Friday, April 8, 2011

Fwd: TaxGuru.in : Legal & Tax Updates



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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Apr 8, 2011 at 9:51 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Preparation of negative list for service tax likely to start soon

Posted: 07 Apr 2011 08:55 PM PDT

The Finance Ministry expects to begin the compilation of the negative list for service tax soon. Negative list is a list of items on which tax will not be charged as compared to a positive list which the government already has. The government...

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Finance Ministry slaps 10 percent excise duty on jute items

Posted: 07 Apr 2011 08:47 PM PDT

The Union government has slapped an excise duty of 10 per cent on jute products that constitute about 80 per cent of the Rs 6,000 crore industry and threatens to cripple the fate of 2.5 lakh workers. "This 10 per cent central excise duty on the jute...

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Company Law – Companies (Amendment) Regulations, 2011 – Amendment in regulation 2

Posted: 07 Apr 2011 08:13 PM PDT

NOTIFICATION [F.NO.5/18/2005-C.L.V], DATED 6-4-2011- In the Companies Regulations, 1956, in regulation 2, for clause (d), the following clause shall be substituted, namely:- "(d) " Regional Director" means the person appointed by the Central...

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Company Law – Director’s Relatives (Office or Place of Profit) Amendment Rules, 2011 – Amendment in rules 3 and 7

Posted: 07 Apr 2011 08:11 PM PDT

NOTIFICATION [F.NO. 17/75/2011-C.L.V], DATED 6-4-2011 - In the Director's Relatives (Office or Place of Profit) Rules, 2003, (hereinafter referred to as the said rules), in rule 3, for the figures "50,000", the figures "2,50,000" shall be...

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Income-tax (Fourth Amendment) Rules, 2011 – Amendment in rules 5C & 5D and substitution of Form No. 3CF-I in Appendix II

Posted: 07 Apr 2011 08:09 PM PDT

NOTIFICATION NO. 19/2011- In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 5C, - (a) the word "scientific", wherever it occurs, shall be omitted; (b) in sub-rule (1) in clause (i) after the words, brackets and...

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CBEC Denies any Call Rfeceived from any Minister’s Office by Mumbai Custom Officials to Release Goa’s Education Minister

Posted: 07 Apr 2011 08:06 PM PDT

Central Board of Excise and Customs (CBEC) has denied that that any calls were received by the Custom Officials at Mumbai Airport from the office of any Minister. The decision was taken entirely as per Customs Rules and Regulations. The...

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Central Government Revises the National floor level Minimum Wage (NFLMW) from Rs. 100 Per Day to Rs. 115 Per Day Effective from 01.04.2011

Posted: 07 Apr 2011 08:05 PM PDT

The Central Government has revised the National Floor Level Minimum Wage (NFLMW) from Rs. 100/- per day to Rs. 115/- per day effective from 01.04.2011, on the basis of the rise in the All – India Consumer Price Index for Industrial Workers during...

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Notional Interest not Taxable as Income from House Property – Full Bench of Delhi HC

Posted: 07 Apr 2011 07:03 PM PDT

CIT vs. Moni Kumar Subba (Delhi High Court – Full Bench) - If Assessing Officer Finds that the actual rent received is less than the “fair/market rent‟ because the assessee has received abnormally high interest free security deposit, he can...

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Due Date for Payment of March 2011 TDS and Due Date for Filing March Quarter TDS Statement

Posted: 07 Apr 2011 06:32 PM PDT

Due date for payment of TDS in respect of payments/Credit Related to March 2011 (Including the Expenses/Provisions/ Credits on 31St March) is April 30. So those who have not made TDS payment by 7th April can relax and pay the same by 30th April...

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SC notice to Centre in laundering case against Lilawati Hospital

Posted: 07 Apr 2011 06:24 PM PDT

The Supreme Court today issued notices to the Centre and RBI on a petition seeking probe into the alleged money laundering by the trustees of Mumbai's Lilawati Hospital. A bench comprising Justices B Sudershan Reddy and S S Nijjar also sought...

