"November, 2010" Archive

11 real estate companies are already under CCI scanner

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. "I can only say that of the 137 cases that we are handling, 11 pertai...

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Posted Under: Corporate Law |

Banks want RBI to define teaser loan schemes

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. Stung by the public criticism of teaser rates, SB...

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Posted Under: Corporate Law |

Common Proficiency Test – Proposed amendment in the Chartered Accountants Regulations, 1988

Common Proficiency Test: The Council at its 300th meeting reviewed the requirement for passing the Common Proficiency Test and decided that a candidate shall have to obtain at one sitting, a minimum of 30 per cent marks (out of maximum marks specifie...

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Posted Under: Corporate Law |

Whether Higher Stock than Actual Declared to Bank Attracts Additions U/s 69 of the Income Tax Act 1961

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 the assessee....

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Posted Under: Corporate Law |

CBI looking into bad debt write-offs by some of banks and financial institutions involved in Money Matter Bribery Sc

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 off almost Rs 400 ...

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Posted Under: Corporate Law |

Announcement Regarding ISA AT to be held in Dec 2010 – (29-11-2010)

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 prior to April 20...

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Posted Under: Corporate Law |

Income Tax Department is releasing 3 new services on the e-filing website

Income Tax Department is releasing 3 new services on the e-filing website 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 Account’ ...

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Posted Under: Corporate Law |

'CAs should be watchdogs of the economy' – Chairman CBDT

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,...

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Posted Under: Corporate Law |

Know ITR-V receipt status, Income Tax Refund failure status and processing status of e-Returns in respect of return file

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 Account' as well)...

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Posted Under: Corporate Law |

CBI files fresh status report in SC on 2G probe

The CBI today filed in the Supreme Court a fresh status report on its ongoing investigation into the 2G spectrum scam allegedly involving former Telecom Minister A Raja, responding to posers by the judges and explaining in detail the nature of the pr...

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Posted Under: Corporate Law |

ICAI President's Message – December 2010

All of us have responsibility towards the society we live in. Let us realise the position of our profession and understand that we should better displease others and do what we know is right than we make others happy by doing what we realise is unjus...

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Posted Under: Corporate Law |

Trai to impose hefty penalties on unwanted calls from tomorrow

In a move that will give major relief to millions of subscribers, telecom regulator Trai will tomorrow announce new guidelines to curb the menace of unsolicited calls by imposing hefty penalties on errant telemarketing firms and operators. Beside...

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Posted Under: Corporate Law |

Service tax on construction- Gujarat HC issues notice to Centre on service tax

A division bench of the Gujarat high court, headed by chief justice SJ Mukhopadhaya, has issued notices to the Union finance ministry and service tax department, with regards to a petition filed, seeking to withdraw service tax on construction of res...

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Posted Under: Corporate Law |

ICAI- CPT December 2010 Exam Hall Ticket/Admit Card available for download

CA CPT DECEMBER 2010 Exam Hall Ticket/Admit Card available for download. You can download Hall ticket from the following official link of ICAI. www.icai.nic.in/admit.php...

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Posted Under: Corporate Law |

Govt examining draft Act for CBI

The government is examining a separate draft Act for CBI submitted by the premier investigation agency. The Parliamentary Standing Committee on Personnel, Public Grievances, Law and Justice had supported the view of CBI Director and impressed upon th...

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Posted Under: Corporate Law |

FM to Inaugurate Tomorrow a two-day Conference on “Economic Policies for Inclusive Development”

Union Finance Minister, Shri Pranab Mukherjee will inaugurate a two-day International Conference on “Economic Policies for Inclusive Development” tomorrow. The Conference is being jointly organized by the Department of Economic Affairs, Ministry of F...

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Posted Under: Corporate Law |

Sahara Calls SEBI Order Irresponsible, Claims Officials Acted With Malice

Stung by market regulator SEBI's ban on its firms and supremo Subrata Roy from raising money from the public, the Sahara Group Sunday dubbed the order as "irresponsible" and said it will soon challenge the order that reflected "malice and bias" on th...

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Posted Under: Corporate Law |

CAG hints at a scam in the environment ministry

The Comptroller and Auditor General on Friday hinted at a scam in the environment ministry, saying non-government organisations swindled 96% of the money meant for planting trees, the ministry has no record of how Rs 600 crore was spent in the last 2...

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Posted Under: Corporate Law |

Big 4 Bombshell- “We Didn’t Fail Banks Because They Were Getting a Bailout”

The Economic Affairs Committee of the House of Lords questioned representatives of the four largest audit firms on the issue of "going concern" opinions during the financial crisis. In particular, why were there none for the banks that failed, were b...

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Posted Under: Corporate Law |

Govt. Wins – Service tax on Renting Case – P&:H High Court Upholds Retrospective Validation from 01.6.2007

M/s Shubh Timb Steels Limited Vs Union of India and Another (Punjab & Haryana High Court)

: It cannot be held that renting of property did not involve any service as service could only be in relation to property and not by renting of property. Renting of property for commercial purposes is certainly a service and has value for the service receiver. Even if it is held that transaction of transfer of right in immovable property ...

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Tariff value for brass scrap and poppy seeds modified – Notification No. 99/2010 Dated, November 30, 2010

Notification No. 99/2010-Customs (N.T.) (30/11/2010)

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 that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), ...

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Shortfall in Maintenance of SLR – Additional Liquidity Support under LAF

RBI/2010-11/290 Ref. DBOD.No.Ret.BC. 63 /12.02.001/2010-11 (30/11/2010)

As stated in the Press Release issued by the Reserve Bank of India on November 29, 2010, in order to provide further liquidity comfort, it has been decided to allow Scheduled Commercial Banks to avail of the additional liquidity support under the LAF to the extent of up to 2.0 per cent of their NDTL as on the reporting Friday of the secon...

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Johnny and Service Tax Refund [Series- II]-Part 3- ‘Conditions Relating To Port Services’

In continuation of the series of previous two articles, elaborating the difficulties in getting the refund claim due to conditions relating to Invoice and CHA service, we in this article are attempting to present the problems existing in the Service ...

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Posted Under: Corporate Law |

Not a Scam but a Case of Moral Devaluation

When money speaks, nobody bothers for grammar. This is what has been proved by recent surfacing of bank loans as a cross breed of bribe-corruption. Bribe, unethical behavior and corruption- its all in India’s blood and system now - be it using office stationery, personal use of office car, jumping a red right and getting scot-free for f...

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Posted Under: Corporate Law |

ICSI issues Directives/Instructions for the Council/ Regional Council Elections -2010

The ICSI Election to the Council/Regional Councils – 2010 is to elect highest policy making bodies at the Central and Regional levels. The Members and the Contesting Candidates are advised to exercise utmost Self-Regulation to maintain and uphold the...

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Posted Under: Corporate Law | ,

The result of Online CPT Examination held in the month of October, 2010 declared

The result of Online CPT Examination held in the month of October, 2010 declared go to http://220.227.161.82/cpt_onli ne.htm www.icai.org...

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Posted Under: Corporate Law |

Government considering introduction of new Bill on emigration

The government is seriously considering introduction of a new Bill on emigration in Parliament soon and changes in its policy, including abolition of sponsorship for visit visas, aimed at protecting the interest of Indians working abroad. Minister fo...

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Posted Under: Corporate Law |

RBI cautions against money schemes by unauthorised non-banking finance companies

The Reserve Bank on Monday cautioned people against money schemes offering assured high returns and asked them not to have deposits with unauthorised non-banking finance companies (NBFCs), which falsely claim to have approval from the central bank to...

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Posted Under: Corporate Law |

Clarification regarding Quantity discounts, bonus quantities, etc. cleared without payment of duty under MRP based assessment – reg.

Circular No. 938/28/2009- Central Excise (29/11/2010)

A larger bench of CESTAT in the case of Indica Laboratories Vs CCE, Ahmedabad 2007(213) ELT 20(T-LB), has held that quantity discount, bonuses etc. are applicable for the valuation of goods under section 4 of the Central Excise Act, 1944 and not in case of goods valued under Section 4A....

