Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Nov 17, 2010 at 8:24 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• IRFC Receives Bids Of Over Rs 300 Crore On First Day For Tax-free Bonds
• Four Cross-border Deals Like Vodafone Under Income Tax Department Scanner
• Commerce Ministry To Set Up Committee To Simplify EOU Procedures
• Standing Committee On Finance Invites Suggestions On The Direct Taxes Code Bill 2010
• MCA - Now 9 Times Additional Fees If Delay Is More Than 90 Days
• Discrepancy If Any In Show Cause Notice By MCA May Be Intimated To The Respective ROC
• CAG Should Suggest Measures To Check Tax Leakages- FM
• Indirect Tax Collections Up 42 Percent In April-Oct
• Madurai Bench Rejects Vehicle Insurance Claim Without Transfer Of Policy
• Stock Brokers To Pay Service Tax On Turnover Charges Exchange Transaction Charges Dematerialisation Charges And Regula
• MCA-Change In The Jurisdiction Of Regional Directors
• Capital Gains On Transfer Of Tenancy Right Not Being In The Nature Of Land Or Building Or Both Cannot Attract The Provisions Section 50C Of The Act
• There Must Be A Valid And Acceptable Basis For Making A Departure From Hierarchical Discipline While Implementing Fiscal Legislation
• Non-examination Of Issue By AO Does Not Per Se Make Assmt Order Prejudicial To Interests Of Revenue For Section 263 Revision
• Post Office Savings Account Amendment Rules 2010 - Amendment In Rule 4
• Insurance - Anti-Money Laundering Counter-Financing Of Terrorism AML CFT Guidelines
• Processing And Settlement Of Export Related Receipts Facilitated By Online Payment Gateways
• UCBs Norms For Opening Of Branches And Extension Counters
• UCBs - Extension Of Area Of Operation- Liberalisation
• Reporting Mechanism Data Of Authorised Dealer Category-I Branches
• Opening Of Current Account And Subsidiary General Ledger Account With Reserve Bank And Membership Of Indian Financial Network INFINET And Real Time Gross Settlement RTGS System
• Exposure To Housing Real Estate Sector And Commercial Real Estate Urban Co-operative Banks
• Share Linking To Borrowing Norm In Urban Co-operative Banks
• Exclusion From The Second Schedule To The Reserve Bank Of India Act 1934 The Bank Of Rajasthan Limited
• Guidelines For Implementation Of Electronic Mode Of Grant Renew Of National Permit For Goods Carriages
• Quarterly Inccome Tax Calculation For All Employees For Financial Year 2010-2011 Only For All Govt Employees

IRFC Receives Bids Of Over Rs 300 Crore On First Day For Tax-free Bonds Posted: 17 Nov 2010 04:01 PM PST The tax-free bonds of Indian Railway Finance Corporation IRFC received bids of over Rs 300 crore on the very first day after it opened for subscription on Monday according to distributors of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Four Cross-border Deals Like Vodafone Under Income Tax Department Scanner Posted: 17 Nov 2010 03:50 PM PST The government on Tuesday said it was looking into at least four more cross-border mergers like Vodafone for a possible tax loss that may have taken place The deals under scanner include GE... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Commerce Ministry To Set Up Committee To Simplify EOU Procedures Posted: 17 Nov 2010 03:43 PM PST The Commerce Ministry today said it will set up a committee to recast the export-oriented nbsp unit scheme so that the scheme remain attractive even after the end of tax sops in 2011 nbsp EOUs... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Standing Committee On Finance Invites Suggestions On The Direct Taxes Code Bill 2010 Posted: 17 Nov 2010 03:41 PM PST Press Communique dated 2-11-2010 nbsp The Direct Taxes Code Bill 2010 has been referred to the Departmental Related Standing Committee on Finance of Parliament for detailed examination and Report 2... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA - Now 9 Times Additional Fees If Delay Is More Than 90 Days Posted: 17 Nov 2010 02:17 PM PST Additional Fees revised w e f 5th December 2010 Dear Corporates It has been decided to revise the additional fees payable as per Section 611 2 of the Companies Act 1956 except for Form 5 as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Discrepancy If Any In Show Cause Notice By MCA May Be Intimated To The Respective ROC Posted: 17 Nov 2010 02:14 PM PST To intimate discrepancy if any found in show cause notice by MCAShow-cause Notices were issued to a number of defaulting companies nbsp Ministry has undertaken a massive drive to cleanse the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CAG Should Suggest Measures To Check Tax Leakages- FM Posted: 17 Nov 2010 08:04 AM PST Concerned over revenue leakages Finance Minister Pranab Mukherjee today asked the government auditor CAG to suggest corrective measures for raising tax and non-tax receipts nbsp I would... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Indirect Tax Collections Up 42 Percent In April-Oct Posted: 17 Nov 2010 07:38 AM PST Indirect tax collection of the government for the first seven monthsof this financial year April-October was up 42 to Rs 1 80 lakh crore an indication that the industrial growth in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Madurai Bench Rejects Vehicle Insurance Claim Without Transfer Of Policy Posted: 17 Nov 2010 07:36 AM PST The Madurai Bench of the Madras High Court has rejected a claim on motor vehicle insurance policy as the insurer had not effected transfer of the policy according to Section 157 of the Motor... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Stock Brokers To Pay Service Tax On Turnover Charges Exchange Transaction Charges Dematerialisation Charges And Regula Posted: 17 Nov 2010 07:28 AM PST Stock brokers will now have to pay more service tax The Central Board of Excise amp Customs CBEC has clarified that turnover charges exchange transaction charges dematerialisation charges... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA-Change In The Jurisdiction Of Regional Directors Posted: 18 Nov 2010 12:18 AM PST Government of India has amended the Companies Regulations 1956 vide the Companies Amendment Regulations 2010 with effect from 29 October 2010 and has changed the jurisdiction of Regional Director... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Capital Gains On Transfer Of Tenancy Right Not Being In The Nature Of Land Or Building Or Both Cannot Attract The Provisions Section 50C Of The Act Posted: 18 Nov 2010 12:44 AM PST Kishori Sharad Gaitonde v ITO ITA No 1561 M 09 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

There Must Be A Valid And Acceptable Basis For Making A Departure From Hierarchical Discipline While Implementing Fiscal Legislation Posted: 18 Nov 2010 12:41 AM PST The Bombay High Court High Court has in a recent ruling in the case of McKinsey Company Inc United States v Union of India 2010-TII-09-HC-MUM-INTL held that there must be a valid and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Non-examination Of Issue By AO Does Not Per Se Make Assmt Order Prejudicial To Interests Of Revenue For Section 263 Revision Posted: 17 Nov 2010 08:41 AM PST The assessee a statutory body established under the Chartered Accountants Act 1949 for regulating the profession of Chartered Accountants obtained exemption u s 10 23C iv pursuant to a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Post Office Savings Account Amendment Rules 2010 - Amendment In Rule 4 Posted: 17 Nov 2010 03:37 PM PST Post Office Savings Account Amendment Rules 2010 - Amendment in rule 4 Notification No GSR 882 E dated 3-11-2010 In exercise of the powers conferred by section 15 of the ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance - Anti-Money Laundering Counter-Financing Of Terrorism AML CFT Guidelines Posted: 17 Nov 2010 03:35 PM PST Insurance Anti-Money Laundering Counter-Financing of Terrorism AML CFT GuidelinesCIRCULAR NO IRDA F amp I CIR AML 180 11 2010 DATED 12-11-2010The Authority has reviewed the AML CFT guidelines... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Processing And Settlement Of Export Related Receipts Facilitated By Online Payment Gateways Posted: 17 Nov 2010 03:17 PM PST RBI 2010-11 281 A P DIR Series Circular No 17 nbsp November 16 2010 nbsp To nbsp All Category - I Authorised Dealer Banks nbsp Madam Sir nbsp Processing and Settlement of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

UCBs Norms For Opening Of Branches And Extension Counters Posted: 17 Nov 2010 03:08 PM PST RBI 2010-11 280 UBD CO LS Cir No 26 07 01 000 2010-11 November 16 2010 All Primary Urban Cooperative Banks Dear Sir Madam Second Quarter Review of the Monetary Policy for 2010-11 ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

UCBs - Extension Of Area Of Operation- Liberalisation Posted: 17 Nov 2010 02:55 PM PST RBI 2010-11 279UBD CO LS Cir No 25 07 01 000 2010-11November 16 2010All Primary Urban Cooperative BanksDear Sir Madam Second Quarter Review of the Monetary Policy for 2010-11 nbsp Extension of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reporting Mechanism Data Of Authorised Dealer Category-I Branches Posted: 17 Nov 2010 02:52 PM PST RBI 2010-11 278A P DIR Series Circular No 16 nbsp November 16 2010ToAll Category - I Authorised Dealer BanksMadam Sir Reporting Mechanism Data of Authorised Dealer Category-I... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Opening Of Current Account And Subsidiary General Ledger Account With Reserve Bank And Membership Of Indian Financial Network INFINET And Real Time Gross Settlement RTGS System Posted: 17 Nov 2010 02:49 PM PST RBI 2010-11 277UBD BPD PCB Cir No 24 12 05 001 2010-11November 16 2010The Chief Executive Officers ofAll Urban Co-operative BanksDear Sir Madam Opening of Current Account and Subsidiary... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exposure To Housing Real Estate Sector And Commercial Real Estate Urban Co-operative Banks Posted: 17 Nov 2010 02:38 PM PST RBI 2010-11 276UBD BPD PCB Cir No 23 13 05 000 2010-11November 15 2010The Chief Executive Officers ofAll Urban Co-operative BanksDear Sir Madam Exposure to Housing Real Estate Sector and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Share Linking To Borrowing Norm In Urban Co-operative Banks Posted: 17 Nov 2010 02:36 PM PST RBI 2010-11 275UBD BPD PCB Cir No 22 09 18 201 2010-11November 15 2010The Chief Executive Officers of nbsp All Urban Co-operative BanksDear Sir Madam Share Linking to Borrowing Norm in Urban... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exclusion From The Second Schedule To The Reserve Bank Of India Act 1934 The Bank Of Rajasthan Limited Posted: 17 Nov 2010 02:34 PM PST RBI 2010-11 274Ref DBOD Ret BC No 62 12 06 031 2010-11November 15 2010All Scheduled Commercial BanksDear Sir Exclusion from the Second Schedule to the Reserve Bank of India Act 1934 The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Guidelines For Implementation Of Electronic Mode Of Grant Renew Of National Permit For Goods Carriages Posted: 17 Nov 2010 07:21 AM PST Government of India Ministry of Road Transport and Highways Parivahan Anubhag F No RT-16031 312009-T nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Quarterly Inccome Tax Calculation For All Employees For Financial Year 2010-2011 Only For All Govt Employees Posted: 13 Nov 2010 06:36 PM PST Income Tax Calculate in the financial year 2010-2011 for all Govt Employees You can prepared Quarterly Tax Calculation This Calculation sheet will prepared at a time Salary Statement Form 16 ITR-I... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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