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TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL UPDATES FROM TAX GURU

Income-Tax Department Raids Ahmedabad Real Estate Firm

Posted: 22 Dec 2010 12:42 AM PST

The Income-Tax Department on Sunday conducted searches in over a dozen premises of an Ahmedabad-based real estate development firm for tax evasion nbsp Over a dozen premises of Shaladia Construction were searched in Ahmedaba

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Goods And Services Hired For Commercial Use Not Covered By Consumer Protection Act

Posted: 22 Dec 2010 12:35 AM PST

The Supreme Court last week stated that goods and services hired for commercial purposes cannot be the subject matter of a consumer complaint under the Consumer Protection Act It set aside the judgment of the National Consumer Comm

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CESTAT Cancels Service Tax Demand Of Rs 257 Crore Raised On JetLite

Posted: 21 Dec 2010 11:18 PM PST

In a reprieve to JetLite formerly known as Sahara Airlines a tax tribunal today set aside the revenue department s demand of Rs 257 crore raised on the domestic airline for carrying advertisements of a group company on its tick

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All Villages To Get Access To Banking In Next 5 Years- RBI

Posted: 21 Dec 2010 11:09 PM PST

RBI s outreach programme under financial inclusion would be implemented in villages across India and all people would be covered in the next five years the apex bank s Deputy Governor K C Chakraborty said today All the banks have b

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E Amp Y Faces Fraud Charges Over Lehman Brothers Collapse

Posted: 21 Dec 2010 11:06 PM PST

nbsp US prosecutors are poised to file civil fraud charges against Ernst amp Young for its alleged role in the collapse of Lehman Brothers saying the accounting firm stood by while the investment bank misled investors about its

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CBEC Releases Draft Scheme Of Authorised Economic Operator For Inviting Suggestions

Posted: 21 Dec 2010 10:55 PM PST

The Central Board of Excise amp Customs CBEC has released a draft scheme of Authorized Economic Operator AEO based on the World Customs Organisation s WCO SAFE Framework of Standards to secure and facilitate global trade

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Ministry Of Finance Notification Recognises Aadhaar Number For Opening Of Bank Accounts

Posted: 21 Dec 2010 10:52 PM PST

A Ministry of Finance Government of India notification dated the 16 of December 2010 has recognized Aadhaar number issued by the Unique Identification Authority of India UIDAI as an officially valid document to satisfy the

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301ST Council Meet Of The Institute Of Chartered Accountants Of India Begins At Puri Orissa

Posted: 21 Dec 2010 10:50 PM PST

The 301st Council meet of The Institute of Chartered Accountants of India ICAI which functions under the aegis of the Ministry of Corporate Affairs started today at Puri Orissa The meeting was inaugurated by the Governor of Or

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Amendments To Equity Listing Agreement Vide Circular Dated December 16 2010

Posted: 22 Dec 2010 01:08 AM PST

Securities and Exchange Board of India SEBI has on 16 December 2010 directed Stock Exchanges SE to amend the Equity Listing Agreement LA The highlights of the amendments to LA are as under nbsp A Disclosure requiremen

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All About Cost Audit Branch Under Ministry Of Corporate Affairs

Posted: 22 Dec 2010 12:09 AM PST

Cost Audit Branch under the Ministry of Corporate Affairs is manned by professionals drawn from the Indian Cost Accounts Service ICAS and primarily deals with sections 209 1 d and 233B of the Companies Act 1956 nbsp The

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MRTP Act- The Director General Of Investigation Amp Registration

Posted: 21 Dec 2010 11:36 PM PST

The Office of the Director General of Investigation and Registration has been established under Section 8 of the Monopolies And Restrictive Trade Practices Act 1969 hereinafter referred to as the Act for making investigatio

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SARFAESI Act 2002 - Order Of District Magistrate Under Section 14 Taking Physical Possession Of Secured Asset - Compl

Posted: 21 Dec 2010 06:41 AM PST

As everybody knows separate procedure is laid-down under the provisions of SARFAESI Act 2002 enabling the Bank to deal with the objections from the borrower with regard to the demand of outstanding due and also taking physical posses

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Dismissed Convicted Employee Cannot Claim Back Wages- SC

Posted: 22 Dec 2010 12:39 AM PST

A person who was convicted for an offence and removed from service cannot claim backwages even if he was acquitted later the Supreme Court ruled in the case Corp Mithilesh vs Union of India Merely because he is acquitted he is not

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Insurance - Expenses Of Management

Posted: 22 Dec 2010 12:50 AM PST

ORDER NO IRDA F amp A ORD EMT 203 12 2010 DATED 8-12-2010 On the recommendation of the General Insurance Council vide letter dated November 22 2010 the Authority hereby exercises powers vested under the proviso to secti

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Insurance-Committee On Commercial Motor Third Party Liability Cover

Posted: 22 Dec 2010 12:47 AM PST

Insurance Committee on Commercial Motor Third Party Liability Cover ORDER NO IRDA NL ORD MPL 212 12 2010 DATED 17-12-2010 1 Offering Motor third party liability cover to commercial vehicles has been a challenge fo

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List Of Companies Liable To Cost Audit For The Financial Year 2010-11

Posted: 21 Dec 2010 11:48 PM PST

File No 52 26 CAB-2010 Government of India Ministry of Corporate Affairs Cost Audit Branch Bikaner House Hutment No IV Shahjahan Road New Delhi 110 011 Dated the16th December 2010 nbsp Su

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IFRS Applicability

Posted: 19 Dec 2010 05:16 PM PST

IFRS Applicability for Banking Companies Insurance Companies NBFCs Other Companies

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