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Classification of PXI Controllers, Input/Output Modules, Signal Converters and Chassis and its parts-regarding

Circular No. 42/2010-Custom Duty (29/11/2010)

It has been brought to the notice of the Board that there are divergent practices regarding classification of PXI Controllers, Input/Output Modules, Signal Converters and Chassis and its parts. Essentially, PXI Controllers are designed for measurement and automation applications, which require high performance and a rugged industrial form...

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Assocham proposes to develop 14 industrial clusters in Bihar

Assocham General Secretary D S Rawat said today that the proposed clusters would provide jobs to 6 lakh people, directly and indirectly. Rawat, who was talking to reporters here after releasing the Assocham's study report on 'Cluster Development for ...

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Posted Under: Corporate Law |

Exemption from disclosure norms can be given by SEBI only- SC

Companies seeking exemption from disclosure norms before tapping the capital market can only do so with the prior consent of market regulator Securities and Exchange Board of India (SEBI), the Supreme Court has ruled. The apex court's direction cam...

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ICAI may ask members to track end use of loan

Auditors will be asked to track the end-use of loans given to corporates when they start annual bank audits in a couple of months. The Institute of Chartered Accountants of India (ICAI), the country’s accounting regulator, has decided to ask member ...

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Posted Under: Corporate Law | ,

How to Become a Creative Genius

When we measure the creativity of young children, virtually all of them will record as being ‘highly creative’. However, only a small percentage of adults register as being ‘highly creative’. What happened? Schools have crushed creativity. We were ...

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Posted Under: Corporate Law |

New study to estimate size of black money

After a gap of 25 years, the government has set the ball rolling again for estimating black money in India as well as the causes of its generation and has sought proposals from national institutes on the subject. Finance Minister Pranab Mukherjee has asked four institutes to send their suggestions for undertaking a study to estimate the ...

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Posted Under: Corporate Law |

Export of Cotton Yarn not entitled to DEPB benefit under the DEPB Rate Schedule

Policy Circular No. 04 (RE-2010)/2009-14 (29/11/2010)

It was stated in the DGFT Public Notice No. 57 dated 21.4.2010, that Export of “Cotton yarn including Melange Yarn” appearing at DEPB entry Sl. No. 78 of the Product Group “Textiles” shall not be entitled for DEPB benefit from immediate effect. Thereafter references have been received from Trade and Industry and Regional Authoriti...

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How NRIs can apply for PAN card in India

Non-resident individuals and organisations need to have a Permanent Account Number (PAN) number if they receive an income and need to file returns in India. PAN is issued by the Income Tax (IT) Department to all assessees and quoting of PAN is compulsory in all returns filed with the IT department....

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Posted Under: Corporate Law |

Payment of hire charges on bareboat charter basis is not taxable if the agreement for hire was executed outside India and vessel was delivered / situa

Seabird Exploration FZ, LLC, UAE (AAR) [2010-TII-27-ARA-INTL]

The AAR held that the ‘source of income’ for hire charges of a vessel is to be determined having regard to the place where the agreement for hire was executed and the place where the vessel was delivered/situated at the time of entering into the agreement. In the present case, since at the time of renewal of the agreements the vessels...

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Pendency, before a statutory forum, of a similar matter in respect to transaction with a different party is no bar to seek advance ruling

In Re. LS Cable Ltd. (AAR Delhi)

Recently, the Authority for Advanced Ruling held that pendency of a similar matter of the applicant in respect to transaction with a different party, before a statutory forum, is no bar to seek advance ruling in respect of another transaction....

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Construction PE clause determines Existence of PE in case of engineering, procurement, commissioning services provider in oil fields Construction

DDIT Vs. Clough Projects International Pvt. Ltd. (ITAT Mumbai)

The Tribunal while upholding the order of the CIT(A) and after relying on the decision of the AAR in the case of Brown and Root Inc. held that since an installation project was not carried on for more than six months, as per Article 5(2)(k) of the tax treaty the taxpayer did not create PE in India....

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I-T dept introduces new number for taxpayers for tax filing

Taxpayers will now have to procure a 'new number' for filing returns and making any communication with the Income Tax department. The unique Document identification number (DIN), on the lines of numbers like PAN and TAN, will be quoted on "every" inc...

