| Preparation of negative list for service tax likely to start soon Posted: 07 Apr 2011 08:55 PM PDT The Finance Ministry expects to begin the compilation of the negative list for service tax soon. Negative list is a list of items on which tax will not be charged as compared to a positive list which the government already has. The government... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Finance Ministry slaps 10 percent excise duty on jute items Posted: 07 Apr 2011 08:47 PM PDT The Union government has slapped an excise duty of 10 per cent on jute products that constitute about 80 per cent of the Rs 6,000 crore industry and threatens to cripple the fate of 2.5 lakh workers. "This 10 per cent central excise duty on the jute... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Company Law – Companies (Amendment) Regulations, 2011 – Amendment in regulation 2 Posted: 07 Apr 2011 08:13 PM PDT NOTIFICATION [F.NO.5/18/2005-C.L.V], DATED 6-4-2011- In the Companies Regulations, 1956, in regulation 2, for clause (d), the following clause shall be substituted, namely:- "(d) " Regional Director" means the person appointed by the Central... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Company Law – Director's Relatives (Office or Place of Profit) Amendment Rules, 2011 – Amendment in rules 3 and 7 Posted: 07 Apr 2011 08:11 PM PDT NOTIFICATION [F.NO. 17/75/2011-C.L.V], DATED 6-4-2011 - In the Director's Relatives (Office or Place of Profit) Rules, 2003, (hereinafter referred to as the said rules), in rule 3, for the figures "50,000", the figures "2,50,000" shall be... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Income-tax (Fourth Amendment) Rules, 2011 – Amendment in rules 5C & 5D and substitution of Form No. 3CF-I in Appendix II Posted: 07 Apr 2011 08:09 PM PDT NOTIFICATION NO. 19/2011- In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 5C, - (a) the word "scientific", wherever it occurs, shall be omitted; (b) in sub-rule (1) in clause (i) after the words, brackets and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBEC Denies any Call Reeceived from any Minister's Office by Mumbai Custom Officials to Release Goa's Education Minister Posted: 07 Apr 2011 08:06 PM PDT Central Board of Excise and Customs (CBEC) has denied that that any calls were received by the Custom Officials at Mumbai Airport from the office of any Minister. The decision was taken entirely as per Customs Rules and Regulations. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Central Government Revises the National floor level Minimum Wage (NFLMW) from Rs. 100 Per Day to Rs. 115 Per Day Effective from 01.04.2011 Posted: 07 Apr 2011 08:05 PM PDT The Central Government has revised the National Floor Level Minimum Wage (NFLMW) from Rs. 100/- per day to Rs. 115/- per day effective from 01.04.2011, on the basis of the rise in the All – India Consumer Price Index for Industrial Workers during... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Notional Interest not Taxable as Income from House Property – Full Bench of Delhi HC Posted: 07 Apr 2011 07:03 PM PDT CIT vs. Moni Kumar Subba (Delhi High Court – Full Bench) - If Assessing Officer Finds that the actual rent received is less than the "fair/market rent‟ because the assessee has received abnormally high interest free security deposit, he can... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Due Date for Payment of March 2011 TDS and Due Date for Filing March Quarter TDS Statement Posted: 07 Apr 2011 06:32 PM PDT Due date for payment of TDS in respect of payments/Credit Related to March 2011 (Including the Expenses/Provisions/ Credits on 31St March) is April 30. So those who have not made TDS payment by 7th April can relax and pay the same by 30th April... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SC notice to Centre in laundering case against Lilawati Hospital Posted: 07 Apr 2011 06:24 PM PDT The Supreme Court today issued notices to the Centre and RBI on a petition seeking probe into the alleged money laundering by the trustees of Mumbai's Lilawati Hospital. A bench comprising Justices B Sudershan Reddy and S S Nijjar also sought... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SEC imposed fine of $17.5 mn on Satyam, PW India Posted: 07 Apr 2011 06:21 PM PDT In a major development in the Satyam fraud case, US regulators on Tuesday fined the software firm and its auditors PriceWaterhouse India up to $17.5 million for the accounts bungling that went undetected for several years. The US Securities Exchange... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Transfers and Postings of Deputy/Assistant Commissioners in Directorate of International Taxation and Transfer Pricing Posted: 07 Apr 2011 06:13 PM PDT ORDER NO. 60 OF 2011 - The following officers in the grade of Deputy/Assistant Commissioner of income Tax arc hereby transferred and posted at the station indicated against each in the Directorate of International Taxation and Transfer Pricing with... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Manner Of Reporting by the Auditors On Prudential Regulatory Treatment Prescribed By RBI In Respect Of Pension And Gratuity Liability Of Public Sector Banks Posted: 07 Apr 2011 05:56 PM PDT The Council of the Institute of Chartered Accountants of India at its 304th meeting held on 23rd March 2011 considered the prudential regulatory treatment prescribed by the Reserve Bank of India vide its above mentioned circular vis a vis the impact... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBDT – Issue of all IT refunds by April 10 2011 and details of Paper Refund Returns entered but not processed Posted: 07 Apr 2011 05:48 PM PDT 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 does not have any visibility of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBDT's commitment to clear all refunds by March 31 2011 has been breached Posted: 07 Apr 2011 05:42 PM PDT It is a matter of great anguish, desperation & dejection that despite repeated requests, reminders & alerts from the CBDT, we have failed in our commitment to issue all pending refunds of A.Y. 10-11 before the close of the year. What is... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| ICWAI – CAS 1-12 applicable for students appearing in June 2011 Examination Posted: 07 Apr 2011 05:39 PM PDT Important Announcement for students- Sub : Cost Accounting Standards- It may be noted that Cost Accounting Standards (CAS ) 1 – 12 will be applicable for the students appearing in June 2011 term of Examination. [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| ICSI- Process to be followed for Campus Placement scheduled to be held on 9th April 2011 at NOIDA Posted: 07 Apr 2011 05:35 PM PDT 1. Members admitted on or after 1st December 2010 are eligible to participate. 