UPDATES FROM TAX GURU 14.10.2009

UPDATES FROM TAX GURU  Government planning to cover LLPs under FDI norms Video recording of a will is legally admissible evidence: Delhi HC RBi Circular on Payment of interest on Saving Bank Account on a Daily Product Basis ICAI seeks information about the association of its member institutions with foreign auditing firms The Government planning to establish regulator for 'insolvency professionals' Ca from Delhi commit suicide Non-reference by ITAT of cited judgements is not an apparent mistake : Madras HC Section 54 merely required purchase of new house within the specified period, source of funds for the purchase is irrelevant Levy of Goods and Services Taxes from 1 April 2010: Preparedness of Taxable Persons Stock Exchanges need prior approval from SEBI for re-commencing of trading Government planning to cover LLPs under FDI norms The government is working to bring limited liability partnerships (LLPs) within the scope of foreign direct investment guidelines, a move which will facilitate the inflow of overseas capital through a corporate structure that has just recently been... Video recording of a will is legally admissible evidence: Delhi HC In a ruling that might make settlement of a disputed will easier, the Delhi high court on Friday admitted video recording of a will as legally admissible evidence. Related posts:Delhi High Court held levy of service tax on Commercial Rent... RBi Circular on Payment of interest on Saving Bank Account on a Daily Product Basis Please refer to paragraph 3 (iii) of our directive RPCD.No.RF.Dir. BC.53/D.1- 87/88 dated November 2, 1987, in terms of which interest in the case of savings deposits shall be calculated on the minimum balance to the credit of the deposit account... ICAI seeks information about the association of its member institutions with foreign auditing firms Institute of Chartered Accountants of India has sought broad-ranging information about the association of its member institutions with foreign auditing firms. The move assumes significance following the accountancy fraud by the promoters of Satyam... The Government planning to establish regulator for 'insolvency professionals' The Government is planning to establish a regulator for the growing tribe of insolvency professionals, who specialise in rehabilitation or winding up of sick companies. The Companies Bill, 2009 has given formal recognition to insolvency experts as... Ca from Delhi commit suicide A 46-year-old senior official of Institute of Chartered Accountants of India (ICAI) allegedly committed suicide by jumping from his sixth floor residence in east Delhi this morning apparently due to depression, police said. Related posts:Chartered... Non-reference by ITAT of cited judgements is not an apparent mistake : Madras HC The assessee claimed deduction u/s 80-IB (10) which was rejected by the AO but allowed by the CIT (A). On appeal by the department, the Tribunal ruled against the assessee and held that it was not eligible for deduction. The assessee filed a MA u/s... Section 54 merely required purchase of new house within the specified period, source of funds for the purchase is irrelevant S. 54 provides that if an assessee has LTCG on transfer of a residential house and he purchases or constructs a residential house within the specified period then the amount appropriated towards the new house shall be deducted from the... Levy of Goods and Services Taxes from 1 April 2010: Preparedness of Taxable Persons It is likely that the extant central and state levies of indirect taxes on the domestic production and sale of goods and on provision of services may be replaced by the levy of central and state Goods and Services Taxes from 1 April 2010. Related... Stock Exchanges need prior approval from SEBI for re-commencing of trading A stock exchange in India is recognized by the Central Government / SEBI under section 4 of Securities Contracts (Regulation) Act, 1956 for the purpose of assisting, regulating or controlling the business of buying, selling or dealing in securities,... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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