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Industry to maintain Growth Momentum of Double Digit: Montek Posted: Attributing the double digit industrial growth rate to stimulus packages, the Planning Commission today said the growth momentum would be maintained in the coming months. "... To get a growth rate well above 10 per cent is not just a base effect. There is an element growth that is taking place, ... (This is a just a summary, read the full article at www.forum4finance.com)

Banks Commercial activities cannot be Supervised by MPs: FM Posted: The government today shot down a suggestion in the Lok Sabha for setting up a committee under the Member of Parliament in respective constituencies for monitoring disbursement of loans by banks to priority sector like agriculture, small and medium enterprises. "My response is no. We cannot allow commercial activities of banks ... (This is a just a summary, read the full article at www.forum4finance.com)

IFRS Switch: 400 Firms to shift to new system in First Phase Posted: The corporate affairs ministry and the Institute of Chartered Accountants of India (ICAI) are confident of meeting the April 2011 deadline to shift to International Financial Reporting Standards (IFRS). But industry says a complete transition from Indian Generally Accepted Accounting Principles (GAAP) to IFRS may take time. Auditing professionals say unless amendments ... (This is a just a summary, read the full article at www.forum4finance.com)

Banks are seeking Govt. permission for Issuing Tax-Free Bonds Posted: Banks are making a strong pitch to the government for permission to issue tax-free bonds to fund infrastructure projects. Bankers, who are expected to again take up the issue with the finance ministry next week, are arguing that the bonds will help them raise long-term resources and reduce dependence on retail ... (This is a just a summary, read the full article at www.forum4finance.com)

I-T Arrears Data to be Analysed, Segregated for proper Follow ups Posted: Income-tax arrears against assessees — of Rs 2,01,276 crore as on March 31, 2009 — have once again become an issue, as Parliament's standing committee on finance has asked the Department of Revenue and the Central Board of Direct Taxes (CBDT) to put in place a Management Information System (MIS) ... (This is a just a summary, read the full article at www.forum4finance.com)

Banks Liable to Compensation for Wrong Payment: SC Posted: The Supreme Court has held that banks are liable to compensate a customer whose money is wrongly paid to another person without verifying the original signature of the account-holder as it amounted to deficiency of service. A bench of Justices D K Jain and T S Thakur said the bank was ... (This is a just a summary, read the full article at www.forum4finance.com)

ASBA Facility extended to Corporates, HNIs by SEBI Posted: The market watchdog SEBI today extended the ASBA (application supported blocked amount) facility to corporate investors and high Investment networth individuals (HNIs) to enable them to apply for IPOs or rights issue by keeping the application money in their bank accounts till allotment. Currently, this facility is available only to retail ... (This is a just a summary, read the full article at www.forum4finance.com)

Cap on Number of Directorships Tenure for Individuals recommended by ICSI Posted: The Institute of Company Secretaries of India (ICSI) has recommended to the Government that the maximum number of listed companies where one can be a director be restricted to seven. ICSI has also mooted capping the tenure of independent directors at six years. In its report on 'Strengthening Corporate Governance Framework' ... (This is a just a summary, read the full article at www.forum4finance.com)

Discussion on Opening up of Accountancy Services between India UK Posted: The issues of opening up of accountancy services in India and recognition to Indian accountancy professionals in the UK are likely to get a push at the forthcoming India-UK talks on Corporate Governance. The key issue will be the reciprocal recognition to the members of the Institute of Chartered Accountants of ... (This is a just a summary, read the full article at www.forum4finance.com)

RBI Reference Rate for US $ and Euro – 11th December 2009 Posted: The Reserve Bank of India's Reference Rate on December 11, 2009 for the US dollar is Rs. 46.52 for Euro is Rs. 68.55 The corresponding rates for the previous day (December 10, 2009) were Rs. 46.72 and Rs. 68.73 respectively. (This is a just a summary, read the full article at www.forum4finance.com)

Professional Tax: Current Cap at Rs 2,500 Annually is too Low Posted: State Govts want Rs 2,500 ceiling to be scrapped Delhi residents - salaried, in trade or self-employed - will join professionals of six other states in paying a professional tax if the 2010-11 budget proposals of Municipal Corporation of Delhi are accepted. Already states like Karnataka, Maharahstra, West Bengal, Andhra Pradesh, Tamil ... (This is a just a summary, read the full article at www.forum4finance.com)

MCD has Proposed Changes in Collection Norms Posted: For rented commercial properties, the MCD has raised the tax from 10% to 20%. The increase for self-occupied commercial properties is 5% - from 10% to 15%. MCD has also proposed to bring some commercial enterprises under a special category and charge 20% from them. Said MCD commissioner KS Mehra: ''Three-star hotels, ... (This is a just a summary, read the full article at www.forum4finance.com)

