|
|
DIRECT
TAX LAWS |
|
|
Statutes |
|
|
n
|
Section
90 of Income-tax Act, 1961 - Double taxation Agreement - Agreement
for Avoidance of Double Taxation and Prevention of Fiscal Evasion
with Foreign Countries - With Government of the State of Kuwait -
Notification No. 277/2007-FTD [F.No. 501/3/88-FTD], dated
27-11-2007
|
|
|
BANKING
LAWS |
|
|
From
SC/HC |
|
|
n
|
Negotiable
Instruments Act - Where
complainant, in notice under section 138, did not call upon
respondent to pay amount payable under cheque, but demanded entire
amount payable by respondent, notice was vague and did not serve
statutory requirements of provisos (b) and (c) to section 138 and,
therefore, High Court was justified in quashing criminal complaint
against respondent (SC)
|
|
|
CORPORATE
LAWS |
|
|
From
SC/HC |
|
|
n
|
Constitutional
Validity of AS-22 -
Companies (Accounting Standards) Rules, 2006 framed under section
642(1), which adopts Accounting Standards ('AS') 22 issued by
Institute of Chartered Accountants of India, suffers from vice of
excessive delegation and same is not incongruous/inconsistent with
provisions of Act including Schedule VI (SC)
|
|
|
|
-
AS
22 insofar as it relates to deferred taxation is not inconsistent
with and ultra vires provisions of Companies Act, 1956, Income-tax
Act, 1961 and Constitution of India (SC)
|
|
|
SECURITIES
LAWS |
|
|
Statutes |
|
|
n
|
Government
Securities Regulations, 2007
|
|
|
|
|
|
|
NEWS |
|
|
Direct
Tax Laws |
|
|
n
|
e-payment
of direct taxes may be made mandatory
|
|
|
n
|
Direct tax code draft
set to go public by year-end
|
|
|
Securities
Laws |
|
|
n
|
SEBI
chief bats for municipal bonds
|
|
|
n
|
Enabling
provisions needed to develop municipal bond mkt: SEBI
|
|
|
Banking
Laws |
|
|
n
|
Banks
can't hold stake in commodity broking houses
|
|
|
n
|
ICICI
Bank launches high yield fixed deposit scheme for NRIs
|
|
|
n
|
ICICI Bank to offer tax concessions on
NRO deposits
|
|
|
n
|
IOB to accept tax payments
|
|
|
Insurance
Laws |
|
|
n
|
Insurance
policies discounting rebate cap may face recall
|
|
|
n
|
First-year windfall may be shortlived for life policy agents
|
|
|
Excise/Custom |
|
|
n
|
CBEC
given powers to appoint standing counsels
|
|
|
Other
Laws |
|
|
n
|
Nath
opposes tax sops for UMPPs
|
|
|
n
|
Secy
panel exempts taxmen from RTI but keeps Army waiting
|
|
|
n
|
Centre
offers interest-free loans to millers
|
|
|
n
|
RBI
warns against fraud remittance offers
|
|
|
|
|
|
|
A
PREVIEW OF LATEST ISSUES OF TAXMANN'S JOURNALS
|
|
|
SEBI
AND CORPORATE LAWS |
|
|
n
|
Vol.
80, Part 4, for the week of Dec. 10 - Dec. 16, 2007
|
|
|
TAXMAN |
|
|
n
|
Vol.
165, Part 4, for the week of Dec. 8 - Dec. 14, 2007
|
|
|
|
|
