Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Sep 25, 2010 at 10:04 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• LIST Of CA Firms To Be Considered For Appointment As Statutory Central Auditors For The Year 2010-11
• Empanelment With United Bank Of India For Concurrent Audit
• Clarification On PAN Encrypted Digital Signature Certificate DSC
• Emami Settles Dispute Over Zandu Balm Song
• Banks Not In Favour Of Deregulation Of Interest Rate On Savings Bank Accounts
• Parliamentary Panel Not Satisfied With RBI Reply On FEMA Violations In IPL Series
• State Governments Present Modified Version Of The Proposed GST Regime
• Approvals For Setting Up Units In SEZs Will Be Done Electronically From October
• ICAI To Organize Round Table Conference On Commerce Accountancy Education In India
• Test
• Points To Be Noted For E-filing Of I-T Return For AY 2010-11 For Corporate Taxpayer In Respect Of Signing Of ITR
• Test
• Larger Bench Decision On The Concept Of Transaction Value
• DEPB Sale Proceeds Cannot Be Broken Down Into Profits And Face Value
• Foreign Company S Transfer Of Shares To Wholly Owned Indian Subsidiary Not Taxable In India
• Transfer Pricing- Applicability Of Arm S Length Standard To Marketing Of Intangibles
• Conversion Of Free Shipping Bills To Export Promotion Scheme Shipping Bills And Conversion Of Shipping Bills From One Scheme To Another
• Minor Corrections In Public Notice No 2 RE2010 2009-14 Dated 23 8 2010
• Jammu Kashmir -Due Date For Filing ITR Extended To 30 11 2010

LIST Of CA Firms To Be Considered For Appointment As Statutory Central Auditors For The Year 2010-11 Posted: 24 Sep 2010 07:58 PM PDT Appointment of Statutory Central Auditors SCAs in Public Sector Banks - Government of India vide their letter D O No 1 1 4 2004-BOA dated August 31 2010 have advised that we may forward a list of eligible audit firm [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment With United Bank Of India For Concurrent Audit Posted: 24 Sep 2010 07:58 PM PDT Notice for Empanelment -United Bank of India intends to empanel Chartered Accountant Firms for Concurrent Audit of Branches located in North Eastern states Chartered Accountant Firms located in the area and fulfilling the foll [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification On PAN Encrypted Digital Signature Certificate DSC Posted: 24 Sep 2010 07:58 PM PDT Background nbsp nbsp The Central Board of Direct Taxes CBDT had recently amended the Rules relating to the manner of furnishing the return of income for companies for Assessment Year 2010-11 and onwards Under the rev [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Emami Settles Dispute Over Zandu Balm Song Posted: 24 Sep 2010 07:58 PM PDT Emami Ltd the owner of Zandu Balm today said its copryright infringement dispute with the production company of Salman Khan starer Dabangg has been amicably settled between the two parties Subsequently the company will be usi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Banks Not In Favour Of Deregulation Of Interest Rate On Savings Bank Accounts Posted: 24 Sep 2010 07:58 PM PDT Banks are putting up stiff resistance to Reserve Bank of India s RBI s move to deregulate the interest rate on savings bank accounts the last bastion of administered rates Banks benefit from low-cost savings deposits [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Parliamentary Panel Not Satisfied With RBI Reply On FEMA Violations In IPL Series Posted: 24 Sep 2010 07:58 PM PDT Parliamentary Standing Committee on Finance today lashed out at the Reserve Bank of India RBI for not filing an FIR against the BCCI when it found out that the society has violated several provisions of the Foreign Exchange [[ This is a content summary only. Visit www.taxguru.in for full article ]]

State Governments Present Modified Version Of The Proposed GST Regime Posted: 24 Sep 2010 07:58 PM PDT With no consensus in sight for a model to implement the goods and services tax GST nbsp state governments have presented a modified version of the proposed regime that would enable states to enjoy discretionary fiscal powers [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Approvals For Setting Up Units In SEZs Will Be Done Electronically From October Posted: 24 Sep 2010 07:58 PM PDT Getting approvals for setting up units in SEZs will be done electronically from next month - a move which will help entrepreneurs reduce transaction costs a senior Commerce Ministry official said today Special Economic Zones [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI To Organize Round Table Conference On Commerce Accountancy Education In India Posted: 24 Sep 2010 07:58 PM PDT The Institute of Chartered Accountants of India ICAI which is one of the Institutes functioning under the aegis of the Ministry of Corporate Affairs will be organizing a one- day Round Table Conference on the theme Commerce [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Test Posted: 24 Sep 2010 07:58 PM PDT test [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Points To Be Noted For E-filing Of I-T Return For AY 2010-11 For Corporate Taxpayer In Respect Of Signing Of ITR Posted: 24 Sep 2010 07:58 PM PDT Points to be noted for E-filing of I-T return for AY 2010-11 for Corporate Taxpayer in respect of signing of ITR 1 Please note that the due date of filing of I-T returns for corporate taxpayers is 30th September 2010 for AY 2010-11 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Test Posted: 24 Sep 2010 07:58 PM PDT test [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Larger Bench Decision On The Concept Of Transaction Value Posted: 24 Sep 2010 07:58 PM PDT The appellants manufacturers of motor vehicles entered into dealership agreements with their dealers The agreement provided for servicing and warranty including free service The dealers margin covered pre-delivery inspection and th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DEPB Sale Proceeds Cannot Be Broken Down Into Profits And Face Value Posted: 24 Sep 2010 07:58 PM PDT S 28 iiid provides that any profit on the transfer of the DEPB shall be business profits Under Explanation baa to s 80HHC 90 of the sum referred to in s 28 iiid has to be reduced from the business profits Under [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Foreign Company S Transfer Of Shares To Wholly Owned Indian Subsidiary Not Taxable In India Posted: 24 Sep 2010 07:58 PM PDT Authority for Advance Rulings AAR concluded that gains derived from the transfer of shares by a Mauritius company to its wholly owned subsidiary in India would not be taxable in India under the Indian Income Tax Act ITA nor would [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing- Applicability Of Arm S Length Standard To Marketing Of Intangibles Posted: 24 Sep 2010 07:58 PM PDT Delhi High Court Ruling Transfer Pricing - Sec 92 An important ruling by the Hon ble High Court wherein it has been held that the methodology to be adopted by the Revenue Authorities for making an adjustment should be equitable [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Conversion Of Free Shipping Bills To Export Promotion Scheme Shipping Bills And Conversion Of Shipping Bills From One Scheme To Another Posted: 24 Sep 2010 07:58 PM PDT CIRCULAR NO 36 2010-CUSTOMS nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp Sub Conversion of free shipping bills to export pro [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Minor Corrections In Public Notice No 2 RE2010 2009-14 Dated 23 8 2010 Posted: 24 Sep 2010 07:58 PM PDT nbsp PUBLIC NOTICE NO nbsp nbsp nbsp nbsp nbsp nbsp nbsp 10 RE2010 2009-14 nbsp nbsp nbsp nbsp nbsp Dated nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp 22nd September 2010 nbsp Subject Mi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Jammu Kashmir -Due Date For Filing ITR Extended To 30 11 2010 Posted: 24 Sep 2010 07:58 PM PDT The Central Board of Direct Taxes CBDT has extended the due date of filing of returns of income for the Assessment Year 2010-11 for all categories of cases in the State of Jammu amp Kashmir to 30th November 2010 The decision was t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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