Updates from TaxGuru 13.02.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 19 new items)

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MCA asked ROC to submit detailed report on Adani Exports

Posted: 12 Feb 2010 07:13 PM PST

The ministry of corporate affairs has asked the Registrar of Companies (RoC) to submit a detailed report under Section 234 of the Companies Act seeking an explanation from Adani Exports (now known as Adani Enterprises) for its financial statements...

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Tax Treatment – Capital Gains-Conversion of Business Asset into Capital Asset

Posted: 12 Feb 2010 06:58 PM PST

Issue :-An assessee has been carrying on business in real estate as flat promoter/developer by treating his self acquired/inherited asset as business asset and this has been accepted by the Income-tax department and income generated from his...

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Insurance company not liable if policy holder fails to submit the information about the claim in writing

Posted: 12 Feb 2010 06:55 PM PST

An insurance company is not liable for any deficiency of service if a policy holder fails to submit the information about the accident, damage and claim in writing, a consumer court has held. "The oral approach to the insurance company for...

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Cement industry urged Centre to abolish import duty on raw materials used in production of cement

Posted: 12 Feb 2010 06:50 PM PST

The cement industry has urged the Centre to abolish import duty on raw materials such as coal, pet coke and gypsum since cement as a finished product does not attract duty. In its pre-Budget memorandum submitted to the Finance Minister, Mr Pranab...

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Soon Chartered Accountants will do Panchayat audits

Posted: 12 Feb 2010 06:34 PM PST

To promote transparency in the financial transactions done by the Gram Panchayats in the state, the Orissa government has decided to rope in the services of the Chartered Accountants (CAs) for compilation of data at the grassroot level. The state...

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SEBI asked financial details of companies suspended for non payment of listing fees

Posted: 12 Feb 2010 06:31 PM PST

The regulator had recently formed a committee comprising senior officials from SEBI, investor associations, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) to resolve complaints pending against companies suspended by the exchanges....

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Empanelment of ICAI members to act as coordinators / observers for CA examinations

Posted: 12 Feb 2010 06:21 PM PST

ANNOUNCEMENT FOR EMPANELMENT OF MEMBERS OF THE INSTITUTE TO ACT AS COORDINATORS / OBSERVERS IN THE CENTRES CONDUCTING CHARTERED ACCOUNTANTS EXAMINATIONS. The Institute intends to draw a Panel from amongst its Members for acting as Coordinator/...

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Key People behind the forthcoming budget

Posted: 12 Feb 2010 06:10 PM PST

Prime Minister Manmohan Singh: Hailed as the father of India's economic reforms, Prime Minister Manmohan Singh takes part in the Budget-making process. The prime minister holds talks with the finance minister, economists and senior officials to make...

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Life insurers demanded EEE method instead of EET in DTC, allow to carry forward loss for 12 years and service tax exemption

Posted: 12 Feb 2010 05:50 PM PST

Life insurance companies want the current system of tax exemption for insurance maturity proceeds to be continued. The proposed Direct Taxes Code has suggested deduction of tax on the final payout, while exempting the policy premium at the time of...

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RBI may soon introduce base rate in place of BPLR

Posted: 12 Feb 2010 05:45 PM PST

Responding to the widespread feeling that banks do not set their lending rates in a scientific and transparent manner, the Reserve Bank of India is in the last stages of the consultative process to introduce a new system. The proposed system will...

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Provision for Gratuity and Leave Encashment not Allowable under the Income tax Act, 1961: IT Department

Posted: 12 Feb 2010 05:37 PM PST

Before 2008-09, deduction towards leave encashment and gratuity was a controversial issue following a Calcutta High Court judgment in the case of Exide Industries. The court ruled in favour of Exide and against the revenue department, saying that...

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The Institute of Chartered Accountants of India (ICAI) elects new office bearers

Posted: 12 Feb 2010 09:55 AM PST

Shri Amarjit Chopra, a fellow member of the Institute of Chartered Accountants of India ( ICAI ), has been elected as the President of ICAI for the year 2010-11 by the Twenty First Council here today. Shri G. Ramaswamy was elected as the...

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Meeting of Steering Group of Global Forum on Transparency and Exchange of Information for Tax Purposes

Posted: 12 Feb 2010 09:54 AM PST

The Ministry of Finance hosted a key meeting of the Steering Group of the Global Forum on Transparency and Exchange of Information for Tax Purposes at New Delhi on 11th – 12th February 2010. The G-20 had asked the Global Forum to complete their peer...

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Classification of artware / handicraft items and composite goods in the Drawback Schedule

Posted: 12 Feb 2010 09:48 AM PST

It has been brought to notice of the Board that difficulties are being faced by exporters in classification of articles declared as handicraft/artware items. It has also been brought to notice that divergent practices are being followed in...

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Clarification on the stipulation of minimum 15% disbursement of precious metal by Nominated agencies to exporters

Posted: 12 Feb 2010 09:44 AM PST

Attention is invited to DGFT Policy Circular No. 1 dated 27.8.2009 to be read with Policy Circular No. 77 dated 31.03.09 on the above subject. Representations have been received from Trade and Industry to clarify as to whether the requirement of...

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Home Loan will cost more as teaser rates are coming to end

Posted: 12 Feb 2010 09:38 AM PST

Home and auto loan customers will have to shell out more with several public sector banks including the State Bank, Punjab National Bank and Bank of India (BoI) deciding to end the concessional or limited period loan regime, popularly called teaser...

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Treatment of Entry Tax under PVAT Act levied in Punjab

Posted: 12 Feb 2010 09:24 AM PST

The Government of Punjab has recently imposed Entry Tax on 12 new items under section 3A of Punjab Tax on Entry of Goods into Local Areas Act, 2000 (Punjab Act No.9 of 2000). The List of which has already been provided in the articles published...

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Date: Feb 12, 2010 Risk weights and exposure norms in respect of bank exposure to NBFCs categorised as 'Infrastructure Finance Companies'

Posted: 12 Feb 2010 09:07 AM PST

Please refer to paragraph 160 of the Second Quarter Review of the Monetary Policy for the year 2009-10 (copy of extract enclosed) wherein it was proposed to link the risk weights of banks' exposure to NBFCs categorised as Infrastructure Finance...

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RBI circular on Infrastructure Finance Companies

Posted: 12 Feb 2010 09:03 AM PST

Please refer to paragraph 178 of the captioned policy. NBFCs-ND-SI engaged predominantly in infrastructure financing have represented to the Reserve Bank that there should be a separate category of infrastructure financing NBFCs in view of the...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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