Legal & Tax Updates - 16.05.2010

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Lawsuits Against E&Y, PwC Show an Ugly Side of the Big 4

Posted: 14 May 2010 08:10 PM PDT


Two new Big 4 lawsuits – one against Ernst & Young and the other against PwC – reminded me how many times professionals have written to say their firm had just knocked the stuffing out of them. They had been fired suddenly or a student's offer...

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Important Announcement – May-2010-CA Exams- PCE & IPCE Hindi Medium Candidates

Posted: 14 May 2010 08:03 PM PDT


It is hereby informed that Paper -4 – Cost Accounting & Financial Management of Group-II of Professional Competence Examination and Paper-3 - Cost Accounting & Financial Management of Group-I of Integrated Professional Competence...

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Important Announcement – May-2010-CA Exams-PCE & IPCE Candidates appearing from Centre No.175- Keshub Academy, Kolkata

Posted: 14 May 2010 08:02 PM PDT


CANCELLATION OF EXAMINATION OF GROUP-II-PAPER-5, TAXATION OF PROFESSIONAL COMPETENCE EXAMINATION AND GROUP-I- PAPER-4, TAXATION OF INTEGRATED PROFESSIONAL COMPETENCE EXAMINATION HELD ON 12TH MAY-2010 AT CENTRE NO.175 , KESHUB ACADEMY , 148 ,...

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ICAI Announcement on Views/suggesitions on Companies Bill 2009

Posted: 14 May 2010 08:01 PM PDT


The corporate form of organization is increasingly emerging as the preferred vehicle for economic and commercial activity and has contributed significantly to the growth of the Indian economy and the emergence of service, information and...

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US and Indian tax authorities reached negotiated settlement on transfer pricing dispute

Posted: 14 May 2010 07:57 PM PDT


The US and Indian competent tax authorities have reached a negotiated settlement on transfer pricing dispute in respect of certain captive software development units for the financial year 2004-05. The settlement has been reached through the mutual...

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Countrywide Income Tax Survey at the offices of Parsvnath Developers

Posted: 14 May 2010 07:53 PM PDT


The Income Tax (I-T) department today searched seven offices of Parsvnath Developers. The department also conducted survey in 22 premises of the company at various locations across the country. "We have done a routine tax enquiry based on some...

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SEBI recommends stronger disclosure norms for credit rating agencies

Posted: 14 May 2010 07:43 PM PDT


Concerned over the practice of certain companies influencing rating actions, market regulator SEBI on Thursday proposed a stronger disclosure norms for credit rating agencies (CRA). "It is recommended that all registered agencies be required to...

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New body to enforce FDI investment ban in Prohibited sectors

Posted: 14 May 2010 07:37 PM PDT


The government is likely to subject all investments in sectors closed to foreign investments to greater scrutiny through a new oversight body to ensure that foreign capital does not slip into these sectors undetected. There have been allegations...

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MCA may initiate further probe into the IPL franchisees

Posted: 14 May 2010 07:33 PM PDT


The Corporate Affairs Ministry today said it may initiate further probe into the IPL franchisees caught in the middle of a controversy over ownership pattern and bidding process. The Ministry is analysing the reports submitted by the Registrar of...

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SEBI panel recommends high net worth criteria for AMC, Merchant bankers and Stock Brokers

Posted: 14 May 2010 07:27 PM PDT


The committee, which had representations from stock exchanges, law firms, brokerages and depositories, among others, reviewed the eligibility norms for market intermediaries including merchant bankers, asset management companies (AMCs), credit...

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FM considered ICAI's suggestion on LLP while passing Finance Bill, 2010

Posted: 14 May 2010 07:15 PM PDT


The ICAI is pleased to note that its suggestion relating to exemption of capital gains in the hands of shareholders consequent to conversion of a company into a LLP, has found favour with the Government. It is also heartening to note that one out of...

