Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Aug 14, 2010 at 9:42 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• Revised listing norms for new as well as existing companies as amended by second amendment to the Securities Contracts (Regulation) Rules, 1957
• What CAG interim audit report says about irregularities by team Kalmadi
• CBI raids office and residence of Chief Commissioner of Central Excise in Bhopal
• ICAI gives Exemption from undergoing Orientation Programme and payment of fees for students suffering from permanent disability
• No Service tax on commission received by Primary Dealers dealing in Government Securities
• Deduction for interest on Loan fund utilised in share purchases allowable only if the Shares are held as stock-in-trade and not as investment: HC
• Bombay HC held Rule 8D r.w. S. 14A (2) is not arbitrary or unreasonable and Rule 8D is not retrospective and applies from AY 2008-09, for earlier disallowance can be worked on reasonable basis
• Comptroller and Auditor General of India (CAG) can now vet NGOs in social sector schemes
• Summary of Proceedings before the Bombay High Court in the case of Vodafone International Holding B.V
• Service Tax: Draft Point of Taxation (for Services Provided or Received in India) Rules
• SEBI can investigate the audit firm's role in the multi-crore Satyam accounting fraud : Bombay High Court
• Important Announcement for students of Professional Education (Course-II) to commence their articled training
• Many Non-Banking Finance Companies (NBFCs) Make Investment in Overseas Ventures Without Clearance by RBI
• ULIP Investments – New Rules
• RBI proposes foreign investment in private banks below 50%
• Regarding Shortage of Physical Application Forms for Chartered Accountants November-2010 Examinations
• Empanelment with UCO Bank for CA firms as Concurrent Auditors
• Finance Minister to Review the Performance of all Public Sector Banks (PSBs) and Financial Institutions (FIs) Tomorrow
• Criteria / Guidelines for selection of cases for Income tax Scrutiny for Assessment year 2010-11 or Financial Year 2009-2010
• Branches of Bank of Rajasthan Ltd. to be Branches of ICICI Bank Ltd. from August 13
• Cases Pending Before the Company Law Board
• RBI Circular dated August 11, 2010 on Ready Forward Contracts in Corporate Debt Securities

Revised listing norms for new as well as existing companies as amended by second amendment to the Securities Contracts (Regulation) Rules, 1957 Posted: 13 Aug 2010 08:51 PM PDT All companies, other than PSC, may issue at least 10 % of the shares or convertible debentures to the public in terms of offer document, if the post issue capital of the company, calculated at the offer price, is more than INR 4,000 Cr. Such... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

What CAG interim audit report says about irregularities by team Kalmadi Posted: 13 Aug 2010 08:36 PM PDT CAG says: The contract was awarded to Maxxam who were the highest bidder. The OC says this is because they have vast experience & a professional staff. But that is irregular since the financial bids were opened only after considering the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

CBI raids office and residence of Chief Commissioner of Central Excise in Bhopal Posted: 13 Aug 2010 08:09 PM PDT THE Central Bureau of Investigation (CBI) has launched a massive search operation at the office premises and also the residence of Chief Commissioner of Central Excise, Bhopal, Mr Ram Prakash. It is learnt that the CBI had registered some cases... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

ICAI gives Exemption from undergoing Orientation Programme and payment of fees for students suffering from permanent disability Posted: 13 Aug 2010 08:03 PM PDT Students, suffering from permanent disability of 50% or above are exempted from attending Orientation Programme. These students are also exempted from payment of fee related to Orientation Programme i.e. Orientation Programme registration fee of Rs.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

No Service tax on commission received by Primary Dealers dealing in Government Securities Posted: 13 Aug 2010 07:49 PM PDT The Finance Ministry has clarified that underwriting commission received by primary dealers while dealing in Government securities will not attract any service tax. This is because Government securities are not securities of a body corporate.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Deduction for interest on Loan fund utilised in share purchases allowable only if the Shares are held as stock-in-trade and not as investment: HC Posted: 13 Aug 2010 07:34 PM PDT CIT vs. Leena Ramachandran (Kerala High Court):-I-T- Sec 14A - assessee can claim deduction of interest paid on borrowed funds utilised for acquisition of shares only if shares are held as stock-in-trade and not investment: HC [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Bombay HC held Rule 8D r.w. S. 14A (2) is not arbitrary or unreasonable and Rule 8D is not retrospective and applies from AY 2008-09, for earlier disallowance can be worked on reasonable basis Posted: 13 Aug 2010 07:21 PM PDT The decision in Godrej & Boyce v. DCIT, has not provided as much of a reprieve to assessees as would have been hoped- only holding that the dubious Rule 8D of the Income Tax Rules is to be applied prospectively, while upholding its... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Comptroller and Auditor General of India (CAG) can now vet NGOs in social sector schemes Posted: 13 Aug 2010 07:02 PM PDT The Comptroller and Auditor General of India (CAG) has now been empowered to vet all non-government organisations (NGOs) and other agencies involved in the government's social sector schemes. The Planning Commission has decided that approvals for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Summary of Proceedings before the Bombay High Court in the case of Vodafone International Holding B.V Posted: 13 Aug 2010 06:46 PM PDT Vodafone International Holding B.V. (Vodafone NL) was issued an order by the Indian Tax Authority assessing a capital gains tax alleged to have arisen to the Hong Kong based Hutchison Group (Hutch) on acquisition of controlling interest in an Indian... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Service Tax: Draft Point of Taxation (for Services Provided or Received in India) Rules Posted: 13 Aug 2010 06:21 PM PDT The Government of India ("GOI") has released the draft Point of Taxation (for Services provided or Received in India) Rules, 2010 ("Draft Rules") for public scrutiny, comments and proposals. To provide clarity in matters of levy and collection of ... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

