Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Dec 31, 2010 at 9:37 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Govt Likely To Announce FDI Policy On LLPs In January 2011
• Citigroup Investigating Transactions At India Branch
• Cricketer Harbhajan And Yuvraj Defaulted On Payment Of Service Tax
• Income Tax Department Suspects Tax Evasion In Derivative Transactions
• CBI Detains Senior Joint Commissioner Of Income Tax And An Inspector For Alleged Graft
• Position Paper On Identification Of Tax Issues Arising Out Of Convergence With IFRS Prepared By The Group Constituted By
• FICCI Call To Defer Compliance Date Of IFRS From April 1 2011
• China S Top Auditor To Serve As Chairman Of UN Board Of Auditor
• Johnny And Service Tax Refund Series-II Part VI - Self Certification - An Inflexible Condition
• Gujarat High Court Decision On The Demerger Scheme Between Vodafone Essar Group Companies
• Collection Of Statistics On Pre-paid Instruments
• Issuance And Operation Of Prepaid Payment Instruments In India Auditor Certificate On The Balances In Escrow Account
• RBI Directions For Submission Of System Audit Reports From CISA Qualified Auditor
• Directions For Opening And Operation Of Accounts And Settlement Of Payment For Electronic Payment Transactions Involving Intermediaries
• Comprehensive Guidelines On Over The Counter OTC Foreign Exchange Derivatives And Overseas Hedging Of Commodity Price And Freight Risks
• Corrigendum To Notification No 14 RE-2010 2009-14 Dated 22 12 2010 Regarding Export Of Cotton Yarn
• Conditions And Modalities For Registration Of Contracts Of Cotton With DGFT
• Insurance - Recognition Of Surplus Arising In Non-participating Funds As Profit Loss In The Profit Loss Account
• SEBI - Establishment Of Connectivity With Both Depositories NSDL And CDSL - Companies Eligible For Shifting From Trade For Trade Settlement TFTS To Normal Rolling Settlement
• Amending Notification No 94 2005-Customs Dated The 20th October 2005 Regarding Continuation Of Anti-dumping Duty On Imports Of Certain Rubber Chemicals
• Amends Notification No 10 2008 Cus - Prescribes Effective Rate Of Duty Concessional Rate Of Duty On Certain Goods Imported From Singapore Subject To Origin Of Goods Are Of Singapore -Notification No 131 2010-Cus Dated -24-12-2010
• Exemption From Additional Duty On Specified Goods By Designated Airlines When Imported From Specified Countries-Notification No 130 2010-Cus Dated -23-12-2010
• Anti Dumping Duty Imposed On Import Of Bus And Truck Radial Tyres- Notification No 129 2010-Cus Dated -23-12-2010
• Lead Bank Scheme Conduct Of State Level Bankers Committee SLBC Union Territory Level Bankers Committee UTLBC Meetings
• Public Provident Fund Scheme 1968 Amendment To Section 9 3 Of The Scheme

Govt Likely To Announce FDI Policy On LLPs In January 2011 Posted: 31 Dec 2010 01:04 AM PST The government is likely to usher in the New Year with some important policy reforms Important foreign direct investment FDI policy announcements is likely to be made in January 2011 reports sources nbsp It is learnt that F [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Citigroup Investigating Transactions At India Branch Posted: 31 Dec 2010 01:00 AM PST U S bank Citigroup said on Tuesday it was investigating a set of suspicious transactions based on what it said were forged documents by an employee at a branch in India nbsp The bank did not say how much money was involved but a [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cricketer Harbhajan And Yuvraj Defaulted On Payment Of Service Tax Posted: 31 Dec 2010 12:58 AM PST Cricketer Harbhajan Singh currently spinning misery on the South African team seems to have been caught by the central excise and service tax department for defaulting on service tax The department has found that he owes nearly R [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Department Suspects Tax Evasion In Derivative Transactions Posted: 31 Dec 2010 12:56 AM PST The revenue department of the finance ministry estimates that Corporate India could have evaded over Rs 20 000 crore in taxes in 2007-08 had it shown mark-to-market losses on forex derivative transactions nbsp According to the inco [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI Detains Senior