Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Mar 28, 2011 at 9:40 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• Maharashtra Budget 2011- Summary of Major Changes in MVAT, Stamp Duty and State Excise Duty
• Introduction of Annual Return on Foreign Liabilities and Assets – Reporting by Indian Companies
• Delhi HC grants Permanent injunction against firm for violation of copyright
• SC remit back the Judgement passed without reasoning to HC and asked to pass reasoned judgement
• Clarifications can not be treated as Validating Act
• Report transactions every month- I-T Dept to stock exchanges
• 75 Percent of VAT Refund under PVAT Act to be allowed on furnishing of Indemnity bond
• Portfolio management services fees not allowed as deductions against capital gains
• Non-availability of indexation benefit to a non-resident does not amount to non-discrimination
• Black money trail -I-T dept signs MoUs for conducting study
• Maharashtra govt coming out with new labour policy
• Sebi to outsource processing of investor complaints
• Service Tax on Works contract Services
• Service tax on Transport of Goods by Road
• Service tax on Telecommunication Services
• Service tax on Port Services by Major Ports
• Service Tax on Tour Operator's Services
• Service tax on Site Formation and Clearance, Excavation and Earthmoving and Demolition Services
• Service tax on Travel by Air Services
• Service tax on Investment Management Service under ULIP
• Service tax on Scientific or Technical Consultancy Services
• Service tax on Packaging Services
• Wipro Chairman Azim Premji against law on mandatory CSR spending
• Interest-free loans for first-time home buyers in UK
• Parliament approves new name for Orissa
• Amendment to Rule 17,18 and insertion of Rule 52A and 83A – Maharashtra Value Added Tax (Amendment) Rules, 2011
• Letter from finance ministry explaining why Tax Evaders' Names Are Secret
• Amendment to Rule 21 and Form 301 – Maharashtra Value Added Tax (Second Amendment) Rules, 2011
• Rules to amend the Companies (Central Government's) General Rules and Forms, 1956
• Notification Revising DIN-1 and DIN-4 form and requirement of Undertaking
• Clarifications regarding changes introduced through the Customs Notifications issued on 24-3-2011
• Taxes withheld by determining the income of non-resident under special regime (section 44BB) without approaching the tax officer will not lead to violation of withholding tax provisions
• Excise duty on Jewellery and other articles of precious metals bearing or sold under a brand name
• Clarification on Levy of 1 Percent Excise Duty without Cenvat Credit on 130 items
• Excise duty – Branded Ready Made Garments and Made-up Articles of Textiles – Clarification
• India to achieve 9 Percent plus growth rate in coming years- FM
• Bank fined for not complying with RBI guidelines

Maharashtra Budget 2011- Summary of Major Changes in MVAT, Stamp Duty and State Excise Duty Posted: 27 Mar 2011 08:20 PM PDT Maharashtra Deputy Chief Minister presented the State budget for the year 2011-12 on 23 March 2011. The changes effected in various regulations shall be effective from a date to be notified unless otherwise specified. Considering a satisfactory... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Introduction of Annual Return on Foreign Liabilities and Assets – Reporting by Indian Companies Posted: 27 Mar 2011 08:15 PM PDT In terms of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, Indian companies are required to report the details of Foreign Direct Investment (FDI) in Form FC-GPR to the Regional... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi HC grants Permanent injunction against firm for violation of copyright Posted: 27 Mar 2011 07:16 PM PDT Permanent injunction against firm for violating copyright - The Delhi high court last week passed permanent injunction against a firm which violated the copyright and trade mark of Castrol Ltd in the field of oils and lubricants. The court further... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC remit back the Judgement passed without reasoning to HC and asked to pass reasoned judgement Posted: 27 Mar 2011 07:05 PM PDT Problem of judgements without giving reasons continues :- Though the SC has criticised some high courts for writing judgements without giving reasons, the problem seems to continue. In the case of Tikaula Sugar Mills vs State of Uttar Pradesh, the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarifications can not be treated as Validating Act Posted: 27 Mar 2011 07:01 PM PDT SC rejects claim of firms using HSD in captive units- The Supreme Court (SC) has dismissed a batch of appeals by various companies claiming credit of duty paid on high speed diesel oil used in their captive electricity generating plants. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Report transactions every month- I-T Dept to stock exchanges Posted: 27 Mar 2011 06:23 PM PDT In view of huge discrepancies found in transactions at stock exchanges, the Income Tax Department has asked NSE, BSE and other bourses to submit monthly statement of all transactions from April. According to sources, the I-T department has analysed... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

