Fwd: Financial, Legal & Tax Updates from TaxGuru (in this message: 22 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Feb 10, 2010 at 9:39 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 22 new items)
To: palashbiswaskl@gmail.com

Financial, Legal & Tax Updates from TaxGuru (in this message: 22 new items)

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• Partner's death is death of firm
• CA filed case of sexual harassment against her Boss
• Centre in favour of single rate of CGST, SGST and uniform registration system linked to PAN
• Rate of Tax deduction on royalty, technical services fees paid to non resident need to be reduced
• Tax planning vs tax evasion: After AAR the debate continues
• Central registry for equitable mortgages will end home loan frauds
• Newly elected WIRC office bearers for 2010-11
• Informer should be given information under RTI Act by investigative wing of director general income tax (DGIT)
• External Commercial Borrowings (ECB) Policy – Liberalisation
• Date: Feb 09, 2010 Exim Bank's Line of Credit (LOC) of USD 100 million to Bank for Development and Foreign Economic Affairs (Vnesheconombank), Russia
• RBI issued Prudential Guidelines on Capital Charge for Market Risks
• Master Circular – Prudential Guidelines on Capital Adequacy and Market Discipline – New Capital Adequacy Framework (NCAF)
• Custom duty circular on Import of frozen green peas
• Custom circular amending notification No.21/2002-Customs, dated 1st March, 2002
• IRFC authorized to issue Rs.5,000 crore tax-free bonds 10 Years Zero-Coupon
• DGFT notification on amendment in Chapter 8 of FTP regarding Mega Power Project
• DGFT notice on Amendment in Appendix 22 C and Appendix 27 regarding Mega Power Projects
• SEZ may continue enjoying tax benefit in upcoming budget and in proposed DTC
• Trade ministry asked finance ministry to continue providing incentives to exporters
• Even TCS site is not safe; Hacked and been put for sale
• Trade circular on Electronic payment under MVAT Act, 2002 and CST Act, 1956
• Central excise notification exempting certain specified goods

Partner's death is death of firm Posted: 09 Feb 2010 07:48 PM PST When there are two partners, and one of them dies, the firm is automatically dissolved even if there is clause in the partnership deed that the firm will continue in existence. In the case, Mohd Laiquiddin vs Kamala Devi one party claimed that the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CA filed case of sexual harassment against her Boss Posted: 09 Feb 2010 07:40 PM PST The Goregaon (E) police has booked the vice-president of the finance department of a multinational bank in a case of sexual harassment. The 26-year-old victim is a chartered accountant who works in the same department as the accused. The victims... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Centre in favour of single rate of CGST, SGST and uniform registration system linked to PAN Posted: 09 Feb 2010 07:32 PM PST As is now well known, the Empowered Committee of State Finance Minister (EC) had, in November 2009, issued a First Discussion Paper (Paper) on the dual Goods and Service Tax (GST). This paper had set out the EC's views on the nature of the dual GST,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Rate of Tax deduction on royalty, technical services fees paid to non resident need to be reduced Posted: 09 Feb 2010 07:29 PM PST Existing Income-tax Act provides that income earned by a non resident by way of 'Royalty' or 'Fees for Technical Services' (FTS) shall be charged to income tax at 10 per cent. The rates of tax in most of the Tax Treaties are also 10 per cent in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Tax planning vs tax evasion: After AAR the debate continues Posted: 09 Feb 2010 07:21 PM PST Last fortnight, the Authority for Advance Rulings (AAR) delivered an important ruling on tax neutrality in relation to cross border mergers. The significance of ruling in the present context is attributable to tax administration's ongoing stance... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Central registry for equitable mortgages will end home loan frauds Posted: 09 Feb 2010 07:10 PM PST Home loan frauds may become a thing of the past with the country moving closer to a central registry for equitable mortgages. Once a central registry is in place, it would be virtually impossible for a borrower to raise loans twice against the same... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Newly elected WIRC office bearers for 2010-11 Posted: 09 Feb 2010 06:31 PM PST In an informal meeting of newly elected WIRC members, held on Tuesday, 9th February, 2010. Following office bearers were got elected unanimously and they will be taking charge on 22nd February, 2010: CA.Sanjeev Lalan, Chairman (from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Informer should be given information under RTI Act by investigative wing of director general income tax (DGIT) Posted: 09 Feb 2010 06:09 PM PST Central Information Commission (CIC) has opined that non-disclosure of feedback on probe in tax evasion complaints filed by whistle-blowers will dissuade them from giving any future information. Acknowledging that the investigation wing of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

