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Mar 25, 2011

TaxGuru.in : Legal & Tax Updates 25.03.2011

TaxGuru.in : Legal & Tax Updates

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Competition Commission of India issued draft regulations in relation to the transaction of business relating to Combinations

Posted: 24 Mar 2011 09:06 PM PDT


The Competition Act, 2002 (the "Act") which came into force in 2003, seeks to regulate (a) Anti-competitive agreements; (b) Abuse of dominance; and (c) Combinations. While the provisions relating to anti-competitive agreements and abuse of dominance...

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Summary of draft regulations in relation to the transaction of business relating to Combinations issued by Competition Commission of India

Posted: 24 Mar 2011 09:03 PM PDT


The Competition Act, 2002 (the "Act") which came into force in 2003, seeks to regulate (a) Anti-competitive agreements; (b) Abuse of dominance; and (c) Combinations. While the provisions relating to anti-competitive agreements and abuse of dominance...

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Major Amendments to Karnataka Stamp Act, pursuant to State Budget – 2011

Posted: 24 Mar 2011 09:01 PM PDT


The Karnataka State Budget for the year 2011-12 was presented on 24 February, 2011. In line with the earlier budgets, Karnataka State Budget has proposed many changes in stamp duty rates. One of the key proposed changes is the reduction in the stamp...

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Amends notification no. 20/2006 – Seeks to exempt certain specified goods from special CVD leviable on imported goods vide Notification No. 32 /2011-Customs

Posted: 24 Mar 2011 08:55 PM PDT


Notification No. 32 /2011-Customs- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 0f 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby...

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Amends notification no. 21/2002 – Effective rate of duty on import of goods vide Notification No. 31/ 2011-Customs

Posted: 24 Mar 2011 08:51 PM PDT


Notification No. 31/ 2011-Customs- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby...

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Exempts return of branded ready made garments subject to certain conditions vide Notification No.31/2011-Central Excise

Posted: 24 Mar 2011 08:44 PM PDT


Notification No.31/2011-Central Excise- Provided that the exemption contained in this notification shall apply subject to the following conditions, namely:- i. no Cenvat credit of the duty paid on such returned goods is taken under the provisions of...

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Amends notification no. 30/2004 – Exemption to specified goods of chapters 50 to 63 Vide Notification No.30/2011-Central Excise

Posted: 24 Mar 2011 08:40 PM PDT


Notification No.30/2011-Central Excise- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 3 of the Additional Duties of Excise Goods of Special...

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Amends notification no. 63/95 – Exemption to goods manufactured by specified Units / Institutions for use by Government Department or Defense purposes Vide Notification No. 29/2011-Central Excise

Posted: 24 Mar 2011 08:37 PM PDT


Notification No. 29/2011-Central Excise - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to...

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Amends notification no. 8/2003 – Exemption of SSI units – "packing material" includes labels of all kinds vide Notification No. 28/2011-Central Excise

Posted: 24 Mar 2011 08:33 PM PDT


Notification No. 28/2011-Central Excise - In exercise of the powers conferred by sub-section (2A) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to...

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Exempts waste, parings and scrap arising in the course of manufacture of goods in respect of which the benefit of exemption under notification no. 1/2011 or 20/2011 (i.e. 1 Percent duty) is availed

Posted: 24 Mar 2011 08:29 PM PDT


Notification No. 27/2011-Central Excise- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to...

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Amends notification no. 6/2006 – Effective Rate of Duty on goods of Chapter 83 to Chapter 93 vide Notification No. 26/2011-Central Excise

Posted: 24 Mar 2011 08:16 PM PDT


Notification No. 26/2011-Central Excise -In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to...

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Amends notification no. 5/2006 – Effective Rate of Duty on goods of Chapter 54 to Chapter 82 vide Notification No. 25/2011-Central Excise

Posted: 24 Mar 2011 08:12 PM PDT


Notification No. 25/2011-Central Excise - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to...

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Amends notification no. 4/2006 – Effective Rate of Duty on goods of Chapter 54 to Chapter 82 – Notification No. 24/2011-Central Excise

Posted: 24 Mar 2011 08:06 PM PDT


Notification No. 24/2011-Central Excise- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to...

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Amends notification no. 3/2006 – Effective Rate of Duty on goods of Chapter 1 to Chapter 25 vide Notification No. 23/2011-Central Excise

Posted: 24 Mar 2011 07:55 PM PDT


Notification No. 23/2011-Central Excise- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to...

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Amends notification no. 2/2011 – Effective Rate of duty as 5 Percent with cenvat credit on certain items – Notification No. 22/2011-Central Excise-CE

Posted: 24 Mar 2011 07:46 PM PDT


Notification No. 22/2011-Central Excise- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to...

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Amends notification no. 1/2011 – Effective Rate of duty as 1 percent on certain items- Notification No. 21/2011-Central Excise-CE

Posted: 24 Mar 2011 07:43 PM PDT


Notification No. 21/2011-Central Excise- n exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to...

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Effective Duty of excise on Mobile Phone (handsets) / Cellular Phones (handsets)- Budget 2011-12

Posted: 24 Mar 2011 07:37 PM PDT


NOTIFICATION No. 20/2011-Central Excise- G.S.R. (E).-In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public...

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Regarding Monitoring of food import from Japan for radioactive contamination

Posted: 24 Mar 2011 07:30 PM PDT


In continuation of the earlier Instruction dated 17th March, 2011 on the subject matter, it is to intimate that following two laboratories have been granted accreditation by FSSAI for testing for radioactive contamination of food items imported from...

