Legal & Tax Updates 28.04.2010

TaxGuru.in : Legal & Tax Updates (in this message: 12 new items) Service tax notices to DLF, Religare, Adidas for IPL-I Posted: 27 Apr 2010 09:02 PM PDT In the midst of a tax probe into finances of IPL, authorities have issued notices to several sponsors of the first edition of the Twenty20 event, including DLF, Adidas and Religare for non-payment of service tax. The notices have asked as to why no... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Credit Rating Agencies may be required to disclose publicly on their websites their shareholding pattern and the names of the owners Posted: 27 Apr 2010 08:52 PM PDT As per the information received from Securities and Exchange Board of India (SEBI), at the instance of the High Level Coordination Committee on Financial Markets (HLCCFM) Government had set up a committee to revisit the legal and policy framework... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Steps to Check Fudging of Accounts by Companies Posted: 27 Apr 2010 08:50 PM PDT The Government has said that as and when any instance of wrong doing by any company comes to the notice, action is taken as per provisions of the Companies Act, 1956. In addition, the Ministry of Corporate Affairs has devised Early Warning System... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] No provision under the Companies Act, 1956 for merger of Indian companies with foreign companies Posted: 27 Apr 2010 08:49 PM PDT The Minister of Corporate Affairs, Shri Salman Khurshid has said that there is no provision under the Companies Act, 1956 for merger of Indian companies with foreign companies. However, a foreign company may merge with an Indian company. Giving this... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] RBI declared 108 NBFCs as vanishing companies during last three years Posted: 27 Apr 2010 08:35 PM PDT Reserve Bank had declared 108 Non Banking Financial Companies (NBFCs) as vanishing companies during the last three years, Rajya Sabha was informed today. "Whenever a company is declared as vanishing the matter is referred to the Economic Offences... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Government set up units in Singapore and Mauritius and will create units in eight more countries Posted: 27 Apr 2010 08:32 PM PDT The government has set up two income tax overseas units at its missions in Singapore and Mauritius and will create such units in eight more countries to facilitate exchange of information on tax-related issues, Parliament was informed today. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] IT department and UIDAI agreed to come together for rolling out PAN cards with unique 16 digit Aadhaar number Posted: 27 Apr 2010 08:26 PM PDT Income Tax department and the Unique Identification Authority of India have agreed "in-principle" to come together for rolling out PAN cards with unique 16 digit Aadhaar number. Official sources said both the UIDAI headed by Nandan Nilekani and the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Introduction of derivative contracts on Volatility Index Posted: 27 Apr 2010 08:09 PM PDT Further to SEBI circular no. SEBI/DNPD/Cir-35/2007 dated January 15, 2008 with regard to introduction of Volatility Index, it has now been decided to permit Stock Exchanges to introduce derivative contracts on Volatility Index, subject to the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Guidelines for market makers on Small and Medium Enterprise (SME) exchange/separate platform of existing exchange having nation wide terminal Posted: 27 Apr 2010 08:03 PM PDT SEBI has put in a framework for setting up of new exchange or separate platform of existing stock exchange having nationwide terminals for SME (hereinafter referred to as the 'Exchange/ SME Exchange'). In order to operationalise the said framework,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Government need to constitute a joint parliamentary committee on tax havens Posted: 27 Apr 2010 07:21 PM PDT The Indian Premier League (IPL) did not start with Sunanda Pushkar. It has been around for more than three years. The relationship between IPL franchises and tax havens is not something new. But the investigative hounds were unleashed after the exit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] IT department issued notice to firm owned by Lalit Modi's son in Law Posted: 27 Apr 2010 07:13 PM PDT The probe into the Indian Premier League (IPL) is inching ahead. After the Mauritius-based World Sports Group (WSG), which holds the IPL broadcast rights, the income-tax (I-T) department has asked Mauritius Colway Investment, a firm owned by Lalit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 397/398 – Company Law Board – Forum Shopping – Indian Company Law Posted: 27 Apr 2010 06:37 PM PDT It is a fact that it is very rare to see a petition by a group of minority or majority under section 397/398 of the Companies Act, 1956 in listed Public Companies. As everybody knows a Company needs to get qualified as per SEBI (DIP) regulations and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