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Cheque and meaning of related terminologies

Posted: 14 May 2010 07:11 PM PDT


Cheque is not a mere a piece of paper. It's imperative for you to know more to ensure that you don't end up losing your hard-earned money. Bearer cheque and an A/c payee cheque:-A bearer cheque can be encashed over the counter by the person who...

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DTC will be bitter pill to swallow as most exemption will be withdrawn in Direct tax code

Posted: 14 May 2010 07:05 PM PDT


Direct Taxes Code Bill, 2009, could soon set the tone for all our future wealth-creation decisions. If enacted, the bill will not only change the amount of tax you pay, but also transform how you invest, borrow and spend your money. While most tax...

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Online transmission of DES (Advance Authorization), EPCG and DEPB authorizations at 9 ICES 1.5 new location w.e.f. 17.05.2010 reg.- DGFT Policy Circular No. 32 (RE- 2010)/ 2009-2014

Posted: 14 May 2010 06:43 PM PDT


In view of Customs readiness to accept online transmission of DES (Advance Authorization), EPCG and DEPB authorizations at the following 9 ICES 1.5 new locations, all RA's of DGFT may note that for all the newly added ports, aforesaid authorizations...

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Amendment in Appendix 37A, of HBP vol.-I-2009-14.- DGFT Public Notice NO. 63/2009-2014

Posted: 14 May 2010 06:40 PM PDT


1. In Appendix 37A, the following Note is added against the VKGUY entry No. 6 of Table 1A, and entry No. 18 of Table 2. "For the purpose of claiming VKGUY benefit, the admissible FOB value for export products covered by ITC HS Code '0305' (falling...

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Deletion of para 2.33.1 of HBP Vol.1, 2009-2014- DGFT Public Notice NO. 62 /2009-2014

Posted: 14 May 2010 06:27 PM PDT


PUBLIC NOTICE NO. 62 /2009-2014, NEW DELHI, DATED 13th May, 2010. Subject: Deletion of para 2.33.1 of HBP Vol.1, 2009-2014. In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of...

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New Office address of Regional Authority Puducherry.- DGFT PUBLIC NOTICE NO. 61 /2009-2014

Posted: 14 May 2010 06:23 PM PDT


In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendment in the List of Regional Authorities and their Jurisdiction given under Appendix 1...

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StCBs/DCCBs – Prevention of Money-laundering Amendment Rules, 2010 – Obligation of Banks/AIFIs

Posted: 14 May 2010 06:15 PM PDT


Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of...

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ICAI launching e-Sahaayataa service for students and members

Posted: 14 May 2010 05:53 PM PDT


In order to provide prompt services to the expanding base of members and students, the ICAI is launching its e-Sahaayataa service on June 1, 2010. The e-Sahaayataa shall act as the only e-channel for the entire base of members and students of the...

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Special Job Placements for Chartered Accountants- 22nd June- 26th June 2010

Posted: 14 May 2010 05:46 PM PDT


If you are looking for complete business solution provider, then end your search by participating in Special Placement Programme organized by Committee for Members in Industry (CMII) of The Institute of Chartered Accountants of India, wherein you...

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Government may scale down the Income Tax Slabs in Final Direct Tax code

Posted: 14 May 2010 05:23 AM PDT


People with more than Rs 10 lakh annual income may not get the tax relief originally proposed in the Direct Taxes Code, as the Finance Ministry is for tweaking slabs across the board to offset concessions elsewhere.

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MCX signed up with ICSI and ICWAI to jointly promote the cause of financial literacy and corporate governance

Posted: 14 May 2010 05:11 AM PDT


The Exchange has joined hands with several agencies like the government, trade bodies and educational institutions to drive financial literacy for financial inclusion and encourage incorporation of global best practices in the industry.

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EPF introduces e-payment

Posted: 15 May 2010 07:54 PM PDT


Employees Provident Fund Organisation Regional Office, Bandra has introduced e-payment to credit the benefits payable to members accounts immediately after authorization of claims leading to higher customer satisfaction and substantial reduction in...

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