Joint Commissioner Of Income Tax And An Inspector For Alleged Graft Posted: 31 Dec 2010 12:15 AM PST New Delhi- CBI yesterday detained a Joint Commissioner of Income tax and an inspector of the Income Tax department here in an alleged corruption case CBI sources said Arun Gurjar a 1999 batch Indian Revenue Service officer and Ba [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Position Paper On Identification Of Tax Issues Arising Out Of Convergence With IFRS Prepared By The Group Constituted By Posted: 30 Dec 2010 11:35 PM PST A Group for identifying direct tax issues arising from convergence of Indian Accounting Standards IAS with International Financial Reporting Standards Ind AS was constituted by the ICAI which comprised both of members of the Co [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FICCI Call To Defer Compliance Date Of IFRS From April 1 2011 Posted: 30 Dec 2010 11:30 PM PST nbsp nbsp nbsp nbsp nbsp nbsp nbsp Convergence Of Accounting Standards With IFRS nbsp nbsp nbsp nbsp nbsp nbsp nbsp FICCI Call to Defer Compliance Date of IFRS from April 1 2011 nbsp nbsp nbsp nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

China S Top Auditor To Serve As Chairman Of UN Board Of Auditor Posted: 30 Dec 2010 11:24 PM PST Liu Jiayi auditor-general of China s National Audit Office NAO will take up the position as chairman of the United Nations Board of Auditors UNBA starting Jan 1 2011 the NAO announced in Beijing Wednesday nbsp Liu who [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Johnny And Service Tax Refund Series-II Part VI - Self Certification - An Inflexible Condition Posted: 30 Dec 2010 10:14 PM PST nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp CA Pradeep Jain Mayank Palgauta nbsp In continuation of previous articles elaborating the difficulties in getting t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Gujarat High Court Decision On The Demerger Scheme Between Vodafone Essar Group Companies Posted: 30 Dec 2010 01:27 AM PST In a recent ruling Gujarat High Court HC in the case of Vodafone Essar Gujarat Ltd hereinafter referred to as VEG Transferor Tax Payer Company petition no 183 of 2009 on the issue of whether a scheme of demerger of infrastruc [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Collection Of Statistics On Pre-paid Instruments Posted: 31 Dec 2010 12:54 AM PST RBI 2010-11 342 DPSS CO OSD No 1381 06 08 001 2010-2011 nbsp December 27 2010 nbsp To nbsp All entities authorised to issue pre paid payment instruments in India nbsp Dear Sir nbsp Collection of Statist [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Issuance And Operation Of Prepaid Payment Instruments In India Auditor Certificate On The Balances In Escrow Account Posted: 31 Dec 2010 12:53 AM PST RBI 2010-11 341 DPSS CO OSD No 1445 06 12 001 2010-2011 nbsp December 27 2010 nbsp To nbsp All Scheduled Commercial Banks Authorised Payment System Operators nbsp Dear Sir nbsp Issuance and operation of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Directions For Submission Of System Audit Reports From CISA Qualified Auditor Posted: 31 Dec 2010 12:29 AM PST RBI 2010-11 340 DPSS CO OSD No 1444 06 11 001 2010-2011 nbsp December 27 2010 nbsp To All Scheduled Commercial Banks Authorised Payment System Operators nbsp Dear Sir nbsp Directions for submission of sy [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Directions For Opening And Operation Of Accounts And Settlement Of Payment For Electronic Payment Transactions Involving Intermediaries Posted: 31 Dec 2010 12:27 AM PST RBI 2010-11 339 DPSS CO OSD No 1448 06 08 001 2010-2011 December 28 2010 nbsp To All Scheduled Commercial Banks Dear Sir Directions for opening and operation of Accounts and settlement of payment for electronic [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Comprehensive Guidelines On Over The Counter OTC Foreign Exchange Derivatives And Overseas Hedging Of Commodity Price And Freight Risks Posted: 31 Dec 2010 12:22 AM PST RBI 2010-11 338 A P DIR Series Circular No 32 nbsp December 28 2010 To nbsp All Authorised Dealer - Category I banks nbsp Madam Sir nbsp Comprehensive Guidelines on Over the Counter OTC Foreign Exchange [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corrigendum To Notification