Legal & Tax Updates 27.04.2010

TaxGuru.in : Legal & Tax Updates (in this message: 18 new items) Government released Saral-II for salaried employees for A.Y. 2010-11 Posted: 26 Apr 2010 07:48 PM PDT The Finance Ministry has come out with 'Saral-II', the new income tax returns form, that seeks to make tax filing easy on the assessee and gather information on TDS paid on salary and interest. The Saral-II, a two-page form, was mentioned by Finance... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] To compute the PE 'duration test' under Art. 5 (2) of the DTAA, different project sites can be aggregated only if the test of interconnection and interrelationship is satisfied Posted: 26 Apr 2010 07:35 PM PDT Article 5(2)(i) of the India-Mauritius DTAA defines "permanent establishment" to include "a building site or construction or assembly project or supervisory activities in connection therewith, where such site, project or supervisory activity... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Govt may initiate discussion on FDI in multi-brand retail, defence and agriculture Posted: 26 Apr 2010 07:30 PM PDT India today said it would next month initiate discussion on liberalising Foreign Direct Investment in sectors ranging from defence to agriculture and even retail -- a source of political woes for the government in the past. The Department of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] MCA only collecting info on IPL teams, not conducting probe Posted: 26 Apr 2010 07:26 PM PDT The Corporate Affairs Ministry today said it was collecting information on all franchisees of IPL teams and described this as a part of normal practice for any company and was not a probe. "My ministry is merely collecting information that we should... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] India becomes 7th largest Shareholder in world bank Posted: 26 Apr 2010 07:18 PM PDT The Development Committee of the World Bank, in its meeting held on 25th April, 2010 at Washington DC, took historic decisions relating to increasing the financial capacity of the Bank and enhancing the role of developing countries in its... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Import of sports weapons by 'Renowned Shooters' – Policy Circular No. 31 /2009-2014 Posted: 26 Apr 2010 07:08 PM PDT On receipt of application, concerned RA shall send a copy of the application to National Rifle Association of India for their comments. After receipt of comments from the National Rifle Association of India, RA shall issue licence to the applicant.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Brand Rate of Duty Drawback – References received in the Board regarding old claims Posted: 26 Apr 2010 07:00 PM PDT I am directed to refer to Board's Circular No. 14/2003-Cus dated 6.3.03 whereby the work related to fixation of Brand rates of Duty Drawback was decentralized. Para 5 of the said Circular stated that the Ministry would continue to consider and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Word 'T' is not the Monopoly of Tata Group Posted: 26 Apr 2010 06:51 PM PDT Telco has lost its trademark violation case against the Super Cassettes Industries in the Delhi High Court which allowed the electronics company to use letter 'T' in its T-SERIES mark, saying it was not its "monopoly". [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] ED suspect investment in IPL franchisees by benami companies Posted: 26 Apr 2010 06:44 PM PDT The Enforcement Directorate's (ED) probe into suspected money-laundering and foreign exchange violations in the Indian Premier League (IPL) has zeroed in on 18 benaami companies based out of India who have made huge investments in some IPL... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] I-T Department found BCCI reply inadequate Posted: 26 Apr 2010 06:41 PM PDT The Board of Control for Cricket in India (BCCI) may have met the deadline for replying to the queries by the Income Tax Department concerning the Indian Premiere League (IPL), but that's not enough. Officials pointed out that the I-T Department has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] ICAI will study the financial statements of IPL franchisees Posted: 26 Apr 2010 06:36 PM PDT India's accounting regulator has sought the financial statements of the eight Indian Premier League franchises to study if their auditors complied with accounting standards and best practices, joining other government agencies combing through the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] ICAI requested CBI , SFIO and Sebi to share evidences against PriceWaterhouse auditor Posted: 26 Apr 2010 06:27 PM PDT Accounting regulator ICAI has requested investigation agencies CBI and SFIO and market regulator Sebi to share evidences against PriceWaterhouse auditor Srinivas Talluri in the Satyam case, at the forthcoming disciplinary committee proceedings. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Government plans to plug loopholes in investment of foreign equity from a single source into one company through multiple routes Posted: 26 Apr 2010 06:22 PM PDT The government plans to plug loopholes in investment of foreign equity from a single source into one company through multiple routes. Currently, different agencies monitor the foreign investment flow, leading to policy overlaps and violations. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] High Court instructed pollution control board to Ensure environment audit reports put to meaningful use Posted: 26 Apr 2010 06:14 PM PDT The Gujarat High Court has directed the state pollution control board to ensure that environment audit reports are put to meaningful use to control pollution in the state. A division bench of Chief Justice S J Mukhopadhaya and Justice Akil Kureshi... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Membership and Certificate of Practice Fee for the year 2010-2011 Posted: 26 Apr 2010 10:03 AM PDT Annual Membership and Certificate of Practice fee for the year 2010-2011 became due for payment on 1st April 2010. The schedule of fee is as under: - For Members below age of 65 years Associate Membership Fee 600/-, Fellow Membership Fee 1800/-,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Extension of last date for submission of cpt examination application form Posted: 26 Apr 2010 10:00 AM PDT The last date for submission of filled in examination application form for admission to CPT to be held on 20th June 2010 is now extended to 28th April 2010 upto 5.30 P.M. The examination forms can be submitted at the designated offices as given in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Revised Limit of Rs. 15000/- for ESIC applicable from 1st May 2010 Posted: 26 Apr 2010 09:46 AM PDT The following draft rules further to amend the Employees' State Insurance (Central) Rules, 1950 were published as required under sub-section(1) of section 95 of the Employees' State Insurance Act, 1948 (34 of 1948) in the notification of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Download ITR-1 for A.Y. 2010-11/ Financial Year 2009-2010 in Excel, Word Format Posted: 26 Apr 2010 05:30 AM PDT CBDT notifies New Income Tax Return Form SARAL II (ITR 1) for Assessment Year 2010-11 for Individuals having income from Salary/Pension/Income from One House Property (Excluding loss brought forward from previous years) / Income from Other Sources... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai