Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Feb 3, 2011 at 10:01 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• HDFC S V S Rangan Named Best CFO In Financial Sector
• Income Limits For Assigning Cases For Deputy Commissioners Assistant Commissioners ITOs Enhanced
• Govt May Hike Income Tax Exemption Limit In Budget
• Budget May Have Roadmap For New Private Banks
• ICAI Clarifies- No Preponment Of May 2011 Exams
• Empanelment Of Individual Chartered Accountants Proprietary Firms For Audit Of Urban Credit Societies And Other Societi
• Empanelment Of Chartered Accountant Firms For Audit Of Urban Co-operative Banks Of Maharashtra
• ICAI Announces Tentative Timing Of Results Of PCE And IPCE Examinations Held In November 2010
• I-T Dept Alerts Airport Intelligence Units Seizes Diamonds At IGI Airport
• Money Matters- CBI Files Chargesheet Against Sharma Others
• Govt To Announce Sops For Exports Soon- Sharma
• India Norway Sign Revised Treaty To Check Tax Evasion
• Seven Lenders Hike Interest Rates By Up To 50 Basis Points Half Percent
• Govt Considers Raising FDI Limit In Defence Sector
• FM Expresses Confidence Over The Performance Of Economy And On Meeting The Growth Projections For The Current Year
• Govt Announce Dates For Budget 2011-12 And Budget Session
• Deloitte S Troubles Bubble To Surface
• It S Time For Tax Planning- Part- I
• Summary Of Provisions Relating To Refunds Under Punjab Vat Act 2005
• VAT Cir - 3T Of 2011 - Extention Of Due Date For Filing Form 704 For FY 2009-10
• RBI Circular On Classification Of Loans Against Gold Jewellery
• Notification No 7 2011 - Customs N T Specify Tariff On Crude CBD Palm Oil Palmolein Poppy Seeds Brass Scrap Etc
• Conditions And Modalities For Applications For Grant Of Quota For Export Of Cotton Yarn
• Guidelines For Import And Supply Of Precious Metal By The Nominated Agencies
• Section 65 24b Of The Finance Act 1994 Cleaning Activity Service Fumigation Of Export Cargo In Compliance Of Export Obligation Whether Taxable Under Cleaning Services Corrigendum To Circular No 132 1 2011-ST Dated 12-1-2011
• Section 4A Of The Central Excise Act 1944 - Valuation Of Excisable Goods With Reference To Retail Sale Price - Abatement Provisions Extended To Packaged Or Canned Software - Corrigendum To Notification No 30 2010-CE NT Dated 21-12-2010
• Explanatory Notes To The Provisions Of The Finance No 2 Act 2009 Corrigendum To Circular No 5 2010 Dated 3-6-2010

HDFC S V S Rangan Named Best CFO In Financial Sector Posted: 03 Feb 2011 12:58 AM PST The country s largest housing finance company HDFC s Executive Director V S Rangan has been named as the best CFO in the financial sector for 2010 by premier accounting and auditing body ICAI nbsp nbsp Rangan was conferred the awar [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Limits For Assigning Cases For Deputy Commissioners Assistant Commissioners ITOs Enhanced Posted: 03 Feb 2011 12:28 AM PST Income Tax - Income Limits for Assigning Cases to ITO AC DC nbsp CBDT has received representations from taxpayers especially from moffussil areas that the existing monetary limits for assigning cases for ITOs and DCs ACs is [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt May Hike Income Tax Exemption Limit In Budget Posted: 03 Feb 2011 12:03 AM PST Tax payers can expect some relief from high inflation in Budget 2011-12 as the government may raise the income tax exemption limit for individuals nbsp Finance Minister Pranab Mukherjee is alive to the price situation and its impac [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Budget May Have Roadmap For New Private Banks Posted: 02 Feb 2011 11:46 PM PST India is considering allowing new private sector banks including those by industrial houses and a roadmap for the same could be announced in the Union Budget to be presented later this month While the formal and final guidelines rega [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Clarifies- No Preponment Of May 2011 Exams Posted: 02 Feb 2011 10:54 PM PST Clarification Regarding Unauthentic E-mail SMS chains - 02-02-2011 nbsp It has been brought to our knowledge that certain SMSs e-mail chains have been generated claiming that the Institute has preponed the May 2011 Chartered A [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment Of Individual Chartered Accountants Proprietary Firms For Audit Of Urban Credit Societies And Other Societi Posted: 02 Feb 2011 10:46 PM PST Empanelment of Individual Chartered Accountants proprietary firms for Audit of Urban Credit Societies and other Societies other than UCBs of Maharashtra Last Date 14th February 2011 Sub Empanelment of Chartered Accountants firm [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment Of Chartered Accountant Firms For Audit Of Urban Co-operative Banks Of Maharashtra Posted: 02 Feb 2011 10:31 PM PST Empanelment of Chartered Accountant firms for Audit of Urban Co-operative Banks of Maharashtra Last Date 14th February 2011 - 02-02-2011 Sub Empanelment of Chartered Accountants firms for Audit of Urban Co-operative Banks I a [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Announces Tentative Timing Of Results Of PCE And IPCE Examinations Held In November 2010 Posted: 02 Feb 2011 10:19 PM PST Results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in November 2010 are likely to be declared tentatively on Saturday the 5th February 2011 around 5 P M nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T Dept Alerts Airport Intelligence Units Seizes Diamonds At IGI Airport Posted: 02 Feb 2011 12:21 PM PST The Income Tax department has alerted its air intelligence units at all airports in the country after it detected unaccounted wealth of Rs 33 crore and seized Rs 8 3 crore worth of diamonds from the IGI airport here recently nbsp T [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Money Matters- CBI Files Chargesheet Against Sharma Others Posted: 02 Feb 2011 12:20 PM PST CBI on Monday filed its first chargesheet in one of the cases registered in the multi-crore kickbacks-for-loans scam against Maninder Singh Johar a former director of Central Bank of India and three others including alleged kingpi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt To Announce Sops For Exports Soon- Sharma Posted: 02 Feb 2011 12:16 PM PST Commerce and Industry Minister Anand Sharma today said the Government will soon announce incentives for labour intensive export sectors notwithstanding high growth in the shipments during December nbsp I do plan to announce [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India Norway Sign Revised Treaty To Check Tax Evasion Posted: 02 Feb 2011 12:15 PM PST Union Finance Minister Shri Pranab Mukherjee and Norwegian Minister of Research and Higher Education Ms Tora Aasland signed an agreement here today for the avoidance of double taxation and prevention of fiscal evasion with respec [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Seven Lenders Hike Interest Rates By Up To 50 Basis Points Half Percent Posted: 02 Feb 2011 12:12 PM PST Seven lenders including Bank of Baroda BoB and HDFC today raised interest rates by up to 50 basis points in response to the Reserve Bank s tight monetary policy announced last week nbsp While BoB and Oriental Bank of Commerce [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt Considers Raising FDI Limit In Defence Sector Posted: 02 Feb 2011 12:10 PM PST To attract foreign manufacturers to invest in India a group of ministers is considering a proposal to raise Foreign Direct Investment limit in the defence sector to 49 per cent from the current 26 per cent The Defence Ministry tod [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM Expresses Confidence Over The Performance Of Economy And On Meeting The Growth Projections For The Current Year Posted: 02 Feb 2011 12:09 PM PST Finance Minister Shri Pranab Mukherjee expressed confidence over the overall performance of the economy and the growth projections for the current year 2010-11 The Finance Minister said that the same would be met and the year woul [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt Announce Dates For Budget 2011-12 And Budget Session Posted: 02 Feb 2011 03:11 AM PST The budget session of Parliament will begin on Feb 21 and the general budget is slated to be presented to Lok Sabha on Feb 28 The decision to recommend the date for convening of the session to the President was taken at a meeting of t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Deloitte S Troubles Bubble To Surface Posted: 01 Feb 2011 11:42 PM PST Mainstream media and the Financial Crisis Inquiry Commission are focused mainly on Ernst amp Young as the auditor whipping boy of the financial crisis That s really by default not by design and is thinly justified No one has [[ This is a content summary only. Visit www.taxguru.in for full article ]]