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Addendum to SEBI Circular on Unauthenticated news circulated by SEBI Registered Market Intermediaries through various modes of communication

Posted: 24 Mar 2011 07:24 PM PDT


Addendum to Circular no. Cir/ISD/1/2011 dated March 23, 2011 - Employees should be directed that any market related news received by them either in their official mail/personal mail/blog or in any other manner, should be forwarded only after the...

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Bank advised to conduct "Special Clearings" on March 30th and 31st, 2011

Posted: 24 Mar 2011 07:11 PM PDT


With a view to facilitating accounting of all the Government transactions of the current financial year (2010-11) by March 31, 2011, the National Clearing Cells functioning under the Regional Offices of Reserve Bank of India have been advised to...

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Exemption for export of milk powders (including skimmed milk powder, whole milk powder, dairy whitener and infant milk foods), Casein and Casein products under para 9.12 of Handbook of Procedure Vol. 1

Posted: 24 Mar 2011 06:59 PM PDT


Notification No 37(RE – 2010)/2009-2014- Notification No: 25 (RE–2010)/2009-2014 dated 24th February, 2011, stipulated that transitional arrangements under para 1.5 of Foreign Trade Policy, 2009-14 will not be applicable to export of milk...

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Minimum Export Price of Onions- DGFT Notification No 36 (RE – 2010)/2009-2014

Posted: 24 Mar 2011 06:57 PM PDT


Notification No 36 (RE – 2010)/2009-2014 - The phrase "Minimum Export Price(MEP) of US$ 275 per Metric Ton F.O.B. or as notified by DGFT from time-to-time" as appearing in para 2 of Notification No 34(RE – 2010)/2009-2014 dated 16.03.2011 for the...

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DGFT- Extension of prohibition on export of Pulses (except Kabuli Chana and 10,000 tonnes of organic pulses) upto 31.03.2012– regarding

Posted: 24 Mar 2011 06:55 PM PDT


Notification No 35 (RE – 2010)/2009-2014- Export of pulses was initially prohibited for a period of six months vide Notification No.15 (RE-2006)/2004-2009 dated 27.6.2006 which was extended from time to time. This extension is upto 31.03.2011 in...

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Termination notices for 85 new licences issued -DoT

Posted: 24 Mar 2011 06:53 PM PDT


The Telecom Ministry has informed the Public Accounts Committee (PAC) that it has issued show cause notices to 13 companies for termination of their licences, who are stated to be "ineligible" for getting them. Based on the report of the CAG, the...

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Parliament completes for Budget approval exercise- Budget 2011-12

Posted: 24 Mar 2011 06:45 PM PDT


Parliament today completed the three-phase exercise of approving the General Budget 2011-12. The completion includes Parliamentary approval for appropriation of over Rs 46 lakh crore from the Consolidated Fund of India. The Rajya Sabha returned the...

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SEZ – Clarification on FTWZ issues

Posted: 24 Mar 2011 06:24 PM PDT


The undersigned is directed to refer to the Instruction No. 49, dated 12-3-2010 and Instruction No. 71, dated 12-11-2010 on the subject mentioned above. Instruction No. 71 was issued to amend the point No. IV of the Instruction No. 49. It was...

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Resolution Nofifying Constitution of Financial Sector Legislative Reforms Commission (FSLRC) Issued

Posted: 24 Mar 2011 06:21 PM PDT


The Resolution notifying the constitution of Financial Sector Legislative Reforms Commission (FSLRC) was issued today by the Government of India. This is in pursuance to the announcement made by the Union Finance Minister Shri Pranab Mukherjee in...

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Proposed amendments to the Finance Bill, 2011 in respect of Direct and Indirect Taxation

Posted: 24 Mar 2011 06:13 PM PDT


The Finance Bill, 2011 (the Bill) was introduced by the Finance Minister (FM) in the Lok Sabha yesterday. The FM has proposed certain amendments to the Bill in the Lok Sabha. Here we are giveing a snapshot of the key amendments proposed to the...

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Big 4 Auditors respond to Big Four clause investigation

Posted: 24 Mar 2011 06:09 PM PDT


Auditors have rushed to respond to the Big Four bank clause investigation, which could see the Office of Fair Trading come down hard on lending restrictions linked to audit. RESTRICTIVE BANK clauses that force customers to use Big Four firms are to...

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Banks in UK face probe for their use of Big Four auditors

Posted: 24 Mar 2011 05:56 PM PDT


THE GOVERNMENT has asked regulators to investigate whether banks help to entrench the Big Four auditing firms' dominance through restrictive lending agreements with companies. The Budget included a call to the Office of Fair Trading to probe whether...

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Govt introduces Bill to give statutory power to PFRDA

Posted: 24 Mar 2011 06:14 AM PDT


Taking forward financial sector reforms, the government today introduced a long-pending PFRDA Bill in the Lok Sabha to give statutory status to interim pension regulator and promoting old age income security. The Bill, introduced by Finance Minister...

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Govt plans to keep track of companies with common addresses

Posted: 24 Mar 2011 05:39 AM PDT


Concerned over growing corporate fraud, the government is considering to tighten its Early Warning System (EWS) to scrutinise activities of companies with same addresses and common directors. The Ministry of Corporate Affairs (MCA) plans to add two...

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Highlight of Maharashtra State Budget 2011-12

Posted: 24 Mar 2011 04:15 AM PDT


Highlights Of The Budget Presented By Deputy Chief Minister Shri Ajit Pawar, On Wednesday, 23rd March 2011. PART-I + Remarkable growth in revenues of the State • 2009-10 Revenue Receipts Rs.86,910 crore, 2010-11 Revenue Receipts Rs....

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Transfer of Hon'ble ITAT Members (March 2011)

Posted: 24 Mar 2011 03:15 AM PDT


In pursuance of the consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Tribunal are hereby transferred in public interest, in the same...

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