Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Dec 1, 2010 at 10:15 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Himachal Pradesh CM Launches Web Portal Of Excise And Taxation Department Facilitating E-payment Of VAT
• Income Tax Dept Conducts Searches On 30 Ispat Premises
• Major Changes In Direct Tax Provisions Unlikely In Budget 2011
• Post Housing Loan Scam -developers Dependence On Private Money-lenders May Increase
• Inclusive Development Needs To Be Combined With Consolidation Of Public Finances Financial Stability Employment Genera
• RBI May Accept IFRS But Won T Leave Prudential Norms
• Income Tax Returns Can T Be Basis To Fix Maintenance
• Bribes-for-loans Scam- Banks To Tighten Norms For Sanction Of Loan To Real Estate Companies
• 11 Real Estate Companies Are Already Under CCI Scanner
• Banks Want RBI To Define Teaser Loan Schemes
• Common Proficiency Test - Proposed Amendment In The Chartered Accountants Regulations 1988
• CBI Looking Into Bad Debt Write-offs By Some Of The Banks And Financial Institutions Involved In Money Matter Bribery Sc
• Announcement Regarding ISA AT To Be Held In Dec 2010 - 29-11-2010
• CAs Should Be Watchdogs Of The Economy - Chairman CBDT
• Know ITR-V Receipt Status Income Tax Refund Failure Status And Processing Status Of E-Returns In Respect Of Return File
• Whether Higher Stock Than Actual Declared To Bank Attracts Additions U S 69 Of The Income Tax Act 1961
• Constitutional Validity And Retrospective Levy Of Service Tax On Renting Of Immovable Property Upheld
• Delhi ITAT Rules On Constitution Of PE In Case Of Outsourcing Of Services To An Indian Affiliate And On Attribution Of Profits To Such A PE
• Mumbai ITAT Rules Overseas Taxes Not Deductible Against Taxable Profits
• Tariff Value For Brass Scrap And Poppy Seeds Modified - Notification No 99 2010 Dated November 30 2010
• Export Of Cotton Yarn Not Entitled To DEPB Benefit Under The DEPB Rate Schedule
• DGFT-Amendment Modification Of SION S No C-739 Under Engineering Product Group
• Shortfall In Maintenance Of SLR Additional Liquidity Support Under LAF
• Income Tax Department Is Releasing 3 New Services On The E-filing Website
• Clarification Regarding Quantity Discounts Bonus Quantities Etc Cleared Without Payment Of Duty Under MRP Based Assessment - Reg
• Exchange Rate Notification For Import Export Of Goods With Effect From 1st December 2010
• Classification Of PXI Controllers Input Output Modules Signal Converters And Chassis And Its Parts-regarding
• CS Inter Important Questions LAW
• MS EXCELL

Himachal Pradesh CM Launches Web Portal Of Excise And Taxation Department Facilitating E-payment Of VAT Posted: 01 Dec 2010 12:22 AM PST Himachal Pradesh Chief Minister Prem Kumar Dhumal today launched new web portal of Excise and Taxation department for e-payment of VAT at his Office Chamber here today by accepting payment of Rs 99 999 from Sanjay Guleria Director S [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Dept Conducts Searches On 30 Ispat Premises Posted: 30 Nov 2010 04:25 PM PST The Income Tax Department today conducted nation-wide searches at more than 30 premises of steel maker Ispat Industries in connection with alleged tax evasion nbsp The searches were conducted at Mumbai Nagpur Delhi Kolkata and [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Major Changes In Direct Tax Provisions Unlikely In Budget 2011 Posted: 30 Nov 2010 04:20 PM PST Finance minister Pranab Mukherjee is unlikely to go for any major changes in direct taxes when he presents the Budget in February nbsp According to indications he will restrict himself to minor tweaking in the policy on income an [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Post Housing Loan Scam -developers Dependence On Private Money-lenders May Increase Posted: 30 Nov 2010 04:17 PM PST The recent housing loan scam would increase developers dependence on private money-lenders While cash flow from various quarters like private equities and investors has already become scarcer the scam is expected to adversely i [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Inclusive Development Needs To Be Combined With Consolidation Of Public Finances Financial Stability Employment Genera Posted: 30 Nov 2010 04:09 PM PST Inclusive Development needs to be combined with Consolidation of Public Finances Financial Stability Employment Generation and Economic Growth to Achieve Unhampered Growth- FM nbsp Union Finance Minister Shri Pranab Mukherjee [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI May Accept IFRS But Won T Leave Prudential Norms Posted: 30 Nov 2010 04:06 PM PST Accounting regulator ICAI today said that the Reserve Bank of India RBI may accept global accounting practice IFRS but will not give up prudential norms completely as they saved Indian banks from global financial meltdown nbsp P [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Returns Can T Be Basis To Fix Maintenance Posted: 30 Nov 2010 04:05 PM PST Tax returns are not sacrosanct when it comes to calculating the maintenance paid by a man to his estranged wife and kids the Bombay high court has ruled nbsp In two recent cases the HC thwarted the attempt of two businessmen who [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bribes-for-loans Scam- Banks To Tighten Norms For Sanction Of Loan To Real Estate Companies Posted: 30 Nov 2010 04:00 PM PST Stung by the real estate bribes-for-loans scam banks and housing finance companies will henceforth seek additional security and add completion guarantee clauses into agreements before sanctioning loans to developers nbsp Several b [[ This is a content summary only. Visit www.taxguru.in for full article ]]

11 Real Estate Companies Are Already Under CCI Scanner Posted: 30 Nov 2010 03:53 PM PST Within a week of the CBI arresting senior bankers in the housing finance racket the competition watchdog CCI on Monday said 11 real estate companies are already under its scanner nbsp I can only say that of the 137 cases that we [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Banks Want RBI To Define Teaser Loan Schemes Posted: 30 Nov 2010 03:48 PM PST Even as Corporation Bank has decided to be the first one to withdraw teaser loan schemes others led by the State Bank of India SBI have asked the Reserve Bank of India RBI to define teaser loans nbsp Stung by the public critic [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Common Proficiency Test - Proposed Amendment In The Chartered Accountants Regulations 1988 Posted: 30 Nov 2010 03:09 PM PST The President in his column President s page in the December 2010 issue of the Journal The Chartered Accountant has inter-alia conveyed the decision of the Council as under nbsp Common Proficiency Test The Council at its 30 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI Looking Into Bad Debt Write-offs By Some Of The Banks And Financial Institutions Involved In Money Matter Bribery Sc Posted: 30 Nov 2010 10:19 AM PST The CBI is looking into bad debt write-offs by some of the banks and financial institutions involved in the kickbacks-for-loan rackets it busted last week Two of them Punjab National Bank PNB and Bank of India have written [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Announcement Regarding ISA AT To Be Held In Dec 2010 - 29-11-2010 Posted: 30 Nov 2010 09:46 AM PST The Committee on Information Technology has introduced New Syllabus with effect from April 2010 for which first Assessment Test will be held in Dec 2010 It has been decided that the members already registered for the ISA course prio [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CAs Should Be Watchdogs Of The Economy - Chairman CBDT Posted: 30 Nov 2010 09:31 AM PST Indian economy is buoyant strong and has kept recession at bay and to keep the progress going the contribution of chartered accountants is important They must act as the watchdogs of economy and contribute to nation building S [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Know ITR-V Receipt Status Income Tax Refund Failure Status And Processing Status Of E-Returns In Respect Of Return File Posted: 30 Nov 2010 09:27 AM PST Income Tax Department is releasing 3 new services on the e-filing website These are available from the Services menu on the Menu Bar on top The services are available without requiring any login and are also available under My Ac [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether Higher Stock Than Actual Declared To Bank Attracts Additions U S 69 Of The Income Tax Act 1961 Posted: 30 Nov 2010 02:16 PM PST Section 69 of Income Tax Act deals with the cases of unexplained investments which have been made by the assessee but not accounted for in his books of accounts if any maintained and for which no satisfactory explanation is offered by [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Constitutional Validity And Retrospective Levy Of Service Tax On Renting Of Immovable Property Upheld Posted: 01 Dec 2010 01:13 AM PST Hon ble Punjab Haryana High Court in its decision dated 22 November 2010 