2. Résumés of candidates will be collected on the same day i.e. 9th April 2011 . 3. The resumes of all the eligible candidates will be given to the company coming for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Limitation period for filing an arbitration reference – SEBi Circular No. CIR/MRD/DP/4/2011 Dated-April 07, 2011 Posted: 07 Apr 2011 03:59 PM PDT CIR/MRD/DP/4/2011, Dated:April 07, 2011SEBI has earlier issued directions to stock exchanges with regard to the limitation period for filing an arbitration reference. In view of streamlining the provisions in the depositories on the captioned... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Settlement in US- Satyam yet to get RBI nod for fund-transfer Posted: 07 Apr 2011 03:44 PM PDT Mahindra Satyam -- brand identity of Satyam Computer Services Limited -- which recently announced that it had agreed to pay $125 million to settle class action suits in USA, is yet to get Reserve Bank's nod to transfer the funds, a senior company... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Banking licence draft guidelines in next 15-20 days Posted: 07 Apr 2011 03:42 PM PDT The Reserve Bank will bring out a second draft of the proposed guidelines for issuance of new banking licences in the next 15 to 20 days, the Finance Ministry said today. "Second draft guidelines for new bank licences in next 15 to 20 days,"... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| IRDA issues new guidelines on telemarketing Posted: 07 Apr 2011 03:42 PM PDT Tele-callers of insurance products should be trained according to the syllabus prescribed by IRDA and they should inform clients that the call is being recorded and that the client is entitled to a voice copy, according to the new guidelines issued... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| India to wait till Dec to get details from Swiss banks Posted: 07 Apr 2011 03:38 PM PDT India will have to wait till the end of this year to get information about funds stashed in banks in Switzerland where Parliament will take time to ratify the tax treaty signed between the two in August last year. India and Switzerland had signed an... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| IPL to yield Rs 350 crore in taxes to government Posted: 07 Apr 2011 03:36 PM PDT The government hopes to collect Rs 350 crore in taxes from the fourth edition of high voltage Indian Premier League Twenty20 cricket tournament beginning tomorrow. The revenue will accrue to the government as the organisations will be required to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Air India introduces mobile check-in facility in metros Posted: 07 Apr 2011 03:36 PM PDT National carrier Air India has introduced Mobile Check-In facility that will allow travellers to perform basic check-in functions through web-enabled mobile phones. The new facility, which will help in reducing queues at airports, will be available... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SGX to start trading in Nifty options in six months Posted: 07 Apr 2011 03:31 PM PDT After Nifty index futures, the Singapore Exchange will start trading in Nifty options in the next six months which will give investors one more avenue, a senior official said. "We have been doing Nifty futures and the next obvious thing is to give... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| India Committed to early Conclusion of Doha Round – Anand Sharma Posted: 07 Apr 2011 03:31 PM PDT EFTA Negotiations likely to be Concluded by Year End. Bilateral Trade Touches 20 Billion US $ . hri Anand Sharma, Union Minister for Commerce & Industry, in a business meeting with Mr. Johann Schneider-Ammann, Federal Councilor Minister for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Specific schemes required for medium industries – MSME Min Posted: 07 Apr 2011 03:25 PM PDT MSME Minister Virbhadra Singh today said his ministry is in consultation with the Prime Minister office and other departments to make specific schemes for medium enterprises. The Micro, Small and Medium Enterprises (MSME) Minister said enough... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Sports Ministry Constitutes Committee to Examine Comments and Suggestions on Proposed Sports Legislation Posted: 07 Apr 2011 03:25 PM PDT Sports Ministry has constituted a Committee under the chairmanship of Justice Mukul Mudgal, retired Chief Justice of the High Court of Punjab and Haryana, to examine, in details, the comments and suggestions received from various quarters and make... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Losses arising to Foreign Institutional Investors due to cancellation of foreign exchange forward contract are capital in nature Posted: 07 Apr 2011 08:44 AM PDT The Mumbai bench of the Income-tax Appellate Tribunal, ("Tribunal") in a ruling' in the case of Citicorp Banking Corporation, Baharain v. Addl. Director of Income Tax (I.T.)-Range 1-[2011-T11-40-1TAT-MUM-INTL] , held that losses arising on... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Lending of shares cannot be construed as transfer within the definition of "transfer" giving rise to capital gains tax Posted: 07 Apr 2011 08:40 AM PDT Section 2(47) of Income-tax Act ("the Act") defines transfer, which, inter alia includes sale, exchange, relinquishment of the asset or extinguishment of any rights therein. In the case of Phulchand Sons Investments Pvt. Ltd. v. ACIT (ITA... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Filing of an income-tax return mandatory for a foreign company even if the income is not taxable in India under the provisions of a DTAA Posted: 07 Apr 2011 07:55 AM PDT VNU International B. V., AAR No. 871 of 2010, order dated 28 March 2011- Whether capital gains earned by the applicant on transfer of shares of the Indian company would be liable to tax in India as per the provisions of the Income-tax Act, 1961... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Changes in Service Tax and CENVAT Credit related to Point of Taxation Rules, Service Tax Rules 1994 and CENVAT Credit Rules 2004 Posted: 07 Apr 2011 07:52 AM PDT Amendments in Point of Taxation Rules- The Point of Taxation Rules (POTR) which shall come into effect from April 1, 2011 have been amended as under: The point of taxation in terms of Rule 3 of POTR would be the date of invoice or payment,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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