No 14 RE-2010 2009-14 Dated 22 12 2010 Regarding Export Of Cotton Yarn Posted: 31 Dec 2010 12:10 AM PST Notification No nbsp 15 RE-2010 2009-14 New Delhi Dated 29 December 2010 nbsp Subject Corrigendum to Notification No 14 RE-2010 2009-14 dated 22 12 2010 regarding export of cotton yarn nbsp S O E nbsp nbsp nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Conditions And Modalities For Registration Of Contracts Of Cotton With DGFT Posted: 31 Dec 2010 12:08 AM PST Policy Circular No nbsp nbsp 09 RE-2010 2009-14 nbsp nbsp Dated the 29th December 2010Subject - Conditions and modalities for registration of contracts of cotton with DGFT nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance - Recognition Of Surplus Arising In Non-participating Funds As Profit Loss In The Profit Loss Account Posted: 31 Dec 2010 12:04 AM PST CIRCULAR NO IRDA F amp A CIR 217 12 2010 DATED 27-12-2010 Authority has observed that there is no uniform approach followed by the insurers for transfer of the surplus to the Profit amp Loss Account A few of the insurers are [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI - Establishment Of Connectivity With Both Depositories NSDL And CDSL - Companies Eligible For Shifting From Trade For Trade Settlement TFTS To Normal Rolling Settlement Posted: 30 Dec 2010 11:58 PM PST SEBI Establishment of Connectivity with both depositories NSDL and CDSL - Companies eligible for shifting from Trade for Trade Settlement TFTS to normal Rolling Settlement CIRCULAR NO MRD DP 38 2010 DATED 28-12-2010 1 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amending Notification No 94 2005-Customs Dated The 20th October 2005 Regarding Continuation Of Anti-dumping Duty On Imports Of Certain Rubber Chemicals Posted: 30 Dec 2010 11:55 PM PST Notification No 132 2010-Customs New Delhi the 28th December 2010 nbsp G S R nbsp nbsp nbsp nbsp nbsp E -Whereas the designated authority vide notification No 15 14 2009-DGAD dated the 12th May 2010 published in [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No 10 2008 Cus - Prescribes Effective Rate Of Duty Concessional Rate Of Duty On Certain Goods Imported From Singapore Subject To Origin Of Goods Are Of Singapore -Notification No 131 2010-Cus Dated -24-12-2010 Posted: 30 Dec 2010 11:52 PM PST Amends notification no 10 2008 Cus - Prescribes effective rate of duty concessional rate of duty on certain goods imported from Singapore subject to Origin of goods are of Singapore -Notification No 131 2010-Cus dated -24-12- [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exemption From Additional Duty On Specified Goods By Designated Airlines When Imported From Specified Countries-Notification No 130 2010-Cus Dated -23-12-2010 Posted: 30 Dec 2010 11:47 PM PST Notification No 130 2010-Customs New Delhi dated the 23rd December 2010 nbsp G S R nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp E - In exercise of the powers conferred by sub-section 1 of section 25 of the Customs Act [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Anti Dumping Duty Imposed On Import Of Bus And Truck Radial Tyres- Notification No 129 2010-Cus Dated -23-12-2010 Posted: 30 Dec 2010 11:44 PM PST Notification No 129 2010-Customs nbsp New Delhi the 23rd December 2010 nbsp G S R nbsp nbsp E Whereas in the matter of import of Bus and Truck Radial Tyres hereinafter referred to as the subject goods falli [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Lead Bank Scheme Conduct Of State Level Bankers Committee SLBC Union Territory Level Bankers Committee UTLBC Meetings Posted: 30 Dec 2010 11:40 PM PST RBI 2010-11 343 RPCD CO LBS BC No 44 02 19 10 2010-11 nbsp December 29 2010 nbsp CMDs of all SLBC Convenor Banks nbsp Dear Sir nbsp Lead Bank Scheme Conduct of State Level Bankers Committee SLBC Union Territ [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Public Provident Fund Scheme 1968 Amendment To Section 9 3 Of The Scheme Posted: 30 Dec 2010 11:38 PM PST RBI 2010-11 344 DGBA CDD No H-4311 15 02 001 2010-11 nbsp December 27 2010 nbsp The Chairman and Managing Director Managing Director Government Accounts Department Head Office State Bank of India State Bank of Pa [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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