Posted: 18 May 2011 07:16 PM PDT The Central Board of Direct Taxes (CBDT) has issued Circular No.3/2011 dated 13 May 2011 dealing with the TDS certificate to be issued in Form 16A for taxes deducted at source from FY 2010-11 as per the provisions of the Income-tax Act, 1961 (the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Clarification on Service Tax Refund to SEZ – Circular No. 142/11/2011-ST Posted: 18 May 2011 06:51 PM PDT Circular No.142/11/2011 - ST , Dated - 18th May 2011 In the notification, there is no difference in treatment of service tax paid under section 66 and section 66A of Finance Act, 1994. Where refund arises, Table – A, in Form A-2 can be used for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Additions on the basis of Cash Credits under Section 68 of the Income Tax Act 1961 Posted: 18 May 2011 06:22 PM PDT According to section 68 of Income Tax Act 1961, where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source of the same or the explanation offered... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Taxability of Legal Services Posted: 18 May 2011 06:13 PM PDT Finance Act, 2010 has expanded the scope of service tax of legal consultancy services w.e.f. 1st May, 2011 . It may be noted that representational services provided to individuals will continue to be exempt form levy of service tax. Also services... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Certification of e-Forms under the Companies Act, 1956 by practicing professionals – Corrigendum to Circular No. 14/2011 dated 08th April, 2011 Posted: 18 May 2011 05:51 PM PDT The undersigned is to draw the attention on the Circular No. 14/2011 dated 08.04.2011 of this Ministry on the subject cited above. The following errata has been noticed which is rectified as under:- In the said circular in line 4 (Four) of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Enhancement of Rates of Provisioning for Non-Performing Assets (NPA) and Restructured Advances Posted: 18 May 2011 05:40 PM PDT Advances classified as sub-standard will attract a provision of 15 per cent as against the existing 10 per cent. The "unsecured exposures" classified as sub-standard assets will attract an additional provision of 10 per cent, i.e., a total of 25 per... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Clarification on Loan to Public Limited Companies Under Section 295 of the Companies Act Posted: 18 May 2011 05:40 PM PDT The Ministry of Corporate Affairs has issued clarification on loan to Public Limited Companies under Section 295 of the Companies Act. A circular issued by the Ministry in this regard says that it has come to the notice of the Ministry that some... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| DGFT – Addition of Municipal Corporation of Delhi (MCD) as preshipment inspection agency for export of meat Posted: 18 May 2011 05:37 PM PDT Notification No 48 (RE – 2010)/2009-2014 Municipal Corporation of Delhi(MCD) is being added to the list of agencies/ Directorates, who have been notified to carry out Pre-shipment inspection of Meat ( of buffalo, goat or sheep) for export. [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| DGFT – Amendment in the Notification No.50/2009-14 dated 6.7.2010. Export of Guar Gum Posted: 18 May 2011 05:35 PM PDT Notification No 47 (RE – 2010)/2009-2014 - Earlier, consignments of Guar gum when exported to EU were allowed presence of upto 0.01 mg/Kg. of Penta Chlorophenol (PCP). Now, export of Guar gum to EU would be allowed only if it does not contain... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| DGFT – Amendment in Procedure of Tariff Rate Quota Scheme Posted: 18 May 2011 05:30 PM PDT PUBLIC NOTICE NO. 47(RE-2010)/2009-2014 Under TRQ Scheme, the import of Maize (Corn) ITC HS Code 100590 is allowed Duty Free, as has already been notified by Customs Notification No. 9/2007 dated 25.1.2007. With effect from the date of this Public... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Clarification on Guidelines on Outsourcing of Activities by Insurance Companies Posted: 18 May 2011 05:09 PM PDT Reference is invited to point no. 5.1 of Guidelines on Outsourcing of Activities by Insurance Companies (Circular No: IRDA/Life/CIR/GLD/013/02/2011 dated 01st February, 2011) wherein it is prescribed that entities engaged for the activities referred... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| HC refuses to decide limit for wedding expenses Posted: 18 May 2011 04:57 PM PDT The Delhi High Court today dismissed a petition seeking its intervention in deciding the maximum limit for expenses in marriage functions. "I am of the considered opinion that this court cannot venture into the issue and hence the petition stands... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Adjustment of differential pricing amount at the time of application for allotment of specified securities Posted: 18 May 2011 04:19 PM PDT CIR/CFD/DIL/2/2011, Dated - May 16, 2011 it has been decided to allow investors eligible for differential pricing in public issues to make payment at a price net of discount, if any, at the time of bidding itself, and in this context, it is... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBDT recovers Rs 30,000 crore black money in last 2 years Posted: 18 May 2011 03:59 PM PDT Taxmen have seized black money to the tune of a whopping Rs 30,000 crore in the country in the past two years, said the Central Board of Direct Taxes (CBDT) which is set to get investigative powers to boost its drive against wrong-doers. The CBDT is... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Unmarried Hindu woman has equal property rights Posted: 18 May 2011 03:41 PM PDT An unmarried Hindu woman is entitled to equal share in ancestral or coparcenery property along with other male members under the amended Hindu Succession Act, the Supreme Court has held. Coparcenary refers to equal inheritance which was restricted... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Anand Sharma to Lead Indian Side for India-Africa Trade Ministers' Meet Posted: 18 May 2011 03:29 PM PDT Shri Anand Sharma, Union Minister for Commerce & Industry will lead Indian side in a special Meeting of India-Africa Trade Ministers to be held on May 21, 2011 in Addis Ababa. The meeting precedes 2nd Africa- India Forum Summit and will be... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Mitra resigns as Ficci Secretary General Posted: 18 May 2011 03:03 PM PDT Amit Mitra, who is tipped to become the next Finance Minister of West Bengal in the Trinamool Congress-led government, has resigned as Ficci Secretary General. Mitra, 63, emerged as a 'giant killer' by defeating CPI(M) veteran and state Finance... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SEZ Exports in 2010-11 Registers Growth of 43 per Cent Posted: 18 May 2011 01:30 PM PDT The Minister of State for Commerce Shri Jyotiraditya M. Scindia presented the EPCES Export Awards to EOUs and SEZ Units for Outstanding Export Performance for 2008-09, here today. Speaking on the occasion Shri Scindia said, "The exports from SEZs... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| UN report projects continued high growth rates for African economies Posted: 18 May 2011 12:41 PM PDT African economies will continue to enjoy high rates of growth this year, but that growth will only translate into job creation and poverty reduction if the State takes a larger role, according to a report released today by the United Nations. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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