something and can be used to furnish decisive evidence or information. "Documentation" refers to the act or an instance of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Internal Audit of treasury Posted: 28 Nov 2009 08:15 PM PST A treasury can be : the part of a government which manages all money and revenue.the funds of a government or institution or individual.the government department responsible for collecting and managing and spending public revenues . depository (a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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