Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Nov 27, 2010 at 9:34 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Once Charge Of Misappropriation Proved There Cannot Be Punishment Other Than Dismissal
• India Corporate Week 2010 A Curtain Raiser
• Corrective Steps On Rupee Rise
• Amount Collected As Education CESS During The Last Three Years From Direct And Indirect Taxes
• RBI Will Examine The Modus Operandi Of The Alleged Bribes-for-loans In Housing Finance Scam
• Income Tax Department Strikes Rs 50 Crore Deal With BSNL
• Sebi Probes Insider-trading In Shares Of Cos Party To Housing-Finance Scam
• Direct Tax Arrears Touch Rs 2 49 Lakh Crore
• ED Working In Coordination With Income Tax Department For Their Probe Into The Overlays Contracts Award In CWG Scam
• Railway Minister Demands Extension For The Waiver Of Service Tax On Railway Freight
• Money Matter Scam- Property Valuers Under CBI Radar
• Constitutional Amendment Will Not Be Discussed At Next Meet Of State FM
• Assocham Demands 50-100 New Private Banking Licences
• NRIs Can Now Vote Govt Issues Notification
• Sebi- Imperative To Lift Corporate Veil In Sahara Fund-raising
• Advent Of APA In TP Regime
• US Federal-Build In One Day
• Large Volume Of Purchase And Sale Of Shares Can Not Be The Sole Criteria To Treat The Same As Business Activity
• Application Of Provisions Of Section 5A 1A Of The Central Excise Act
• Allocation Of Government Debt And Corporate Debt Investment Limits To FIIs Circular For Mutual Funds
• Corrigendum To Service Tax Notification No 26 2010-ST Dated 22-6-2010 Related To ST On Air Freight
• Submission Of Information To Credit Information Companies -RBI 2010-11 286

Once Charge Of Misappropriation Proved There Cannot Be Punishment Other Than Dismissal Posted: 26 Nov 2010 11:32 PM PST CHENNAI It is well settled in law that once a charge of misappropriation is proved against a bank officer or employee in any department or organisation who is dealing with money the employer will lose trust and confidence in him [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India Corporate Week 2010 A Curtain Raiser Posted: 26 Nov 2010 11:21 PM PST The Ministry of Corporate Affairs has undertaken a large number of initiatives in the area of corporate reforms These initiatives have the twin objectives of providing an enabling environment for the sustainable corporate growth an [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corrective Steps On Rupee Rise Posted: 26 Nov 2010 11:19 PM PST In the month of October 2010 the monthly average exchange rate of rupee was Rs 44 5 per US dollar indicating 3 6 per cent appreciation over the exchange rate of Rs 46 1 in September 2010 The rupee however has depreciated by 2 4 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amount Collected As Education CESS During The Last Three Years From Direct And Indirect Taxes Posted: 26 Nov 2010 11:12 PM PST The amount of Secondary and Higher Education Cess collected during the last three years from direct and indirect taxes are as under Direct Taxes nbsp Rs in crore Period Amount collected [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Will Examine The Modus Operandi Of The Alleged Bribes-for-loans In Housing Finance Scam Posted: 26 Nov 2010 09:46 AM PST The Reserve Bank of India RBI will begin examining the modus operandi of the alleged bribes-for-loans allegations made by the Central Bureau of Investigation CBI against officials of three banks Life Insurance Corporation of In [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Department Strikes Rs 50 Crore Deal With BSNL Posted: 26 Nov 2010 09:39 AM PST The Income Tax department has struck an estimated Rs 50 crore deal with state-owned telecom company BSNL to provide 51 000 mobile connections and one thousand high-end Blackberry phones for secure and fast communication amongst its off [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi Probes Insider-trading In Shares Of Cos Party To Housing-Finance Scam Posted: 26 Nov 2010 09:36 AM PST Market watchdog Sebi has initiated a probe into possible front-running and insider trading in shares of over two dozen companies including some blue chips by entities and persons involved in the housing-finance scam unearthed by CBI [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Tax Arrears Touch Rs 2 49 Lakh Crore Posted: 26 Nov 2010 09:27 AM PST Direct tax arrears touched a staggering Rs 2 49 lakh crore last fiscal and of this an amount of Rs 1 43 lakh crore is seen to be difficult to recover nbsp The tax arrears are tax demand raised by the revenue department but not reali [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ED Working In Coordination With Income Tax Department For Their Probe Into The Overlays Contracts Award In CWG Scam Posted: 26 Nov 2010 09:24 AM PST The Enforcement Directorate is working in close coordination with the Income Tax Department for their probe into the overlays contracts award ED during the Commonwealth Games and may soon summon the firms concerned nbsp According to o [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Railway Minister Demands Extension For The Waiver Of Service Tax On Railway Freight Posted: 26 Nov 2010 09:21 AM PST Railway Minister Mamata Banerjee has sought an extension for the waiver on service tax on railway freight Finance Minister Pranab Mukherjee had earlier given a tax holiday to the Railways till December 31 Banerjee now wants the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Money Matter Scam- Property Valuers Under CBI Radar Posted: 26 Nov 2010 08:50 AM PST The Central Bureau of Investigation CBI is probing the role of property valuers in the cash-for-loans scam Developers acquire loans for projects the value of their property mortgaged to banks Property valuers that are often realty [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Constitutional Amendment Will Not Be Discussed At Next Meet Of State FM Posted: 26 Nov 2010 07:46 AM PST The vexed issue of amending the Constitution for rolling out the new Goods and Services Tax GST may not come up in the next meeting of the Empowered Committee EC of state finance ministers on December 6 here The committee has [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Assocham Demands 50-100 New Private Banking Licences Posted: 26 Nov 2010 07:17 AM PST Taking all stakeholders by surprise industry body Assocham today suggested that the Reserve Bank of India RBI issue between 50-100 new private bank licences in the current round of allowing new entrants At least 50-100 licences sh [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NRIs Can Now Vote Govt Issues Notification Posted: 26 Nov 2010 06:44 AM PST A longstanding wish of millions of NRIs for voting right in India has come true with the Centre issuing a notification to this effect to enable them to exercise their franchise nbsp Parliament had in the monsoon session passed the Rep [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi- Imperative To Lift Corporate Veil In Sahara Fund-raising Posted: 26 Nov 2010 06:29 AM PST Market regulator SEBI has castigated the Sahara Group for raising thousands of crores in violation of regulatory framework and said that there is a clear imperative to lift the corporate veil nbsp Rejecting the contention of two Sah [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Advent Of APA In TP Regime Posted: 26 Nov 2010 02:32 AM PST The arena of International taxation has always been quite complex as much as it has been exciting for tax practitioners in particular What with residency rules PE provisions TP regimes 195 issues and DTAAs in fact it will be mo [[ This is a content summary only. Visit www.taxguru.in for full article ]]

US Federal-Build In One Day Posted: 21 Nov 2010 02:07 AM PST We have been under great speculation when the US FEDERAL system declared 600 billion dollars buyout of bonds spread over a series of months We speculated and the end result of the speculation was this that the World indices across th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Large Volume Of Purchase And Sale Of Shares Can Not Be The Sole Criteria To Treat The Same As Business Activity Posted: 27 Nov 2010 12:07 AM PST The assessee a broker in the BSE disclosed short-term capital gains and long-term capital gains on sale of shares The AO accepted the LTCG as such though he held that the STCG was assessable as business profits on the ground t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Application Of Provisions Of Section 5A 1A Of The Central Excise Act Posted: 27 Nov 2010 12:27 AM PST Circular No nbsp 937 27 2010 CX Dated the nbsp nbsp nbsp nbsp 26th November 2010 Sub Application of provisions of section 5A 1A of the Central Excise Act nbsp References had been received from the field formatio [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Allocation Of Government Debt And Corporate Debt Investment Limits To FIIs Circular For Mutual Funds Posted: 27 Nov 2010 12:22 AM PST nbsp CIRCULAR CIR IMD FIIC 18 2010 nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp November 26 2010 To All Foreign Institutional Investors through their designated Custodians of Securities Dear Sir Madam nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corrigendum To Service Tax Notification No 26 2010-ST Dated 22-6-2010 Related To ST On Air Freight Posted: 26 Nov 2010 10:58 PM PST Section 65 105 zzzo of the Finance Act 1994 - Air Transport of Passengers - Exemption above Rs 100 on domestic travel and Rs 500 on international travel in economy class - Corrigendum to Notification No 26 2010-ST dated 22-6-201 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Submission Of Information To Credit Information Companies -RBI 2010-11 286 Posted: 26 Nov 2010 08:44 AM PST RBI 2010-11 286DNBS PD-SC RC CC No 23 26 03 001 2010-11November 25 2010All registered Securitisation Companies Reconstruction CompaniesDear Sirs Submission of information to Credit Information CompaniesIn terms of Section 2 f ii [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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