News

• INCOME TAX

• SERVICE TAX

• No Service Tax on payments received before 1st July,2010

• Downloads for personal use to attract service tax

• Commercial property, rentals in service tax net

• New costing norms for service tax, excise likely

• Service Tax (Amendment) Rules, 2010 - Amendment in rules 6 & 7

• Service tax valuation issues pertaining to Customs House Agents Service

 

• EXCISE MATTERS

• CBEC directs staff for revenue maximisation

• PMEAC pushes for single Cenvat rate above 8%

• Central excise refund taxable: ITAT

• E-payment of Central Excise duty

• CBEC instructed DGFT to strictly monitor Export- Import (Exim) licence norms

 

• CUSTOMS

• FM fine tunes service export norms

• No tax holiday for output boost of non-exempt items

 

• DELHI

• Delhi laborers get 33% wage hike

• Online Registration under Delhi Shop and Establishment Act

• Passed by House, 10 laws yet to be enforced

• Due Date extended for filing DVAT-51 up to 31/03/2010 for Ist and IInd Quarter of F.Y. 2009-10

• 15 days to pay tax : MCD

• NCR new maximum city for corporates

• MCD relief for professionals

• DVAT SLAB HIKED FROM 4% TO 5% WEF 13 JAN, 2010

• Delhi gets new industry policy

• DTH comes under entertainment tax net in Delhi 

• D-VAT would increase from 4 to 5 per cent

• Registration of Establishment under Delhi Shops and Esht. Act 1954 made Easy

• Difference of opinion no ground for penalty: Tax tribunal

• Delhi Value Added Tax (Amendment) Rules, 2010

• Brakes on new industries in NCR

 

• MVAT

• Dt. of filing revised returns for MVAT Dealers extended to 15th Mar, 2010

• Due Date for MVAT audit in form 704 for F.Y. 2008-09 extended to 31/03/2010

• MVAT Trade Circular  No. VAT/MMB/1008/ 15/Adm-6/ B

• M-Vat Trade Circular No.1T of 2010

• Amendment to the Maharashtra Value Added Tax Rules, 2005

• Amendment to the M-VAT Rules, 2005 and CST (Bombay) Rules

• M-VAT Rate of Schedule C Goods increased from 4% to 5%

 

• RBI/ SEBI

• Sebi asks brokers to submit report on rollout of new norms

• Sebi eases listing norms for SMEs

• I-T dept told to get ready for July-end returns rush

• RBI forms panel to put in place a system for grievance redressal

• Listed companies must have 25% public float

• RBI launched the Application Tracking System on its website

• Private banks eye clearing biz

• Listed defaulters may be named

• Secretary MCA Reviews Progress of Company Law Settlement Scheme and Easy Exit Scheme

• MCA shelves peer audit review plan

• Sebi likely to raise open offer limit

• Independent director selection may get easier

• Sebi relaxes short sale reporting norms for FIIs

• Loan rates now made transparent

• MFIs plan code of conduct after RBI rap

• New pricing norms for revision of conversion price of FCCBs extended

• Flexible pricing norm for FCCBs extended

• RBI wont allow realty loan recast

• Forex facility for fin firms withdrawn

• RBI hikes CRR by 75 bps to 5.75%

• SEBI PROPOSAL AT FINMIN

• RBI asked banks to cap bank charges

• SEBI extends stock lending, borrowing tenure to 12 mths

• Sebi clears standard lot size for stock F&O

• IPO scam profits for victims: Sebi

• Mandatory open offer for 100% stake in the works

• Stricter broker-client rules to curb misuse

• RBI may curb investment arms

• RBI to let ex-pats enjoy entire fruits of labour

• Sebi leaves MFs with little to pay as dividend

• Sebi issues master circular to check irregularities

• RBI asks banks to give more information on NPAs

• More teeth for Sebi to trail funds

• Investors in NFOs get to use ASBA

• Banks to disclose top 20 depositors, borrowers

• Banks go over board on RBI's advisory on fake currency

• RBI to amend rules to control NBFCs turning LLPs

 

• SC/HC

• HC ruling on bounced cheques rattles traders

• HCs get back power to hear late I-T appeals

• SC to study tax on co-op profits

• Sebi cracks the whip on wilful SE defaulters

• SC to examine Punjab plea on VAT provisions

• Rajasthan HC ruling on rent arrears irks SC

• Staff can't be sacked arbitrarily: SC

• Notice must if block I-T returns rejected: SC

• Apex court still cagey on sharing information

• Apex court tells Centre to act against revenue officials for delay in tax recovery