Change in Job will Not affect Mediclaim Policies Posted: General insurers, both private and public, have started offering continuity of features of group mediclaim policies to employees even after one quits an organisation where the cover was originally offered. People retiring can also continue to avail of the facilities of the group health policies. The only catch is that it ... (This is a just a summary, read the full article at www.forum4finance.com)

Growth in SEZ Exports in the First Six Months Posted: The 101 special economic zones (SEZs) operational in the country recorded exports worth Rs.90,000 crore in the first six months of the year, Commerce Minister Anand Sharma said in the Rajya Sabha on Wednesday. "The SEZs recorded exports of Rs.100,000 crore last (calendar) year. In the first six months of this ... (This is a just a summary, read the full article at www.forum4finance.com)

Foreign Firms I-T Jurisdiction Not Certain Posted: HC set to hear issue of tax on stake sale in Idea Cellular The Bombay High Court has postponed a hearing on details of another significant court case on the issue of jurisdiction of Indian tax authorities on foreign companies in business deals with Indian domestic ones. MMM Holdings and New ... (This is a just a summary, read the full article at www.forum4finance.com)

Excise Exemption to Hilly States under Review Posted: Himachal Pradesh and Uttarakhand, the two Himalayan states which have drawn thousands of crores of investments due to the tax benefits they offer, stare at the possibility of losing the status as Finance Minister Pranab Mukherjee looks to plug loopholes and boost revenues for a government that's on a spending ... (This is a just a summary, read the full article at www.forum4finance.com)

Fees for Services within S. 44BB are Not Taxable Posted: In re Geofizyka Torun Sp.zo.o (AAR) Fees for services coming within S. 44BB are not taxable u/s 9 (1) (vii) r.w.s. 44DA The Applicant, a Polish company, was engaged in conducting seismic surveys and providing seismic data to oil companies in connection with their oil exploration and drilling activities. The AAR had to consider ... (This is a just a summary, read the full article at www.forum4finance.com)

SGST Threshold Limit likely to be Rs 10 lakh Posted: Businesses with more than Rs 10 lakh turnover may end up paying the central goods and services tax (CGST), with the Centre not agreeing to states' suggestion of keeping the threshold at Rs 1.5 crore. The empowered committee of state finance ministers had suggested separate thresholds for central GST and state ... (This is a just a summary, read the full article at www.forum4finance.com)

Cutting Polishing Marble Blocks is "Production" for Sec. 80-IA Posted: ITO vs. Arihant Tiles Marbles (Supreme Court) The assessee was engaged in conversion of marble blocks into slabs and tiles by sawing and polishing. The question was whether this amounts to "manufacture or production of article or thing" for purposes of deduction u/s 80IA. HELD, deciding in favour of the assessee: Case ... (This is a just a summary, read the full article at www.forum4finance.com)

RBI Reference Rate for US $ and Euro – 10th December 2009 Posted: The Reserve Bank of India's Reference Rate on December 10, 2009 for the US dollar is Rs. 46.72 for Euro is Rs. 68.73 The corresponding rates for the previous day (December 09, 2009) were Rs. 46.77 and Rs. 68.77 respectively. (This is a just a summary, read the full article at www.forum4finance.com)

Chairman of PwC India steps down Prematurely Posted: Almost a year after it was rattled by the Satyam scam, auditing firm PricewaterhouseCoopers (PwC) on Monday announced a sudden change of leadership of India operations as its chairman Ramesh Rajan stepped down prematurely to make way for Gautam Banerjee, who takes over from Singapore with immediate effect. Rajan, who was ... (This is a just a summary, read the full article at www.forum4finance.com)

Commission from Insurers, Mutual Funds to be Disclosed: RBI to RRBs Posted: To increase transparency, the Reserve Bank today directed regional rural banks to disclose the commission they receive from mutual funds and insurers for referring their products to customers. "Keeping in view the need for transparency in the interest of the customers, it has since been decided that Regional Rural Banks (RRBs) ... (This is a just a summary, read the full article at www.forum4finance.com)

MoF opposes Issuing Bonds to Oil Marketing Companies Posted: The Ministry of Finance is in favour of scrapping the practice of issuing oil bonds to government-owned oil marketing companies (OMCs). It not only wants the Ministry of Petroleum and Natural Gas to rework the under recovery figure for the current year but has also decided to look at the issue ... (This is a just a summary, read the full article at www.forum4finance.com)

