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Monday, March 28, 2011

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

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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,...

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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). ...

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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...

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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...

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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...

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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) ...

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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;

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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...

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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...

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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...

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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...

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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...

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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)...

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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...

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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...

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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...

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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...

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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...

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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...

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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,...

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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...

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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...

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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...

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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...

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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...

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

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