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Posted Under: Corporate Law |

Govt tightens PF norms for overseas workers in India

India has tightened norms for withdrawal of provident fund by overseas workers employed in the country, prohibiting them from taking back this money until they are 58 years old or are incapacitated. "An international worker may withdraw the full amo...

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Posted Under: Corporate Law |

LIC's new premium crosses Rs 50,000 crore during Apr-Oct

The new premiums of country's largest insurer Life Insurance Corporation (LIC) has breached the Rs 50,000-crore mark during April-October period this year, an increase of 66 per cent from the corresponding period last fiscal. In the first seven month...

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Posted Under: Corporate Law |

Consideration for strategic consulting services cannot be considered as Fees for Technical Services or Royalty prior to amendment to India-Switzerland

Recently, the Mumbai Tribunal held that the consideration received by the taxpayer for providing strategic consulting services cannot be considered as Fees for Technical Services (FTS) or Royalty within the provisions of the India-Switzerland tax treaty (See Note 1 at the bottom)....

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Posted Under: Corporate Law |

Supply of software is not transfer of copyright but only transfer of copyrighted article and such payment is not Royalty under India-Israel tax treaty

DDIT Vs. TII Team Telecom International Ltd. (ITAT Mumbai)

Mumbai bench of the Income-tax Appellate Tribunal held that the supply of software does not amount to any transfer of copyright but only transfer of copyrighted article. Further, payment received for sale of copyrighted article does not amount to income from royalty within the meaning of the India-Israel tax treaty. Further, the Tribunal ...

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Payment received for sale of copyright article does not amount to royalty under the India – USA tax treaty

The Dy Director of Income Tax Vs Alcatel USA International Mktg Inc. (ITAT Mumbai)

Recently, the Mumbai bench of the Income-tax Appellate Tribunal held that the payment received by the taxpayer company towards the sale of copyright article does not amount to royalty within the provisions of Article 12(3) of the India-USA tax treaty (tax treaty)....

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Losses on un-matured forward contracts cannot be considered as notional or contingent

Bharat Earth Movers Vs Commissioner Of Income Tax (Supreme Court of India)

In this case Special Bench of the Income-tax Appellate Tribunal dealt with the issue of allowability of losses on account of unmatured forward contracts in foreign exchange entered into by the taxpayer. The Special Bench while dismissing the contentions of the tax department held that the loss on unmatured forward contracts is in the n...

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Rules 6(2) and 6(3) of Cenvat Credit Rules 2002 not applicable when assessee is engaged in ‘trading activity’ and providing ‘output services’- Cestat

Orion Appliances Ltd. Vs. CST (CESTAT Ahemdabad)

Since the inception of Cenvat Credit Rules, there has been a debate on the application of Cenvat Credit Rules viz a viz trading activity. The Cenvat Credit Rules do not have any provision to govern a situation where common ‘inputs’/‘input services’ are used by an assessee engaged in providing output service/ manufacturing dutiable...

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Delhi Tribunal seeks to examine board meetings, etc. to decide place of management

M/s SMR Investments Limited Vs. DDIT (ITAT Delhi)

Recently, the Delhi bench of the Income-tax Appellate Tribunal dealt with the issue of taxability on sale of shares under India-Mauritius tax treaty (tax treaty). The Tribunal asked for either third party evidence or evidence by any government agency either situated in Mauritius or in India to be brought on record to substantiate taxpayer...

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Rejection of application by AO for lower or nil withholding is an ‘order’ eligible for revision by CIT

Larsen & Toubro Ltd. & Anr. Vs. ACIT (Bombay High Court)

The Bombay High Court held that expression “order” for the purposes of section 264 of the Income-tax Act, 1961 (the Act) has a wide connotation. The words used under section 264(1) of the Act are ‘any order other than order under section 263’. Hence, the rejection of an application by the Assessing Officer (AO) for lower withholdi...

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TDS wing of I-T department surveys Pharma Companies

The Tax Deducted at Source (TDS) wing of the income tax (I-T) department, on Friday conducted surveys on three major pharmaceutical companies following information of TDS rule violations. The surveys were conducted on GlaxoSmithKline (GSK) Pharmaceut...

