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Mar 15, 2011

TaxGuru.in : Legal & Tax Updates 16.03.2011

TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

FM will respond to concerns on healthcare service tax

Posted: 15 Mar 2011 08:20 PM PDT


Amid concerns by medical community on the proposed service tax on healthcare, Finance Minister Pranab Mukherjee today said in the Rajya Sabha that he would respond to the representations on tax issues next week.Following the reply of Mukherjee on...

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Govt. may bring constitution amendment bill on GST this session

Posted: 15 Mar 2011 08:07 PM PDT


The Government today gave green signal to the Constitution Amendment Bill indicating a strong desire to push the Goods and Services Tax, despite lack of consensus among states for implementing the new regime on indirect taxes. It will try to...

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I-T dept wants details of Vibrant Gujarat Summit (VGS) 2011 MoUs from Gujarat govt

Posted: 15 Mar 2011 08:05 PM PDT


The income tax department has initiated inquiry regarding several investors who had signed memorandums of understanding (MOUs) with the Gujarat government at this year's Vibrant Gujarat Summit (VGS). Revealing this in the state assembly on Tuesday,...

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ICAI expects to complete Satyam audit probe in 3 months after final verdict

Posted: 15 Mar 2011 07:59 PM PDT


The Institute of Chartered Accountants of India (ICAI) today said it expects to complete the investigation against the auditors of Satyam Computers in three months from the day the Delhi High Court , where the case is being heard, gives a final...

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Provident fund scam – All six accused judges granted bail

Posted: 15 Mar 2011 07:47 PM PDT


A court here today granted bail to all the six accused retired judges in the Rs. 6.58-crore Provident Fund scam. CBI Special Judge A K Singh granted bail to the accused on the basis of undertakings and personal bonds of Rs. 1 lakh each. The hearing...

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SC admits RIL plea on sales tax dispute with Maharashtra

Posted: 15 Mar 2011 07:43 PM PDT


The Supreme Court on Monday admitted a petition filed by Reliance Industries over a dispute on imposition of sales tax on purchase and return of Linear Alkyl Benzene Feed Stock (LABFS) to Bharat Petroleum after it processed it at its chemical plant...

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Anti-dumping duty imposed on Chinese glass ware

Posted: 15 Mar 2011 07:34 PM PDT


India has imposed anti-dumping duty of up to 40.9 per cent on the import of glass fibre, used in automobiles, electrical insulation and heat resistant fabrics, from China to protect domestic players. The restrictive duty on import of glass fibre...

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Recognizing Aadhaar Number for Inclusion in KYC Norms

Posted: 15 Mar 2011 07:29 PM PDT


Government of India vide notification dated December 16, 2010 has recognized the letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar Number as an "officially valid document" to...

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FM targets Tax GDP ratio at 12 percent-14 percent

Posted: 15 Mar 2011 07:26 PM PDT


Finance minister Pranab Mukherjee on Monday made a case for raising the Tax GDP ratio to a "reasonable level" of 12%-14%, to enhance the government's capability to fund social sector schemes. "I do believe that Tax GDP ratio, which has come down to...

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FM expresses concern at rising litigation with employees of the Income Tax Department

Posted: 15 Mar 2011 07:19 PM PDT


The Hon'ble Finance Minister has expressed his deep concern at the rising litigation with employees of the Income Tax Department. A committee is already been set up in CBDT to i. Identify systematic causes for service litigation and litigation...

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Prohibition on export of Non-basmati Rice – Amendment in Notification No. 33/2009-14 dated 03.03.2010 relating to exemption for export to Nepal

Posted: 15 Mar 2011 06:56 PM PDT


Notification No. 33(RE-2010)/2009-14, New Delhi, Dated 15th March, 2011- In Notification No. 33/2009-14 dated 03.03.2010, relating to export of 25,000 MT of Non-Basmati rice to Nepal through MMTC, existing entries in para 3(a) and 3(i) shall be...

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Complaints against Secretaries to the Government of India and Chief Executives of the Public Sector Enterprises and CMDs of the Public Sector Banks and Financial Institutions

Posted: 15 Mar 2011 06:40 PM PDT


Cabinet Secretariat has brought to the notice of the CVC that in spite of above clarifications issued by CVC, some Ministries/Departments which receive complaints from CVC for taking appropriate action, instead of taking further necessary action at...

