Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Jan 3, 2011 at 9:38 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Audits Of Government Schemes For Public Welfare Will Be Subject To Peer Review
• KPMG Appoints Two Indians As New Audit Partners
• Marriage Between A Hindu And A Non-Hindu Not Valid Under Hindu Marriage Act- Delhi HC
• RBI Tightens Norms For Investment By Banks In Non-Convertible Debentures NCDs Of Maturity Up To One Year
• Major Banks Raises Deposit And Lending Rates
• ICAI President S Message - January 2011
• ICAI Launches Live Virtual Classes In 22 Cities
• Subhir Chandra Is CBDT Chairman
• Income Tax Dept Gets Info On IPL Finances From UK Mauritius
• CITI Bank Fraud- Hero Group Exposure Rs 28 75cr Police Questions CFO
• Citibank Fraud- RBI To Probe Scam
• Provision Of Budget For Balance Funds Under Scheme Of Rupees Export Credit Subvention To Scheduled Commercial Banks Im
• Corporate Veil Can Be Lifted If Attempt Is To Evade Taxes
• Amends Notification No 61 1994-Customs N T Dated The 21st November 1994 - Customs Airports Appointment For Specified Purposes - Notification No 104 2010 -Cus NT
• Amends Notification No 36 2001-Cus N T Dated The 3rd August 2001- Palm Oil Palmolein Soyabean Oil Crude And Brass Scrap All Grades - Traiff Values - Notification No 103 2010-Cus NT
• Rate Of Exchange Of Conversion Of Each Of The Foreign Currency With Effect From 1st January 2011 - Notification No 102 2010 -Cus NT
• Now Apply For Importer Exporter Code Code IEC Online
• RBI Circular On Investment In Non-SLR Securities- Non-Convertible Debentures NCDs Of Maturity Up To One Year
• Prudential Guidelines On Capital Adequacy And Market Discipline - New Capital Adequacy Framework NCAF - Parallel Run And Prudential Floor
• RBI Notification - Security Issues And Risk Mitigation Measures Related To Card Not Present Transactions

Audits Of Government Schemes For Public Welfare Will Be Subject To Peer Review Posted: 02 Jan 2011 11:22 AM PST The audits of government schemes like the national rural employment guarantee act by professional auditors will be subject to peer review accounting regulator the Institute of Chartered Accountants of India ICAI has said nbsp n [[ This is a content summary only. Visit www.taxguru.in for full article ]]

KPMG Appoints Two Indians As New Audit Partners Posted: 02 Jan 2011 11:14 AM PST Global audit tax and advisory firm KPMG Fakhro has announced the appointment of two new audit partners to strengthen the firm s financial services and owner managed business practices in Bahrain nbsp Islamic banking specialist [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Marriage Between A Hindu And A Non-Hindu Not Valid Under Hindu Marriage Act- Delhi HC Posted: 02 Jan 2011 11:12 AM PST The marriage between a Hindu and a non-Hindu solemnised as per the Hindu rites is neither valid nor the parties can claim any benefits under the Hindu Marriage Act HMA the Delhi High Court has ruled The High Court also held [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Tightens Norms For Investment By Banks In Non-Convertible Debentures NCDs Of Maturity Up To One Year Posted: 02 Jan 2011 11:10 AM PST Tightening investment norms the Reserve Bank today directed banks not to invest in non-convertible debenture NCD of corporates unless they disclose the purpose for which the funds are being raised nbsp While investing in such i [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Major Banks Raises Deposit And Lending Rates Posted: 02 Jan 2011 11:04 AM PST Major lenders including State Bank of India SBI ICICI Bank and HDFC Bank on Friday raised their lending and deposit rates by up to 100 basis points on the eve of the New Year nbsp While the hike in lending rate would make auto [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI President S Message - January 2011 Posted: 02 Jan 2011 10:54 AM PST Dear All Let us take this opportunity to wish everybody a very delightful and blissful New Year Let happiness satisfaction and joy always be an integral part of your life In 2011 to begin with let us take this opportunity [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Launches Live Virtual Classes In 22 Cities Posted: 02 Jan 2011 10:48 AM PST Live Virtual Classes started on December 28 2010 Inaugurated by ICAI president CA Amarjit Chopra Classes will start from second week of January 2011 Live virtual classes will be conducted in 22 cities across India Following [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Subhir Chandra Is CBDT Chairman Posted: 02 Jan 2011 10:37 AM PST Having accepted the Mankad committee recommendation which limits the tenure of CBDT chairman to one year Sudhir Chandra IRS 1973 Member Investigation assumed charges on Friday in place of retiring Chairman SSN Murthy Prior to this [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Dept Gets Info On IPL Finances From UK Mauritius Posted: 02 Jan 2011 08:34 AM PST The Income Tax department has got substantial information from the UK and Mauritius on overseas accounts of non-residents who invested in the cash-rich IPL after months of communication with the two countries nbsp The department [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CITI Bank Fraud- Hero Group Exposure Rs 28 75cr Police Questions CFO Posted: 02 Jan 2011 08:24 AM PST Hero Group said on Friday its exposure in the alleged financial fraud unearthed at Citigroup s Gurgaon branch in Haryana was Rs 28 75 crore and that it was taking action to recover its dues nbsp On December 28 US-based Citigroup h [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Citibank Fraud- RBI To Probe Scam Posted: 02 Jan 2011 08:19 AM PST The Reserve Bank of India RBI has begun a probe into the Rs 300 crore fraud at Citibank s Gurgaon branch RBI Executive Director G Gopalakrishna told reporters on Friday that soon a statement in this regard would be made nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Provision Of Budget For Balance Funds Under Scheme Of Rupees Export Credit Subvention To Scheduled Commercial Banks Im Posted: 31 Dec 2010 05:26 AM PST Provision of Budget for balance funds under Scheme of Rupees Export Credit Subvention to Scheduled Commercial Banks Impact of Global Meltdown on Exports nbsp The Cabinet Committee on Economic Affairs today approved provision [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corporate Veil Can Be Lifted If Attempt Is To Evade Taxes Posted: 02 Jan 2011 07:35 AM PST the Tribunal was right in holding that a sum of Rs 1 25 00 000 - representing the value of technical know-how is liable to tax under the head Long Term Capital Gain the context of Section 45 read with Section 55 of the Income Tax Act [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No 61 1994-Customs N T Dated The 21st November 1994 - Customs Airports Appointment For Specified Purposes - Notification No 104 2010 -Cus NT Posted: 02 Jan 2011 10:16 AM PST Notification No 104 2010 - Customs N T New Delhi 31st December 2010 S O E In exercise of the powers conferred by clause a of sub-section 1 of section 7 of the Customs Act 1962 52 of 1962 the Central Boa [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No 36 2001-Cus N T Dated The 3rd August 2001- Palm Oil Palmolein Soyabean Oil Crude And Brass Scrap All Grades - Traiff Values - Notification No 103 2010-Cus NT Posted: 02 Jan 2011 10:10 AM PST Notification No 103 2010 - Customs N T New Delhi 31st December 2010 nbsp 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 sat [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rate Of Exchange Of Conversion Of Each Of The Foreign Currency With Effect From 1st January 2011 - Notification No 102 2010 -Cus NT Posted: 02 Jan 2011 10:06 AM PST Notification No 102 2010 Customs N T Dated the 29th December 2010 nbsp S O nbsp nbsp nbsp nbsp nbsp nbsp E In exercise of the powers conferred by section 14 of the Customs Act 1962 52 of 1962 and in s [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Now Apply For Importer Exporter Code Code IEC Online Posted: 02 Jan 2011 09:58 AM PST Policy Circular No 10 RE-2010 2009-14 nbsp nbsp nbsp nbsp Dated the 31st nbsp nbsp nbsp nbsp nbsp December 2010 Subject - nbsp Provision of additional facility for filing Importer Exporter Code IEC nbsp application [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Circular On Investment In Non-SLR Securities- Non-Convertible Debentures NCDs Of Maturity Up To One Year Posted: 02 Jan 2011 09:48 AM PST RBI 2010-11 349 DBOD BP BC No 72 21 04 141 2010-11 nbsp December 31 2010 nbsp The Chairmen Chief Executives of All Commercial Banks excluding Regional Rural Banks nbsp Dear Sir nbsp Investment in Non-SLR Secur [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Prudential Guidelines On Capital Adequacy And Market Discipline - New Capital Adequacy Framework NCAF - Parallel Run And Prudential Floor Posted: 02 Jan 2011 09:44 AM PST RBI 2010-11 348 DBOD BP BC No 71 21 06 001 2010-11 nbsp December 31 2010 nbsp All Scheduled Commercial Banks nbsp excluding Local Area Banks and nbsp Regional Rural Banks nbsp Dear Sir nbsp Prudential Guideline [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Notification - Security Issues And Risk Mitigation Measures Related To Card Not Present Transactions Posted: 02 Jan 2011 09:39 AM PST RBI 2010-11 347 DPSS CO No 1503 02 14 003 2010-2011 nbsp December 31 2010 nbsp To nbsp The Chairman and Managing Director Chief Executive Officers All scheduled Commercial Banks including RRBs Urban Co-operative B [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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