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Thursday, August 26, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
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

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

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...

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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...

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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:-

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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...

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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.

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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,...

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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...

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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...

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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...

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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...

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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...

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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...

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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.

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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...

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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...

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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...

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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)...

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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...

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--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/

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