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Posted Under: Corporate Law |

Big Real estate companies under Income tax Department scanner post bribes for loan scam

The tax department will take a close look at the expense accounts of real estate giants Emaar MGF, Parsvnath, Unitech, DLF and others in the wake of the bribes-for-loan racket unearthed recently. The Central Board of Direct Taxes (CBDT) will also pro...

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Posted Under: Corporate Law |

IFRS expected to be released by December-end

With just four months to go before the new internationally consistent financial reporting standards kick in, the accounting professionals are awaiting clarification from the Ministry of Corporate Affairs on a number of issues, particularly the taxati...

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Posted Under: Corporate Law |

Alleged bogus Income Tax Refunds scam detected in Ludhiana

An alleged scam involving realisation of bogus income tax refund has come to light here after a man tried to deposit fake refund cheques to the tune of Rs 47 lakh, officials said today. Police, on the complaint of Ludhiana Income Tax Department...

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Posted Under: Corporate Law |

Bombay High Court’s Notice Regarding Writ Petition Hearing

IT IS HEREBY notified for the information of the Advocates and the parties appearing in-person that in partial modification of the extant assignment of judicial work, from Monday, 22nd November 2010: (I) All Writ Petitions, Appellate Side and Origi...

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Posted Under: Corporate Law |

CAP financial benefits earned by independent directors

There should be a cap on the pecuniary benefits earned by independent directors serving on boards of companies, according to Mr N. Ramanathan, Managing Director, Ponni Sugars. At a panel discussion on issues relating to board of directors and indepen...

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Posted Under: Corporate Law |

Central Bank launches doorstep banking

Taking banking services to customers’ homes, public sector lender Central Bank of India on Saturday launched a service through which a bank’s representative will visit customers for carrying transactions and collecting cheques and drafts. The service...

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Posted Under: Corporate Law |

Finance Minister’s Address at 42nd Annual Conference of SIRCof ICAI

Union Finance Minister Mr. Pranab Mukherjee asked Chartered Accountants to apply Accounting Standards uniformly and assist in presenting the true picture of the financial health of the company while ensuring accountability in all aspects. He said tha...

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Posted Under: Corporate Law |

ICSI alert to its members regarding unauthorised website

The Institute has come across a website on the Council/Regional Council Elections 2010. The said website has been created without the approval, authority or knowledge of the Institute of Company Secretaries of India (ICSI). The creation of the webs...

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Posted Under: Corporate Law |

Bank of Baroda hikes retail term deposit rates by up to 75 bps

Public sector lender Bank of Baroda (BoB) today announced an increase in the interest rate on certain retail term deposit schemes by up to 75 basis points, with effect from November 29. The interest rates were hiked for deposits of less than Rs 1 cr...

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Posted Under: Corporate Law |

Draft norms on health insurance portability soon

NA (27/11/2010)

The government today said that the Insurance Regulatory and Development Authority (Irda) would soon come up with draft guidelines for health insurance portability, which would allow policy holders to switch to another insurer because of poor service...

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IRDA fines Tata AIG for failure to adhere to management expense guideline

NA (27/11/2010)

Tata AIG Life Insurance has been penalised Rs 5 lakh by the insurance regulator for failing to adhere to guidelines relating to management expenses. In a statement issued on Thursday, Irda said management expenses of the life insurer for 2008-09 was...

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I-T dept strikes Rs 50 crore deal with BSNL, gets Blackberry

The Income Tax department has struck an estimated Rs 50 crore deal with state-owned telecom company BSNL to provide 51,000 mobile connections and one thousand high-end Blackberry phones for secure and fast communication amongst its officers and staff...

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Posted Under: Corporate Law |

Large volume of purchase and sale of shares can not be the sole criteria to treat the same as business activity

Dy. Commissioner of Income Tax- 4(2) Vs M/s. SMK Shares & Stock Brooking Pvt. Ltd. (ITAT Delhi)

The assessee, a broker in the BSE, disclosed short-term capital gains and long-term capital gains on sale of shares. The AO accepted the LTCG as such though he held that the STCG was assessable as “business profits” on the ground that the assessee was a stock broker & there was large volume and frequency (more than 300) transactions. ...

