Fwd: TaxGuru.in : Legal & Tax Updates

---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Aug 7, 2010 at 9:53 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

---

• Tax Planning- Save tax through your family
• GST: FM says don't want to be super FM, request to talk
• Result analysis of CA PE-II, PCE and IPCE Held in May-2010
• Service Tax : Draft Point of Taxation (for Services Provided or Received in India) Rules, 2010 and Explanatory Notes
• SEBI circular on Allocation of Government debt & Corporate debt investment limits to FIIs
• Requirements for becoming a Chartered Accountant
• No legislation to recover non-performing assets: Govt
• States say petroleum items to remain outside the ambit of GST
• Sebi asks companies to report promoters holding in depository receipts (DRs)
• Mutual funds transferring redemption proceeds to non-resident investors are agents of non resident investors: ITAT Mumbai
• Companies going public will have to file shareholding details one day prior to listing
• SEBI shifts 7 scripts from Trade for Trade Settlement (TFTS) to normal Rolling Settlement
• A big Flaw and Mistake in The Punjab VAT Act 2005
• Maharashtra Government decides to impose green tax on old vehicles
• Procedure for Verification of Answer Books of Chartered Accountants – Final, PE-II, PCE, IPCE/ATE, IPCE/ATE-UNITS, Examinations (May-2010), Common Proficiency Test (June-2010) and CPT Online (July-2010)
• CPT – Applicability of Revised Economics Study Material
• Regulatory Mechanism to Deal with Corporate Frauds
• Committee set up to Review Practices and Procedures regarding Procurement of Sensitive items Relating to Currency, Recommends Waiver of Custom Duty on Imported Machinery for Bank Note Paper Production and Printing
• SEBI Specifies the Model Equity Listing Agreement for SME issuer and stock exchange, Enables SMES to access Capital market
• No Entry load for any Mutual fund Scheme ; Mutual funds Transactions made possible through stock Exchange Platforms
• Base Rate System Replaces Benchmark Prime Lending Rate System; Expected to Increase Credit flow to Small Borrowers
• Government proposes to set up 'National Company Law Tribunal'
• Scheme for Helping Companies to get the Delay Condoned
• Malpractices in Realty Sector
• Income Tax Department in Mumbai yet to process 20 lakh returns
• Income department starts investigating Vendors and contractors working with CWG
• Finance Minster forms panels to cut tax litigation
• Soon service tax may be levied when the consideration is received or when the invoice is raised, whichever is earlier
• Not filed Your IT Return by 4th August? File it now.
• Amended DTAA with Switzerland will provide sharing of information on Indians having unaccounted wealth in secret Swiss bank accounts
• Government set up two panels to suggest way to reduce litigation in Direct and Indirect Tax
• Highlights of E- Filing Season Assessment Year 2010-11/ Financial Year 2009-2010 (up to 04/08/2010)
• DGFT Notification No. 55/2009-2014- Prohibition on export of wheat – exemption for export of wheat to Bangladesh
• DGFT Notification No. 55/2009-2014- Prohibition on export of Non-basmati Rice –exemption regarding
• DGFT Public Notice No. 88/2009-14- Amendment in Appendix 11B for Value addition (notified vide Public Notice No.42 dated 16.2.2010)
• DGFT Notification No. 54/2009-2014- Amendments in Table A of the Schedule 2 of the ITC(HS) Classification of Export and Import Items, by inserting entry at S.No. 7A of HBP

Tax Planning- Save tax through your family Posted: 06 Aug 2010 09:00 PM PDT Its a fact that Your own parents as well as your own in-laws can become legal tools of tax planning for you and your family. If you want to achieve this dictum then all you are need to do is just to give away a portion of your funds, either as a... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

GST: FM says don't want to be super FM, request to talk Posted: 06 Aug 2010 08:59 PM PDT "I have no intention of becoming the Super Finance Minister to interfere with the State GST...They (states) will have their rights as I shall have my right," he said while replying to the discussion on the supplementary demand for grants. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Result analysis of CA PE-II, PCE and IPCE Held in May-2010 Posted: 06 Aug 2010 08:58 PM PDT The results of the Chartered Accountants Professional Education Examination-II (PEE-II), Professional Competence (PCE) and Integrated Professional Competence Examinations (IPCE) held in May 2010 were declared recently. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Service Tax : Draft Point of Taxation (for Services Provided or Received in India) Rules, 2010 and Explanatory Notes Posted: 06 Aug 2010 08:32 PM PDT The purpose of these rules is to introduce clarity and certainty in the matter of levy and collection of Service Tax particularly in situations of change of rate of service tax or imposition of service tax on new services. At present there is lack... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

SEBI circular on Allocation of Government debt & Corporate debt investment limits to FIIs Posted: 06 Aug 2010 08:16 PM PDT In partial amendment to clause 3 (h) of the aforesaid circular IMD/FII & C/37/2009, no single entity shall be allocated more than Rs.100 cr. of the government debt investment limit. ii. In partial amendment to clause 3 (c) and 3(d) of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Requirements for becoming a Chartered Accountant Posted: 06 Aug 2010 08:10 PM PDT Enroll with the ICAI for Common Proficiency Test (CPT) after passing class 10th examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