SEBI Regulations makes Funds to Revive PMS Posted: Portfolio management service (PMS), a business that was largely ignored by many asset management companies (AMCs), is back on their radar. While many fund houses, which already have PMS arms, are looking to revive this business, new entrants in the mutual fund industry such as Canara Robeco, Shinsei Asset Management ... (This is a just a summary, read the full article at www.forum4finance.com)

Rationalisation of Tax can help India Surpass China as Manufacturing Hub Posted: India can surpass China as a global production hub for consumer durables with rationalisation of tax structure and policy support from the government, says a study by industry body FICCI and financial consultancy company PricewaterhouseCoopers (PwC). The study suggested tax rebates for high-end technology companies that set up research and development ... (This is a just a summary, read the full article at www.forum4finance.com)

RBI Reference Rate for US $ and Euro – 09th December 2009 Posted: The Reserve Bank of India's Reference Rate on December 08, 2009 for the US dollar is Rs. 46.77 for Euro is Rs. 68.77 The corresponding rates for the previous day (December 08, 2009) were Rs. 46.67 and Rs. 69.20 respectively. (This is a just a summary, read the full article at www.forum4finance.com)

Professional Tax Increased for Professionals in Delhi Posted: A person earning over Rs 30,000 per month may have to pay a 'professional tax' of Rs 100-200 under new tax proposals unveiled by the MCD in its 2010-11 budget, which also envisaged a hike of five per cent in property tax rates. The civic agency will focus on Commonwealth Games ... (This is a just a summary, read the full article at www.forum4finance.com)

Petrol Diesel to be under Same VAT Structure: Assocham Posted: The government should bring petrol and diesel under a uniform VAT structure of 8 per cent as the variation in state tax was putting additional burden of taxation, industry body Assocham today said. States sales tax on petrol varies from 33 per cent in Andhra Pradesh to 18.9 per cent in ... (This is a just a summary, read the full article at www.forum4finance.com)

Short-Term Capital Gain would be Liable to Tax even if one Invests the Sale Proceeds in another Property Posted: C RANGAN Section 54 and section 54F, which provide for exemption on reinvestment in a new residential house, are applicable only to long-term capital gain. Unfortunately, no such exemption is available on short-term capital gain and hence, short-term capital gain would be liable to tax even if you invest the sale ... (This is a just a summary, read the full article at www.forum4finance.com)

Section 80D allows Deductions for Expenses towards Purchase of Health Insurance Posted: For most individuals, tax breaks under section 80D continue to remain under utilised. This section allows deductions for expenses towards purchase of health insurance up to Rs 15,000. Since most salaried people are covered under some form of group policy, there is a tendency to buy limited health insurance. Apollo DKV's ... (This is a just a summary, read the full article at www.forum4finance.com)

IT Dept turns the heat on Corporate Advance Tax Payments to Shore up Direct Tax Collections Posted: Taxmen will keep a close watch on corporate advance tax payments as the income-tax department turns the heat on them to shore up direct tax collections that have grown in low single digits in the first eight months of the current financial year. The third quarter advance tax payments are crucial ... (This is a just a summary, read the full article at www.forum4finance.com)

Summons issued by the Enforcement Directorate cannot be Challenged: Madras High Court Posted: A summons issued by the Enforcement Directorate, Government of India, under Section 37 of the Foreign Exchange Management Act, 1999 could not be interdicted by the High Court on the ground that there was no application of mind and the documents sought for would amount to a roving enquiry by ... (This is a just a summary, read the full article at www.forum4finance.com)

ICAI Election '09: Back Booth Capturing at CA Institute Polls Posted: Back Booth-Capturing at CA Institute Polls FIR lodged; ICAI Chief Denies Incident. The elections to the 21st Central Council and the 20th Regional Councils of the Institute of Chartered Accountants of India (ICAI) ran into rough weather after a booth capturing incident. At least four unidentified men, including one toting a pistol, stormed ... (This is a just a summary, read the full article at www.forum4finance.com)

Need to Increase Awareness on Right to Information Act Posted: There is a need to increase awareness among public about the Right to Information Act, according to Dr H.N. Krishna, Information Commissioner, Karnataka State Information Commission. Inaugurating the Mysore divisional level workshop on Right to Information Act, organised by the Karnataka Information Department, on Monday, he said that RTI Act ... (This is a just a summary, read the full article at www.forum4finance.com)

