Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Jan 27, 2011 at 10:24 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Govt Considering Voting Rights For NRIs
• RBI S Subsidiary Model Will Raise Foreign Banks Tax Liability- Experts
• Sebi RBI On Watch For Illicit Swiss Money Coming Back Home
• Government Removes Shri Suresh Kalmadi And Shri Lalit Bhanot From OC CWG 2010
• Press Statement By Ministry Of Finance On The Issue Of Black Money
• Finance Minister Presents Presidential Awards To Officers Of Customs And Central Excise And Directorate Of Enforcement
• Satyam Scam- ICAI To Hold Disciplinary Meetings In Hyderabad
• Consensus On GST May Take Time Says Pranab Mukherjee
• New Format Of Consent To Act As Director Of A Company Under The Companies Act 1956
• Shri R P N Singh Assumes The Charge Of Minister Of State For Corporate Affairs
• Tax Collection Targets For The Current Financial Year Increased
• Govt Strategy To Tackle The Menace Of Illicit Funds
• RBI Releases Discussion Paper On Presence Of Foreign Banks In India
• Third Quarter Review Of Monetary Policy 2010-11 Press Statement By Dr D Subbarao Governor
• RBI- Third Quarter Review Of Monetary Policy 2010-11
• PCC IPCC Results Likely To Be Declared On 5th February 2011- ICAI
• Roaming Charges Paid By Telecom Service Providers Not In The Nature Of Rent Which Attracts Withholding Tax
• Failure To Pay Advance Tax Attracts Interest
• Synopsis Of Foreign Contribution Regulation Act 2010
• Regulatory Framework For Core Investment Companies Notified
• Taxation Of Procurement Activity Undertaken By A Foreign Company Through A Liaison Office In India
• TDS On Interest From Bank Deposit- Six Things We Should Know
• Pass- Through Costs That Are Incurred For Non Value- Added Purposes Should Not Form Part Of The Cost Base While Determin
• NPA Due To Bank S Mistake Remedies Available To The Borrower SARFAESI Act - A Case Study
• RBI Hikes Key Rates By 0 25 Percent Retains GDP Forecast At 8 5 Percent
• Upon Amalgamation Rights Of Amalgamating Company Devolve Upon Amalgamated Company
• FEMA- Participation By Full Fledged Money Changers FFMCs And Authorised Dealers Category-II ADs Category-II In The Currency Futures And The Exchange Traded Currency
• Section 210A Of The Companies Act 1956 - Constitution Of National Advisory Committee On Accounting Standards - Notified Committee
• RBI Circular On Liquidity Adjustment Facility Repo And Reverse Repo Rates
• RBI Circular On Standing Liquidity Facilities For Banks And Primary Dealers
• Restriction On Export Of Cotton Yarn- Exemption For Export Of Cotton Yarn Manufactured Out Of Imported Raw Material
• Withdrawal Of DEPB Benefit On Export Of Skimmed Milk Product SMP Casein And Any Other Milk Product
• Download Format Of Service Agreement For CA Examination Centres
• Terms And Conditions For Holding Chartered Accountants Examinations

Govt Considering Voting Rights For NRIs Posted: 26 Jan 2011 12:15 PM PST The government is considering the issue of granting voting rights to Non-Resident Indians and suggestions have been submitted to the Election Commission on the matter Union minister for overseas Indian affairs Vayalar Ravi said on [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI S Subsidiary Model Will Raise Foreign Banks Tax Liability- Experts Posted: 26 Jan 2011 12:07 PM PST An expert said under the new structure foreign banks tax liability might go up if the wholly-owned subsidiary decides to pay a dividend as such payments will attract dividend distribution tax nbsp Tax liabilities of foreign ba [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi RBI On Watch For Illicit Swiss Money Coming Back Home Posted: 26 Jan 2011 11:56 AM PST Financial regulators Sebi and RBI have enhanced vigil on Indian entities routing their funds from secretly-held Swiss bank accounts to India through Dubai and other locations on fears of getting exposed for stashing the money in t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government Removes Shri Suresh Kalmadi And Shri Lalit Bhanot From OC CWG 2010 Posted: 26 Jan 2011 11:37 AM PST The Government has decided today to remove Shri Suresh Kalmadi from the position of the Chairman of the Organizing Committee CWG Delhi 2010 and the position of Chairman Executive Board of the organizing CWG 2010 and Shri Lalit [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Press Statement By Ministry Of Finance On The Issue Of Black Money Posted: 26 Jan 2011 11:27 AM PST The issue of black money has attracted a lot of attention in the recent past I will like to take this opportunity to share with you the proactive steps taken by our Government to combat the menace of illicit funds generated both as [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Minister Presents Presidential Awards To Officers Of Customs And Central Excise And Directorate Of Enforcement Posted: 26 Jan 2011 11:22 AM PST The Union Finance Minister Shri Pranab Mukherjee presented the Presidential Awards to the officers of the Customs amp Central Excise and Directorate of Enforcement here today The officers of the Customs amp Central Excise Depa [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Satyam Scam- ICAI To Hold Disciplinary Meetings In Hyderabad Posted: 26 Jan 