Saturday, April 2, 2011

Fwd: TaxGuru.in : Legal & Tax Updates



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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Apr 2, 2011 at 9:52 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Mahindra Satyam to submit Rs 617 cr to Income Tax department

Posted: 01 Apr 2011 07:12 PM PDT


Mahindra Satyam today said it will submit to tax authorities about Rs 617 crore demanded by I-T Department under the foreign tax credit liability. "The company shall submit a banker's cheque for Rs 350 crore and an unconditional bank guarantee for...

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Bihar finance – CAG finds irregularities for 2009-10

Posted: 01 Apr 2011 07:10 PM PDT


Non-submission of detailed contingency (DC) bills worth Rs 11,854 crore, defalcation and loss to the tune of Rs 407.97 crore up to March 2010 are among the highlights of the CAG report on Bihar finances for 2009-10. Talking to reporters, Principal...

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World Cup final – ICC lifts ban on news channels

Posted: 01 Apr 2011 07:07 PM PDT


The International Cricket Council (ICC) tonight lifted the ban on news television channels covering the world cup finals following intervention by Information & Broadcasting Ministry, but will seek legal action against them for alleged...

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INTERPOL, Lyon issues clarification on a news item of Maldives Newspaper relating to 2011 Cricket World Cup

Posted: 01 Apr 2011 06:57 PM PDT


The Interpol's General Secretariat Headquarters based at Lyon (France) has issued a clarification on an article "Interpol on the hunt for two Maldivians involved in planning Cricket World Cup Attack" published in the newspaper "Haveeru" on 26th...

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Conditions and modalities for registration of contracts of cotton yarn with DGFT

Posted: 01 Apr 2011 06:50 PM PDT


Policy Circular No. 27 (RE-2010)/2009-14 - All applications for grant of registration certificate shall be submitted to the concerned RAs alongwith the following documents: (i) Copy of Export Contract alongwith, (a) A copy of...

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RBI releases Study on State Finances 2010-11

Posted: 01 Apr 2011 06:39 PM PDT


The Reserve Bank of India (RBI) today released "State Finances: A Study of Budgets of 2010-11", a publication that provides data, analysis and assessment of finances of State governments. The State governments presented their budgets for 2010-11...

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SEBI tells listed companies to run updated websites from 1st April 2011

Posted: 01 Apr 2011 06:24 PM PDT


Having a website with up-to-date information at any given point of time will become mandatory for all the listed companies with effect from tomorrow -- a move aimed at providing investors with easy access to information. A notification by market...

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Promotion, Posting and Transfer of CCIT and DGIT

Posted: 01 Apr 2011 05:43 PM PDT


Vide Order No. 54 of 2001 dated 31.3.2011, the CBDT has announced the promotion of Commissioners & Directors of Income-tax as Chief Commissioners and the posting & transfer of the Chief Commissioners & Director Generals of Income-tax....

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CA, CS, ICWA, Legal Professionals exempted from collecting service tax on accrual basis

Posted: 01 Apr 2011 05:17 PM PDT


Ministry of Finance has today issued the above Notification amending Point of taxation Rules, 2011. Rules 7 has been substituted by a new Rule whereby, point of taxation in respect specified service providers which includes Chartered Accountants...

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Extension of Common Proficiency Course (CPC) Registration date till 5th April, 2011

Posted: 01 Apr 2011 05:10 PM PDT


In view of the Bank Holiday on 1st April, 2011, last date for registration to Common Proficiency Course (CPC) is extended upto 5th April, 2011 for being eligible to appear in the Common Proficiency Test (CPT) to be held in June, 2011.

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ICICI Bank is a foreign Company, investment subject to FDI law – Govt

Posted: 01 Apr 2011 09:39 AM PDT


"ICICI is an Indian bank, but it is over 50 per cent (equity) foreign owned, it is owned by foreigners in that sense...for downstream investment it is a foreign company...," Department of Industrial Policy and Promotion (DIPP) Secretary R P Singh...

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Government to appoint officers to deal with indirect tax complaints

Posted: 01 Apr 2011 09:37 AM PDT


The government will set up seven Indirect Tax Ombudsmen for quick redressal of grievances relating to customs, excise and service taxes. These adjudicating offices will be set up in Delhi, Mumbai, Kolkata, Chennai, Bangalore, Ahmedabad and Lucknow....

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Professional tax to be imposed in Bihar

Posted: 01 Apr 2011 09:35 AM PDT


Bihar government has decided to impose professional tax on central and state governments officers and employees, Railways, boards and corporation on the pattern of Maharashtra, West Bengal and other states, official sources said today. The state...

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Regarding compliance for revision in the Customs part of Arrival Card for Passengers in Form 'D' – Notification issued by Ministry of Home Affairs

Posted: 01 Apr 2011 09:03 AM PDT


Circular No.16/2011-Customs - The issues of increasing imports of satellite phones in passenger baggages without obtaining authorization and import of foreign exchange in excess of amount of US $10,000/- or equivalent without declaration to Customs...

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Rescinds Notification No. 33/2006-Customs, dated the 7th April, 2006 vide Notification No. 33/ 2011- Customs,

Posted: 01 Apr 2011 08:53 AM PDT


Notification No. 33/ 2011- Customs- Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 33/2006-Customs, dated the 7th April, 2006, published in the Gazette of India,...

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Notification No. 25/2011 – Customs (N. T.) amends Notification No. 36/2001-Cus (N. T.), dated, the 3rd August 2001

Posted: 01 Apr 2011 08:48 AM PDT


Notification No. 25/2011 - Customs (N. T.), New Delhi, 31st March, 2011. S. O… (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and...

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Cenvat Credit (Third Amendment) Rules, 2011 – Amendment in rules 4, 6 and 9 -Notification NO. 13/2011 – CENTRAL EXCISE (N.T.)

Posted: 01 Apr 2011 08:38 AM PDT


NOTIFICATION NO. 13/2011 - CENTRAL EXCISE (N.T.)- The CENVAT credit in respect of input service shall be allowed, on or after the day on which the invoice, bill or, as the case may be, challan referred to in rule 9 is received: Provided that in case...

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Service Tax – Clarifications on amendments in Point of Taxation Rules, 2011

Posted: 01 Apr 2011 08:33 AM PDT


As you are aware, the Point of Taxation Rules (PTR) were formulated vide Notification No.18/2011-ST dated 01.03.2011. Based on the feedback, certain amendments are being carried out in these rules vide Notification No. 25/2011-ST dated 31.03.2011. ...

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Coins of 25 Paise and below – Withdrawal from Circulation- RBI Circular No. UBD.CO.BPD(PCB) Cir.No.42 /09.73.000/2010-11

Posted: 01 Apr 2011 08:27 AM PDT


UBD.CO.BPD(PCB) Cir.No.42 /09.73.000/2010-11- In partial modification of the above circular, we advise that the coins of 25 Paise and below will be exchanged at the branches of the specified banks as also the offices of the Reserve Bank of India...

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FEMA – Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation

Posted: 01 Apr 2011 07:46 AM PDT


FEMA : Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation. A.P. (DIR SERIES) CIRCULAR NO. 47, DATED 31-3-2011. Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR...

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Income-tax – Taking opinion of technical experts and bringing on record technical evidence in cases involving complex issues of technical nature and substantial revenue – Directions of the Hon'ble Supreme Court

Posted: 01 Apr 2011 07:43 AM PDT


INSTRUCTION No. 5/2011 [F.No. 225/61/2011-IT(A-II)], dated 30-3-2011- The Hon'ble Supreme Court has made the following observations in an order dated 12-8-2010 in the case of CIT, Delhi v. Bharti Cellular Ltd. [2010] 193 Taxman 97 (SC): "We are...

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Income-tax – Section 144C of the Income-tax Act, 1961 – Reference to Dispute Resolution Panel (DRP) – Constitution of DRP at Ahmedabad & Kolkata – Modification of Order No. 1/FT&TR/2011, dated 12-1-2011

Posted: 01 Apr 2011 07:41 AM PDT


ORDER NO. 3/FT&TR/2011 [F. NO. 500/15/2011-FTD-I], DATED 31-3-2011. In partial modification of Order No. 1/FT&TR/2011, dated 12th January, 2011 and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board...

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Amendment in Rules and Form No. 13 related to Certificate for deduction at lower rates or no deduction of tax from income other than dividends

Posted: 01 Apr 2011 07:15 AM PDT


Notification No. 16/2011, Dated: March 29, 2011- "Certificate for deduction at lower rates or no deduction of tax from income other than dividends. 28AA. (1) Where the Assessing Officer, on an application made by a person under sub-rule (1) of rule...