It S Time For Tax Planning- Part- I Posted: 01 Feb 2011 11:07 PM PST Dr Sanjiv Agarwal We should meet our tax obligations every year as responsible citizens However the law allows certain tax-deductible savings and we owe it to ourselves to benefit from these options which could translat [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Summary Of Provisions Relating To Refunds Under Punjab Vat Act 2005 Posted: 01 Feb 2011 01:18 PM PST For the successful administration of any tax law refund of tax to the assessee is as much importance as ensuring tax payment from the assessee Refund in tax laws whether indirect or direct arises primarily due to the reason of exces [[ This is a content summary only. Visit www.taxguru.in for full article ]]

VAT Cir - 3T Of 2011 - Extention Of Due Date For Filing Form 704 For FY 2009-10 Posted: 03 Feb 2011 12:35 AM PST nbsp Date 31 01 2011 nbsp No VAT AMD-1009 lB Adm-6 nbsp Trade Cir No 3T of 2011 nbsp Sub Submission of Audit Report for year 2009-10 nbsp Gentlemen Sir Madam nbsp The representations from various Trade and [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Circular On Classification Of Loans Against Gold Jewellery Posted: 02 Feb 2011 11:40 PM PST RBI 2010-11 397 RPCD CO Plan BC 51 04 09 01 2010-11 February 2 2011 classification of loans against gold jewellery Please refer to paragraph 1 3 14 of our Master Circular on lending to priority sector dated July 1 2010 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Notification No 7 2011 - Customs N T Specify Tariff On Crude CBD Palm Oil Palmolein Poppy Seeds Brass Scrap Etc Posted: 02 Feb 2011 11:29 PM PST Notification No 7 2011 - Customs N T New Delhi 31st January 2011 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 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Conditions And Modalities For Applications For Grant Of Quota For Export Of Cotton Yarn Posted: 02 Feb 2011 11:07 PM PST Policy Circular No nbsp 15 RE-2010 2009-14 Dated nbsp 01 02 2011 Subject - Conditions and modalities for applications for grant of quota for export of cotton yarn nbsp Attention is invited to Notification No 14 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Guidelines For Import And Supply Of Precious Metal By The Nominated Agencies Posted: 02 Feb 2011 10:59 PM PST Policy Circular No 14 RE-2010 2009-14 nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp Dated nbsp nbsp nbsp 1st February [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 65 24b Of The Finance Act 1994 Cleaning Activity Service Fumigation Of Export Cargo In Compliance Of Export Obligation Whether Taxable Under Cleaning Services Corrigendum To Circular No 132 1 2011-ST Dated 12-1-2011 Posted: 02 Feb 2011 12:44 PM PST Section 65 24b of the Finance Act 1994 Cleaning Activity Service Fumigation of export cargo in compliance of export obligation Whether taxable under cleaning services Corrigendum to Circular No 132 1 2011-ST [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 4A Of The Central Excise Act 1944 - Valuation Of Excisable Goods With Reference To Retail Sale Price - Abatement Provisions Extended To Packaged Or Canned Software - Corrigendum To Notification No 30 2010-CE NT Dated 21-12-2010 Posted: 02 Feb 2011 12:43 PM PST Section 4A of the Central Excise Act 1944 - Valuation of excisable goods with reference to retail sale price - Abatement provisions extended to packaged or canned software - Corrigendum to Notification No 30 2010-CE NT dated 21- [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Explanatory Notes To The Provisions Of The Finance No 2 Act 2009 Corrigendum To Circular No 5 2010 Dated 3-6-2010 Posted: 02 Feb 2011 12:39 PM PST Explanatory Notes to the Provisions of the Finance No 2 Act 2009 Corrigendum to Circular No 5 2010 dated 3-6-2010 nbsp CORRIGENDUM NO 5 2010 F NO 142 13 2010-SO TPL DATED 30-9-2010 nbsp In partial modification [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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