2011 09:03 AM PST HYDERABAD Institute of Chartered Accountants of India ICAI will hold all its Disciplinary Committee meetings on Satyam Computers multi-crore accounting scam henceforth in Hyderabad ICAI Vice-President G Ramaswamy Vice-Presi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Consensus On GST May Take Time Says Pranab Mukherjee Posted: 26 Jan 2011 08:38 AM PST Finance minister Pranab Mukherjee today said the Centre is working at a political level with states for countrywide roll-out of goods and services tax GST but it may take some time to arrive at a consensus on the new indirect t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New Format Of Consent To Act As Director Of A Company Under The Companies Act 1956 Posted: 26 Jan 2011 05:49 AM PST CONSENT TO ACT AS DIRECTOR OF A COMPANY THE COMPANIES ACT 1956 Date nbsp nbsp nbsp To The Board of Directors Private Limited [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Shri R P N Singh Assumes The Charge Of Minister Of State For Corporate Affairs Posted: 26 Jan 2011 05:25 AM PST Shri R P N Singh assumed the charge of the Minister of State for Corporate Affairs here today at Shastri Bhawan Secretary of the Ministry Shri R Bandyopadhyaya and other senior officers of the Ministry of Corporate Affairs were [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tax Collection Targets For The Current Financial Year Increased Posted: 26 Jan 2011 05:23 AM PST FM calls for more focus on increasing service tax collections nbsp Shri Pranab Mukherjee addresses review meeting of CBDT CDEC in Chennai nbsp nbsp Finance Minister Shri Pranab Mukherjee has said that the targets for direct and indi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt Strategy To Tackle The Menace Of Illicit Funds Posted: 26 Jan 2011 04:07 AM PST llicit Funds nbsp Strategy nbsp The strategy adopted by the Government to tackle the menace of illicit funds is five-fold This consists of i Joining Global crusade against black money ii Creating an appropriate legislative fra [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Releases Discussion Paper On Presence Of Foreign Banks In India Posted: 26 Jan 2011 04:03 AM PST 1 nbsp Introduction 1 1 In 2005 the Reserve Bank released the Road map for presence of foreign banks in India laying out a two track and gradualist approach aimed at increasing the efficiency and stability of the banking s [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Third Quarter Review Of Monetary Policy 2010-11 Press Statement By Dr D Subbarao Governor Posted: 26 Jan 2011 03:55 AM PST This morning the Reserve Bank released its Third Quarter Review of Monetary Policy for 2010-11 Based on an assessment of the current macroeconomic situation we decided to nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp in [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI- Third Quarter Review Of Monetary Policy 2010-11 Posted: 26 Jan 2011 03:52 AM PST Dr D Subbarao nbsp GovernorIntroduction nbsp There have been significant changes in the macroeconomic environment since the Second Quarter Review issued on November 2 2010 Globally the recovery in the advanced economies appears t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

PCC IPCC Results Likely To Be Declared On 5th February 2011- ICAI Posted: 26 Jan 2011 03:27 AM PST The results of PCC IPCC MAC Part-I IRM and ITL amp WTO Examinations held in November 2010 are likely to be declared on 5th February 2011 at around 5 00 PM [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Roaming Charges Paid By Telecom Service Providers Not In The Nature Of Rent Which Attracts Withholding Tax Posted: 26 Jan 2011 01:07 PM PST Income Tax Appellate Tribunal ITAT of Mumbai 2010- TIOL-789-ITAT-MUM in the case of Vodafone Essar Ltd Taxpayer a mobile service provider MSP on the issue of whether it is liable to withhold tax on national roaming charge [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Failure To Pay Advance Tax Attracts Interest Posted: 26 Jan 2011 12:54 PM PST Advance tax as the name suggests is nothing but taxes paid in advance on the estimated annual income Advance tax along with tax deducted at source TDS and self-assessment tax constitute the three means by which income taxes a [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Synopsis Of Foreign Contribution Regulation Act 2010 Posted: 26 Jan 2011 12:12 PM PST Foreign Contribution Regulation Act 2010 The Foreign Contribution Regulation Act 2010 FCRA has been passed by both the houses of Parliament to replace Foreign Contribution Regulation Act 1976 FCRA 1976 to nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regulatory Framework For Core Investment Companies Notified Posted: 26 Jan 2011 12:02 PM PST Reserve Bank of India RBI had on 12 August 2010 issued guidelines for Core Investment Companies CICs RBI has on 5 January 2011 notified Core Investment Companies Reserve Bank Directions 2011 CIC Directions The CIC Direct [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Taxation Of Procurement Activity Undertaken By A Foreign Company Through A Liaison Office In India Posted: 26 Jan 2011 11:53 AM PST Delhi ITAT rules on taxation of procurement activity undertaken by a foreign company through a liaison office in India nbsp Delhi Income Tax Appellate Tribunal ITAT 2011-TII 05-ITAT-DEL-INTL in the case of Linmark Internati [[ This is a content summary only. Visit www.taxguru.in for full article ]]