• Absence of written contract shouldn't hamper dispute settlement: SC

• SC defines manufacturing for finmin

• Eviction can be sought if land required for personal use: SC

• SC: RTI Act doesn't apply to judgements

• Management cannot deny gratuity through contract or other instrument

• SC stays ruling on tech firms deducting tax on payments to NRIs

• A tax to help courts clear case backlog

• Bill for commercial divisions in high courts
  Bombay HC closes doors for foreign law firms

• Unlicensed moneylender can't sue if cheque bounces

• HC clears air on reopening of I-T assessment

 

• PRESS RELEASE/ PRESS NOTE

• PRESS RELEASE : Passport under Tatkal scheme

• PRESS RELEASE : MINISTRY OF TOURISM

• CCEA decision on review of cases requiring prior approval of FIPB

• Electronic File Tracking System ( FTS ) in the MCA

• One Year of UPA Govt: Major Decisions and Initiatives - Company Affairs

• Road Map for convergence of AS with IFRS

• Clarification regarding revision of conversion price of Foreign Currency Convertible Bonds

• ICAI

• ICAI released Exposure Draft of Accounting Standard 5, 34 and 35

• ICAI bats for whistle-blowers

• ICAI wants bank audits to start early

• Confirming membership of CAs with the ICAI

• CAG calls for hike in statutory auditor fees

• ICAI Congratulates Padma Shri CA. T. N. Manoharan

• ICAI for time line to punish erring members

• CA institute may be split

• Quote Registration number in audit reports

• CA students allowed to be trained abroad

• ICAI revises internal audit guidelines

• For Bank / CAG Audit provide firm details latest by 31/01/2010 to ICAI

• ICAI mulls KYC norms for accountants

• COMPANY LAW

• MCA seeks law ministry help to make new tribunal SC-compliant

• MCA to ease paid-up capital norms for firms

• MCA Introduces Company Law Settlement Scheme 2010 for Defaulting Companies

• Over 13K companies prosecuted in last 3 years

• MCA’s early warning system detects fraud in 160 companies

• Bill on cards to make land acquisition easier for companies

• MCA issues criteria for identification of a vanishing company

• Vanishing firms back on radar with Govt's new rules

• Internet friendly firm disclosures from April

• Govt to scan RoC data for writing corporate policy

• Companies prefer external firms for internal audit

• Preparing ground for Indian Corporates to play Global

• Companies may soon have to offload at least 25% in IPO

• MCA lays new scrutiny rules

• Consideration for use of copyright is not royalty

• MCA plans to bring in a new reporting tool

• New Companies Bill will equate CS with CEO and CFO: ICSI president

• LABOUR  LAWS

• Exemption from Tax for Gratuity Payments Enhanced from Rs. 3.5 Lakh to Rs. 10 Lakh

• LLP

• Bill letting accounting pros form LLPs soon

• Make LLP model friendly for MSMEs

• Cap gains tax exemption for LLPs to go up with DTC: FinMin

• LLPs with FDI may not get to float arms

• Select LLPs may get 49% FDI

• SEZ

• ESI/PF

• Online settlement of PF claim by next financial year

• ESI Corporation approves Enhancement of Wage Ceiling Limit from Rs.10,000/- to Rs. 15,000/-

• IFRS

• IFRS 9s impact on banks to be significant

• Small and medium enterprises will not have to prepare their accounts as per IFRS

• Govt to amend Companies Act to converge with IFRS

• Govt to amend Companies Act to converge with IFRS

• CBDT

• CBDT plans to increase transparency

• CBDT readying vision paper to reform tax regime

• CBDT to cross check-verify all high value refunds

• CBDT panel to set safe harbour norms

• CBDT-ICAI group on global switch set up

• Self-assessed tax defaulters face action as CBDT attempts to meet annual targets

• Direct Tax Code (DTC)

• Revised Direct Tax Code Draft

• Direct Taxes Code watered down to keep all happy

• Income-tax slabs set to be crunched

• Direct Tax Code : Weigh Your Options

• Relief for individuals in new tax code draft

• Analysis of Old & new DTC draft

• OTHERS

• States want 2 GST rates for goods, Centre says could be problematic

• No bank licence for loan defaulters

• Advantage Flat Owners

• Inspection of Corporate Agents by the Insurer

• Mandatory Demat Account for persons investing in mutual funds

• Applicability of the Hon. S C Judgment in the case of M/s. Pee Vee Textiles Judgment

