Fwd: TaxGuru : “IFRS – Proposed revenue model to be re-exposed” plus 24 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Thu, Jun 16, 2011 at 9:46 AM
Subject: TaxGuru : "IFRS – Proposed revenue model to be re-exposed" plus 24 more
To: palashbiswaskl@gmail.com

TaxGuru : "IFRS – Proposed revenue model to be re-exposed" plus 24 more

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• IFRS – Proposed revenue model to be re-exposed
• Rising interest rates and high cost of funds could hurt the profitability of the banking sector – RBI
• Sebi asks rating agencies to adopt standard symbols and definitions devised by it
• MCA to probe shareholding, management and auditors of 12 listed companies
• Govt seeks public views online on blackmoney issue
• OECD Appreciates India's Efforts In Handling Issues Relating to Tax Evasion and Blackmoney
• eTutorial – Online TAN Registration and Request for Consolidated TDS/TCS file from TIN
• Recent SEBI directive on IDR dents MNCs plans of India listing
• Transport of goods by rail service – Abatement provisions – Amendment in Notification No. 9/2010-ST, dated 27-2-2010 – Exemption extended till 1-1-2012
• Exemption to Transport of goods by rail service for specified commodities extended till 1-1-2012- Amendment in Notification No.8/2010-ST, dated 27-2-2010
• RBI releases monthly data on India's trade in services for the first time for the month of April 2011
• Tariff Value of Edible Oils, Brass Scrap and Poppy Seeds Notified – Notification No.38/2011-Customs (N.T.) dated June 15, 2011
• Regarding revision in quantum of anti dumping duty on Pentaerythritol originating in, or exported from China PR and Sweden – Notification No. 47/2011 – Customs
• Exemption to Transport of goods by rail service extended till 1-1-2012- Amendment in Notification No. 7/2010-ST, dated 27-2-2010
• Relieving / joining of officers in the grade of Addl/Joint Commissioner transferred during AGT-2011
• SEBI – Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes (PNs) activity – Circular No. CIR/IMD/FII&C/7/2011
• Companies (Accounting Standards) (Amendment) Rules, 2011 – Notified Ind AS – Notification No. G.S.R. 179(E), DATED 03-03-2011
• Indian Government Accounting Standards (IGAS) 1 – Guarantees given by Governments – Disclosure Requirements
• Corrigendum – Seeks to supersede Notification No.153/2009-Customs, dated 31.12.2009 and to provide duty concessions to Philippines and other ASEAN countries in view of ASEAN- India FTA (AIFTA)
• RBI permission must for NBFCs to open subsidiaries abroad
• RBI admits its monetary policy actions may pull down growth
• Funding current account deficit may be a challenge – RBI
• Bonanza for loss making MTNL, gets Rs 177 cr income tax refund
• RBI may hike key policy rates by 25 bps tomorrow
• S Jaipal Reddy today met Prime Minister Manmohan Singh to push for an early decision on raising diesel and domestic LPG prices

IFRS – Proposed revenue model to be re-exposed Posted: 15 Jun 2011 08:47 PM PDT The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) (collectively, the Boards) have elected to formally expose their joint revenue recognition proposal for a second time because they have made... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rising interest rates and high cost of funds could hurt the profitability of the banking sector – RBI Posted: 15 Jun 2011 08:36 PM PDT The Reserve Bank of India (RBI) today cautioned rising interest rate and high cost of funds could hurt the profitability of the banking sector. 'Going ahead, with hardening interest rates and the imminent increase in cost of funds, the credit growth... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi asks rating agencies to adopt standard symbols and definitions devised by it Posted: 15 Jun 2011 08:34 PM PDT Market regulator the Securities and Exchange Board of India (Sebi) today asked credit rating agencies (CRAs) to adopt standard symbols and definitions devised by it within four months, a move that will help investors to better understand financial... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA to probe shareholding, management and auditors of 12 listed companies Posted: 15 Jun 2011 08:32 PM PDT The Ministry of Corporate Affairs (MCA) will probe management and auditors of 12 listed companies, including Raj Television Network and Surya Lakshmi Cotton Mills, for allegedly providing false information about the shareholding pattern. 'MCA... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt seeks public views online on blackmoney issue Posted: 15 Jun 2011 08:29 PM PDT The government today created an email id for public to send their ideas and inputs to tackle issues arising out of blackmoney. The email -- bm-feedback@nic.in -- has been created on the server of the National Informatics Centre and the public can... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

