Tuesday, June 7, 2011

Fwd: TaxGuru : “Registration of companies in 24 hours from first week of July” plus 19 more



---------- Forwarded message ----------
From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Tue, Jun 7, 2011 at 9:41 AM
Subject: TaxGuru : "Registration of companies in 24 hours from first week of July" plus 19 more
To: palashbiswaskl@gmail.com


TaxGuru : "Registration of companies in 24 hours from first week of July" plus 19 more

Link to TaxGuru.in - Daily Tax and Corporate Law Update

Registration of companies in 24 hours from first week of July

Posted: 06 Jun 2011 08:00 PM PDT

From Next month you can register a company in India in 24 hours! The Union ministry of corporate affairs has set the first week of July as the target date for launching a completely digitised service that will allow anyone with all relevant...

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Excise Duty- Regarding centralised registration facility for recorded smart card manufacturers

Posted: 06 Jun 2011 07:08 PM PDT

Notification No.14/ 2011 - Central Excise (N.T.) In exercise of the powers conferred by sub-rule (2) of rule 9 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby exempts from the operation of said rule, every...

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Promotional expenses incurred by cosmetic company on Testers, and merchant display which were supplied free of cost to the retailers are revenue in nature

Posted: 06 Jun 2011 06:47 PM PDT

ITO V. M/s Elka Cosmetic Pvt. Ltd. ( ITAT Delhi) - The issue is whether the promotional expenses incurred by a company engaged in business of cosmetics on 'Testers', and 'merchant display' which were supplied free of cost to the retailers are...

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Reopening U/s. 147 invalid If Reason reasons recorded have not escaped assessment

Posted: 06 Jun 2011 06:17 PM PDT

Ranbaxy Laboratories Limited Versus CIT (Delhi High Court)- The Tribunal was right in holding that the Assessing Officer had the jurisdiction to reassess issues other than the issues in respect of which proceedings are initiated but he was not so...

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Service Tax on Air Travel – IATA put India on Wall of Shame

Posted: 06 Jun 2011 05:55 PM PDT

The government was put on the Wall of Shame at the annual general meeting of the International Air Transport Association in Singapore, along with the European Union Parliament and the governments of the UK, Germany and Austria, for imposing high...

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Interest to be paid on those PPF (HUF) accounts, which had attained maturity after 13-5-2005 but closed by subscribers before 7-12-2010

Posted: 06 Jun 2011 05:32 PM PDT

Some of the subscribers of PPF (HUF) accounts had closed the accounts on maturity or thereafter between 13th May, 2005 to 7.12.2010 (before the issue of the aforesaid amendment). Some of such account holders, were not paid interest at PPF rates on...

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List of Cost Accounting Records Rules which have been superseded by the MCA vide Notification dated June 3, 2011

Posted: 06 Jun 2011 05:27 PM PDT

1. Cost Accounting Records (Cycles) Rules, 1967 published vide G.S.R. 311 dated 2nd March, 1967. 2. Cost Accounting Records (Tyres & Tubes) Rules, 1967 published vide G.S.R. 1260 dated 10th August, 1967. 3. Cost Accounting Records...

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MCA's instruction on settlement of prosecutions cases

Posted: 06 Jun 2011 05:18 PM PDT

While reviewing prosecution cases it was decided to review pending prosecution cases. Ministry of Corporate Affairs has decided following actions to be taken by RDs and ROCs immediately. Lok Adalats should be organized on 9th, 16th, 23rd &...

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Net direct tax collection down 48 percent in April-May while Gross collection up by 37 per cent

Posted: 06 Jun 2011 05:14 PM PDT

The net direct tax collection during the first two months of the current fiscal fell by 47.93 per cent, mainly on account of dolling out of large refunds by the IT department. Net direct tax collections, gross collections minus refunds, were down by...