• M&As will soon get cleared in 180 days

• Finally, PSUs may get audit deadlines

• ICAI asks Sebi to defer decision on quarterly results by 6 months

• First fin services SEZ to be discussed next month

• Steep hike in fee to register property

• ULIP Surrender Charge Capped

• Authorised agencies can search SEZs without DC approval

• Regulator pitches for tax relief on NPS to make it attractive

• Govt drafts a new law to guarantee land titles

• Insurers to call you after policy sales

• Now withdraw Rs 1 lakh at ATMs

• Foreign audit firms may get full practising rights

• Base rate regime to protect interest of existing borrowers

• Only certified agents can sell MF plans from today

• Changes in Property registration Draft Bill

• Tribunals for economic disputes, offences likely to set up

• States refuse to budge on GST demands

• Tribunals for economic disputes, offences likely to set up

• States refuse to budge on GST demands

• Now,gratuity up to Rs 10L to be tax-free

• Mediclaim portability to become a reality soon

• Circle rates for properties raised

• Assured return for pension plans

• EZ developers scramble to meet March 31 deadline

• Changes made in Transfer/Termination of Articled Assistants

• Apply by morning, get property deed by evening

• CIBIL may soon come up with database of mortgage defaulters

• Open doors, but seek level field in foreign land too: ICAI

• Tighter import norms: Not just trade,use of fakes too a crime

• Govt Probes Defaults in NSS,KVP, Small Savings

• Proprietary trades in Delhi to become costlier now

• Regulator asks NSDL,CDSL to offer no frills demat accounts

• Put Asba forms on websites: Sebi to bourses

• Panel to weigh freeing of Small Savings Interest Rate

• MCA mulls Accounting oversight Board

• IT cos may Gain as Technology to take a call on NPAs

• Sebi plans a Standard Set of Disclosure norms for MFs

• ROC serves notice on 11, 888 firms for not filing returns

• SE launches live Sensex streamer for mobiles

• Margin requirement in Public Issues

• Inviting CA/ CA Firms for empanelment of their names as Auditor in the office of RCS

• Pay no tax on gratuity below Rs 10 lakh

• Foreign debt still seeping into realty

• PSUs may have to buy 20% from small units

• Services rendered from outside India to be taxed

• Shell out more for health cover

• Axe comes down on tax evaders

• Shredder for old laws, panel for new

• Online money transfer to become costlier
  Computerization of Commercial Taxes Administrations of States/Union Territories

• Cheque bounce: Directors get relief

• Tax breaks on short-term insurance policies may go

• SBI turns venture capitalist, to lend Rs 10L free of interest

• Home loans set to turn dearer

• Intimation to company in writing necessary for insurance claim

• CAs to be roped in for Panchayat audits

• Insurers violate rules, hire touts

• Online work Diary by Article Assistant

• No tax if arms length pricing followed, rules ITAT

• SFIO unlikely to get power to track funds parked abroad

• New micro-finance bill does away with lending rate cap

• Central registry to end home loan frauds

• Spent a lot on wedding? Show us proof: Court

• Take UID, get bank account

• Quality tax audit scheme: a move to fine tune tax assessment

• Rajasthan govt exempts sugar from tax

• Half-yearly accounts a must for insurers

• Extension of Date for filing Annual Return under UP VAT to 31-3-2010

• Bill late, Govt tallying local rules with global a/c norms

• Two sets of accounting standards under Companies Act

• Struggling exporters get Rs 500-cr lifeline

• Finmin may not tinker with corp tax rate

• Corporate probes to be time bound

• Internal audit now must for rating cos

• Cos to get fringe benefit from Q4 advance tax

• Ministry to shut 50 RoC facilitation centres

• Finance Ministry to review loan recovery practices and under valuation of mortgaged properties during auctions

• Industrial covers may get cheaper

• Consultation process on draft direct taxes code over: finance ministry

• Exporters set to get fresh sops for laggard sectors

• Private Companies can set up local Banks

• Foreign arms of Indian companies under tax net likely

• Finance panel charts course to fiscal health 

• Cut In Commission on ULIPs To Come Into Effect

• Guidelines for Mobile Banking Transactions

• Trade Receivables Engine for E-discounting launched

• Corporate Governance Voluntary Guidelines 2009

• Corporate Social Responsibility Voluntary Guidelines 2009

• Automation of Central Excise and Service Tax

• Perks to burn bigger hole as pre-FBT norms return

• Technology, brand transfer royalty put on automatic route

• Govt hikes minimum wage from Rs 80 to Rs 100 per day

• From April, switch health insurer without losing benefits

• Surety for loan by foreign arm to attract tax here

• Bill seeks to make trademark registrations easier

• No client should exceed 10% biz of audit firm: Panel

• Independent directors pay tied to attendance

• Govt to impose limit for independent directors

• CDSL Launches “e-Voting System for Corporates”

• Wider corporate e-surveillance on cards

• Annual Tax Statement shows Refund details

• Submit fresh forms to ESIC for Biometric Smart Cards

• Registration of SSI Units

• Mandatory rotation of audit firms not advisable

• PSUs don’t submit accounts for as long as 26 yrs

• Accounting rule deadline to be extended

• Not just homes, central registry to track other assets too

• Financial intelligence sees spike in suspicious transactions