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SEC imposed fine of $17.5 mn on Satyam, PW India

Posted: 07 Apr 2011 06:21 PM PDT

In a major development in the Satyam fraud case, US regulators on Tuesday fined the software firm and its auditors PriceWaterhouse India up to $17.5 million for the accounts bungling that went undetected for several years. The US Securities Exchange...

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Transfers and Postings of Deputy/Assistant Commissioners in Directorate of International Taxation and Transfer Pricing

Posted: 07 Apr 2011 06:13 PM PDT

ORDER NO. 60 OF 2011 - The following officers in the grade of Deputy/Assistant Commissioner of income Tax arc hereby transferred and posted at the station indicated against each in the Directorate of International Taxation and Transfer Pricing with...

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Manner Of Reporting by the Auditors On Prudential Regulatory Treatment Prescribed By RBI In Respect Of Pension And Gratuity Liability Of Public Sector Banks

Posted: 07 Apr 2011 05:56 PM PDT

The Council of the Institute of Chartered Accountants of India at its 304th meeting held on 23rd March 2011 considered the prudential regulatory treatment prescribed by the Reserve Bank of India vide its above mentioned circular vis a vis the impact...

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CBDT – Issue of all IT refunds by April 10 2011 and details of Paper Refund Returns entered but not processed

Posted: 07 Apr 2011 05:48 PM PDT

CIT wise details of AY10-11 paper refund Returns entered into the system but not processed is given herein below. These lists, however, do not give the true and complete picture of pending refunds, as the Systems does not have any visibility of...

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CBDT’s commitment to clear all refunds by March 31 2011 has been breached

Posted: 07 Apr 2011 05:42 PM PDT

It is a matter of great anguish, desperation & dejection that despite repeated requests, reminders & alerts from the CBDT, we have failed in our commitment to issue all pending refunds of A.Y. 10-11 before the close of the year. What is...

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ICWAI – CAS 1-12 applicable for students appearing in June 2011 Examination

Posted: 07 Apr 2011 05:39 PM PDT

Important Announcement for students- Sub : Cost Accounting Standards- It may be noted that Cost Accounting Standards (CAS ) 1 – 12 will be applicable for the students appearing in June 2011 term of Examination.

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ICSI- Process to be followed for Campus Placement scheduled to be held on 9th April 2011 at NOIDA

Posted: 07 Apr 2011 05:35 PM PDT

1. Members admitted on or after 1st December 2010 are eligible to participate. 2. Résumés of candidates will be collected on the same day i.e. 9th April 2011 . 3. The resumes of all the eligible candidates will be given to the company coming for...

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Limitation period for filing an arbitration reference – SEBi Circular No. CIR/MRD/DP/4/2011 Dated-April 07, 2011

Posted: 07 Apr 2011 03:59 PM PDT

CIR/MRD/DP/4/2011, Dated:April 07, 2011SEBI has earlier issued directions to stock exchanges with regard to the limitation period for filing an arbitration reference. In view of streamlining the provisions in the depositories on the captioned...

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Settlement in US- Satyam yet to get RBI nod for fund-transfer

Posted: 07 Apr 2011 03:44 PM PDT

Mahindra Satyam -- brand identity of Satyam Computer Services Limited -- which recently announced that it had agreed to pay $125 million to settle class action suits in USA, is yet to get Reserve Bank's nod to transfer the funds, a senior company...

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Banking licence draft guidelines in next 15-20 days

Posted: 07 Apr 2011 03:42 PM PDT

The Reserve Bank will bring out a second draft of the proposed guidelines for issuance of new banking licences in the next 15 to 20 days, the Finance Ministry said today. "Second draft guidelines for new bank licences in next 15 to 20 days,"...

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IRDA issues new guidelines on telemarketing

Posted: 07 Apr 2011 03:42 PM PDT

Tele-callers of insurance products should be trained according to the syllabus prescribed by IRDA and they should inform clients that the call is being recorded and that the client is entitled to a voice copy, according to the new guidelines issued...