No legislation to recover non-performing assets: Govt Posted: 06 Aug 2010 08:00 PM PDT Noting that public disclosure of names of bank loan defaulters could harm investors' interests, Government today ruled out a legislation to recover non-performing assets. "Government's interest is to reduce NPAs and recover outstanding loans from... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

States say petroleum items to remain outside the ambit of GST Posted: 06 Aug 2010 07:38 PM PDT In yet another blow to the Centre's plans on the proposed GST, the states today categorically stated that petroleum products will be out of the proposed indirect tax regime, even as the Centre pressed for the same saying such a move can check wild... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Sebi asks companies to report promoters holding in depository receipts (DRs) Posted: 06 Aug 2010 07:31 PM PDT The Securities and Exchange Board of India (Sebi) today asked companies to categorically state whether shares of the custodians, against which depository receipts (DRs) are issued, belong to the promoter or non-promoter entity, a move that will have... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Mutual funds transferring redemption proceeds to non-resident investors are agents of non resident investors: ITAT Mumbai Posted: 06 Aug 2010 07:25 PM PDT Mutual funds will have to be careful while transferring redemption proceeds to non-resident investors, as they (mutual funds) could be categorised as "agents" by the tax department. This could have implications for the fund houses, as they will have... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Companies going public will have to file shareholding details one day prior to listing Posted: 06 Aug 2010 07:19 PM PDT Companies will now have to provide more disclosures about their shareholding pattern to the stock exchanges, with the Securities and Exchange Board of India introducing some new rules in addition to the existing ones. The decision was taken at the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

SEBI shifts 7 scripts from Trade for Trade Settlement (TFTS) to normal Rolling Settlement Posted: 06 Aug 2010 07:10 PM PDT At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement. For this purpose, the listed companies... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

A big Flaw and Mistake in The Punjab VAT Act 2005 Posted: 06 Aug 2010 06:10 PM PDT There are many sections under the Punjab VAT Act where the word Designated officers is used. Many powers under the Punjab VAT Act 2005 like of assessments, levying penalties etc. have been conferred on the Designated Officers. These Designated... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Maharashtra Government decides to impose green tax on old vehicles Posted: 06 Aug 2010 07:17 AM PDT The Maharashtra Government has decided to impose an environment tax on 15 lakh private vehicles registered in the State which are more that 15 years old and six lakh goods and transport vehicles that are more than eight years old. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Procedure for Verification of Answer Books of Chartered Accountants – Final, PE-II, PCE, IPCE/ATE, IPCE/ATE-UNITS, Examinations (May-2010), Common Proficiency Test (June-2010) and CPT Online (July-2010) Posted: 06 Aug 2010 06:48 AM PDT The Students who wish to apply for Verification of their answer books for the Chartered Accountants Examination held in May, 2010, CPT held on June 20, 2010 and CPT Online held on July 24-25, 2010 are requested to note and follow the procedure as... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

CPT – Applicability of Revised Economics Study Material Posted: 06 Aug 2010 06:42 AM PDT This is to bring to the notice of all students pursuing CPT course that the Study Material on General Economics was revised in February 2010. In view of the fact that the revision of the study material is a continuous process, it is expected that... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Regulatory Mechanism to Deal with Corporate Frauds Posted: 06 Aug 2010 06:34 AM PDT The Minister of Corporate Affairs has informed the Lok Sabha that during the period from 01/04/2007 to 31/7/2010, investigations into the affairs of 44 companies have been referred by the Ministry to Serious Fraud Investigation Office. Giving this... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Committee set up to Review Practices and Procedures regarding Procurement of Sensitive items Relating to Currency, Recommends Waiver of Custom Duty on Imported Machinery for Bank Note Paper Production and Printing Posted: 06 Aug 2010 06:31 AM PDT The Government has set up a Committee under the Chairmanship of Shri Shilabhadra Banerjee to review the whole gamut of processes, practices and procedures being followed for procurement and finalisation of security sensitive items relating to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

SEBI Specifies the Model Equity Listing Agreement for SME issuer and stock exchange, Enables SMES to access Capital market Posted: 06 Aug 2010 06:28 AM PDT Securities and Exchange Board of India (SEBI) has finalized and specified the Model Equity Listing Agreement for execution between the Small and Medium Enterprise (SME) issuer and the Stock Exchange. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

