Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Dec 7, 2010 at 3:39 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Empanelment Of Chartered Accountant Firms For Implementation Of Accrual Based Double Entry Accounting System
• Each Unique ID Number Costs Rs 100- Nilekani
• India To Look For Secret Bank Accounts In Tax Havens
• SC Issues Notice To Finance Ministry On Loan Write-offs
• SBI Hikes Deposit Rates Up To One And Half Percent
• No Tax On Additional Interest On EPF Money
• Discrepancies Noted By Peer Reviewers-ICAI
• Finmin- IFRS Only On Consolidated Accounts Of Corporate Groups
• SBI Hikes Interest Rates On Deposits By 50-150 Bps
• ASIC Accepts Enforceable Undertaking From Auditor Of Failed Allco Financial Group Limited
• ESCI Announcement Regarding Online Generation Of Payment Challan And SBI Branches Accepting Conventional Challans
• GST Meet Likely To Be Delayed States Want More Time
• Life Insurance Cos Ask IRDA To Go Slow On Regulatory Changes
• Sebi Asks MFs To Disclose Get Physical Verification Of Gold Underlying The Gold ETF Done By Statutory Auditors
• PFRDA Decides To Take Measuresfor To Attract Voluntary Subscribers For New Pension Scheme NPS
• How To Go Ahead With The Legal Reforms In India And The Connected Issues
• Case Of Impersonation Against CA
• Anti Dumping Duty On Parts Components Of Compact Fluorescent Lamps CFL From China And Hong Kong As Per Customs Notification No 138 2002-Customs Dated 10 12 2002 Regarding
• SEBI Asks For Physical Verification Of Gold Underlying The Gold ETF Units By Statutory Auditors Of Mutual Fund Schemes And Reporting To Trustees On Half Yearly Basis
• RRBs - Opening Of Bank Accounts - Salaried Employees - RBI 2010-11 298
• Issuance Of Non-Convertible Debentures NCDs - Circular No RBI 2010-11 299
• NOTIFICATION NO 81 2010- Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes - Amendment In Notification No S O 2370 E Dated 23-10-2008
• Notification No 79 2010- Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes
• NOTIFICATION NO 80 2010 - Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes
• NOTIFICATION NO 78 2010 - Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes
• Notification No 77 2010 - Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes
• SEZ -Clarification On Execution Of Bond-cum-Legal Undertaking By The SEZ Developer Or SEZ Unit In Terms Of Rule 22 1 Iv Of The SEZ Rules 2006
• SEBI Notifies -No Preferential Allotment To Promoter For 1 Year On Warrant Failure Retail IPO Investment Limit Upto 2 Lakhs Advertise Filing Of Offer Documents Uniform Allotment In IPO Companies To Decide Whether Partly Fully Paid Shares
• Easy Exit Scheme Back For Closure Of Defunct Companies- Applicable From 1st January To 31st January 2011

Empanelment Of Chartered Accountant Firms For Implementation Of Accrual Based Double Entry Accounting System Posted: 07 Dec 2010 04:38 AM PST Find attached Request for Proposal for Empanelment of Chartered Accountant Firms for Implementation of Accrual Based Double Entry Accounting System in 159 Municipalities of Gujarat City Managers Association Gujarat on behalf of GM [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Each Unique ID Number Costs Rs 100- Nilekani Posted: 07 Dec 2010 02:50 AM PST It costs the Unique Identification Authority of India UIDAI Rs 100 to generate each aadhaar number which will help address the challenges of inclusion the authority s chief Nandan Nilekani said here Thursday It costs the authori [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India To Look For Secret Bank Accounts In Tax Havens Posted: 07 Dec 2010 02:46 AM PST India has begun its search for the trail for money stashed away in secret bank accounts in tax havens in a bid to get to the source of funds of investors in the firms that were granted telecom licences and scarce 2G spectrum at all [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC Issues Notice To Finance Ministry On Loan Write-offs Posted: 07 Dec 2010 02:44 AM PST The Supreme Court has issued a notice to the Union finance ministry in connection with a PIL saying there have been no guidelines by the ministry and the Reserve Bank of India RBI while writing off loans by banks and the debts rec [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SBI Hikes Deposit Rates Up To One And Half Percent Posted: 07 Dec 2010 02:41 AM PST Country s largest lender State Bank of India SBI today raised deposit rates by up to 150 basis points or 1 5 per cent across various maturities a move that will provide better returns to people with fixed deposits in the bank The [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Tax On Additional Interest On EPF Money Posted: 07 Dec 2010 02:36 AM PST The additional quantum of interest on Employees Provident Fund deposits would be exempted from income