OECD Appreciates India's Efforts In Handling Issues Relating to Tax Evasion and Blackmoney Posted: 15 Jun 2011 08:16 PM PDT Organisation for Economic Cooperation and Development (OECD) has appreciated the action taken by India in handling tax evasion and black money issues. During the two day high level Seminar held on 13th and 14th June on "Adopting Tax System and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

eTutorial – Online TAN Registration and Request for Consolidated TDS/TCS file from TIN Posted: 15 Jun 2011 05:54 PM PDT eTutorial - Online TAN Registration and Request for Consolidated TDS/TCS file from TIN - Download Step by step guideline on how to register your TAN and How to Request for Consolidated TDS/TCS file from TIN in power Point Presentation Format [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Recent SEBI directive on IDR dents MNCs plans of India listing Posted: 15 Jun 2011 04:56 PM PDT A recent directive by SEBI barring conversion of Indian Depository Receipt (IDR) into primary equity shares of foreign companies has dented the India listing plans of some multinationals in the technology sector, a senior i-banker said on Tuesday.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transport of goods by rail service – Abatement provisions – Amendment in Notification No. 9/2010-ST, dated 27-2-2010 – Exemption extended till 1-1-2012 Posted: 15 Jun 2011 01:36 PM PDT Notification No.40/2011-Service Tax- DATED 14-06-2011 - Section 65(105)(zzzp) of the Finance Act, 1994 - Transport of goods by rail service - Abatement provisions - Amendment in Notification No. 9/2010-ST, dated 27-2-2010 - Exemption extended till... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exemption to Transport of goods by rail service for specified commodities extended till 1-1-2012- Amendment in Notification No.8/2010-ST, dated 27-2-2010 Posted: 15 Jun 2011 01:27 PM PDT Notification No.39/2011-Service Tax Section 65(105)(zzzp) of the Finance Act, 1994 - Transport of goods by rail service - Exemption to transportation of specified commodities - Amendment in Notification No.8/2010-ST, dated 27-2-2010 - Exemption... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI releases monthly data on India's trade in services for the first time for the month of April 2011 Posted: 15 Jun 2011 01:26 PM PDT As a follow up of the implementation of the recommendations of the Working Group on Balance of Payments Manual for India (Chairman: Shri Deepak Mohanty), provisional aggregate data on trade in services have been compiled for the first time for the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tariff Value of Edible Oils, Brass Scrap and Poppy Seeds Notified – Notification No.38/2011-Customs (N.T.) dated June 15, 2011 Posted: 15 Jun 2011 01:18 PM PDT Tariff Value of Edible Oils, Brass Scrap and Poppy Seeds Notified- Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.38/2011-Customs (N.T.) dated June 15, 2011 and thereby notifying tariff values of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding revision in quantum of anti dumping duty on Pentaerythritol originating in, or exported from China PR and Sweden – Notification No. 47/2011 – Customs Posted: 15 Jun 2011 01:11 PM PDT Notification No. 47 /2011 - Customs (a) the subject goods are entering the Indian market at dumped prices and dumping margins of the subject goods imported from China PR are substantial and above de-minimis; (b) the subject goods are likely to enter... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exemption to Transport of goods by rail service extended till 1-1-2012- Amendment in Notification No. 7/2010-ST, dated 27-2-2010 Posted: 15 Jun 2011 01:05 PM PDT Notification No. 38/2011-Service Tax - Notification No 07/2010-Service Tax, dated the 27th February 2010 Rescinds Notification No. 33/2009-S.T dated 01.09.2009 [which actually exempts transport of goods by rail and if this exemption is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Relieving / joining of officers in the grade of Addl/Joint Commissioner transferred during AGT-2011 Posted: 15 Jun 2011 01:04 PM PDT Please refer to Office Order No.107/2011 dated 03.06.2011 vide which officers in the grade of Addl./Joint Commissioner of Customs & Central Excise were transferred in AGT-201 1. In terms of the said order, all the officers so transferred were... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes (PNs) activity – Circular No. CIR/IMD/FII&C/7/2011 Posted: 15 Jun 2011 01:00 PM PDT CIR/IMD/FII&C/7/2011 - 15.06.2011 If an ODI (e.g. on MSCI India Index) is hedged with multiple types of Indian securities and left partly unhedged, it may be split in separate rows with each row for each Indian security and a blank column for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Companies (Accounting Standards) (Amendment) Rules, 2011 – Notified Ind AS – Notification No. G.S.R. 179(E), DATED 03-03-2011 Posted: 15 Jun 2011 12:48 PM PDT NOTIFICATION NO. G.S.R. 179(E), DATED 3-3-2011 These rules may be called the Companies (Accounting Standards) (Amendment) Rules, 2011. (2) It shall come into force on such date as the Central Government may, by notification in the official Gazette,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Indian Government Accounting Standards (IGAS) 1 – Guarantees given by Governments – Disclosure Requirements Posted: 15 Jun 2011 12:09 PM PDT NOTIFICATION NO. S.O. 2979(E), DATED 20-12-2010 The Union Government and the State Governments give Guarantees for repayment of borrowings within such limits, if any, as may be fixed upon the security of the Consolidated Fund of India or of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corrigendum – Seeks to supersede Notification No.153/2009-Customs, dated 31.12.2009 and to provide duty concessions to Philippines and other ASEAN countries in view of ASEAN- India FTA (AIFTA) Posted: 15 Jun 2011 12:06 PM PDT G.S.R. (E) .- In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 46/2011-Customs dated the 1st June, 2011 published in the Gazette of India, vide number G.S.R. 423 (E), dated the 1st June, 2011, in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI permission must for NBFCs to open subsidiaries abroad Posted: 14 Jun 2011 09:52 PM PDT With an aim to regulate the credit system to the advantage of the country, the Reserve Bank today said NBFCs cannot open subsidiaries or enter into joint ventures abroad without its permission. 'No NBFC shall open subsidiaries/joint ventures/... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI admits its monetary policy actions may pull down growth Posted: 14 Jun 2011 09:52 PM PDT Reserve Bank today admitted that its own tight monetary policy, besides rising crude oil prices and uncertain global environment, poses a threat to India's growth momentum in the current fiscal. 'The slackening of global recovery, high oil and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Funding current account deficit may be a challenge – RBI Posted: 14 Jun 2011 09:50 PM PDT India could see some slowdown in capital inflows going forward as advanced economies exit from the easy monetary policy, making it tougher to fund a widening current account deficit, the Reserve Bank of India (RBI) said in its Financial Stability... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bonanza for loss making MTNL, gets Rs 177 cr income tax refund Posted: 14 Jun 2011 09:44 PM PDT In a bonanza for the loss making telecom PSU, state-run MTNL today received over Rs 177 crore as income tax refund for the year 2010-11. MTNL has received a refund order amounting to Rs 177.76 crore from the Income Tax Department pertaining to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI may hike key policy rates by 25 bps tomorrow Posted: 14 Jun 2011 09:42 PM PDT With inflation hovering much above the comfort zone, the Reserve Bank may raise key policy rates by 25 basis points in its first mid-quarterly review of the credit policy for FY'12 tomorrow. I think the RBI would take one more small step to curb... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

S Jaipal Reddy today met Prime Minister Manmohan Singh to push for an early decision on raising diesel and domestic LPG prices Posted: 14 Jun 2011 09:36 PM PDT With the losses of oil firms mounting with each passing day, Oil Minister S Jaipal Reddy today met Prime Minister Manmohan Singh to push for an early decision on raising diesel and domestic LPG prices. An Empowered Group of Ministers (EGoM) headed... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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