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May 22, 2010

Legal & Tax Updates 23.05.2010

TaxGuru.in : Legal & Tax Updates (in this message: 13 new items)

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Patent Co-Operation Treaty (PCT) – International & National Phase Entry Applications

Posted: 22 May 2010 08:49 AM PDT


Patent Co-operation Treaty (PCT) was entered on June 9, 1970. On 7th December, 1998 India became the 98th contracting state of the PCT. Signatory countries formed a Union for co-operation in filing, searching, and examination of applications for...

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DGFT-Amendments in Chapter 25 (export licensing note regarding export to Maldives) of the Schedule 2 (Export Policy) of ITC HS Classifications of Export and Import Items

Posted: 22 May 2010 03:09 AM PDT


Export to Maldives permitted as per ceiling mentioned below subject to issue of No Objection within the annual ceiling by CAPEXIL who shall monitor the ceiling and send a quarterly report to Export Cell in DGFT:

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DGFT-Amendments in the Schedule 2, Table B of ITC HS Classifications of Export and Import Items, with immediate effect

Posted: 22 May 2010 03:07 AM PDT


In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and 2.1 of the Foreign Trade Policy, 2009-14, and also read with Notification No. 26 (RE 2008)/2004-09...

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Corporate ministry started consultations on feasibility of setting up NCLT

Posted: 22 May 2010 03:01 AM PDT


The ministry of corporate affairs (MCA) has started a round of consultations with the law ministry on the feasibility of setting up a National Company Law Tribunal (NCLT) in the next one year.

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Income-tax (Fifth Amendment) Rules, 2010 – Amendment in rule 18C

Posted: 22 May 2010 02:48 AM PDT


Notification No. 38/2010, F. No. 149/52/2010-SO(TPL), dated 21-5-2010.In exercise of the powers conferred by section 295 read with clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct...

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Industrial Park (Amendment) Scheme, 2010 – Amendment in para 4 and Form IPS-I

Posted: 22 May 2010 02:46 AM PDT


In exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments to the Industrial Park Scheme, 2008, namely :-

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Tax officials to visit Mauritius to negotiate changes in Income tax treaty

Posted: 22 May 2010 02:19 AM PDT


Over 40% of foreign investment inflows to India is routed through Mauritius, a significant portion of which is believed to be third country funds and Indian money routed through the island nation to avoid taxes. India loses over $600 million in...

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Income Tax Department conducted lesser Search, but seizures doubled

Posted: 22 May 2010 12:40 AM PDT


The Income Tax (I-T) department seems to have mastered the art of getting more for less. No strong-arm tactics here; it is just that the department has improved what it calls the effectiveness of its search operations through better targeting.

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Income Tax department needs 30,000 more employees to carry out its existing operations

Posted: 21 May 2010 11:29 PM PDT


The Income Tax Department needs to immediately add 30,000 more employees to carry out its existing operations, a senior Finance Ministry official said."To avoid affecting the overall revenue collection and delivery of tax payer services, the...

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Switzerland will share data in accordance with the tax treaty between the two countries

Posted: 21 May 2010 11:25 PM PDT


Life insurance companies anticipate a fall in premium collected through unit-linked pension products. This is due to the Insurance Regulatory and Development Authority (IRDA) making life cover compulsory with pension plans.

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Section 120(1) and (2) of the Income-tax Act, 1961 – Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 31-7-2001

Posted: 21 May 2010 11:09 PM PDT


In exercise of the powers conferred by sub-sections (1) and (2) section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India,

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Income Tax department seeks SC view on payments made to Sheraton

Posted: 21 May 2010 10:47 PM PDT


The director of income tax has sought the interference of the Supreme Court in deciding whether the payments made by Indian hotels, including ITC, to hospitality major Sheraton International Inc would fall under business profits or royalties and...

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Is there any true Competition in Legal Profession?

Posted: 21 May 2010 10:03 AM PDT


Since I was a student of law, I was hearing from many legal professionals and the people in the society that it is very difficult to make money in legal profession and survival would be really difficult. I have started my little journey in legal...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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