External Commercial Borrowings (ECB) Policy – Liberalisation Posted: 09 Feb 2010 05:56 PM PST Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or lending in foreign exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000, amended from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Date: Feb 09, 2010 Exim Bank's Line of Credit (LOC) of USD 100 million to Bank for Development and Foreign Economic Affairs (Vnesheconombank), Russia Posted: 09 Feb 2010 05:52 PM PST Export-Import Bank of India (Exim Bank) has concluded an agreement dated December 7, 2009 with the Bank for Development and Foreign Economic Affairs (Vnesheconombank), Russia, making available to the latter, a Line of Credit (LOC) of USD 100... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI issued Prudential Guidelines on Capital Charge for Market Risks Posted: 09 Feb 2010 05:43 PM PST As you are aware, the Basel Committee on Banking Supervision (BCBS) had issued an amendment to the Capital Accord in 1996 to incorporate market risks. As an initial step towards prescribing capital requirement for market risks, Urban Cooperative... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Master Circular – Prudential Guidelines on Capital Adequacy and Market Discipline – New Capital Adequacy Framework (NCAF) Posted: 09 Feb 2010 05:29 PM PST New Capital Adequacy Framework (NCAF), issued vide Master Circular DBOD No. BP.BC.21//21.06.001/2009-10 dated July 1, 2009 has been updated in line with the changes made by the Basel Committee on Banking Supervision (BCBS) to the Basel II Framework.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Custom duty circular on Import of frozen green peas Posted: 09 Feb 2010 05:21 PM PST I am directed to invite your attention to the Board's Circular No. 39/2004-Customs dated 3.6.2004 and Instructions F.No.450/19/2005-Cus.IV 2nd April, 2009 regarding implementation of the provisions of Phytosanitary requirements under the Plant... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Custom circular amending notification No.21/2002-Customs, dated 1st March, 2002 Posted: 09 Feb 2010 05:14 PM PST on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IRFC authorized to issue Rs.5,000 crore tax-free bonds 10 Years Zero-Coupon Posted: 09 Feb 2010 05:07 PM PST The Central Government have authorized the Indian Railway Finance Corporation (IRFC) to issue tax-free, secured, redeemable, non-convertible bonds of the total value of Rs.5,000 crore carrying an interest rate in the range of 6.50% to 7.25% per... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

DGFT notification on amendment in Chapter 8 of FTP regarding Mega Power Project Posted: 09 Feb 2010 05:02 PM PST "However, in regard to mega power projects, the requirement of ICB would not be mandatory, if the requisite quantum of power has been tied up through tariff based competitive bidding or if the project has been awarded through tariff based... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

DGFT notice on Amendment in Appendix 22 C and Appendix 27 regarding Mega Power Projects Posted: 09 Feb 2010 04:57 PM PST "That supply of goods under the contract made to mega power project in India is under the procedure of ICB or requisite quantum of power has been tied up through tariff based competitive bidding or project has been awarded through tariff based... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEZ may continue enjoying tax benefit in upcoming budget and in proposed DTC Posted: 09 Feb 2010 04:51 PM PST The government is likely to clarify in the budget that special economic zone or SEZs would continue to enjoy tax benefits in their current form even after the proposed direct taxes code is implemented, providing clarity over taxation of these... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Trade ministry asked finance ministry to continue providing incentives to exporters Posted: 09 Feb 2010 04:47 PM PST "We have requested the finance minister for cheaper dollar credit at 1 per cent over LIBOR (London Interbank Offered Rate), against 3.5 per cent over LIBOR," Jyotiraditya Scindia told reporters in Kolkata. "We have also requested for the extension... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Even TCS site is not safe; Hacked and been put for sale Posted: 09 Feb 2010 04:42 PM PST India's biggest software exporter Tata Consultancy Services (TCS) became a victim of cyber attack on Sunday, after the company's website was hacked and the domain name was put up for sale. While in the recent past, hackers have attacked top... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Trade circular on Electronic payment under MVAT Act, 2002 and CST Act, 1956 Posted: 09 Feb 2010 01:40 AM PST The Sales Tax Department has implemented the scheme of filing electronic return successfully. In a step further to automation, it is now decided to provide facility for electronic payment. The Government has amended the rules relating to the payment... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Central excise notification exempting certain specified goods Posted: 09 Feb 2010 01:19 AM PST In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957) and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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