Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Aug 26, 2010 at 9:55 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• IRDA Circular on Medical insurance policies and cashless facilities
• Supreme Court rules that an element of human intervention required for taxing a payment as 'fees for technical services'
• MCA issues instruction on filing of Annual Returns with ROC
• High Court refuses to direct state government to recover entertainment tax on IPL matches
• IPL tax case: Sharad Pawar gets clean chit
• Government may soon allow foreigners to set up LLP in sectors where 100% foreign investment is allowed
• No Income Tax raid for next one month
• Six Lessons for Individual Professionals
• GST unlikely to be implemented from scheduled date of April 1, 2011
• Direct Taxes Code Bill likely to be introduced in the ongoing monsoon session
• If shareholders approves the Cairn deal, I don't come in, says Khurshid
• SEBI can take action against CAs, if their activities are detrimental to the investors or the securities market
• IRDA asks insurance companies to no to do business with corporate agents who failed to register PAN with it
• IRDA has no plans to cap charges and assures on approving new ULIPS on time
• Govt rejects 70% income tax refunds for reason not in control of taxpayers
• Service tax on on-going works contracts entered into prior to 01.06.2007- Circular No. 128/10/2010-ST
• RBI releases Annual Report for 2009-10
• Exporters welcome incentives worth Rs 1,052 crore announced by the govt in annual review of the Foreign Trade Policy

IRDA Circular on Medical insurance policies and cashless facilities Posted: 25 Aug 2010 09:10 PM PDT Medical insurance policies offered by different insurers to policyholders are contracts of reimbursement. However, several policies under these contracts offer a cashless facility as a facility of convenience in their Preferred Provider Network... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Supreme Court rules that an element of human intervention required for taxing a payment as 'fees for technical services' Posted: 25 Aug 2010 09:01 PM PDT A recent ruling of the Supreme Court (SC) in a batch of cases, with the lead case being that of Bharti Cellular Ltd. (Taxpayer), on whether any manual intervention is involved in the technical operations by which a cellular service provider, such as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA issues instruction on filing of Annual Returns with ROC Posted: 25 Aug 2010 08:50 PM PDT TO AVOID LAST MINUTE RUSH AND SYSTEM CONGESTION IN MCA21 DUE TO HEAVY FILING IN LAST 10 DAYS OF THE MONTHS OF OCTOBER AND NOVEMBER 2010, IT IS REQUESTED THAT FILING OF ANNUAL RETURN AND BALANCE SHEET MAY BE DONE IN THE FOLLOWING ORDER:- [[ This is a content summary only. Visit www.taxguru.in for full article ]]

High Court refuses to direct state government to recover entertainment tax on IPL matches Posted: 25 Aug 2010 08:43 PM PDT The Bombay High Court, on Tuesday, refused to direct the state government to recover entertainment tax on Indian Premier League matches played in the state during its last season. It also observed that central and state ministers should stay away... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IPL tax case: Sharad Pawar gets clean chit Posted: 25 Aug 2010 08:40 PM PDT Giving a clean chit to Sharad Pawar, the Bombay High Court on Tuesday said there was "nothing on record" to show that the Union Minister influenced the Maharashtra government's decision to exempt Indian Premier League matches from entertainment tax. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government may soon allow foreigners to set up LLP in sectors where 100% foreign investment is allowed Posted: 25 Aug 2010 08:37 PM PDT The government may soon allow foreigners to set up limited liability partnerships in sectors where 100% foreign investment is allowed, taking a decisive step after much flip-flop over funding guidelines for this form of business organisation,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Income Tax raid for next one month Posted: 25 Aug 2010 08:06 PM PDT An outsourcing contract to Infosys, India's second-largest software company, has resulted in an unexpected reprieve for those with income to hide from the taxman. Irked by the contract, under which Infosys is processing tax returns filed online, and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Six Lessons for Individual Professionals Posted: 25 Aug 2010 07:45 PM PDT What you know now and are able to do now, what your current success is built on, will unavoidably depreciate in value unless you actively work on learning new things and building new skills. Continual professional development is a lifelong... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

GST unlikely to be implemented from scheduled date of April 1, 2011 Posted: 25 Aug 2010 07:36 PM PDT The much awaited new indirect tax regime Goods and Service Tax (GST) is unlikely to be implemented from the scheduled date of April 1, 2011, a top government official said on Tuesday. "In all probability it (the introduction of GST) will miss the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Taxes Code Bill likely to be introduced in the ongoing monsoon session Posted: 25 Aug 2010 07:25 PM PDT The much awaited Direct Taxes Code Bill is likely to be introduced in the ongoing monsoon session of Parliament itself, the Revenue Secretary, Mr Sunil Mitra, has indicated. "We do expect the DTC to be introduced in Parliament in this session. This... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If shareholders approves the Cairn deal, I don't come in, says Khurshid Posted: 25 Aug 2010 07:22 PM PDT The Union corporate affairs ministry said it had no problem with global mining major Vedanta Resources' acquisition of Cairn India if the deal got shareholder approval from both sides. Responding to a media query on the sidelines of a conference... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI can take action against CAs, if their activities are detrimental to the investors or the securities market Posted: 25 Aug 2010 06:54 PM PDT The SEBI Act (Section 11) has wide amplitude and empowers the regulator SEBI to take within its sweep a CA, if his activities are detrimental to the investors or the securities market, the Bombay High Court observed in its order on the Price... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA asks insurance companies to no to do business with corporate agents who failed to register PAN with it Posted: 25 Aug 2010 06:42 PM PDT The Insurance Regulatory and Development Authority (IRDA) told insurance companies to abstain form doing business with 884 corporate agents who had not registered their PAN (permanent account number) with the agency licensing web portal. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA has no plans to cap charges and assures on approving new ULIPS on time Posted: 25 Aug 2010 06:36 PM PDT The regulator, IRDA has no plans to cap charges on traditional products and also assures on approving new ULIPS on time. The Insurance Regulatory and Development Authority (IRDA) has said it has no plans to cap the charges levied by life insurance... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt rejects 70% income tax refunds for reason not in control of taxpayers Posted: 25 Aug 2010 06:13 PM PDT This is the time of the year when tax payers look forward to getting refunds from the IT Department if eligible. But for roughly seven out of 10 cases, income tax refunds have remained elusive for no fault of the tax payers. The income tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on on-going works contracts entered into prior to 01.06.2007- Circular No. 128/10/2010-ST Posted: 25 Aug 2010 06:06 PM PDT The matter has been examined. As regards the classification, with effect from 01.06.2007 when the new service 'Works Contract' service was made effective, classification of aforesaid services would undergo a change in case of long term contracts... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI releases Annual Report for 2009-10 Posted: 25 Aug 2010 06:02 PM PDT The Reserve Bank of India released today its Annual Report for 2009-10. This statutory Report of the Board of the Reserve Bank focusses on: (a) an analytical assessment of the key policy issues and macroeconomic challenges faced during the year, (b)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exporters welcome incentives worth Rs 1,052 crore announced by the govt in annual review of the Foreign Trade Policy Posted: 25 Aug 2010 05:51 PM PDT In order to give immediate relief,a bonus incentive (over and above the present benefits) of two per cent has been announced by Commerce and Industry Minister Anand Sharma to sectors like handicrafts, handloom, silk carpets, leather and leather... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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