Legal & Tax Updates 21.07.2010

TaxGuru.in : Legal & Tax Updates Under the un-amended section 43A, actual payment was not a condition precedent for making necessary adjustment in the carrying cost of the fixed asset acquired in foreign currency Posted: 20 Jul 2010 08:46 PM PDT On the question whether an Assessee is entitled to adjust the actual cost of imported assets acquired in foreign currency on account of fluctuation in the rate of exchange at each balance-sheet date, pending actual payment of the varied liability... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Achuthan Committee on Takeover Regulations submits report to SEBI Posted: 20 Jul 2010 08:32 PM PDT The Takeover Regulations Advisory Committee constituted under the Chairmanship of Shri. C. Achuthan submitted its report to SEBI Chairman Shri. C. B. Bhave today. Considering the substantive changes recommended upon review of the existing law... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Procedure for Verification of Answer Books of Chartered Accountants Professional Education-II/ Professional Competence/ Integrated Professional Competence/ Final Examinations Posted: 20 Jul 2010 08:16 PM PDT # The fee for verification of answer books is Rs. 100/- per paper subject to a maximum of Rs. 400/- for all the papers of a group/ both groups.The application essentially in the candidate's own handwriting indicating Roll No., address, and paper(s)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) The Past Trend of CA final result in respect of examination held in May 2010 Posted: 20 Jul 2010 08:05 PM PDT The results of the Chartered Accountants Final Examination held in May-2010 were declared recently.The details of percentage of candidates passed in the above said examinations are given below:CHARTERED ACCOUNTANTS FINAL EXAMINATION (Existing... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) AP High Court granted bail to former Satyam managing director Rama Raju Posted: 20 Jul 2010 07:19 PM PDT The Andhra Pradesh High Court on Tuesday granted bail to former Satyam managing director Rama Raju, former chief financial officer Vadlamani Srinivas and three others accused in the multi-crore rupee accounting scam. Justice Raja Elango of the AP... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) CBDT constituted Special Committee to inquire into income tax loss Posted: 20 Jul 2010 07:15 PM PDT The Central Board of Direct Taxes (CBDT) has constituted a three-member committee to inquire into income tax loss to Mumbai caused due to non-transmission of important information on unaccounted income to field officials concerned. The Central... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Girls taken over CA Course too with Passing Percentage Higher compared to the boys Posted: 20 Jul 2010 07:12 PM PDT "It's a girl!" is the scream that gets stuck in your throat after a glance at the Chartered Accountancy final examination results, released by the Institute of Chartered Accountants of India (ICAI) on Monday. Sanjhi Agrawal, first ranker in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Explain income source: Income Tax department to Congress leader Kripashankar Singh Posted: 20 Jul 2010 07:00 PM PDT Congress leader Kripashankar Singh, who is currently under various investigating agencies' scanner for allegedly amassing huge wealth, has been asked by the income-tax department to explain his income source for properties acquired in the city and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) IFRS may be fine-tuned to Indian needs Posted: 20 Jul 2010 06:38 PM PDT The International Financial Reporting Standards (IFRS), which several large companies in India will need to follow from April 1, will be flexible enough to suit Indian companies, the Union Minister for Corporate Affairs, Mr Salman Khurshid, has said. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Launching of prosecution against Auditors on account of misutilisation and Misappropriation of Funds of Cooperative Societies Posted: 20 Jul 2010 06:36 PM PDT It has been stated in said circular that "when departmental auditors do "Special or Test Audit" they are reporting the misutilisation and misappropriation of funds of Co-operative Societies. However, Statutory Audit report does not reflect... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) All about Credit Rating in brief Posted: 20 Jul 2010 06:17 PM PDT A credit rating estimates the credit worthiness of an individual, corporation, or even a country. It is an evaluation made by credit bureaus of a borrower's overall credit history. A credit rating is also known as an evaluation of a potential... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Loss due to fluctuation in rate of foreign exchange on balance sheet date is allowable u/s 37(1) Posted: 20 Jul 2010 05:40 PM PDT At the outset, we may note that although in view of the orders passed by the Committee on disputes, advising the Revenue not to file appeals against Tribunal's orders, we find some substance in the objection of learned counsel for the Assessee about... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Assessee entitled to exemption on profit derived by its 100% EOU engaged in blending, packing and export of tea bags and tea packets Posted: 20 Jul 2010 05:35 PM PDT In this context we notice that the decision of the Supreme Court in TARA AGENCIES' case abovereferred was on assessee's entitlement for weighted deduction on export market development allowance provided under Section 35B(1A) of the Act which is no... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Office boy becomes Chartered Accountant Posted: 19 Jul 2010 08:30 PM PDT Unlike Wangdu aka Aamir Khan, Shailesh did not impersonate anyone to pursue his love for studies, but does have the same background. Living in a 12x25 room in a slum in Limbayat with a family of five, he has successfully stepped in the world of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai