Service Tax – Short Term Accommodation Service and Restaurant Service – Clarification

RBI liberalises pledge of shares of Indian Company by Non-Resident Investors for business purposes Posted: 10 May 2011 08:12 PM PDT Hitherto, Authorised Dealers Category – I Banks (AD) were allowed to permit pledge of shares held by the Promoters as security for External Commercial Borrowings (ECB) availed by the Borrowing Resident Investee Company subject to prescribed... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Employee Provident Fund (EPF) – Special Provisions for International Workers (FAQs) Posted: 10 May 2011 08:08 PM PDT 1) Who is an International Worker? An International worker may be an Indian worker or a foreign national. - Any Indian employee working or having worked abroad in a country with which India has entered into a Social Security... [[ This is a content summary only. Visit www.taxguru.in for full article ]] No service tax on hotel food sent up to rooms Posted: 10 May 2011 08:04 PM PDT Food served in hotel rooms from their air conditioned restaurants with liquor licences will not attract service tax, the revenue department today said. When the food is served in the room, service tax cannot be charged under the restaurant service... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Service Tax – Short Term Accommodation Service and Restaurant Service – Clarification Posted: 10 May 2011 08:04 PM PDT Circular No. 139/8/2011-TRU, New Delhi, the 10th May 2011 Since the levy of service tax on the two new services relating to services provided by specified restaurants and by way of short-term hotel accommodation came into force with effect from... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Access to Sensitive Personal Information under New IT Rules Only with Checks and Balances: Clarifies DIT Posted: 10 May 2011 08:00 PM PDT The Department of Information Technology, Ministry of Communications & IT has clarified the position in this regard that these Rules do not provide free access to sensitive personal information. The nature and applicability of these Rules have... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Frequently Asked Questions on Appointment of Cost Auditor by Companies Posted: 10 May 2011 07:52 PM PDT FAQ's on Appointment of Cost Auditor and Draft of letters as required to be submitted by Cost Auditor in terms of MCA Circular. Q.1 Has the Government prescribed a new procedure for appointment of cost auditor by the companies? Ans. Yes. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]] e-TDS/TCS RPU (version 2.4) for statements from FY 2005-06 onwards Posted: 10 May 2011 07:47 PM PDT e-TDS/TCS RPU (version 2.4) for statements from FY 2005-06 onwards- A. Procedure for preparation of return , Deductors' Manual for quarterly returns, Dos and Don'ts for Deductors/Collectors, B. Forms, Form 24Q, Form 26Q, Form 27Q, ... [[ This is a content summary only. Visit www.taxguru.in for full article ]] MCA – Option of XBRL reporting by 15th of July Posted: 10 May 2011 07:21 PM PDT XBRL reporting by 15th of July - MCA website is likely to have options for XBRL reporting by 15th of July. Specific notification will be made to enable stakeholders for early filing. [[ This is a content summary only. Visit www.taxguru.in for full article ]] ICSI – Draft National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business and Global Reporting Initiative Posted: 10 May 2011 07:17 PM PDT A Half-Day multi Stakeholder consultation is being organized by the Indian Institute of Corporate Affairs (IICA) and Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ)under a bilateral cooperation, the IICA-GIZ CSR... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 27th Annual Conference of Chief Commissioners and Directors General of Income Tax, 2011 Posted: 10 May 2011 04:23 PM PDT The 27t" Annual Conference of Chief Commissioners and Directors General of Income Tax is scheduled for 241h & 25th May, 2011 at New Delhi. It gives me great pleasure to extend a cordial Invitation to attend the Conference. You will be received... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Now websites can track your IP address and location within a radius of about 690 meters Posted: 10 May 2011 11:01 AM PDT A new online tracking system will allow websites to pinpoint your location to within a few hundred metres, without your permission. Internet sites will be able to work out where users are within an average of 690 metres, using information about... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt may approve FDI in LLP tomorrow Posted: 10 May 2011 10:51 AM PDT The Cabinet is likely to approve a proposal to allow foreign direct investment (FDI) in Limited Liability Partnership firms tomorrow. The proposal to allow FDI in LLPs in on the agenda of the Cabinet. It is likely to be approved," a source said.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Praful Asks Finance Ministry to give time to auto companies on new CKD duty Posted: 10 May 2011 10:37 AM PDT Heavy Industries and Public Enterprises Minister Praful Patel today said his ministry has asked the Finance Ministry to give two years' time to the auto industry to comply with the new import duty norms for completely knocked down units . We have... [[ This is a content summary only. Visit www.taxguru.in for full article ]] BSE seeks to revive wholesale debt trading platform Posted: 10 May 2011 10:33 AM PDT The country's oldest stock exchange, the BSE, is looking to revive its wholesale debt trading platform with the waiver of annual charges and lower net worth requirements for those willing to trade on the bourse. The exchange has decided to waive... [[ This is a content summary only. Visit www.taxguru.in for full article ]] LIC issuing receipts without affixing revenue stamps Posted: 10 May 2011 10:30 AM PDT Several branches of the country's largest insurance company Life Insurance Corporation of India are allegedly causing huge loss to exchequer by issuing receipts without affixing revenue stamps. The matter came to light during a hearing before the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Regarding continuation of anti dumping duty, up to and inclusive of the 24th February, 2012, on viscose filament yarn imported from China PR and Ukraine imposed vide notification 45/2006-customs dated 24th may 2006 Posted: 10 May 2011 10:11 AM PDT Notification No.38 / 2011 - Customs - In the matter of continuation of anti-dumping duty on imports of Viscose Filament Yarn, falling under tariff item 5403 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Contempt plea in SC against makers of Rajnigandha, Tulsi Posted: 10 May 2011 09:56 AM PDT An NGO today approached the Supreme Court seeking contempt proceeding against the makers of pan masala Rajnigandha and Tulsi for marketing their popular brands of tobacco products in plastic sachets despite a ban on its use. The petition filed by... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Disobedience to Order of Arbitrator is an Offence Posted: 10 May 2011 09:27 AM PDT It is a prevalent belief that section 17 of the Arbitration and Conciliation Act, 1996 ('the Act') does not confer any power on the Arbitral tribunal to enforce its order for interim measure of protection, nor does it provide for judicial... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBDT – Transfers / Postings of Additional/ Joint CITs in International Taxation and Transfer Pricing Posted: 10 May 2011 04:24 AM PDT CBDT Vide Order No. 81 of 2011 dated 9.5.2011, the CBDT has transferred & posted Additional/ Joint CITs in the Directorate of International Taxation & Transfer Pricing. Vide Order No. 82 of 2011 dated 9.5.2011, the CBDT has transferred... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Business rules and taxonomy for XBRL reporting Posted: 10 May 2011 01:17 AM PDT Ministry of Corporate Affairs is in process of finalizing business rules and taxonomy for XBRL reporting. Final taxonomy and business rules will be circulated by 20th May, 2011. Stakeholders and companies are requested not to buy accounting software... [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI penalises two cooperative banks of Gujrat for violation of KYC and Anti-Money Laundering (AML) guidelines Posted: 09 May 2011 11:52 PM PDT The Reserve Bank has imposed a monetary penalty of Rs 1 lakh each on two cooperative lenders -- Randheja Commercial Cooperative Bank and Gandevi People''s Cooperative Bank -- for violation of banking norms. [[ This is a content summary only. Visit www.taxguru.in for full article ]] Sebi warns Indian Companies over 'fixing' markets Posted: 09 May 2011 10:18 PM PDT In the wake of a spurt in allegations of fraudulent behaviour by India Inc, capital market regulator Sebi, gave a stern warning to corporates to be on the right side and not indulge in market manipulation and insider trading. "Some corporates, who... [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI Governor backs 'formal' autonomy for RBI Posted: 09 May 2011 10:04 PM PDT Two and a half years after taking over as RBI governor ,D Subbaraoon Monday sought "legally-back formal autonomy"for the central bank besides suggesting a gradual shift to a committee-driven approach to setting of interest rates. But, when it came... [[ This is a content summary only. Visit www.taxguru.in for full article ]] SEBI Fears black money flow and terror financing risks from Iran and North Korea Posted: 09 May 2011 09:38 PM PDT Fearing possible black money flow and terror financing risks from Iran and North Korea into the Indian stock market, Sebi has asked bourses to be cautious in dealings with funds and entities from those countries. The country's top bourse NSE's... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Revision of tendering schedule for Development and Implementation Intergrated Surveyor Licensing Management System Posted: 09 May 2011 09:31 PM PDT This has reference to our tender advertisement No.: IRDA/IT/NTC/TNDR/085/05/2011 dated 2nd May, 2011. The dates for submissions of Technical / Commercial bids and for further tendering activities have been re-scheduled as detailed below: [[ This is a content summary only. Visit www.taxguru.in for full article ]] 2G Scam – High Court reserves verdict on bail pleas of five corporate Honchos Posted: 09 May 2011 09:30 PM PDT The Delhi High Court today reserved its verdict on the bail pleas of five corporate executives, including three top Reliance ADAG honchos, arrested for their alleged roles in the 2G spectrum allocation scam involving former Telecom Minister A Raja.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]