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

On Sat, Jan 9, 2010 at 9:40 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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• Workmen's Compensation (Amendment) act, 2009
• Payment of Gratuity (Amendment) Act, 2009 – Amendment in section 2 and insertion of section 13A
• CBDT may allow companies to adjust the FBT paid against the advance tax due in the March quarter
• Information on Assets declared by public servant can be given under Right to Information (RTI) Act
• Ultimate Victim of Insurance Miss Selling
• Switch Your ULIP Equity Funds Now
• Effective date of transfer of shares for capital gains when agreement to transfer of shares is revocable
• SEBI made it compulsory for credit rating agencies to have internal audits
• ICAI announced amnesty scheme for delay in submission of Form 112
• ICAI Invited Suggestions, queries/comments relating to tax issues arising from implementation of IFRS
• SEBI circular on PAN requirement for transmission of shares in physical form
• CA Final November 2009 and Common Proficiency Test (CPT) December, 2009 examination results likely to be declared on 17th Jan 2010
• Power gold mine of India

Workmen's Compensation (Amendment) act, 2009 Posted: 08 Jan 2010 06:48 PM PST Workmen's Compensation (Amendment) act, 2009 - amendment in long title, preamble, section 1, 2, 4, 20, schedule II, insertion of section 25a and Substitution of references to certain expressions by certain other expressions [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Payment of Gratuity (Amendment) Act, 2009 – Amendment in section 2 and insertion of section 13A Posted: 08 Jan 2010 06:40 PM PST In the Payment of Gratuity Act, 1972 (39 of 1972) (hereinafter referred to as 'the principal Act'), in section 2, for clause (e), the following clause shall be substituted, namely:—'(e) "employee" means any person (other than an apprentice) who is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBDT may allow companies to adjust the FBT paid against the advance tax due in the March quarter Posted: 08 Jan 2010 06:27 PM PST The government will allow companies to adjust the fringe benefit tax (FBT) paid by them against the advance tax due in the March quarter, reducing the hazard of claiming a refund and slightly improving profits at a time of rising costs, said an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Information on Assets declared by public servant can be given under Right to Information (RTI) Act Posted: 08 Jan 2010 06:14 PM PST After politicians and judges of the Supreme Court, now the assets of babus have also been prised open to public scrutiny by RTI. In a landmark order, the Central Information Commission (CIC) has said that disclosure of information such as assets of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Ultimate Victim of Insurance Miss Selling Posted: 08 Jan 2010 06:04 PM PST In every company sales mangers are required to appoint insurance advisors. What are these advisors are? In general the advisors are the ones who will sell the insurance products to the clients. That means they are one type of representatives of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Switch Your ULIP Equity Funds Now Posted: 08 Jan 2010 05:54 PM PST ULIP's are basically long term investment. But despite being Long Term in nature they are Return Maximizing tool. The return is maximized through the well known option provided itself in the ULIP product SWITCHES. Each Ulip comes with a Switch... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Effective date of transfer of shares for capital gains when agreement to transfer of shares is revocable Posted: 08 Jan 2010 05:46 PM PST Recently ITAT Mumbai in the case of Mrs. Hami Aspi Balsara (Taxpayer) v ACIT. [2009-TIOL-789-ITAT-MUM] held that where a transfer of shares is made conditional upon fulfillment of certain covenants by the parties, the transfer can be regarded as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI made it compulsory for credit rating agencies to have internal audits Posted: 08 Jan 2010 05:15 PM PST The internal audit to be conducted on a half-yearly basis by chartered accountants, company secretaries or cost accountants, and will cover all aspects of CRA operations and procedures, including investor grievance redressal mechanism, the regulator... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI announced amnesty scheme for delay in submission of Form 112 Posted: 08 Jan 2010 05:12 PM PST In partial modification of the guidelines as contained in the Announcement dated 14th September 2009, it is hereby notified for the information of all concerned that the Council, in its 291st meeting held on 16th and 17th December 2009, has decided... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ICAI Invited Suggestions, queries/comments relating to tax issues arising from implementation of IFRS Posted: 08 Jan 2010 05:00 PM PST The Central Board of Direct taxes and the Institute of Chartered Accountants of India have jointly constituted a study group to identify direct tax issues arising from convergence of Indian Accounting Standards [IAS] with the International Financial... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI circular on PAN requirement for transmission of shares in physical form Posted: 08 Jan 2010 04:53 PM PST The Securities and Exchange Board of India (SEBI) vide circular ref. no. MRD/DoP/Cir-05/2007 dated April 27, 2007 made PAN mandatory for all securities market transactions. Thereafter, vide circular no. MRD/DoP/ Cir-05/2009 dated May 20, 2009 it was... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CA Final November 2009 and Common Proficiency Test (CPT) December, 2009 examination results likely to be declared on 17th Jan 2010 Posted: 08 Jan 2010 04:48 PM PST The results of the Chartered Accountants Final and Final (New Course) Examinations held in November, 2009 and Common Proficiency Test (CPT) held in December, 2009 are likely to be declared on Sunday, the 17th January, 2010 around 2:00 PM and the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Power gold mine of India Posted: 08 Jan 2010 01:01 AM PST Power is an essential requirement for all facets of our life and has been recognized as a basic human need. It is the critical infrastructure on which the socio-economic development of the country depends. The growth of the economy and its global... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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