Fwd: Financial, Legal & Tax Updates from TaxGuru (in this message: 15 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Jan 27, 2010 at 9:38 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 15 new items)
To: palashbiswaskl@gmail.com

Financial, Legal & Tax Updates from TaxGuru (in this message: 15 new items)

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• ICAI announced Examination Centers, last date for filing forms, date & Schedule of PE-II, PCE, IPCE and Final Examination – May 2010
• ICAI announced Examination Centres, last date for filing forms, date & Schedule of CPT examination June 2009
• Income from even an isolated transaction of sale of land can be considered as business income of an assessee though not carrying on real estate business
• RBI likely to hike CRR , Repo Rate and Reverse Repo Rate
• Amendment for Export of Animal by product to EU in the Schedule 2 (Export Policy) of ITC(HS) Classifications of Export and Import items
• "Scheme of Assistance to Training Institutions" To Train 500 Million Persons By 2022
• Mauritius imposed stringent conditions on Mauritius-based companies investing in India
• Companies Act may specify stringent rules for filing class action suits
• ICAI not yet submitted its repot on PWC
• CBDT in a fix over the application of one safe harbour rate to all sectors
• Service tax refunds to exporters
• CBDT to cross-verify all high value refunds this fiscal
• Reopening u/s 147 not valid if there is no finding regarding failure to disclose material facts
• s.153A does not authorize de novo assessment. Non-pending assessments do not abate. Additions must be confined to search material
• E-Filing of income Tax returns needs a close review

ICAI announced Examination Centers, last date for filing forms, date & Schedule of PE-II, PCE, IPCE and Final Examination – May 2010 Posted: 26 Jan 2010 07:22 PM PST In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Professional Education -II, Professional Competence Course (PCC), Integrated... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI announced Examination Centres, last date for filing forms, date & Schedule of CPT examination June 2009 Posted: 26 Jan 2010 06:51 PM PST In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test ( Paper- Pencil Mode) will be held on Sunday, the 20th... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Income from even an isolated transaction of sale of land can be considered as business income of an assessee though not carrying on real estate business Posted: 26 Jan 2010 07:58 AM PST Thus, the attendant circumstances of the case, the process of purchase of land, conversion thereof and sale, compel us to come to the conclusion that the * purchase of land, in itself, was with an intention to sell at a profit in the form of an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI likely to hike CRR , Repo Rate and Reverse Repo Rate Posted: 26 Jan 2010 07:21 AM PST Ahead of the Reserve Bank's quarterly monetary policy, RBI is likely to signal interest rate hikes to suck out liquidity from the market and check prices from spiraling further. Reserve Bank may also raise the amount banks need to park with the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Amendment for Export of Animal by product to EU in the Schedule 2 (Export Policy) of ITC(HS) Classifications of Export and Import items Posted: 26 Jan 2010 07:13 AM PST NOTIFICATION NO. 26 /2009-2014, NEW DELHI, THE 25 JANUARY, 2009. S.O.(E) In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

"Scheme of Assistance to Training Institutions" To Train 500 Million Persons By 2022 Posted: 25 Jan 2010 10:07 PM PST The Ministry of Micro, Small & Medium Enterprises has been implementing a plan scheme of "Assistance to Training Institutions" , commonly known as the EDI scheme since 1993-94. Under the scheme assistance is provided to existing and new... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Mauritius imposed stringent conditions on Mauritius-based companies investing in India Posted: 25 Jan 2010 10:04 PM PST In a bid to allay the Indian government's fears about round tripping, the Financial Services Commission of Mauritius has imposed a stringent set of conditions on Mauritius-based companies investing in India. THE Financial Sevices Commission of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Companies Act may specify stringent rules for filing class action suits Posted: 25 Jan 2010 09:57 PM PST To prevent misuse of class action suits, the new Companies Act may specify a minimum number of shareholders or creditors of companies for exercising the right to file such cases, the Corporate Affairs Minister, Mr Salman Khurshid, has said. This is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI not yet submitted its repot on PWC Posted: 25 Jan 2010 09:52 PM PST The ministry of company affairs said that it was yet to receive a detailed report from the Institute of Chartered Accountants of India on the audit and accounting major PricewaterhouseCoopers, which was involved in an accounting goof-up in the Rs... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBDT in a fix over the application of one safe harbour rate to all sectors Posted: 25 Jan 2010 09:35 PM PST The Central Board of Direct Taxes (CBDT) is in a fix over the application of one safe harbour rate to all sectors. A committee, formed last month to frame safe harbour rules as announced in the 2009-10 Budget to minimise transfer pricing disputes,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Service tax refunds to exporters Posted: 25 Jan 2010 09:07 PM PST In order to make exports of services from India internationally competitive, the Government of India has zero rated such exports. Consequently, the services exporting community is entitled to obtain refunds of input tax credits or utilise such... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBDT to cross-verify all high value refunds this fiscal Posted: 25 Jan 2010 08:53 PM PST Bank Accounts, Beneficiaries and Some Scamsters Involved in Income tax Refund Fraud in Mumbai Identified. The Central Board of Direct Taxes (CBDT) has stated that an officer in the Income Tax department, Mumbai noticed on or about 12th January, 2010... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Reopening u/s 147 not valid if there is no finding regarding failure to disclose material facts Posted: 25 Jan 2010 08:46 PM PST In AY 2002-2003, the assessee claimed deduction u/s 80-IB (10) of Rs. 3.85 crs which was allowed by the AO vide s. 143 (3) order. The assessment was reopened u/s 147 after the expiry of four years from the end of the assessment year on the ground... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

s.153A does not authorize de novo assessment. Non-pending assessments do not abate. Additions must be confined to search material Posted: 25 Jan 2010 08:39 PM PST S. 153A provides that where a search is initiated u/s 132 the AO shall "assess or reassess the total income of six assessment years immediately preceding the assessment year" relevant to the previous year in which the search is conducted or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

E-Filing of income Tax returns needs a close review Posted: 25 Jan 2010 08:32 PM PST There are over five million income tax payers in India and this number is fast growing. The tax department, therefore, has to deal with millions of fresh returns every year. The tax returns along with annexures make a very huge mass of records which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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