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Once charge of misappropriation proved, there cannot be punishment other than dismissal

It is well settled in law that once a charge of misappropriation is proved against a bank officer or employee in any department or organisation, who is dealing with money, the employer will lose trust and confidence in him. In such cases the...

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Posted Under: Corporate Law |

India Corporate Week 2010 – A Curtain Raiser

The Ministry of Corporate Affairs has undertaken a large number of initiatives in the area of corporate reforms. These initiatives have the twin objectives of providing an enabling environment for the sustainable corporate growth and to integrate it ...

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Posted Under: Corporate Law |

Corrective Steps on Rupee Rise

In the month of October 2010, the monthly average exchange rate of rupee was Rs. 44.5 per US dollar, indicating 3.6 per cent appreciation over the exchange rate of Rs.46.1 in September 2010. The rupee however, has depreciated by 2.4 per cent against ...

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Posted Under: Corporate Law |

Amount Collected as Education CESS during the last three years from direct and indirect taxes

Since no Reserve Fund has been opened in the Public Account of India for the purpose of crediting the 1% Secondary & Higher Education Cess for expenditure towards related schemes/prgorammes, the expenditure provision for Department of School Educatio...

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Posted Under: Corporate Law |

Corrigendum to Service tax Notification No. 26/2010-ST, dated 22-6-2010 related to ST on air freight

G.S.R. 921(E) (23/11/2010)

Section 65(105)(zzzo) of the Finance Act, 1994 – Air Transport of Passengers – Exemption above Rs. 100 on domestic travel and Rs. 500 on international travel in economy class – Corrigendum to Notification No. 26/2010-ST, dated 22-6-2010 CORRIGENDUM NOTIFICATION NO.  G.S.R. 921(E), DATED 23-11-2010 In the notification of...

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Sebi probes insider-trading in shares of cos party to Housing-Finance scam

Market watchdog Sebi has initiated a probe into possible front-running and insider trading in shares of over two dozen companies, including some blue chips, by entities and persons involved in the housing-finance scam unearthed by CBI. The initial f...

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Posted Under: Corporate Law |

Direct tax arrears touch Rs 2.49 Lakh crore

Direct tax arrears touched a staggering Rs 2.49 lakh crore last fiscal, and of this, an amount of Rs 1.43 lakh crore is seen to be difficult to recover. The tax arrears are tax demand raised by the revenue department but not realised along with the a...

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Posted Under: Corporate Law |

ED working in coordination with Income Tax Department for their probe into the overlays contracts award in CWG Scam

The Enforcement Directorate is working in close coordination with the Income Tax Department for their probe into the overlays contracts award ED during the Commonwealth Games and may soon summon the firms concerned. According to official sources, the...

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Posted Under: Corporate Law |

Railway Minister demands extension for waiver of service tax on railway freight

Railway Minister Mamata Banerjee has sought an extension for the waiver on service tax on railway freight. Finance Minister Pranab Mukherjee had earlier given a tax holiday to the Railways till December 31. Banerjee now wants the tax relief extended ...

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Posted Under: Corporate Law |

Exchange Rate notification for Import / Export of goods with effect from 1st December, 2010

Notification No. 98/2010-CUSTOMS (N.T.) (26/11/2010)

S.O. (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in suppression of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 91/2010-Customs (N.T.), dated the 27th October, 2010 vide number S.O.2657 (E), dated the 27th October, 2010, exce...

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Constitutional amendment will not be discussed at next meet of State FM

The vexed issue of amending the Constitution for rolling out the new Goods and Services Tax (GST) may not come up in the next meeting of the Empowered Committee (EC) of state finance ministers on December 6 here....

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Posted Under: Corporate Law |

Assocham demands 50-100 new private banking licences

Taking all stakeholders by surprise, industry body Assocham today suggested that the Reserve Bank of India (RBI) issue between 50-100 new private bank licences in the current round of allowing new entrants....