No Entry load for any Mutual fund Scheme ; Mutual funds Transactions made possible through stock Exchange Platforms Posted: 06 Aug 2010 06:21 AM PDT SEBI has stipulated that no entry load shall be there for any mutual fund scheme and the upfront commission to distributors will be paid by the investor directly based on the assessment of various factors including the service rendered by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Base Rate System Replaces Benchmark Prime Lending Rate System; Expected to Increase Credit flow to Small Borrowers Posted: 06 Aug 2010 06:17 AM PDT The Base Rate system has replaced the Benchmark Prime Lending Rate (BPLR) system with effect from July 1, 2010. Since the Base Rate is the minimum rate for all loans, banks are not permitted to resort to any lending below the Base Rate. Accordingly,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Government proposes to set up 'National Company Law Tribunal' Posted: 06 Aug 2010 06:13 AM PDT The Government has said that it proposes to set up a 'National Company Law Tribunal' to consolidate the powers and jurisdiction presently being exercised by various bodies namely, Company Law Board, Board for Industrial and Financial Reconstruction,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Scheme for Helping Companies to get the Delay Condoned Posted: 06 Aug 2010 06:11 AM PDT The Minister of Corporate Affairs has informed the Lok Sabha that the number of companies that have not filed their Annual Return consecutively during the last three years – 2006-07, 2007-08 and 2008-09, is 2,13,185. Of these the maximum number of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Malpractices in Realty Sector Posted: 06 Aug 2010 06:09 AM PDT The Ministry of Corporate Affairs has said that it is concerned with taking action against the developers in the realty sector which are registered as companies under Companies Act, 1956 for offences/violations of the provisions of the Companies... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Income Tax Department in Mumbai yet to process 20 lakh returns Posted: 06 Aug 2010 01:05 AM PDT Haven't got your income tax (I-T) refunds? Here is the reason - the department has not processed close to 20 lakh returns filed by taxpayers in Mumbai. The issue was taken up by Chief Commissioner of Income Tax, Mumbai, P. P. Srivastava, who... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Income department starts investigating Vendors and contractors working with CWG Posted: 06 Aug 2010 12:55 AM PDT Income Tax (I-T) investigation has started probing vendors and contractors involved in supply of goods and execution of works for Commonwealth Games stadiums. Surveys are being conducted to verify books of accounts and record transaction details. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Finance Minster forms panels to cut tax litigation Posted: 06 Aug 2010 12:33 AM PDT The billions of rupees stuck in courts and rising tax litigation have invited the attention of finance minister Pranab Mukherjee as he pushes through a major reform in the country's tax regime. The finance minister has set up two panels, one each... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Soon service tax may be levied when the consideration is received or when the invoice is raised, whichever is earlier Posted: 05 Aug 2010 11:55 PM PDT According to the new rules on 'time of supply', service tax will also be levied at the point of raising invoice. At present, service tax is charged only when the amount is received. However, it has been proposed in the new rules that it be levied... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Not filed Your IT Return by 4th August? File it now. Posted: 05 Aug 2010 11:35 PM PDT Not filing a return on time does have financial implications, especially if you have a net income tax payable and / or if you have losses to be carried forward. This can really hurt especially if the losses to be carried forward are significant.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Amended DTAA with Switzerland will provide sharing of information on Indians having unaccounted wealth in secret Swiss bank accounts Posted: 05 Aug 2010 11:16 PM PDT It will soon be easier to get specific details of Indians having unaccounted wealth in secret Swiss bank accounts. The Union Cabinet is likely to clear on Thursday, the amended Double Taxation Avoidance Agreement (DTAA) with Switzerland, official... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Government set up two panels to suggest way to reduce litigation in Direct and Indirect Tax Posted: 05 Aug 2010 11:02 PM PDT The finance minister has set up two panels, one each for direct and indirect taxes, to draw up a road map to reduce rising litigation, asking them to submit a report within a month. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Highlights of E- Filing Season Assessment Year 2010-11/ Financial Year 2009-2010 (up to 04/08/2010) Posted: 05 Aug 2010 10:17 PM PDT Highlights of E- Filing Season Assessment Year 2010-11/ Financial Year 2009-2010 (up to 04/08/2010). Please see updated "Quick Statistics" for E-Filing of Income Tax Returns upto 4th August 2010. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

DGFT Notification No. 55/2009-2014- Prohibition on export of wheat – exemption for export of wheat to Bangladesh Posted: 05 Aug 2010 09:50 PM PDT In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

DGFT Notification No. 55/2009-2014- Prohibition on export of Non-basmati Rice –exemption regarding Posted: 05 Aug 2010 09:48 PM PDT With immediate effect, the existing entry at para (2) & (3) of Notification No. 42 /2009-2014 dated 18.05.2010 is substituted to read as under:-"2.1.13 the ban on export of Non-Basmati rice shall also not be applicable on export of 3 lakh... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

DGFT Public Notice No. 88/2009-14- Amendment in Appendix 11B for Value addition (notified vide Public Notice No.42 dated 16.2.2010) Posted: 04 Aug 2010 08:48 PM PDT In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures (Vol.1), 2009-14 with immediate effect. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

DGFT Notification No. 54/2009-2014- Amendments in Table A of the Schedule 2 of the ITC(HS) Classification of Export and Import Items, by inserting entry at S.No. 7A of HBP Posted: 03 Aug 2010 08:57 PM PDT 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 2.1 of the Foreign Trade Policy,2009-2014, the Central Government hereby makes following... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

You are subscribed to email updates from LEGAL & FINANCIAL UPDATES FROM TAX GURU To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/