Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Aug 12, 2010 at 9:45 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Interest Rate on EPF and Increase in Pension to Industrial Workers under EPS-1995
• RBI have no info on illegal gold trade, black money
• Income Tax – Reasseement can not be done under section 147 for rectification of mistake U/s. 154 : Mumbai HC
• Unless mala fides are writ large, delay should be condoned. Matters should be disposed of on merits and not technicalities : SC
• Soon Just one Application for Getting Trademark in more then one Countries
• Norms on corporate donations to parties likely in Companies Bill
• RBI Asks Banks to Exercise Due Care and Precaution for Protection of Customers' Lockers
• Excise Collection From All Kind Of Tobacco Increases To Rs. 13853.29 Crore In 2009-10
• Immediate Action for Unauthorized Maintenance of Foreign Bank Account; All Existing DTAA to be Renegotiated
• Several Countries Submit Data to Government about NRIS Black Money Account -Assessments Made Against 18 Cases Involving Total Assessed Income of Rs.43.83 Crore
• Direct Taxes Code (DTC) to Cover SEZs- Profit Linked Incentives to be Replaced by Investment Linked Deductions
• Special Tax Benefits and Facilities in SEZs
• Buyback/Prepayment of Foreign Currency Convertible Bonds (FCCBs)
• Procedure regarding removal of goods to bonded warehouse under Rule 46(13) of SEZ Rules, 2006
• Eleven Aayakar Seva Kendras to be Set-up in 2010-11
• Over 100 diplomats not provided Pan, resulting in non submission of TDS return by MEA
• Sharing of Database for Distribution of Insurance Products
• Levy of Surcharge in Haryana
• RBI Issues Master Circular on Credit Card Operations W.E.F Ist July, 2010

Interest Rate on EPF and Increase in Pension to Industrial Workers under EPS-1995 Posted: 11 Aug 2010 08:47 PM PDT Interest Rate on EPF :- The rate of interest on Employees Provident Fund Accounts for the year 2010-11 is to be based on the income receivable on the corpus during the year and it is likely to be declared by the Central Board of Trustees, Employees'... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

RBI have no info on illegal gold trade, black money Posted: 11 Aug 2010 08:29 PM PDT The Reserve Bank of India does not have any estimate of alleged illegal gold transactions going on in the country, according an RTI reply. The application addressed to the Finance Ministry was transferred to the Bankers' Bank for a reply on the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Income Tax – Reasseement can not be done under section 147 for rectification of mistake U/s. 154 : Mumbai HC Posted: 11 Aug 2010 08:03 PM PDT While Explanation 2 to s. 147 deems income to have escaped assessment if excessive deduction is allowed, the reopening of an assessment u/s 147 has serious ramifications because the AO is empowered to reassess income even in respect of issues not... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Unless mala fides are writ large, delay should be condoned. Matters should be disposed of on merits and not technicalities : SC Posted: 11 Aug 2010 07:42 PM PDT SUPREME COURT OF INDIA (DEEPAK VERMA & K.S. RADHAKRISHNAN, JJ.) IMPROVEMENT TRUST, LUDHIANA (Appellant(s)  VERSUS UJAGAR SINGH & ORS. Respondent(s) Civil Appeal Nos. 2395 of 2008 with Civil Appeal Nos. 2397 of 2008-Decided on 9-06-2010.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Soon Just one Application for Getting Trademark in more then one Countries Posted: 11 Aug 2010 07:28 PM PDT Rajya Sabha on Tuesday passed the Trademarks (amendment) Bill of 2009, which enables a person or an enterprise to seek registration of a trademark in any of the 84 member countries of the Madrid Protocol through a single application. The amendment... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Norms on corporate donations to parties likely in Companies Bill Posted: 11 Aug 2010 07:22 PM PDT Mooting greater transparency regarding donations by corporate houses to political parties, the Corporate Affairs Minister, Mr Salman Khurshid, said on Wednesday that his Ministry has already recommended the inclusion of norms for disclosure of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