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Posted Under: Corporate Law |

NRIs can now vote, Govt issues notification

A longstanding wish of millions of NRIs for voting right in India has come true with the Centre issuing a notification to this effect to enable them to exercise their franchise. Parliament had in the monsoon session passed the Representation of Peopl...

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Posted Under: Corporate Law |

sebi- Imperative to lift corporate veil in Sahara fund-raising

Market regulator SEBI has castigated the Sahara Group for raising thousands of crores in violation of regulatory framework and said that there is a clear "imperative to lift the corporate veil." Rejecting the contention of two Sahara Group entities a...

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Posted Under: Corporate Law |

SC asks CBI why Raja and Telecom Secretary not been questioned?

Ticking off the CBI, Supreme Court today asked why it had not questioned former Telecom Minister A Raja and Telecom Secretary in the 2G spectrum scam, saying the agency was beating around the bush when illegality is prima facie evident....

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Posted Under: Corporate Law |

Sebi suggests one statement for all mutual fund investments

Soon, investors could have one consolidated monthly statement for investments made across different mutual funds. The Association of Mutual Funds in India (Amfi) committee on operations and compliance is likely to take a decision on Thursday on Secur...

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Posted Under: Corporate Law |

Advent of APA in TP regime

The arena of International taxation has always been quite complex as much as it has been exciting (for tax practitioners in particular). What with residency rules, PE provisions, TP regimes, 195 issues and DTAAs, in fact, it will be more exciting as...

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Posted Under: Corporate Law |

Employment visa is not a foreign national’s right- HC

The ruling was given by a division bench of Justice P B Majmudar and Justice Mridula Bhatkar while rejecting a petition filed by a Ukranian. Petitioner Lulila Leonid Stelmakh (22) had moved the high court in August this year, challenging the denial o...

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Posted Under: Corporate Law |

Notification No. 86/2010-Income Tax Dated 26/11/2010

Notification No. 86/2010-Income Tax (26/11/2010)

Notification No. 86/2010-Income Tax Whereas, an Agreement and the Protocol between the Government of Republic of India and the Government of the United Mexican States for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed at New Delhi on the 10th day of September, 2007...

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MVAT- Notification for Mandatory E-filing of PTRC Monthly return

Notification No. VAT/AMD-1010/IB/PT/Adm-6 (26/11/2010)

The periodicity and date of filing Return as well as making payment will be as per the provisions of the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 and the Maharashtra State Tax on Professions, Trades, Callings and Employments Rules, 1975....

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No time-framing to table constitution amendment bill for GST -FM

The government on Tuesday said it is not possible to fix a time-frame for the introduction of the constitution amendment bill, which will facilitate rolling out the proposed Goods and Service Tax (GST). In a written reply to the Rajya Sabha, Finance Minister Mr Pranab Mukherjee said the process requires consensus among various players and...

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Posted Under: Corporate Law |

Service Tax on Renting of Immovable Property – SC requests Delhi HC to dispose of Writ Petition

Govt. had moved Supreme Court To restrain High Courts from Granting Stay. SC declined to intervene in favour of Govt. High Courts can continue to pass stay orders, but Delhi HC directed to pass the orders in due course. Order expected either towards...

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Posted Under: Corporate Law |

Application of provisions of section 5A (1A) of the Central Excise Act

Circular No. 937/27/2010– Central Excise (26/11/2010)

References had been received from the field formations as well as trade to clarify the ambiguity arising out of simultaneous prevalence of two exemption notifications namely 29/2004-CE dated 9.7.2004 as amended by notification No. 58/2008-CE dated 7.12.2008 and another notification 59/2008-CE dated 7.12.2008. The period of dispute is from...

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Allocation of Government debt and corporate debt investment limits to FIIs Circular for Mutual Funds

Circular No. CIR/IMD/FIIC/18 /2010 (26/11/2010)

2. In the circumstances that the debt issue cannot be listed within 15 days of issue for any reasons whatsoever, then the holding of FIIs/sub-accounts if disposed off shall be sold off only to domestic participants/investors until the securities are listed....