tax the Lok Sabha was informed today nbsp The provident fund trustees had on September 15 decided to raise the EPF interest rate [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Discrepancies Noted By Peer Reviewers-ICAI Posted: 07 Dec 2010 02:33 AM PST Peer Review is directed towards maintenance and enhancement of quality of attestation services and to provide guidance to members to improve their performance and adhere to various statutory and other regulatory requirements Essent [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finmin- IFRS Only On Consolidated Accounts Of Corporate Groups Posted: 07 Dec 2010 02:15 AM PST The finance ministry has taken the view that the International Financial Reporting Standards IFRS needs to be adopted only on consolidated accounts of corporate groups as is the practice in Europe It feels the proposed fair-valu [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SBI Hikes Interest Rates On Deposits By 50-150 Bps Posted: 07 Dec 2010 02:14 AM PST State Bank of India SBI has revised the interest rates on term deposits with maturities ranging from 15 days to 10 years upwards These revised rates will be effective from tomorrow that is December 7 The hike will be in the range o [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ASIC Accepts Enforceable Undertaking From Auditor Of Failed Allco Financial Group Limited Posted: 07 Dec 2010 02:13 AM PST ASIC has accepted an enforceable undertaking EU from KPMG Sydney auditor Mr Christopher Neville Whittingham nbsp The EU follows an investigation into Mr Whittingham s conduct in relation to his audit of the financial report of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ESCI Announcement Regarding Online Generation Of Payment Challan And SBI Branches Accepting Conventional Challans Posted: 07 Dec 2010 02:11 AM PST All of our esteemed Employers may kindly take note that a host of online services are now available through the applications portal www esic in In order to enable Employers to avail of these services log in id and passwords have a [[ This is a content summary only. Visit www.taxguru.in for full article ]]

GST Meet Likely To Be Delayed States Want More Time Posted: 07 Dec 2010 02:00 AM PST Introduction of a Goods and Services Tax GST could be delayed further with the Centre and the states failing to reach common ground at the meeting of the Empowered Committee of state finance ministers today The meeting was attende [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Life Insurance Cos Ask IRDA To Go Slow On Regulatory Changes Posted: 07 Dec 2010 01:52 AM PST Concerned about the fast pace of regulatory changes being brought into the sector the life insurance industry has approached sector regulator IRDA to go slow in its approach sources said In turn the Insurance Regulatory and Developm [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi Asks MFs To Disclose Get Physical Verification Of Gold Underlying The Gold ETF Done By Statutory Auditors Posted: 07 Dec 2010 01:50 AM PST Market regulator Sebi today directed mutual funds to disclose whether money collected for gold- focused schemes was actually invested in the precious metal It has been decided that physical verification of gold underlying the Gold ET [[ This is a content summary only. Visit www.taxguru.in for full article ]]

PFRDA Decides To Take Measuresfor To Attract Voluntary Subscribers For New Pension Scheme NPS Posted: 07 Dec 2010 01:49 AM PST Five months after taking charge as head of the Pension Fund Regulatory and Development Authority PFRDA Yogesh Agarwal has decided to take measures to fix problems plaguing the New Pension Scheme NPS which has failed to att [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How To Go Ahead With The Legal Reforms In India And The Connected Issues Posted: 06 Dec 2010 06:32 AM PST Whenever one talks about the judicial reforms the corruption the technicalities costs and the unreasonable delay in courts there are people and professionals saying that the situation is getting exaggerated There is a total confus [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Case Of Impersonation Against CA Posted: 07 Dec 2010 02:29 AM PST A chartered accountant who is not a member of the Institute of Chartered Accountants of India but impersonating as one can be charged under the Indian Penal Code or under other laws for offences the Supreme Court stated while allowing [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Anti Dumping Duty On Parts Components Of Compact Fluorescent Lamps CFL From China And Hong Kong As Per Customs Notification No 138 2002-Customs Dated 10 12 2002 Regarding Posted: 07 Dec 2010 05:27 AM PST nbsp Circular No 43 2010-Customs 6th December 2010 nbsp Subject - nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp Anti Dumping Duty on parts components of Compact Fluorescent Lamps CFL from China and Hong Kong as per Cu [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI Asks For Physical Verification Of Gold Underlying The Gold ETF Units By Statutory Auditors Of Mutual Fund Schemes And Reporting To Trustees On Half Yearly Basis Posted: 07 Dec 2010 05:18 AM PST Cir IMD DF 20 2010 nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp December 06 2010 nbsp All Mutual Funds Asset Management Companies AMCs Trustee Companies Boards of Trustees of Mutual Funds nbsp Dear Sir Madam nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RRBs - Opening Of Bank Accounts - Salaried Employees - RBI 2010-11 298 Posted: 07 Dec 2010 05:11 AM PST RBI 2010-11 298 RPCD CORRB AML BC No 31 03 05 33 E 2010-11 December 06 2010 Please refer to our circular RPCD No RRB BC 81 03 05 33 E 2004-05 dated February 18 2005 on Know Your Customer KYC Guidelines Anti [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Issuance Of Non-Convertible Debentures NCDs - Circular No RBI 2010-11 299 Posted: 07 Dec 2010 05:08 AM PST RBI 2010-11 299 IDMD PCD No 24 14 03 03 2010-11 nbsp December 06 2010 nbsp A reference is invited to the Issuance of Non-Convertible Debentures Reserve Bank Directions 2010 dated June 23 2010 issued vide circular IDMD D [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NOTIFICATION NO 81 2010- Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes - Amendment In Notification No S O 2370 E Dated 23-10-2008 Posted: 07 Dec 2010 04:18 AM PST NOTIFICATION NO 81 2010- Section 35AC 1 read with Explanation b thereto of the Income-tax Act 1961 - Eligible projects or schemes expenditure on - Notified eligible projects or schemes - Amendment in Notification No S O 2 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Notification No 79 2010- Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes Posted: 07 Dec 2010 04:15 AM PST Notification No 79 2010- Section 35AC 1 read with Explanation b thereto of the Income-tax Act 1961 - Eligible projects or schemes expenditure on - Notified eligible projects or schemes NOTIFICATION NO 79 2010 F NO V-2 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NOTIFICATION NO 80 2010 - Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes Posted: 07 Dec 2010 04:07 AM PST NOTIFICATION NO 80 2010 - Section 35AC 1 read with Explanation b thereto of the Income-tax Act 1961 - Eligible projects or schemes expenditure on - Notified eligible projects or schemes NOTIFICATION NO 80 2010 F NO V [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NOTIFICATION NO 78 2010 - Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes Posted: 07 Dec 2010 03:13 AM PST NOTIFICATION NO 78 2010 - Section 35AC 1 read with Explanation b thereto of the Income-tax Act 1961 - Eligible projects or schemes expenditure on - Notified eligible projects or schemes NOTIFICATION NO 78 2010 F NO V [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Notification No 77 2010 - Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes Posted: 07 Dec 2010 03:11 AM PST Notification No 77 2010 - Section 35AC 1 read with Explanation b thereto of the Income-tax Act 1961 - Eligible projects or schemes expenditure on - Notified eligible projects or schemes NOTIFICATION NO 77 2010 F NO V [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEZ -Clarification On Execution Of Bond-cum-Legal Undertaking By The SEZ Developer Or SEZ Unit In Terms Of Rule 22 1 Iv Of The SEZ Rules 2006 Posted: 07 Dec 2010 03:01 AM PST SEZ -Clarification on execution of Bond-cum-Legal Undertaking by the SEZ Developer or SEZ Unit in terms of rule 22 1 iv of the SEZ Rules 2006 INSTRUCTION NO 72 DATED 30-11-2010 The undersigned is directed to say that the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI Notifies -No Preferential Allotment To Promoter For 1 Year On Warrant Failure Retail IPO Investment Limit Upto 2 Lakhs Advertise Filing Of Offer Documents Uniform Allotment In IPO Companies To Decide Whether Partly Fully Paid Shares Posted: 07 Dec 2010 02:56 AM PST SEBI notifies -No preferential allotment to promoter for 1 year on warrant failure Retail IPO Investment Limit upto 2 lakhs Advertise filing of offer documents Uniform allotment in IPO Companies nbsp to decide whether partly fu [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Easy Exit Scheme Back For Closure Of Defunct Companies- Applicable From 1st January To 31st January 2011 Posted: 07 Dec 2010 02:50 AM PST Ministry has decided to introduce a Scheme namely Easy Exit Scheme 2011 under Section 560 of the Companies Act 1956 to give an opportunity to the defunct companies for getting their names struck off from the Register of Compan [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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