TaxGuru.in : Legal & Tax Updates 28.07.2010

TaxGuru.in : Legal & Tax Updates Regarding anti dumping duty on Viscose Staple Fibre excluding Bamboo fibre thereof, originating in, or exported from, People's Republic of China and Indonesia-Notification No.76/2010-Customs Posted: 27 Jul 2010 08:48 PM PDT Whereas, in the matter of imports of Viscose Staple Fibre excluding Bamboo fibre (hereinafter referred to as the subject goods), falling under sub heading 5504 10 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) States governments demand CST to continue with GST Posted: 27 Jul 2010 08:31 PM PDT The state governments have urged the Centre to continue levying central sales tax (CST) for the first few years as it will provide some comfort in terms of protecting revenue and fiscal autonomy. This demand came after the union government proposed... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) High Court cannot interfere in civil disputes like eviction of tenants or property rows Posted: 27 Jul 2010 08:28 PM PDT The Supreme Court had held that High Court cannot interfere in civil disputes like eviction of tenants or property rows as such issues are to be dealt by civil courts. Citing its earlier rulings, the apex court said the writ jurisdiction enjoyed by... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Portfolio Managers – Proposal on Regulation of Fees and Charges Posted: 27 Jul 2010 08:24 PM PDT As per the aforesaid regulations, the inter se relationship between the portfolio manager and client, mutual rights, liabilities and obligations relating to management of funds or portfolio of securities are specified in the agreement signed between... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) 8 new overseas Income Tax Units in Indian Missions abroad to be set-up under the DTAA Posted: 27 Jul 2010 07:57 PM PDT It is proposed to create 8 new overseas Income Tax (IT) Units in Indian Missions abroad to have effective exchange of information on tax matters under the Double Taxation Avoidance Agreement (DTAA). Two overseas income tax units at the Indian... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) No RBI Direction on Reduction in Pay of top Management of Banks For Poor Performance Posted: 27 Jul 2010 07:54 PM PDT Reserve Bank of India (RBI) has not directed the banks to reduce pay of their top management, if their performance is poor. However, RBI has issued draft guidelines on Compensation of Whole Time Directors/ Chief Executive Officers/ Risk Takers and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) FM Says Monetary Policy Measures Announced by RBI Today Would Further Ease Inflation Posted: 27 Jul 2010 07:44 PM PDT Union Finance Minister, Shri Pranab Mukherjee has stated that monetary policy measures announced by Reserve Bank of India today will lead to easing of inflation, which is already going down, and it should also keep us fully on track in terms of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Core Group on IFRS from India and the IFRS Council of Japan Sign Memorandum of Understanding on IFRS Posted: 27 Jul 2010 07:42 PM PDT India and Japan have signed a historic Memorandum of Understanding (MOU) on IFRS. It was signed in Japan between the Core Group on IFRS constituted by the Ministry of Corporate Affairs and the IFRS Council, Japan in the presence of Shri R.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Soon tender based appointment of auditors to stop Posted: 27 Jul 2010 07:24 PM PDT The government is likely to ask all departmental enterprises and agencies, such as the National Highways Authority of India (NHAI), to dispense with the system of tender-based appointment of internal auditors. Instead, the Comptroller and Auditor... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Madhu Koda scam accused Manoj Punamia arrested in Mumbai Posted: 27 Jul 2010 07:20 PM PDT Diamond merchant Manoj Punamia, one of the key accused in the scam involving former Jharkhand CM Madhu Koda, was arrested on Saturday night upon his arrival at the Mumbai airport from abroad. Punamia, who was barred from travelling abroad, had left... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Satyam scam case hearing adjourned to July 29 Posted: 27 Jul 2010 06:59 PM PDT Hyderabad: The special court dealing with the multi-crore Satyam scam case on Monday adjourned examination and hearing of charges against the accused to July 29. Examination and hearing of charges against 10 Satyam personnel accused of fudging books... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) RBI hikes short-term lending and borrowing rates by 0.25 per cent and 0.50 per cent respectively Posted: 27 Jul 2010 06:40 PM PDT Housing, auto and corporate loans may become expensive with the Reserve Bank raising short-term key policy rates to check spiralling inflation, say bankers. "The monetary action by RBI is aimed at attacking inflation. It has made fund costlier for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Effective use of technology can prevent corporate fraud: PwC Posted: 27 Jul 2010 06:34 PM PDT Effective use of technology for in-house audit processes could help prevent accounting fraud in a company, as it will be easier to monitor the flow of data online, says global consultant PricewaterhouseCoopers. A new PwC report, `2010 Internal Audit... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) India Becomes Member of Financial Action task Force Posted: 27 Jul 2010 04:44 PM PDT India has become a member of elite global body Financial Action Task Force (FATF), a standard setting body to combat money laundering and terror financing. Membership of FATF has been granted to India in its Plenary held in Amsterdam, Netherlands... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) New Bill to replace existing ULIP ordinance Posted: 27 Jul 2010 04:07 PM PDT Allaying RBI's fears, the government on Tuesday proposed to elevate its governor's post in the proposed joint mechanism to address the differences among financial regulators over hybrid products. The legislation, Securities and Insurance Laws... [[ 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