Re: UPDATES FROM TAX GURU (in this message: 23 new items)

On Sat, Jan 16, 2010 at 9:37 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 23 new items)

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• Income Tax dept asks tax payers to avoid fraud mails
• Documents, books of accounts found after the search could be used to ascertain the true income of assessee
• Bharti Airtel auditor ask more time to complete special audit
• Delhi HC dismissed ITC appeal on use of trademark by Philip Morris' in relation to its
• Beauty rides vitamin M
• 2010 M&A deciding factor for world economies
• Recounting of Central Council Election from central region to be held on 18th Jan 2010
• Amendment in Notification No. S.O. 1246(E), dated 29-11-2002 related to Section 80G of the Income-tax Act, 1961
• SEBI circular on Quarterly Reporting by Foreign Venture Capital Investors (FVCI)
• Summary of Recommendations made by ICAI on Goods and Services Tax (GST) in India
• Limited Liability Partnership (Amendment) Rules, 2010
• Government signs revised Double Tax Avoidance Agreement with Finland
• Working Group on Foreign Investments in India, Government invites comments on the issues involved
• Excise duty circular on Irregular availment of Cenvat credit on certain activities not amounting to manufacture
• IASB Exposure Draft on Measurement of Liabilities in IAS 37: Proposed amendments to IAS 37
• Application of certain provisions of Companies Act, 1956 to LLP
• Assignee liable for deficiency in service for insurance policy lapsed as a result of non-payment of premium in time
• State Govt. PSUs do not need COD approval
• FDI hub in China
• Banks likely to request RBI to lower interest rate on savings accounts
• Oracle India challenge special audit direction by income tax department in Delhi high court
• CBDT will make assessments more transparent
• Drafting Articles of Association?

Income Tax dept asks tax payers to avoid fraud mails Posted: 15 Jan 2010 07:05 PM PST The I-T department has asked tax payers not to give out personal details like PAN card number and information about their credit cards on the internet in the wake of mushrooming fake e-mails hitting users' inboxes. Viewing with concern the spurt in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Documents, books of accounts found after the search could be used to ascertain the true income of assessee Posted: 15 Jan 2010 06:35 PM PST Those trying to evade the taxman may find that showing a lower income has just got tougher. The Bombay high court on Thursday, in a significant ruling, held that the income-tax department can rely on any relatable document when it comes to a block... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Bharti Airtel auditor ask more time to complete special audit Posted: 15 Jan 2010 06:31 PM PST The auditor for Bharti Airtel has asked for more time from the department of telecommunications (DoT) to finalise the special report sought by the government on the company, as they have yet to fully get the needed information. Contractor, Nayak... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Delhi HC dismissed ITC appeal on use of trademark by Philip Morris' in relation to its Posted: 15 Jan 2010 06:28 PM PST The Delhi High Court today dismissed an application by ITC Ltd for grant of an injunction against the use of a device mark by Philip Morris in relation to its Marlboro brand of cigarettes in India. The trademark action filed by ITC was based on the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Beauty rides vitamin M Posted: 15 Jan 2010 05:58 PM PST Nutritionist Dr Sarita Davare, recently caught in the tax net (the income tax department recovered Rs 7.5 crore from her), is the city's best kept secret. We spent the best part of the day trying to get a picture of the lady, but failed. However,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