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Postings and transfers of officers in the grade of Commissioners/Directors of Income Tax

Posted: 01 Apr 2011 06:15 AM PDT


ORDER NO. 58 OF 2011- The following postings and transfers of officers in the grade of Commissioners/Directors of Income Tax are hereby ordered with immediate effect and until further orders:-'

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5 crore special coins to mark 150 years of taxation

Posted: 01 Apr 2011 05:12 AM PDT


Five crore commemorative coins of Rs 5 denomination, unveiled recently to celebrate 150 years of taxation, will be minted for public distribution soon. The coins, released by Finance Minister Pranab Mukherjee on February 26, will be put in public...

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India relaxes joint venture norms to draw foreign funds

Posted: 01 Apr 2011 04:27 AM PDT


India Thursday announced an updated foreign direct investment (FDI) policy that simplifies joint venture norms and opens up new areas for overseas funds. The updated policy allows overseas firms in existing joint ventures to operate separately in...

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Blackmoney – Finmin plans study on modus operandi of stashing

Posted: 01 Apr 2011 04:25 AM PDT


The Finance Ministry will conduct a study on the "modus operandi of concealment" of blackmoney in the country by major business and public sectors and other channels. The study report will be based on the investigation and intelligence reports of...

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SBI extends teaser home loans scheme

Posted: 01 Apr 2011 04:20 AM PDT


State Bank of India (SBI) on Thursday extended its controversial special interest rate home loan product (teaser loans) till further notice. The product, which has faced flak from the sector regulator Reserve Bank, will continue to be sold till...

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Vodafone buys Essar's stake for $5 bn; may exceed FDI limit

Posted: 01 Apr 2011 04:17 AM PDT


UK-based Vodafone on Thursday acquired 33 per cent stake of its Indian partner Essar in the joint venture Vodafone Essar for USD 5 billion and may go for a new ally or opt for public offering to remain FDI compliant. "Currently we (Vodafone) are...

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Rabobank receives banking license in India

Posted: 01 Apr 2011 04:12 AM PDT


The Netherlands-based Rabobank on Friday said it has received approval from the Reserve Bank of India (RBI) to establish banking presence in the country through a maiden branch in Mumbai. Rabobank is present in India through a wholly owned...

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SC notice to Satyam fraud accused on CBI plea

Posted: 01 Apr 2011 03:50 AM PDT


The Supreme Court today issued notices to Subramani Gopalakrishnan, partner of the global auditing firm PriceWaterhouse (PW) and V S Prabhakar Gupta, internal audit head of scam-hit IT firm Satyam Computers, over a plea by CBI seeking cancellation...

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RBI misses deadline to issue banking licence guideline

Posted: 01 Apr 2011 03:45 AM PDT


The Reserve Bank has missed the deadline to issue the much-awaited guidelines for giving new banking licences. "I am sure we are not issuing it (licence) today," RBI Deputy Governor K C Chakrabarty told PTI. In the Budget 2011-12, Finance Minister...

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Service tax on forex transactions cannot exceed Rs 5,000 – Govt

Posted: 01 Apr 2011 03:30 AM PDT


The government has capped service tax on foreign exchange transactions at Rs 5,000, which is seen as a bid to pacify market players, who feared a significant drop in the country's forex volumes due to high levies on such transactions. As per a...

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Hasan Ali approaches SC, fails to get relief

Posted: 01 Apr 2011 03:10 AM PDT


Pune-based stud-farm owner Hasan Ali Khan, accused of money-laundering and stashing away huge amounts in foreign banks, on Thursday approached the Supreme Court challenging a lower court's order allowing the ED to interrogate him in its office while...

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Citibank fraud- Investors lost Rs 250 Crore

Posted: 01 Apr 2011 02:40 AM PDT


Investors had lost around Rs 250 crore after their money was invested by Citibank fraudster Shivraj Puri in Nifty options, said a police chargesheet filed in the Rs 400 crore scam. As per the chargesheet filed in the Civil Senior Division Court here...

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Indian businessman imprisoned for fraud in US

Posted: 31 Mar 2011 09:48 PM PDT


An Indian businessman has been sentenced to prison in California on charges he fraudulently tried to get H-1B work visas for workers from India to fill non-existent jobs in the US. Srinivasa Chennupati has been sentenced to six months in prison and...

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India's Foreign Trade- February, 2011

Posted: 31 Mar 2011 09:42 PM PDT


EXPORTS (including re-exports) : Exports during February, 2011 were valued at US $ 23597 million (Rs. 107215 crore) which was 49.7 per cent higher in Dollar terms (46.9 per cent higher in Rupee terms) than the level of US $ 15758 million (Rs. 73002...

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