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Interest paid by a branch of a Foreign Bank to its Head Office is deductible in the hands of the branch

Posted: 15 Mar 2011 10:14 AM PDT


An unnecessary complication has been created by the interpretation made of section 40 (a) (i) of the Income Tax Act read with section 195 of the Act by both the appellant and the respondents. First of all, a proper meaning has to be ascribed to the...

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Mid-Quarter Review of Monetary Policy 2010-11 at 12 noon on March 17, 2011

Posted: 15 Mar 2011 09:42 AM PDT


The Reserve Bank of India will release its next Mid-Quarter Review of Monetary Policy 2010-11 at 12 noon on March 17, 2011. The Review will be by way of a press release and will be placed on RBI website.

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SFIO investigating 14 cases – says R.P.N. Singh

Posted: 15 Mar 2011 08:31 AM PDT


The Minister of State of Corporate Affairs, Shri R.P.N. Singh has stated that serious Fraud Investigation Office (SFIO) is currently investigating 14 cases. In the past two years investigation in respect of 25 companies were completed and 117...

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Government has prescribed percentage of profits for public limited companies and their subsidiaries – says R.P.N. Singh

Posted: 15 Mar 2011 08:30 AM PDT


For Public Limited Companies and their subsidiaries ceiling as percentage of profits is already prescribed. The Government also regulates the remuneration of managing directors / whole-time directors / managers (board level positions) of Public...

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Jurisdiction of Companies Act under which SFIO is functioning is restricted to India only

Posted: 15 Mar 2011 08:27 AM PDT


The jurisdiction of Companies Act, 1956 under which the SFIO is functioning is restricted to the territory of India. Investigation regarding diversion of funds outside the country, is being carried on by the Central Bureau of Investigation (CBI) and...

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Special Examinations for candidates under Mutual Recognition Agreements [MRAs] / Memorandum of Understanding [MoUs] with Foreign Accounting Bodies

Posted: 15 Mar 2011 08:27 AM PDT


The Institute of Chartered Accountants (ICAI), as a international professional development endeavour, has entered into Mutual Recognition Agreements (MRAs)/Memorandum of Understanding (MoUs) with the following Foreign Accounting Bodies: (a) The...

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Anshu Jain tops Deutsche Bank pay with 12 million euro

Posted: 15 Mar 2011 08:23 AM PDT


Deutsche Bank investment banking chief Anshu Jain earned 12.00 million euros ($16.73 million) in 2010, eclipsing Chief Executive Josef Ackermann's pay, the lender said on Tuesday. Jain's total remuneration topped the 8.99 million euros awarded to...

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Service Tax on Convention services

Posted: 15 Mar 2011 01:45 AM PDT


Convention services means any service provided or to be provided [to any person], by any person in relation to holding of convention, in any manner; Convention" means a formal meeting or assembly which is not open to the general public, and dose not...

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Service Tax on consulting engineer's service

Posted: 15 Mar 2011 01:30 AM PDT


consulting engineer's service means any service provided or to be provided to any person, by a consulting engineer in relation to advice, consultancy or technical assistance in any manner in one or more disciplines of engineering including the...

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Service Tax on Copyright Services

Posted: 15 Mar 2011 12:30 AM PDT


Copyright Services means any service provided or to be provided to any person, by any other person, for – (a) Transferring temporarily; or (ii) Permitting the use or enjoyment of, Any copyright defined in the Copyright Act, 1957 (14 of...

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Amendments to the Prevention of Money Laundering Rules, 2005

Posted: 14 Mar 2011 10:11 PM PDT


These rules may be called the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of...

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Formation of new district in Uttar Pradesh – Assignment of Lead Bank Responsibility

Posted: 14 Mar 2011 10:09 PM PDT


The Revenue Department, Government of Uttar Pradesh vide their Gazette Notification No. 1858/1-5-2010-181-2002T.C.-Rev.-5 Lucknow dated July 01, 2010 has advised about the constitution of a new district viz. Chhatrapati Shahuji Maharaj Nagar with...

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Introduction of Annual return on Foreign Liabilities and Assets reporting by Indian Companies and discontinuation of the Part B of form FC-GPR

Posted: 14 Mar 2011 10:09 PM PDT


In order to capture the statistics relating to Foreign Direct Investment (FDI), both inward and outward in a more comprehensive manner as also to align it with international best practices, it has been decided to replace Part B of the Form FC-GPR by...

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