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India to wait till Dec to get details from Swiss banks

Posted: 07 Apr 2011 03:38 PM PDT

India will have to wait till the end of this year to get information about funds stashed in banks in Switzerland where Parliament will take time to ratify the tax treaty signed between the two in August last year. India and Switzerland had signed an...

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IPL to yield Rs 350 crore in taxes to government

Posted: 07 Apr 2011 03:36 PM PDT

The government hopes to collect Rs 350 crore in taxes from the fourth edition of high voltage Indian Premier League Twenty20 cricket tournament beginning tomorrow. The revenue will accrue to the government as the organisations will be required to...

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Air India introduces mobile check-in facility in metros

Posted: 07 Apr 2011 03:36 PM PDT

National carrier Air India has introduced Mobile Check-In facility that will allow travellers to perform basic check-in functions through web-enabled mobile phones. The new facility, which will help in reducing queues at airports, will be available...

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SGX to start trading in Nifty options in six months

Posted: 07 Apr 2011 03:31 PM PDT

After Nifty index futures, the Singapore Exchange will start trading in Nifty options in the next six months which will give investors one more avenue, a senior official said. "We have been doing Nifty futures and the next obvious thing is to give...

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India Committed to early Conclusion of Doha Round – Anand Sharma

Posted: 07 Apr 2011 03:31 PM PDT

EFTA Negotiations likely to be Concluded by Year End. Bilateral Trade Touches 20 Billion US $ . hri Anand Sharma, Union Minister for Commerce & Industry, in a business meeting with Mr. Johann Schneider-Ammann, Federal Councilor Minister for...

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Specific schemes required for medium industries – MSME Min

Posted: 07 Apr 2011 03:25 PM PDT

MSME Minister Virbhadra Singh today said his ministry is in consultation with the Prime Minister office and other departments to make specific schemes for medium enterprises. The Micro, Small and Medium Enterprises (MSME) Minister said enough...

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Sports Ministry Constitutes Committee to Examine Comments and Suggestions on Proposed Sports Legislation

Posted: 07 Apr 2011 03:25 PM PDT

Sports Ministry has constituted a Committee under the chairmanship of Justice Mukul Mudgal, retired Chief Justice of the High Court of Punjab and Haryana, to examine, in details, the comments and suggestions received from various quarters and make...

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Losses arising to Foreign Institutional Investors due to cancellation of foreign exchange forward contract are capital in nature

Posted: 07 Apr 2011 08:44 AM PDT

The Mumbai bench of the Income-tax Appellate Tribunal, ("Tribunal") in a ruling' in the case of Citicorp Banking Corporation, Baharain v. Addl. Director of Income Tax (I.T.)-Range 1-[2011-T11-40-1TAT-MUM-INTL] , held that losses arising on...

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Lending of shares cannot be construed as transfer within the definition of “transfer” giving rise to capital gains tax

Posted: 07 Apr 2011 08:40 AM PDT

Section 2(47) of Income-tax Act ("the Act") defines transfer, which, inter alia includes sale, exchange, relinquishment of the asset or extinguishment of any rights therein. In the case of Phulchand Sons Investments Pvt. Ltd. v. ACIT (ITA...

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Filing of an income-tax return mandatory for a foreign company even if the income is not taxable in India under the provisions of a DTAA

Posted: 07 Apr 2011 07:55 AM PDT

VNU International B. V., AAR No. 871 of 2010, order dated 28 March 2011- Whether capital gains earned by the applicant on transfer of shares of the Indian company would be liable to tax in India as per the provisions of the Income-tax Act, 1961...

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Changes in Service Tax and CENVAT Credit related to Point of Taxation Rules, Service Tax Rules 1994 and CENVAT Credit Rules 2004

Posted: 07 Apr 2011 07:52 AM PDT

Amendments in Point of Taxation Rules- The Point of Taxation Rules (POTR) which shall come into effect from April 1, 2011 have been amended as under: The point of taxation in terms of Rule 3 of POTR would be the date of invoice or payment,...

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