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SEBi issues circular for Mutual Funds

Circular No. Cir/IMD/DF/19/2010 (26/11/2010)

Cir / IMD / DF / 19 / 2010, Date- November 26 ,2010 It has been noticed that certain Scheme Information Documents provide that the subscription to the scheme can be made during a specific period (known as specified transaction period) and the repurchase of units is permitted on all business days subject to applicable loads (except for red...

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Check online Articleship Status with ICAI

If you want to check Your details regarding articleship (completion of articleship and information relation to transfer during period of articleship) as per ICAI records then you can check the same by clicking on the following link and replacing the text- NRO123456 at the end of link with your own student Registration Number :-...

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Posted Under: Corporate Law |

Foreign income-taxes not eligible for deduction u/s 37(1). Despite bar in DTAA, credit for State taxes to be given u/s 91 in addition to Federal taxes

Deputy Commissioner of Income Tax Vs. Tata Sons Limited (ITAT Mumbai)

The argument that section 90 & 91 are confined to USA Federal taxes and not to USA State taxes and that therefore the bar in s. 40(a)(ii) does not apply to USA State taxes is not acceptable because any payment of income-tax is an application of income as held in Inder Singh Gill 47 ITR 284. Further, the scheme of ss. 90 & 91 does not disc...

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DGFT-Amendment/modification of SION S.No.C-739 under Engineering Product Group

Public Notice No. 16 (RE-2010)/2009-14 (26/11/2010)

Wires are also permitted as an admissible input to be imported under the condition that such wire must be of larger diameter than the exported end product. There is no change in quantity of input permitted per tonne of export item....

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Sebi committee suggests substantial increase in the net worth requirement for stock exchanges

Learning from the recent financial crisis, a Sebi committee, which was set up to look into different aspects of stock exchanges and related intermediaries like depositories and clearing corporations, has suggested a substantial increase in the net worth requirement for such entities....

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Posted Under: Corporate Law | ,

Loans bribery case limited to individuals – minister

India's income tax department will look into tax issues in a loans bribery case, a finance ministry official said on Thursday. The IT (income tax) department will certainly look into any tax angle involved in the matter, the Central Board of ...

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Posted Under: Corporate Law |

Budget 2010-11 to look into problems on Cenvat credit

The government today said the Union Budget for next fiscal would look into the various problems being faced by companies under their Central Value Added Tax (Cenvat) credit claims. Cenvat rate is currently fixed at 10 per cent and companies get credi...

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Posted Under: Corporate Law |

Open Account outside India through Agent may invite trouble

Seeking the help of a friendly official or agent of a foreign bank to open a bank account overseas may not be a good idea as tax sleuths have their eyes on them and could soon be knocking at your doors.Income tax sleuths are keeping a close watch on ...

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Posted Under: Corporate Law |

SEBI – Submission of report of the Committee for Review of Ownership and Governance of Market Infrastructure Institutions

Press Release No. 254/2010 (23/11/2010)

SEBI – Submission of report of the Committee for Review of Ownership and Governance of Market Infrastructure Institutions PRESS RELEASE NO. 254/2010, DATED 23-11-2010 The Securities and Exchange Board of India constituted a Committee under the Chairmanship of Dr. Bimal Jalan, (Former Governor, Reserve Bank of India) to examine issu...

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Union Budget- Suggestions from the Industry and Trade Associations for Budget 2011-12 regarding changes in direct and indirect taxe

Union Budget- Suggestions from the Industry and Trade Associations for Budget 2011-12 regarding changes in direct and indirect taxes PRESS NOTE [F.NO.334/5/2010-TRU], DATED 22-11-2010 In the context of formulating the proposals for the Union Budget of 2011-12, the Ministry of Finance would like to be benefited by the suggestions and view...

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Posted Under: Corporate Law |

Insurance – Guidelines on Variable Insurance Products (VIP)

CIRCULAR NO. IRDA/ACT/CIR/VIP/187/11/2010, (23/11/2010)

CIRCULAR NO. IRDA/ACT/CIR/VIP/187/11/2010, DATED 23-11-2010 The structure of insurance policies evolves over time to provide policy holders, a stream of long term benefits. Generally these changes are in response to changes in the overall financial sector as also to be in line with current consumer expectations. Over the past decade, non-...

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