TaxGuru.in : Legal & Tax Updates 28.01.2011

TaxGuru.in : Legal & Tax Updates  It Dept Claims It Detects Rs 11 Cr Undeclared Wealth At Homes Of Priyanka Kasbekar Posted: 28 Jan 2011 01:31 AM PST Income-tax officials on Thursday claimed to have detected documents revealing unaccounted wealth of around Rs 11 crore during their searches at the properties of actress Priyanka Chopra and photographer Atul Kasbekar nbsp nbsp Doc [[ This is a content summary only. Visit www.taxguru.in for full article ]] SC Asks Govt To Ascertain Source Of Black Money Posted: 28 Jan 2011 01:22 AM PST New Delhi Expressing concern that black money stashed in banks abroad might have originated from arms deals drug trafficking and smuggling the Supreme Court today asked the government as to what action it had taken against indivi [[ This is a content summary only. Visit www.taxguru.in for full article ]] Sebi To Impart Financial Skills To Home Makers Students Posted: 28 Jan 2011 01:20 AM PST Market regulator Securities and Exchange Board of India Sebi will impart financial education and investments skills to executives home-makers and even school children to spread awareness about sound investment practices and prom [[ This is a content summary only. Visit www.taxguru.in for full article ]] Treat Corp Funding To Political Parties As Expense - ICAI Posted: 28 Jan 2011 01:15 AM PST Corporate funding to political parties should be treated as expenditure in order to increase transparency in financial statements and curb black money flow Accounting regulator ICAI has said nbsp It also added that Companies Bi [[ This is a content summary only. Visit www.taxguru.in for full article ]] Empanelment Of Schools Educational Institutions For Holding May-2011 CA Examinations And CPT June-2011 Posted: 28 Jan 2011 12:57 AM PST Empanelment of Schools Educational Institutions for holding May-2011 Chartered Accountants Examinations and Common Proficiency Test June-2011 nbsp The ICAI conducts Chartered Accountants Examinations in most of the cities in the [[ This is a content summary only. Visit www.taxguru.in for full article ]] 50 DoT Officials Under CVC Scanner For Graft Posted: 28 Jan 2011 12:44 AM PST The Central Vigilance Commission has imposed major penalty on 226 officials of different government organisations for their alleged involvement in corrupt practices nbsp Out of the total 226 a highest of 50 are from Department of [[ This is a content summary only. Visit www.taxguru.in for full article ]] Income Tax Scrutiny- Dept Upgrading System To Avoid Scrutiny Of Assessee For Transaction Done In One Year In Year After Posted: 28 Jan 2011 12:38 AM PST Income tax department is upgrading its system to ensure an assesse scrutinised for a particular financial transaction does not land in trouble the year after nbsp The income tax department has undertaken intensive upgrade of its [[ This is a content summary only. Visit www.taxguru.in for full article ]] Open Market Operations Not Debt Mgmt Tool - RBI Posted: 27 Jan 2011 11:26 PM PST India s central bank said on Thursday open market operations in the bond market were a monetary policy tool for the Reserve Bank of India RBI and not a debt management instrument nbsp Top officials at the RBI also said open marke [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt Plans To Strengthen Service Tax Regime And Plug Loopholes In Various Sectors Posted: 27 Jan 2011 11:24 PM PST It is learnt from sources that finance ministry is likely to strengthen the service tax regime and plug loopholes in sectors like construction oil and gas telecom works contract and industrial construction and will come out with [[ This is a content summary only. Visit www.taxguru.in for full article ]] Assocham Calls For Gradual Transition To Avoid Hiccups Posted: 27 Jan 2011 02:14 AM PST Amid confusion surrounding the progressive implementation of International Financial Reporting Standards from April 2011 industry body Assocham has suggested that companies should initially be asked to only prepare their consolidated [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt Plans To Widen The Scope Of Wealth Tax In Budget 2011-12 Posted: 27 Jan 2011 02:01 AM PST The government plans to widen the scope of wealth tax in Budget 2011-12 to include several assets that escape the tax net as they are acquired through cash transactions Armed with a survey on ostentatious display of wealth the governm [[ This is a content summary only. Visit www.taxguru.in for full article ]] More Efforts Needed To Increase FDI Inflows To Country- RBI Posted: 27 Jan 2011 01:57 AM PST The Reserve Bank today said efforts should be made to attract more Foreign Direct Investment FDI in the country as they are more stable than portfolio investments These remarks come a day after the central bank said that environmen [[ This is a content summary only. Visit www.taxguru.in for full article ]] Construing Consent Under Section 399 Of Companies Act 1956 Posted: 27 Jan 2011 07:31 AM PST Section 399 of Companies Act 1956 deals with the issue of qualification to file an application under section 397 398 of Companies Act 1956 seeking appropriate relief when there exists oppression and mismanagement in the Company The [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI Circular Provides Relaxations In Branch Authorisation Policy Posted: 28 Jan 2011 01:08 AM PST RBI 2010-11 390 DBOD No BL BC 78 22 01 001 2010-11 nbsp nbsp January 27 2011 All Scheduled Commercial Banks excluding RRBs nbsp Madam Dear Sir nbsp Section 23 of the Banking Regulation Act 1949 Relaxations i [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI Notification Defining Small Account And Prescribing Rules Related To Opening Of The Same Posted: 28 Jan 2011 01:05 AM PST Opening of Small Account nbsp RBI 2010-11 389 DBOD AML No 77 14 01 001 2010-11 nbsp January 27 2011 nbsp The Chairmen CEOs of all Scheduled Commercial Banks Excluding RRBs nbsp Local Area Banks All India Fin [[ This is a content summary only. Visit www.taxguru.in for full article ]] Establishment Of Connectivity With Both Depositories NSDL And CDSL Companies Eligible For Shifting From TFTS To Normal Rolling Settlement Posted: 28 Jan 2011 12:59 AM PST CIRCULAR CIR MRD DP 01 2011 nbsp nbsp nbsp nbsp nbsp nbsp nbsp January 27 2011 nbsp To nbsp All Stock Exchanges Dear Sir Madam nbsp Sub Establishment of Connectivity with both depositories NSDL and CDSL [[ This is a content summary only. Visit www.taxguru.in for full article ]] Approval Of International Advanced Research Centre For Power Metallurgy And New Materials ARC-International Hyderabad Under Section 35 1 Ii Posted: 28 Jan 2011 12:05 AM PST NOTIFICATION NO 4 2011dated - 19th January 2011Approval of International Advanced Research Centre For Power Metallurgy and New Materials ARC-International Hyderabad under section 35 1 ii [[ This is a content summary only. Visit www.taxguru.in for full article ]] Section 90 Of The Income-tax Act 1961 - Double Taxation Agreement - Agreement For Exchange Of Information With Respect To Taxes With Bermuda Posted: 27 Jan 2011 11:37 PM PST Section 90 of the Income-tax Act 1961 - Double Taxation Agreement - Agreement for Exchange of Information with respect to taxes with BermudaNOTIFICATION NO 5 2011 F NO 503 2 2009-FTD-I DATED 24-1-2011 [[ This is a content summary only. Visit www.taxguru.in for full article ]]