Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Jan 17, 2011 at 9:35 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Sebi Considers Higher Quota For Mutual Funds In IPOs
• Budget 2011-12 - Tax Rate Structure Expected To Remain Same
• Budget 2011-12- Tax Exemption Limit U S 80C May Hiked To Rs 120000
• Labour And Finmin Views Differs On Employee Provident Fund EPF Withdrawals Restriction
• Infrastructure Company Use Hawala Bills To Inflate Sales Figure
• Sales Tax Evasion Racket In Mumbai Used Hawala Bills To Save Tax On Transactions Worth Rs 700 Crore
• Some Banks Not Monitoring Use Of Loans- RBI
• Citibank Fraud - RBI Probes Possible Violation Of KYC STR Norms
• Empanelment With Navodaya Vidyalaya Samiti Of CA Firms For Internal Audit Work
• ADAG - No Ban By Sebi Settlement Terms Voluntary
• Empanelment Of CA Firms With MMTC For Internal Audit Assignment For FY 2011-12
• ICAI Will Probe Only Conducts Of Its Member In R-Infra And RNRL Case
• CBI Arrests SBI Dy Manager For Taking Bribe
• ICWAI - President S Message - January 2011
• Housing Price May Decline In Mumbai And May Go Up Slightly In Delhi - CRISIL
• How To Ascertain Oppression Under Section 397 Of Companies Act 1956
• Cause Of Action To Appeal To DRT Continues At Various Stages Under SARFAESI Act 2002
• Tax Deduction From Works Contracts Only To Be On The Taxable Turnover Involved In The Works Contract Under Punjab VAT Ac
• Depreciation Allowable On Assets Forming Part Of Block Of Assets Even If Same Not Used During The Year
• Even If Commercial Transaction Is At Arms Length Debt Overdue For Long Period Attracts Transfer Pricing Interest
• No Disallowance U S 14A Disallowance Of Interest On Borrowed Funds If AO Does Not Show Nexus Between Borrowed Funds And Tax-free Investment
• Exception Provided In Both The Provisos Of S 92C 2 With Regard To The - 5 Variation Applies Only When More Than One Price Is Determined
• No Section 14A Disallowance For Personal Tax-free Investments If Business Expenditure Not Disallowed On Ground Of Being For Personal Purposes
• Consolidated FDI Policy Circular- Issue Of Third Edition On 31st March 2011- Regarding
• Insurance - Updating Policyholders About Change In Network Hospitals And TPAs
• Punjab National Bank E-payment Facility

Sebi Considers Higher Quota For Mutual Funds In IPOs Posted: 17 Jan 2011 01:14 AM PST With an aim to increase retail investors participation in stock market Sebi is considering higher allocation of public offer shares for mutual funds Initial and follow-on public offers have traditionally been a preferred route of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Budget 2011-12 - Tax Rate Structure Expected To Remain Same Posted: 17 Jan 2011 01:13 AM PST Those looking for income-tax relief in the forthcoming Budget to fight rising food prices are likely to be disappointed According to a senior finance ministry official the Direct Taxes Code DTC has to be implemented next year a [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Budget 2011-12- Tax Exemption Limit U S 80C May Hiked To Rs 120000 Posted: 17 Jan 2011 01:12 AM PST To give some relief to common man battling rising prices finance minister Pranab Mukherjee is expected to raise the exemption limit on annual savings of an individual in the upcoming Budget nbsp nbsp The savings exemptions may b [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Labour And Finmin Views Differs On Employee Provident Fund EPF Withdrawals Restriction Posted: 17 Jan 2011 01:10 AM PST The labour ministry has opposed the finance ministry s suggestion that there should be checks on early withdrawals from the employees provident fund accounts as it sought to defend the right of subscribers to use their own money [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Infrastructure Company Use Hawala Bills To Inflate Sales Figure Posted: 17 Jan 2011 01:09 AM PST Certain have been using fake hawala bills to inflate their turnover a sales tax department investigation has found Achievement of a certain level of turnover is an entry-level criterion for companies to bid for such big-ticket m [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sales Tax Evasion Racket In Mumbai Used Hawala Bills To Save Tax On Transactions Worth Rs 700 Crore Posted: 17 Jan 2011 01:08 AM PST A tax evasion racket involving over 400 firms most of which are based in the city has come to light The state sales tax department which busted the racket claimed that its initial assessment showed that the racket involved tra [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Some Banks Not Monitoring Use Of Loans- RBI Posted: 16 Jan 2011 12:50 PM PST Even as India has been cited as an example of prudential banking norms the Reserve Bank of India RBI today said some lenders are not monitoring effectively use of loans by borrowers which is facilitating diversion of funds This c [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Citibank Fraud - RBI Probes Possible Violation Of KYC STR Norms Posted: 16 Jan 2011 11:41 AM PST In the alleged Rs 400-crore fraud by a senior employee at a Gurgaon branch of Citibank RBI is probing whether there have been any violations of norms related to customer verification and monitoring of accounts The initial probe by t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment With Navodaya Vidyalaya Samiti Of CA Firms For Internal Audit Work Posted: 16 Jan 2011 11:25 AM PST NAVODAYA VIDYALAYA SAMITI An Autonomous Organization of Ministry of Human Resource Development Govt of India Lekhral Parma Third Floor Sector-2 Vikas Nagar Lucknow-226 022 F No 1-8 CA-2010-11 NVS LR Dated 13 01 2011 TENDER N [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ADAG - No Ban By Sebi Settlement Terms Voluntary Posted: 16 Jan 2011 06:08 AM PST Anil Ambani group today said Reliance Infra and RNRL settled the Sebi probe through voluntary terms proposed by them and the regulator did not impose any ban on the companies or their directors nbsp nbsp There is no bar or ba [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment Of CA Firms With MMTC For Internal Audit Assignment For FY 2011-12 Posted: 16 Jan 2011 02:11 AM PST Sub nbsp Application for Internal Audit assignment for FY 2011-12 nbsp Eligibility Criteria nbsp The reputed CA firm should have been in existence for 10 years or more for MMTC offices located in A class cities and 5 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Will Probe Only Conducts Of Its Member In R-Infra And RNRL Case Posted: 16 Jan 2011 01:18 AM PST The Securities and Exchange Board of India SEBI has passed a consent order regarding the Reliance Infrastructure and RNRL investigation that showed misrepresentation of investments In an exclusive interview with CNBC-TV18 Amarjit C [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI Arrests SBI Dy Manager For Taking Bribe Posted: 16 Jan 2011 01:09 AM PST CBI officers on Saturday arrested Deputy Manager of State Bank of India Ajay Kumar Sinha when he was accepting a bribe of Rs 30 000 Sinha posted in the Small and Medium Enterprises Cash Credit Centre in the bank s Patna Main Bran [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICWAI - President S Message - January 2011 Posted: 15 Jan 2011 12:10 PM PST President s Communiqu January 2011 To accomplish great things we must not only act but also dream not only plan but also believe - Anatole France nbsp Dear Professional Colleagues nbsp Happy new year 2 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Housing Price May Decline In Mumbai And May Go Up Slightly In Delhi - CRISIL Posted: 15 Jan 2011 12:07 PM PST Divergent housing price trends in Mumbai and National Capital Region CRISIL Research nbsp CRISIL Research expects divergent price trends during the year in Mumbai and NCR National Capital Region the two largest residential r [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How To Ascertain Oppression Under Section 397 Of Companies Act 1956 Posted: 15 Jan 2011 02:18 PM PST The study of various judgments of High Court and Supreme Court under section 397 398 of Companies Act 1956 speak volumes about the complications in dealing with the cases of oppression and mismanagement under section 397 398 of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cause Of Action To Appeal To DRT Continues At Various Stages Under SARFAESI Act 2002 Posted: 15 Jan 2011 03:53 AM PST It is felt that enormous powers are conferred on Banks or Public Financial Institutions under SARFAESI Act 2002 from the stage of determination of outstanding due entertaining objections taking possession of the property and selling [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tax Deduction From Works Contracts Only To Be On The Taxable Turnover Involved In The Works Contract Under Punjab VAT Ac Posted: 15 Jan 2011 02:48 AM PST Almost all States under their respective VAT laws have made provisions for deduction of VAT from payment to be made to the works contractors at the time of the payment popularly known as works contract tax or VAT TDS on works contract [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Depreciation Allowable On Assets Forming Part Of Block Of Assets Even If Same Not Used During The Year Posted: 16 Jan 2011 09:48 AM PST Pursuant to the insertion of the concept of block of assets w e f 1 04 1988 depreciation is allowable on the WDV of the block of assets and individual assets lose their identity upon introduction into the block The depar [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Even If Commercial Transaction Is At Arms Length Debt Overdue For Long Period Attracts Transfer Pricing Interest Posted: 16 Jan 2011 09:03 AM PST The fact that the international transactions are at ALP does not mean that no addition can be made on the funds kept by the assessee with the AE If the assessee had received funds within the normal period it could have earned interes [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Disallowance U S 14A Disallowance Of Interest On Borrowed Funds If AO Does Not Show Nexus Between Borrowed Funds And Tax-free Investment Posted: 16 Jan 2011 08:43 AM PST As the funds were mixed it is not possible to ascertain whether the investment in tax free bonds is out of the assessee s own funds The source of investment in the tax free bonds was not identified The AO did not establish any nex [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exception Provided In Both The Provisos Of S 92C 2 With Regard To The - 5 Variation Applies Only When More Than One Price Is Determined Posted: 16 Jan 2011 07:56 AM PST 1 Under the Proviso to s 92C 2 pre-amendment w e f 1 10 09 the option to the assessee to choose a price which may vary from the arithmetical mean by an amount not exceeding five per cent is available only where more than one pric [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Section 14A Disallowance For Personal Tax-free Investments If Business Expenditure Not Disallowed On Ground Of Being For Personal Purposes Posted: 15 Jan 2011 12:00 PM PST The assessee is maintaining separate books of account for the purpose of business The tax-free investments are in his personal capacity As the AO has not disallowed any expenditure of personal nature out of the business income the e [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Consolidated FDI Policy Circular- Issue Of Third Edition On 31st March 2011- Regarding Posted: 17 Jan 2011 01:05 AM PST MOST IMMEDIATE No 5 1 2011-FC-I Government of India Ministry of Commerce amp Industry Department of Industrial Policy amp Promotion Udyog Bhawan New Delhi-11 Dated 14 January 2011 nbsp Consolida [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance - Updating Policyholders About Change In Network Hospitals And TPAs Posted: 16 Jan 2011 06:12 AM PST Insurance Updating policyholders about change in network hospitals and TPAs nbsp CIRCULAR NO IRDA TPA GDL CIR 008 01 2011 DATED 12-1-2011 nbsp 1 It has come to the notice of the Authority that in some instances policyho [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Punjab National Bank E-payment Facility Posted: 15 Jan 2011 12:03 PM PST TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI OFFICE OF THE COMMISSIONER OF VALUE ADDED TAX DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN nbsp I P ESTATE [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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