75 Percent of VAT Refund under PVAT Act to be allowed on furnishing of Indemnity bond Posted: 27 Mar 2011 08:52 AM PDT Section 39 of Punjab VAT Act 2005 deals with refund of tax. Some welcome changes have been made in said section by adding a new sub section 1-A to the said section which provides for provisional allowing of 75% of amount of refund claimed under PVAT... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Portfolio management services fees not allowed as deductions against capital gains Posted: 27 Mar 2011 08:41 AM PDT Mumbai Income-tax Appellate Tribunal ("the Tribunal") in the case of Devendra Motilal Kothari v. DCIT [2011] 50 DTR 369 (Mum), has held that fees for portfolio management services ("PMS") are not inextricably linked with the particular instance of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Non-availability of indexation benefit to a non-resident does not amount to non-discrimination Posted: 27 Mar 2011 08:37 AM PDT Authority for Advance Rulings (Income-tax) ("AAR") has rendered an important ruling in the case of Transworld Garnet Company Ltd. [2011-TII- 02-ARA-INTL] dealing with the issue of whether or not the non-availability of the indexation benefit under... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Black money trail -I-T dept signs MoUs for conducting study Posted: 27 Mar 2011 05:04 AM PDT The government has set the ball rolling for estimating black money by signing agreements with three leading think-tanks NCAER, NIFM and NIPFP to conduct study on unaccounted income generated inside and outside the country. They have been given 18... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Maharashtra govt coming out with new labour policy Posted: 27 Mar 2011 05:03 AM PDT Maharashtra Government is in the process of formulating a comprehensive labour policy in order to promote harmonious relationship between employers and workers. "The policy provides guidelines on the interaction between the workers and employers in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi to outsource processing of investor complaints Posted: 27 Mar 2011 05:01 AM PDT Faced with the Herculean task of handling lakhs of investor complaints, market regulator Sebi plans to rope in third party agencies for processing and maintenance of these grievances. The decision to outsource processing and maintenance of investor... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Works contract Services Posted: 27 Mar 2011 03:25 AM PDT Works contract Services eans any service provided or to be provided to any person, by any other person in relation to the execution of a works contract, excluding works contract in respect of roads, airports, railways, transport terminals,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Transport of Goods by Road Posted: 27 Mar 2011 03:11 AM PDT Transport of Goods by Road Service means any service provided or to be provided to any person, by a goods transport agency, in relation to transport of goods by road in a goods carriage. (Section 65 (105) (zzp) of Finance Act, 1994 as amended). ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Telecommunication Services Posted: 27 Mar 2011 02:58 AM PDT "Telecommunication service" means service of any description provided by means of any transmission, emission or reception of signs, signals, writing, images and sounds or intelligence or information of any nature, by wire, radio, optical, visual or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Port Services by Major Ports Posted: 27 Mar 2011 02:47 AM PDT Port Services by Major Ports means any service provided or to be provided to any person' by any other person' in relation to port services in a port' in any manner. . Exemption to specified services provided within a port (w.e.f.01.07.2010) : In... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Tour Operator's Services Posted: 27 Mar 2011 02:37 AM PDT Tour Operator's Services means any service provided or to be provided to any person, by a tour operator in relation to a tour. Tour Operator" means any person engaged in the business of planning, scheduling, organising or arranging tours (which may... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Site Formation and Clearance, Excavation and Earthmoving and Demolition Services Posted: 27 Mar 2011 02:27 AM PDT Site formation and clearance, excavation and earthmoving and demolition" includes,- (i) Drilling, boring and core extraction services for construction, geophysical, geological or similar purposes; or ii) Soil stabilization; or (iii) ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Travel by Air Services Posted: 27 Mar 2011 02:13 AM PDT Travel by Air Services means any service provided or to be provided to any passenger, by an aircraft operator, in relation to scheduled or non-scheduled air transport of such passenger embarking in India for domestic journey or international journey; [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Investment Management Service under ULIP Posted: 27 Mar 2011 02:07 AM PDT Investment Management Service under ULIP means any service provided or to be provided to a policy holder, by an insurer carrying on life insurance business, in relation to management of investment, under unit linked insurance business, commonly... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Scientific or Technical Consultancy Services Posted: 27 Mar 2011 01:58 AM PDT "Scientific or technical consultancy" means any advice, consultancy, or scientific or technical assistance, rendered in any manner, either directly or indirectly, by a scientist or a technocrat, or any science or technology institution or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Packaging Services Posted: 27 Mar 2011 01:53 AM PDT Packaging Services means any service provided or to be provided to any person, by any other person, in relation to packaging activity. "packaging activity" means packaging of goods including pouch filling, bottling, labelling or imprinting of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Wipro Chairman Azim Premji against law on mandatory CSR spending Posted: 27 Mar 2011 01:03 AM PDT Wipro Chairman Azim Premji on Thursday came out strongly against the idea of formulating laws on mandatory spending by industry on corporate social responsibility. "I don't think you generate CSR by putting statutory requirements. I think there is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest-free loans for first-time home buyers in UK Posted: 27 Mar 2011 01:00 AM PDT The British government on Wednesday said that first-time house buyers in the United Kingdom will be offered interest free loans to help them get a foot on the housing ladder. Up to 10,000 people will receive loans of up to 20 per cent of the value... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Parliament approves new name for Orissa Posted: 27 Mar 2011 12:51 AM PDT Orissa will hereafter be called 'Odisha' and the Oriya language will be known as 'Odia' with Parliament giving approval to amendment of the Constitution and also passing the related bill. The Rajya Sabha passed the Orissa (the Alteration of Name)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment to Rule 17,18 and insertion of Rule 52A and 83A – Maharashtra Value Added Tax (Amendment) Rules, 2011 Posted: 27 Mar 2011 12:31 AM PDT No.VAT-1511/CR-44/Taxation-1 These rules may be called the Maharashtra Value Added Tax (Amendment) Rules, 2011. 2. In rule 17 of the Maharashtra Value Added Tax Rules, 2005 (hereinafter referred to as "the principal Rules") in sub-rule (1), in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Letter from finance ministry explaining why Tax Evaders' Names Are Secret Posted: 27 Mar 2011 12:17 AM PDT A reference is invited to your letter, dated 19 January, 2011 addressed to Prime Minister of India regarding disclosure of names of Indians having illegal accounts in Liechtenstein, which were obtained from German Government. In your letter you have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment to Rule 21 and Form 301 – Maharashtra Value Added Tax (Second Amendment) Rules, 2011 Posted: 27 Mar 2011 12:12 AM PDT No.VAT-1511/CR-45/Taxation-1.— Whereas the Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rules to amend the Companies (Central Government's) General Rules and Forms, 1956 Posted: 26 Mar 2011 11:11 PM PDT GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION  New Delhi, the 26th March, 2011 G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 642 read with section 610E of the Companies Act, 1956 (1 of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Notification Revising DIN-1 and DIN-4 form and requirement of Undertaking Posted: 26 Mar 2011 11:01 PM PDT Rules to amend the Companies (Director Identification Number) Rules, 2006 Ministry of Corporate Affairs NOTIFICATION New Delhi the 26th March, 2011 G.S.R. (E). – In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarifications regarding changes introduced through the Customs Notifications issued on 24-3-2011 Posted: 26 Mar 2011 10:35 PM PDT Full exemption from levy of Special Additional Duty of Customs has been provided to Ships; Aircrafts imported by non-scheduled operators and specified parts of personal computers viz., Microprocessor for computer, other than motherboards, Floppy... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Taxes withheld by determining the income of non-resident under special regime (section 44BB) without approaching the tax officer will not lead to violation of withholding tax provisions Posted: 26 Mar 2011 10:32 PM PDT Chennai Bench of Income-tax Appellate Tribunal (the "Tribunal"), in the case of Frontier Offshore Exploration (India) Ltd. v DCIT ITA No. 200/Mds/2009, held that where payment to a non-resident is covered under the special regime of section 44BB,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Excise duty on Jewellery and other articles of precious metals bearing or sold under a brand name Posted: 26 Mar 2011 10:13 PM PDT In respect of levy of excise duty @ 1% on jewellery and other articles of precious metals which bear or are sold under a brand name, the provisions of Rule 12AA of the Central Excise Rules and Rules 2 & 4 of the Cenvat Credit Rules as amended... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification on Levy of 1 Percent Excise Duty without Cenvat Credit on 130 items Posted: 26 Mar 2011 10:08 PM PDT Levy of 1% Excise Duty without Cenvat Credit on 130 items: 1 The following changes have been made with respect to levy of 1% excise duty on 130 items which were fully exempt till 1st March 2011: (i) Out of the 130 items covered under Notification... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Excise duty – Branded Ready Made Garments and Made-up Articles of Textiles – Clarification Posted: 26 Mar 2011 09:47 PM PDT It has been provided that if the RSP is not affixed or marked on goods when they are cleared in the course of sale from the factory of a manufacturer to the brand owner, the wholesale price declared by the manufacturer would be deemed to be the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India to achieve 9 Percent plus growth rate in coming years- FM Posted: 26 Mar 2011 09:32 PM PDT Committing to expedite the financial sector reforms, Finance Minister Pranab Mukherjee today exuded confidence that India will achieve over 9 per cent economic growth rate in the coming years. "With strong macro-economic fundamentals and the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bank fined for not complying with RBI guidelines Posted: 26 Mar 2011 09:29 PM PDT The Reserve Bank of India has imposed a penalty of Rs 1 lakh on Bhabhar Vibhag Nagrik Sahakari Bank Ltd (BVNSBL) in Gujarat for not complying with the guidelines on reporting financial transactions of over Rs 10 lakh. "The RBI has imposed a penalty... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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