TDS On Interest From Bank Deposit- Six Things We Should Know Posted: 26 Jan 2011 11:45 AM PST 1 Interest earned on bank deposits is subject to tax deducted at source TDS if the total interest amount in a financial year exceeds Rs 10 000 nbsp 2 Interest earned on term deposits is subject to TDS However interest ear [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pass- Through Costs That Are Incurred For Non Value- Added Purposes Should Not Form Part Of The Cost Base While Determin Posted: 26 Jan 2011 11:36 AM PST The New Delhi bench of the Income Tax Appellate Tribunal Tribunal recently pronounced its ruling in the case of Cheil Communications India Private Limited v Dy Commissioner of Income Tax New Delhi Bench ITA No 712 Del 2010 o [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NPA Due To Bank S Mistake Remedies Available To The Borrower SARFAESI Act - A Case Study Posted: 26 Jan 2011 10:29 AM PST It appears to me that the SARFAESI Act 2002 was enacted on the assumption that the Bank will commit no mistake in the course of its business relations with the borrowers It is understandable as to why the Banks need a special leg [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Hikes Key Rates By 0 25 Percent Retains GDP Forecast At 8 5 Percent Posted: 26 Jan 2011 08:35 AM PST With a view to rein in high inflation the Reserve Bank of India today raised its key short-term lending and borrowing rates by 0 25 per cent each with immediate effect nbsp The short-term lending repo rate has been hiked to 6 50 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Upon Amalgamation Rights Of Amalgamating Company Devolve Upon Amalgamated Company Posted: 26 Jan 2011 12:59 PM PST The Supreme Court has on facts of the case upheld the decision of Madras High Court that from the scheme of amalgamation becoming effective proceedings in which the transferor company was a party be continued and enforced by or agai [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FEMA- Participation By Full Fledged Money Changers FFMCs And Authorised Dealers Category-II ADs Category-II In The Currency Futures And The Exchange Traded Currency Posted: 26 Jan 2011 12:49 PM PST FEMA Participation by Full Fledged Money Changers FFMCs and Authorised Dealers Category-II ADs Category-II in the Currency Futures and the Exchange traded Currency Options markets nbsp A P DIR Series Circular No 40 A P [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 210A Of The Companies Act 1956 - Constitution Of National Advisory Committee On Accounting Standards - Notified Committee Posted: 26 Jan 2011 11:42 AM PST NOTIFICATION No S O 107 E dated 19-1-2011 In exercise of the powers conferred by sub-section 1 of section 210A of the Companies Act 1956 1 of 1956 the Central Government hereby constitutes an Advisory Committee to be cal [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Circular On Liquidity Adjustment Facility Repo And Reverse Repo Rates Posted: 26 Jan 2011 11:09 AM PST Liquidity Adjustment Facility Repo and Reverse Repo Rates nbsp RBI 2010-11 388 FMD MOAG No 56 01 01 01 2010-11 nbsp January 25 2011 nbsp All Scheduled Commercial Banks excluding RRBs and Primary Dealers nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Circular On Standing Liquidity Facilities For Banks And Primary Dealers Posted: 26 Jan 2011 11:07 AM PST Standing Liquidity Facilities for Banks and Primary Dealers nbsp RBI 2010-11 386 REF No MPD BC 340 07 01 279 2010-11 nbsp January 25 2011 nbsp To All Scheduled Banks excluding Regional Rural Banks RRBs nbsp and [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Restriction On Export Of Cotton Yarn- Exemption For Export Of Cotton Yarn Manufactured Out Of Imported Raw Material Posted: 26 Jan 2011 08:59 AM PST Notification No nbsp nbsp 18 nbsp nbsp RE-2010 2009-14 nbsp New Delhi Dated nbsp nbsp 24 January 2011 nbsp Subject Restriction on export of Cotton yarn- Exemption for export of cotton yarn manufactured out of import [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Withdrawal Of DEPB Benefit On Export Of Skimmed Milk Product SMP Casein And Any Other Milk Product Posted: 26 Jan 2011 08:44 AM PST Public Notice No 26 RE-2010 2009-2014 nbsp Dated the nbsp nbsp 24th January 2011 nbsp Subject nbsp Withdrawal of DEPB benefit on export of Skimmed Milk Product SMP Casein and any other Milk Product nbsp In ex [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Download Format Of Service Agreement For CA Examination Centres Posted: 26 Jan 2011 03:41 AM PST Download Format of Service Agreement For CA Examination Centres [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Terms And Conditions For Holding Chartered Accountants Examinations Posted: 26 Jan 2011 03:39 AM PST Schedule of the May-2011 Chartered Accountants Examinations Schedule of the Common Proficiency Test- June-2011 The remuneration payable to the Superintendent and other examination functionaries to be appointed [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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