Clarifications on prosecution provisions under Service tax laws

Clarifications on prosecution provisions under Service tax laws Posted: 17 May 2011 08:03 PM PDT Prosecution provisions (for specified offences) were a part of Chapter V of Finance Act, 1994 (the Act) introduced in 1994. However, with expansion of Service tax laws in 1998, these provisions were deleted. Budget 2011 (with effect from 8 April... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Issuance of TDS Certificates in Form No. 16A downloaded from TIN Website and option to authenticate the same by way of digital signature – Circular under section 119 of the Income-tax Act 1961 Posted: 17 May 2011 08:00 PM PDT CBDT CIRCULAR NO-03/2011, Dated: May 13, 2011 Section 203 of the Income-tax Act 1961 ("the Act") read with the Rule 31 of the Income-tax Rules 1962 ("the IT Rules") provides for furnishing of certificate of tax deduction at source (TDS) by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Foreign companies to pay tax on revenue earned under seismic data acquisition and processing contracts – AAR Posted: 17 May 2011 08:00 PM PDT Foreign firms operating in the country will have to pay tax at the existing rate of 4.223 per cent on revenue earned under seismic data acquisition and processing contracts, says a tribunal.  In a ruling, the Authority of Advanced Rulings (AAR)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Summary of the latest regulations governing combinations under the Competition Act, 2002 notified on 11 May 2011 Posted: 17 May 2011 07:55 PM PDT The much debated Regulations governing combinations have been finally notified by the Government on 11 May 2011.  These Regulations shall come into force on 1st day of June, 2011. This article summarizes key provisions of the Competition Commission... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Powers of Excise and Taxation Inspectors enhanced till 31st December 2011 to make it almost at par with ETOs in Punjab Posted: 17 May 2011 07:37 PM PDT The powers of Excise and Taxation inspectors in Punjab have been enhanced till 31st December 2011. The Excise and Taxation Inspectors have been appointed as designated officers u/s 11,13,14,26,27,28,29,30,31,32, 36, 38, 39, 40,41,45, 46,47, 48, 49,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Municipal Corporation has no power to Regulate/control over the construction of Telecom Towers within their area – Delhi HC Posted: 17 May 2011 07:22 PM PDT Cellular Operators Association of India & Ors. Versus Municipal Corporation of Delhi.(Delhi High Court) - The challenge by the petitioners is primarily to the fee prescribed for grant of permission. However, certain other terms and conditions... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBDT targets tax collection of Rs 5,30,000 for the year 2011-12 Posted: 17 May 2011 09:39 AM PDT Enthused by a good tax collection in 2010-11 fiscal, India's Central Board of Direct Taxes has fixed its collection target for 2011-12 at Rs.530,000 crore, its chairman said Tuesday. In 2010-11, we have achieved the budget target of Rs.446,000... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBI arrests eight dummy candidates for appearing in All India Pre-Medical Test- 2011 Posted: 17 May 2011 09:30 AM PDT The Central Bureau of Investigation has registered a case against some of the medical courses aspiring candidates for securing admission in Medical Colleges in India through All India Pre-Medical Test-2011 with the help of dummy candidates. [[ This is a content summary only. Visit www.taxguru.in for full article ]] Trai may get more teeth; likely to be on par with Sebi Posted: 17 May 2011 07:32 AM PDT Telecom regulator Trai may soon get powers to summon persons and penalise operators for violating licence conditions, if the amended Act, which has proposed to give more teeth to the regulator, comes into effect. The Telecom Ministry is looking to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Migrants and minorities still vulnerable to discrimination at work – UN report Posted: 17 May 2011 07:03 AM PDT Migrant workers and minorities are among groups that continue to face discrimination in the labour market as a result of the global economic crisis, despite positive advances in anti-discrimination laws, the United Nations International Labour... [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI hints at more steps as April inflation still too high Posted: 17 May 2011 06:17 AM PDT Reserve Bank Governor Duvvuri Subbarao today said April inflation at 8.66% was too high and stressed upon the central bank's resolve to batten it down to a comfortable level, indicating that he will continue with the hawkish monetary stance.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Speak Asia clarifies over wrongly claiming clients Posted: 17 May 2011 06:15 AM PDT Survey group Speak Asia Online (SAOL) today said it has worked for companies such as Bata, Nestle,Airtel, ICICI and ING Vysya but has not provided commissioned services to them amidst media reports that the company had falsely claimed them as their... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Police-IMF head picked out of lineup in sex case Posted: 16 May 2011 10:23 PM PDT Dominique Strauss-Kahn's reputation with women earned him the nickname "the great seducer," and not even an affair with a subordinate could knock the International Monetary Fund leader off a political path pointed in the direction of the French... [[ This is a content summary only. Visit www.taxguru.in for full article ]] DGFT Circular on Minimum Export Price of Bangalore Rose Onions and Krishnapuram Onions Posted: 16 May 2011 09:45 PM PDT The phrase Minimum Export Price(MEP) of US$ 600 per Metric Ton F.O.B. or as notified by DGFT from time-to-time as appearing in para 2(b) of Notification No 36(RE – 2010)/2009-2014 dated 23.03.2011 for the item described at Serial Number 44.02 is... [[ This is a content summary only. Visit www.taxguru.in for full article ]] IMF not to pay bill for Kahn's infamous hotel stay Posted: 16 May 2011 09:40 PM PDT International Monetary Fund pays for all business-related hotel bills of its chief, but incumbent Dominique Strauss Kahn's stay in a luxury suite of Sofitel here does not qualify for any such reimbursement. It was during his stay at this Sofitel... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Discontinuation of DEPB scheme will affect exports growth Posted: 16 May 2011 09:30 PM PDT Discontinuation of the tax rebate scheme DEPB from June will make exports uncompetitive, thus affecting its growth momentum, industry body CII has said.Exporters get refund of duties on import content of their export products under which they have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]