2010 M&A deciding factor for world economies Posted: 15 Jan 2010 05:13 PM PST We read a host of data and information on merger and acquisition in 2009.We found global data regarding merger and acquisition and many cases every economy data too. But I am not going to repeat the same old data for any type of analysis. I will try... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Recounting of Central Council Election from central region to be held on 18th Jan 2010 Posted: 15 Jan 2010 09:36 AM PST Pursuant to the Orders dated 13th January, 2010 of the Hon'ble High Court of Judicature for Rajasthan at Jaipur in the matters of T. Karthikeyan, Returning Officer and Secretary -vs- Prakash Sharma and Ors.[DB Special Appeal (Writ No. 35/2010)] and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Amendment in Notification No. S.O. 1246(E), dated 29-11-2002 related to Section 80G of the Income-tax Act, 1961 Posted: 15 Jan 2010 09:28 AM PST In exercise of the powers conferred by Explanation 4 to section 80G of the Income-tax Act, 1961(43 of 1961), the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI circular on Quarterly Reporting by Foreign Venture Capital Investors (FVCI) Posted: 15 Jan 2010 09:22 AM PST Format for the quarterly report on venture capital activity to be submitted by Foreign Venture Capital Investors has been revised as per enclosed Annexure. In accordance with Regulation 13 (1) of SEBI (Foreign Venture Capital Investors) Regulations,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Summary of Recommendations made by ICAI on Goods and Services Tax (GST) in India Posted: 15 Jan 2010 09:07 AM PST It is a well known fact that a single GST, all over the country, is the ideal structure for taxation of goods and services. But looking into the Constitutional framework of our country we understand that, at present, dual GST is the most acceptable... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Limited Liability Partnership (Amendment) Rules, 2010 Posted: 15 Jan 2010 08:57 AM PST Every individual or nominee of a body corporate who is intending to be appointed as designated partner of a limited liability partnership shall submit an application electronically to the Central Government for allotment of Designated Partner... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government signs revised Double Tax Avoidance Agreement with Finland Posted: 15 Jan 2010 08:53 AM PST A revised Agreement and Protocol between India and Finland for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (DTAA) was signed by Sh. S.S.N.Moorthy, Chairman, CBDT on behalf of Government of India... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Working Group on Foreign Investments in India, Government invites comments on the issues involved Posted: 15 Jan 2010 08:48 AM PST With a view to rationalising the present arrangements relating to foreign portfolio investments by Foreign Institutional Investors (FIIs)/ Non Resident Indians (NRIs) and other foreign investments like Foreign Venture Capital Investor (FVCI) and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Excise duty circular on Irregular availment of Cenvat credit on certain activities not amounting to manufacture Posted: 15 Jan 2010 08:44 AM PST Reference has been received from field formations stating that though certain activities including connectorising, testing, repacking and relabeling of feeder cables, cutting of HR/CR coils into sheets or slitting into strips do not amount to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IASB Exposure Draft on Measurement of Liabilities in IAS 37: Proposed amendments to IAS 37 Posted: 15 Jan 2010 08:37 AM PST The International Accounting Standards Board (IASB) has issued Exposure Draft on Measurement of Liabilities in IAS 37: Proposed amendments to IAS 37 with the following objectives: * To align the criteria in IAS 37 for recognising a liability with... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Application of certain provisions of Companies Act, 1956 to LLP Posted: 15 Jan 2010 08:30 AM PST Through the Notification No. G.S.R.6(E) dated 6th January, 2010, the Central Government in exercise of powers conferred by sub-section (1) of section 67 of Limited Liability Partnership Act 2008 (6 of 2009), made applicable the provisions of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Assignee liable for deficiency in service for insurance policy lapsed as a result of non-payment of premium in time Posted: 15 Jan 2010 08:26 AM PST Assignee of a policy holder would be liable for deficiency in service if an insurance policy lapsed as a result of non-payment of premium in time, the National Consumer Commission has held. The apex consumer body held the Employment Provident Fund... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

State Govt. PSUs do not need COD approval Posted: 15 Jan 2010 08:04 AM PST The assessee is a State Govt. undertaking. Its appeal was dismissed by the Tribunal on the ground that the approval of the Committee on Disputes ("COD") had not been obtained. In a writ petition filed by the assessee, the Additional Solicitor... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

FDI hub in China Posted: 15 Jan 2010 07:52 AM PST China has been the first nation to come out of the dark clouds of recession. In my past articles I have tried to depict a picture of the Chinese economy as well as draw correlation with our Indian economic growth. We have seen Chinese economic... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Banks likely to request RBI to lower interest rate on savings accounts Posted: 15 Jan 2010 07:03 AM PST Lenders are likely to ask RBI to lower interest rate on savings accounts to enable them to comply with the new directive requiring interest rates on these accounts to be calculated on daily balances. Interest rates on savings accounts are determined... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Oracle India challenge special audit direction by income tax department in Delhi high court Posted: 15 Jan 2010 06:58 AM PST Oracle India has approached Delhi High Court challenging the order of the government which had asked it to undertake a special audit of the tax returns filed by the IT firm. In its petition, Oracle India, a subsidiary of global IT firm Oracle Inc,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBDT will make assessments more transparent Posted: 15 Jan 2010 06:54 AM PST Individuals as well as corporates may have fewer occasions to meet the taxmen in future. The Central Board of Direct Taxes (CBDT) is thinking of putting in place a system in which taxpayers do not meet the assessing officer or any tax official for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Drafting Articles of Association? Posted: 15 Jan 2010 06:45 AM PST "Section 26. There may be in the case of public company limited by shares and there shall in the case of an unlimited company or a company limited by guarantee or a private company limited by shares, be registered with the memorandum, articles of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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