| 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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/... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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