on the issue of constitutional validity of the levy of service tax on renting of immovable property and the validity of the retrospective amendment to the defin [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi ITAT Rules On Constitution Of PE In Case Of Outsourcing Of Services To An Indian Affiliate And On Attribution Of Profits To Such A PE Posted: 01 Dec 2010 01:08 AM PST The ITAT held that the relationship of the Taxpayers with their Indian subsidiary to whom the Taxpayers had sub contracted assigned provision of software development and call center services resulted in a permanent establishment PE [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mumbai ITAT Rules Overseas Taxes Not Deductible Against Taxable Profits Posted: 01 Dec 2010 01:02 AM PST The ITAT held that the taxes paid on profits whether on presumptive basis or on the basis of actual profits earned represent application of income and are not allowed as deduction in computation of taxable profits In terms of applic [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tariff Value For Brass Scrap And Poppy Seeds Modified - Notification No 99 2010 Dated November 30 2010 Posted: 01 Dec 2010 12:02 AM PST Notification No 99 2010-CUSTOMS N T New Delhi 30th November 2010 S O E In exercise of the powers conferred by sub-section 2 of section 14 of the Customs Act 1962 52 of 1962 the Board being satisfied th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Export Of Cotton Yarn Not Entitled To DEPB Benefit Under The DEPB Rate Schedule Posted: 30 Nov 2010 11:52 PM PST Policy Circular No nbsp nbsp 04 RE-2010 2009-14 nbsp nbsp nbsp Dated nbsp nbsp nbsp 29 11 2010 nbsp Subject nbsp Export of Cotton Yarn not entitled to DEPB benefit under the DEPB Rate Schedule nbsp nbsp nb [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT-Amendment Modification Of SION S No C-739 Under Engineering Product Group Posted: 30 Nov 2010 11:49 PM PST Public Notice No nbsp nbsp nbsp nbsp 16 nbsp RE-2010 2009-2014Dated the nbsp nbsp nbsp nbsp nbsp 26 nbsp nbsp nbsp nbsp nbsp nbsp November 2010 nbsp Subject -Amendment modification of SION S No C-739 under Engineeri [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Shortfall In Maintenance Of SLR Additional Liquidity Support Under LAF Posted: 30 Nov 2010 11:38 PM PST RBI 2010-11 290Ref DBOD No Ret BC 63 12 02 001 2010-11November 30 2010Dear Sir Section 24 of Banking Regulation Act 1949 Shortfall in Maintenance of Statutory Liquidity Ratio SLR Additional Liquidity Support under Liquidi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Department Is Releasing 3 New Services On The E-filing Website Posted: 30 Nov 2010 09:39 AM PST Income Tax Department is releasing 3 new services on the e-filing website nbsp Income Tax Department is releasing 3 new services on the e-filing website These are available from the Services menu on the Menu Bar on top [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification Regarding Quantity Discounts Bonus Quantities Etc Cleared Without Payment Of Duty Under MRP Based Assessment - Reg Posted: 30 Nov 2010 09:19 AM PST Circular No 938 28 09-CX nbsp 29th November 2010 nbsp Subject Clarification regarding Quantity discounts bonus quantities etc cleared without payment of duty under MRP based assessment - reg nbsp nbsp A larger bench [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exchange Rate Notification For Import Export Of Goods With Effect From 1st December 2010 Posted: 30 Nov 2010 09:13 AM PST nbsp NO 98 2010-CUSTOMS N T DATED THE 26th November 2010 nbsp S O nbsp nbsp nbsp nbsp nbsp nbsp E In exercise of the powers conferred by section 14 of the Customs Act 1962 52 of 1962 and in suppression of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Classification Of PXI Controllers Input Output Modules Signal Converters And Chassis And Its Parts-regarding Posted: 30 Nov 2010 08:56 AM PST Circular No 42 2010-Customs 29th November 2010 nbsp Subject Classification of PXI Controllers Input Output Modules Signal Converters and Chassis and its parts-regarding nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CS Inter Important Questions LAW Posted: 30 Nov 2010 12:51 AM PST CS inter important Questions commercial LAW others Regards Madhusudan Kabra Helping Hand [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MS EXCELL Posted: 29 Nov 2010 11:28 PM PST MS EXCELL FOR CHARTERED ACCOUNTANTS BY CA SUNIL B GABHAWALA [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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