| E-payment of VAT and CST under Maharashtra Value Added Tax (MVAT) laws Posted: 03 Apr 2011 08:15 PM PDT The Government of Maharashtra has issued Notification No. VAT 1510/CR-165/Taxation-1 dated 20 December 2010 in pursuance of the powers conferred under rule 45A of the Maharashtra Value Added Tax Rules, 2005. As per the said notification, the dealers... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Insurance Coopany Liable to pay if driver has exercised due dilligence – SC Posted: 03 Apr 2011 07:56 PM PDT If the owner of a motor vehicle has shown due diligence while appointing a driver and examined his licence, the insurance company cannot deny the insured amount on the ground that the licence was fake. The ruling of the National Consumer Commission... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SC directs Glaxo India to deposit Rs 71.21 cr with Drug Prices Equilisation for not selling drugs at govt price Posted: 03 Apr 2011 07:50 PM PDT The Supreme Court last week directed Glaxo India Ltd to deposit Rs 71.21 crore in the Drug Prices Equilisation Account, asking it to comply with the demand of the government. The central government had issued drug price control orders under the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SC Rules Debt recovery appellate tribunal has no power to exempt defaulter Posted: 03 Apr 2011 07:30 PM PDT The Supreme Court has stated that the debt recovery appellate tribunal has no power to exempt a defaulter from making a pre-deposit before entertaining his appeal under the Securitisation & Reconstruction of Financial Assets and Enforcement of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Sales Tax Can not be charged at higher Rate on Plant and Machinery which outlived its utility and sold as scrap – SC Posted: 03 Apr 2011 07:22 PM PDT Commissioner of Commercial Taxes & Ors. Vs. Chitrahar Traders- The buyer of Neyveli Lignite Corporation, a central government undertaking which was sold as scrap, was entitled to pay a lower sales tax, the Supreme Court ruled. It dismissed the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SC asks New India Assurance to pay for ship wreck losses Posted: 03 Apr 2011 07:01 PM PDT The Supreme Court has dismissed the appeal of New India Assurance Company which had rejected the claim of a ship-breaking firm for compensation. The firm bought a Belgian vessel and was bringing it from Singapore on its 'funeral voyage' to Alang... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Issue of all Income Tax Refunds by April 10 2011 Posted: 03 Apr 2011 07:30 AM PDT From the desk of Chairman,CBDT- CIT wise details of AY10-11 paper refund Returns entered into the system but not processed is given herein below. These lists, however, do not give the true and complete picture of pending refunds, as the Systems... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Finmin to float discussion paper on taxing more services Posted: 03 Apr 2011 07:20 AM PDT Finance Ministry will soon come out with a discussion paper on service tax to increase its contribution to the overall tax kitty and align it with the proposed Goods and Services Tax (GST). "The Finance Ministry is working on a discussion paper on... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Revised Service Tax on currency conversion would affect Indian exports Posted: 03 Apr 2011 07:18 AM PDT Industry chamber Assocham today said the government's decision to revise taxes on currency conversion would increase transaction cost and hit the country's exports. "This charge, on the differential between RBI reference rate and the rate at which... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Prohibition on NBFCs to become and / or remain partners in partnership firms Posted: 03 Apr 2011 04:49 AM PDT No NBFC shall contribute to the capital of a partnership firm or become a partner of such firm. A NBFC, which has already contributed to the capital of a partnership firm or was a partner of a partnership firm, shall seek early retirement from the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Release of revised third edition of Consolidated Foreign Direct Investment Policy effective 1 April 2011 Posted: 03 Apr 2011 04:41 AM PDT Pricing of Convertible instruments. Issue of Shares permitted against specified non-cash considerations under Approval Route. Approval / conditionalities surrounding previous joint venture/collaborations done away with. Guidelines relating to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Taxpayer holding tax residence certificate is eligible for the India-Mauritius tax treaty benefits Posted: 03 Apr 2011 04:33 AM PDT Authority for Advance Ruling (AAR) in the case of D.B.Zwirn Mauritius (AAR No. 879 of 2011) (Judgment date: 28 March 2011) dealt with the issue of taxability of capital gains on sale of shares by a Mauritian entity under the Income-tax Act, 1961... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| ITAT decision on Restriction on carry forward of business loss of the amalgamated company u/s. 78 of the Income Tax Act, 1961 Posted: 03 Apr 2011 04:31 AM PDT Select Holiday Resorts Pvt. Ltd. [52 DTR 14] - Section 79 (Section) which contains provisions restricting carry forward of past year losses under the Income Tax Laws (ITL) ruled that the Section has no applicability to a case of amalgamation of 98%... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Summary of Post Budget Service tax and Cenvat Credit notifications Posted: 03 Apr 2011 04:23 AM PDT Amendments in Point of Taxation Rules, 2011 (the Point of taxation Rules) as prescribed by Notification No. 25/2011 - Service Tax dated 31 March 2011 effective from 1 April 2011. Amendments in the Cenvat Credit Rules, 2004 (the Credit Rules) vide... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Section 103 of the Delhi Value Added Tax, 2004 (Delhi Act 3 of 2005) Regarding Republic of Gambia Posted: 02 Apr 2011 10:49 PM PDT No.F. 5(54)/Policy-II/VAT/Amendment/2010 - WHEREAS the Ministry of External Affairs, Govt. of India have vide their letter No.D-II/451/12(7)/2009 dated 20th May, 2009 requested the Govt. of NCT of Delhi to grant facilities for VAT refund in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Restore VAT refund privilege for the Mauritian High Commission in Delhi Posted: 02 Apr 2011 10:44 PM PDT No.F. 5(45)/Policy-II/VAT/Amend/2010 -WHEREAS the Ministry of External Affairs, Govt. of India have vide their letter No.10105/Secy(W)/2010 dated the 7th December, 2010, requested the Govt. of NCT of Delhi to restore VAT refund privilege for the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| ISA Eligibility Test on Saturday the 14th May, 2011 – Last Date for Online Form Submission – 29th April, 2011 till 5:30 PM Posted: 02 Apr 2011 10:41 PM PDT The next Eligibility Test for ISA PQC is scheduled to be held on Saturday the 14th May, 2011 from 08.00 a.m. to 12.00 p.m. A detailed notification giving list of centers would be hosted on Committee Portal at http://cit.icai.org by 15th April, 2011.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Lessons for Monetary Policy from the Global Financial Crisis – An Emerging Market Perspective Posted: 02 Apr 2011 10:38 PM PDT The global financial crisis has challenged the conventional views on the role of monetary policy. Post-crisis, the weight of arguments tilts towards acceptance of financial stability as an objective of central bank or monetary policy. However, the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CWC 2011 Final-Team India's brand equity set to scale new levels post WC win Posted: 02 Apr 2011 10:30 PM PDT With the world under their feet after lifting the World Cup, Dhoni's daredevils are also set to stamp their authority in the endorsement market with their brand equity set to touch to new highs. While the historic win will push captain Dhoni to a... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Promoters of Unitech Wireless 'gained' Rs 2,342 crores in 2G scam – CBI Posted: 02 Apr 2011 10:29 PM PDT Promoters of Unitech Wirless , the company which benefited the most in the 2G spectrum allocation scam, gained Rs 2,342 crores, the CBI told a special court in its charge sheet against former Telecom Minister A Raja , besides eight others and three... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| PF trusts have enough surplus to pay 9.5 percent interest – EPFO Posted: 02 Apr 2011 10:20 PM PDT Private provident fund trusts have enough surplus to be able to pay over 9.5 per cent interest on PF deposits, says an analysis by the Employees' Provident Fund Organisation's (EPFO). Some of the private PF trusts have sufficient funds to pay... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Govt changes norms to protect independent directors Posted: 02 Apr 2011 10:12 PM PDT Independent directors will not be hauled up for the acts undertaken by companies without their consent or knowledge, as per the new norms announced by the government. "We have directed the Registrar of Companies (RoC) not to take any penal action... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Govt plans energy efficiency labels for mobile phone chargers Posted: 02 Apr 2011 10:10 PM PDT Soon, you will be able to know how energy efficient your mobile phone charger is. The Power Ministry is preparing to introduce energy labelling system for mobile phone chargers, as part of its efforts to promote energy conservation. "We are working... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Investors want govt to keep Indian A/c standards close to IFRS Posted: 02 Apr 2011 10:06 PM PDT Majority of investors want the government to keep national accounting standards as close to the international norms (called IFRS) as possible, says a survey conducted by the global accounting firm Ernst & Young. According to the report 'IFRS... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Filing of Balance Sheet and profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode Posted: 02 Apr 2011 10:04 PM PDT General Circular No. 09/2011, Dated the 31.03.2011- It has been decided by the Ministry of Corporate Affairs to mandate certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL ... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Govt to take up fresh FDI proposals on April 20 Posted: 02 Apr 2011 10:02 PM PDT The government has called a Foreign Investment Promotion Board (FIPB) meeting on April 20, the first one after it announced major changes in FDI norms, to approve proposals for foreign direct investment. While the agenda of the 165th FIPB meeting... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| MCA New look portal being launched with effect from 03.04.2011 Posted: 02 Apr 2011 09:38 PM PDT New look Ministry portal being launched with effect from 03.04.2011 [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Post Budget 2011 Amendments / Changes in Service Tax Posted: 02 Apr 2011 09:38 PM PDT The Point of Taxation Rules, 2011 notified through Budget Notification No. 18/2011 ST dated 1st March, 2011 led to a number of issues which the Government assured would be looked into. Some relief has been extended and many of the areas of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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