Tax Treaty Revision aimed at Tracking Black Money Posted: Switzerland has said exchanging details of bank accounts with India would be possible once the tax treaty, aimed at tracking black money, between the two nations is revised. "India and Switzerland are in renegotiations to adapt the existing double taxation treaty. Once this revised double taxation treaty comes into force, it ... (This is a just a summary, read the full article at www.forum4finance.com)

Tax Dispute Resolution: A Spirited Move Posted: Tax dispute resolution in the Indian context hasn't particularly been an encouraging experience. While a portion of this taint could be attributed to complexity of tax laws and efficiency levels of the administrative process, a material reason is delay in seeking resolution due to multiple layers of appeals, which currently ... (This is a just a summary, read the full article at www.forum4finance.com)

Revenues from Carbon Tax could help create 14 Million Jobs by 2014 Posted: Revenues from a carbon tax on emissions could be used to help create 14 million jobs by 2014, as per a report by the UN labour agency. "If a price on CO2 (carbon dioxide) emissions was imposed - at a level close to what is internationally suggested - and if the ... (This is a just a summary, read the full article at www.forum4finance.com)

CBDT Expects a 10-15% year-on-year Increase in Direct Tax Collections Posted: Central Board of Direct Taxes (CBDT), the apex body that administers corporate and personal income-tax, expects a 10-15% year-on-year increase in collections by December 15, the last date for paying the third installment of advance tax, according to CBDT chairman SSN Moorthy. Mr Moorthy, who was in Mumbai on Monday for ... (This is a just a summary, read the full article at www.forum4finance.com)

RBI Reference Rate for US $ and Euro – 08th December 2009 Posted: The Reserve Bank of India's Reference Rate on December 08, 2009 for the US dollar is Rs. 46.67 for Euro is Rs. 69.20 The corresponding rates for the previous day (December 07, 2009) were Rs. 46.44 and Rs. 69.16 respectively. (This is a just a summary, read the full article at www.forum4finance.com)

Government Considers Tax Treaty Review with 76 Nations Posted: The government is planning to comprehensively revise tax treaties with as many as 25 nations, including Switzerland and Mauritius, and re-negotiate with 51 others, to trace black money. The government plans a comprehensive revision of the existing tax treaties with 25 countries, including the Swiss Confederation, Mauritius, Malaysia, Norway and the ... (This is a just a summary, read the full article at www.forum4finance.com)

Tax Planning on HRA received by Employee Posted: Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay. The Income Tax Act allows ... (This is a just a summary, read the full article at www.forum4finance.com)

SEBI Chairman: Allow Easy Flow of FII Funds Posted: Net foreign fund inflow into Indian equities is nearing a record high, but concerns of restrictions on portfolio flows may have been exaggerated. Securities and Exchange Board of India (SEBI) chairman CB Bhave is of the view that unless foreign portfolio investors are allowed entry and exit without being hobbled, it ... (This is a just a summary, read the full article at www.forum4finance.com)

DTC will do away with Life Insurance Tax Advantage Posted: In India, nearly two-thirds of all new life insurance policies are sold during the six months between September and March - an indicator that life insurance is bought primarily for tax saving. However, the New Direct Taxes Code, slated to be implemented from April 2011, proposes to do away with the ... (This is a just a summary, read the full article at www.forum4finance.com)

Know your Capital Gain on Income from House Property Posted: Shelter is one of the basic human needs and buying a house is generally every household's dream. These days, keeping in view the rise in income levels, households also look at the option of investing in more than one house property. People buy a second home for many reasons, which, ... (This is a just a summary, read the full article at www.forum4finance.com)

RBI Reference Rate for US $ and Euro – 07th December 2009 Posted: The Reserve Bank of India's Reference Rate on December 07, 2009 for the US dollar is Rs. 46.44 for Euro is Rs. 69.16 The corresponding rates for the previous day (December 04, 2009) were Rs. 46.25 and Rs. 69.63 respectively. (This is a just a summary, read the full article at www.forum4finance.com)

Single Person to Constitute a Company under OPC Posted: A man is known by the company he keeps. But with the implementation of the Companies Bill 2009, a single person will constitute a Company, under the One Person Company (OPC) concept. As a structure for professionals, individual entrepreneurs, SMES and NGOs - the proposed Section 171 extends to Section 25 ... (This is a just a summary, read the full article at www.forum4finance.com)

Government to Consider Changes in RTI Act Posted: Chief Justice of India K G Balakrishnan's recent request to Prime Minister Manmohan Singh to protect the judiciary from increasingly ''intrusive'' queries appears to have triggered an exercise to look for options to effect changes in the RTI Act. Following the CJI's impassioned letter, which said questions asked by chronic litigants ... (This is a just a summary, read the full article at www.forum4finance.com)

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