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Allowability of Interest on refundable tax after giving effect to the order of Settlement Commission and order under Section 132(5) of the Income Tax Act

Posted: 06 Jun 2011 10:44 AM PDT

Vishwanath Khanna Vs. UOI & Others (Delhi High Court) - The Assistant Commissioner of Income Tax, Investigation Circle (20)(1), New Delhi passed order under Section 132(5) of the Income Tax Act dated 02.06.1995 declaring that cash found during...

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Allowability of Commisssion paid to Direct Selling Agents (DSA)

Posted: 06 Jun 2011 10:31 AM PDT

Citi Financial Consumer Finance India Ltd. Vs. CIT (Delhi High Court) - The Tribunal in the instant case has referred the matter back to the AO categorically recording that there was no sufficient material placed before it to demonstrate as to what...

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Year of commencement of operation relevant to find out as to whether the entitled to deduction under Section 80IB or not

Posted: 06 Jun 2011 10:20 AM PDT

Commissioner of Income Tax Vs. Eastern Medikit Ltd (Delhi High Court) - Where the CIT while exercising powers under Section 263 of the Act, sets aside the order of the AO on merits as well and gives his categorical finding on the issue involved,...

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HC referred the matter back to the Tribunal in respect of addition to the income of the Assessee of income earned through dummy company

Posted: 06 Jun 2011 10:06 AM PDT

Commissioner of Income Tax Vs. Shri Mukesh Luthra (Delhi High Court) - Since the Tribunal has not gone into the merits of the additions made by the AO, the Honourable High Court has remitted back the matter to the Tribunal to decide as to whether...

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Delhi HC order on scope of police seizure powers under Section 64 of the Copyright Act

Posted: 05 Jun 2011 11:32 PM PDT

Event and Entertainment Management Association versus Union Of India & Ors. (Delhi High Court)- Delhi HC has dismissed the petition seeking a direction to the Union of India, Ministry of Human Resource Development, to frame objective standards...

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Mumbai, Delhi may produce next Microsoft or Google

Posted: 05 Jun 2011 09:47 PM PDT

Despite regulatory hurdles, India continues to be among the preferred destinations for FDI due to the country's high economic growth, with both Mumbai and Delhi being touted as among the cities likely to produce the next Microsoft or Google, a...

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Ashok Chawla to be next CCI Chairman

Posted: 05 Jun 2011 09:31 PM PDT

Ministry of Corporate Affairs has proposed the name of former Finance Secretary Ashok Chawla as the next Chairman of the anti-trust watchdog Competition Commission of India (CCI). The Ministry of Corporate Affairs has sent Chawla's name for ACC...

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Taking suomoto cognizance SC issues notice to government on eviction of Baba Ramdev

Posted: 05 Jun 2011 09:30 PM PDT

The Supreme Court on Monday issued notice to the government on eviction of Baba Ramdev from the Ramlila ground. Taking suomoto cognizance of Baba's eviction by the government the apex court gave the government two-week notice to respond. An...

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Industry chambers Assocham, Ficci and MCX-SX favours listing of stock exchanges

Posted: 05 Jun 2011 09:30 PM PDT

Asked by the government for suggestions on a new set of rules for ownership and governance of the stock exchanges, the industry has favoured listing of the bourses.However, there is no unanimity among the industry bodies and the exchanges themselves...

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ICAI Accounting Research Foundation invites application from candidates for its project on Sustainability Reporting and Government Accounting Reforms

Posted: 05 Jun 2011 09:30 PM PDT

The Institute of Chartered Accountants of India (ICAI), set up by an Act of Parliament – The Chartered Accountants Act, 1949 - has established ICAI Accounting Research Foundation (ICAI-ARF) in January, 1999, as a Section 25 company – a core research...

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RBI monitoring economy, liquidity mid-quarterly policy review

Posted: 05 Jun 2011 09:30 PM PDT

Ahead of its mid-quarterly policy review, the Reserve Bank of India (RBI) today said it is monitoring the economic data and also the liquidity situation, and would take a forward-looking view while deciding on the policy action.We would monitor...

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--
Palash Biswas
Pl Read:
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