SEBI can investigate the audit firm's role in the multi-crore Satyam accounting fraud : Bombay High Court Posted: 13 Aug 2010 05:33 PM PDT The Bombay High Court on Friday dismissed the writ petition filed by Price Waterhouse challenging the jurisdiction of the Securities and Exchange Board to investigate the audit firm's role in the multi-crore Satyam accounting fraud. Delivering the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Important Announcement for students of Professional Education (Course-II) to commence their articled training Posted: 13 Aug 2010 05:21 PM PDT Students who have initially registered for Professional Education (Course II) and passed one of the groups in Professional Education (Examination II) can commence their articled training on successful completion of Information Technology Training... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Many Non-Banking Finance Companies (NBFCs) Make Investment in Overseas Ventures Without Clearance by RBI Posted: 13 Aug 2010 03:54 PM PDT Many non-banking finance companies (NBFCs) have made investment in overseas ventures without the regulatory clearance by Reserve Bank of India (RBI). A Statement with the details of the NBFCs, registered with Securities and Exchange Board of India... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

ULIP Investments – New Rules Posted: 13 Aug 2010 09:40 AM PDT The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

RBI proposes foreign investment in private banks below 50% Posted: 13 Aug 2010 09:31 AM PDT The Reserve Bank on Wednesday suggested lowering the foreign investment limit in new private sector banks to below 50 per cent from 74 per cent currently, in order to strengthen the local banks. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Regarding Shortage of Physical Application Forms for Chartered Accountants November-2010 Examinations Posted: 13 Aug 2010 09:29 AM PDT Availability of Physical Application Forms for Chartered Accountants November-2010 Examinations Due to unavoidable difficulties in dispatching, there have been instances of shortage at certain decentralized offices and / or branches of ICAI in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Empanelment with UCO Bank for CA firms as Concurrent Auditors Posted: 13 Aug 2010 05:10 AM PDT UCO Bank invites applications from practicing firms of Chartered Accountants of India, in the prescribed format, who are willing to have their firm empanelled as Concurrent Auditors, in the Bank. The CA firm already on our panel should also apply... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Finance Minister to Review the Performance of all Public Sector Banks (PSBs) and Financial Institutions (FIs) Tomorrow Posted: 13 Aug 2010 02:50 AM PDT Union Finance Minister, Shri Pranab Mukherjee will review the performance of all Public Sector Banks (PSBs) and Financial Institutions (FIs) in a meeting to be held here tomorrow. This will include annual review of banks performance in the field of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Criteria / Guidelines for selection of cases for Income tax Scrutiny for Assessment year 2010-11 or Financial Year 2009-2010 Posted: 12 Aug 2010 09:55 PM PDT Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection for scrutiny this year will be limited only to a few cases listed below. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Branches of Bank of Rajasthan Ltd. to be Branches of ICICI Bank Ltd. from August 13 Posted: 12 Aug 2010 06:52 PM PDT All branches of Bank of Rajasthan Ltd. will function as branches of ICICI Bank Ltd. with effect from August 13, 2010. This is consequent upon the Reserve Bank of India sanctioning the Scheme of Amalgamation of Bank of Rajasthan Ltd. with ICICI Bank... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Cases Pending Before the Company Law Board Posted: 12 Aug 2010 05:49 PM PDT The Government has informed the Lok Sabha that as on 31.7.2010, a total number of 2,688 cases are pending before Company Law Board. Giving this information in written reply to a question in the Lok Sabha today, Shri Salman Khurshid, Minister of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

RBI Circular dated August 11, 2010 on Ready Forward Contracts in Corporate Debt Securities Posted: 12 Aug 2010 05:33 PM PDT In terms of 'Repo in Corporate Debt Securities (Reserve Bank) Directions, 2010' dated January 08, 2010 issued by Internal Debt Management Department (IDMD) of RBI, NBFCs registered with RBI (other than Govt companies as defined in Section 617 of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

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