RBI Asks Banks to Exercise Due Care and Precaution for Protection of Customers' Lockers Posted: 11 Aug 2010 09:25 AM PDT In terms of Reserve Bank of India (RBI) Master Circular dated July 1, 2010 on Customer Service, banks have been advised that they should exercise due care and necessary precautions for the protection of the lockers provided to the customer. Banks... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Excise Collection From All Kind Of Tobacco Increases To Rs. 13853.29 Crore In 2009-10 Posted: 11 Aug 2010 09:20 AM PDT The amount of excise duty collected from chewing tobacco Including Kara Masala, Kimam etc. during 2008-09 and 2009-10 is Rs. 916.63 crore and Rs. 1062.05 crore respectively. The excise duty collections from other tobacco varieties and products like... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Immediate Action for Unauthorized Maintenance of Foreign Bank Account; All Existing DTAA to be Renegotiated Posted: 11 Aug 2010 09:17 AM PDT Immediate appropriate action is taken by the Directorate of Enforcement under the Foreign Exchange Management Act, 1999, whenever any specific case of unauthorized maintenance of foreign bank account or retention of funds in foreign banks by any... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Several Countries Submit Data to Government about NRIS Black Money Account -Assessments Made Against 18 Cases Involving Total Assessed Income of Rs.43.83 Crore Posted: 11 Aug 2010 09:14 AM PDT Several countries have submitted data to Government of India on Non-Resident Indians (NRIs) black money. The German Tax Authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Direct Taxes Code (DTC) to Cover SEZs- Profit Linked Incentives to be Replaced by Investment Linked Deductions Posted: 11 Aug 2010 09:11 AM PDT The draft Direct Taxes Code (DTC) along with a Discussion Paper was released for public discussion in August 2009. The Discussion Paper mentioned that profit-linked incentives are inherently inefficient. Essentially, a profit-linked incentive is... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Special Tax Benefits and Facilities in SEZs Posted: 11 Aug 2010 09:07 AM PDT Special tax benefits/facilites are offered to Special Economic Zones (SEZs) in the country. They include: I. Duty free import/domestic procurement of goods for development, operation and maintenance of SEZ units. II. 100% Income Tax exemption on... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Buyback/Prepayment of Foreign Currency Convertible Bonds (FCCBs) Posted: 11 Aug 2010 08:53 AM PDT Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the A.P. (DIR Series) Circular No. 44 dated March 29, 2010 in terms of which Indian companies were allowed to buyback their Foreign Currency Convertible Bonds (FCCBs)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Procedure regarding removal of goods to bonded warehouse under Rule 46(13) of SEZ Rules, 2006 Posted: 11 Aug 2010 08:52 AM PDT I am directed to say that representations have been received in the Department seeking clarification on procedure for removal of goods to Bonded Warehouse under Rule 46(13) of SEZ Rules, 2006. The matter has been examined in consultation with... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Eleven Aayakar Seva Kendras to be Set-up in 2010-11 Posted: 11 Aug 2010 08:51 AM PDT No Separate funds are being released for setting-up of Aayakar Seva Kendras as of now. The concerned Chief Commissioners of Income Tax are incurring the expenditure out of the allotted budget grant.this information was given by the Minister of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Over 100 diplomats not provided Pan, resulting in non submission of TDS return by MEA Posted: 11 Aug 2010 08:37 AM PDT The Ministry of External Affairs is in the soup for not filing e-TDS (tax deduction at source) for the past few years, and at fault are over 100 diplomats who have not given their PAN numbers to the ministry. Sources said the Income Tax (I-T)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Sharing of Database for Distribution of Insurance Products Posted: 11 Aug 2010 08:30 AM PDT Insurers are aware that the Authority has issued IRDA (Sharing of Database for Distribution of Insurance Products) Regulations, 2010 under which "every insurer shall forthwith terminate all the referral arrangements entered into prior to the coming... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Levy of Surcharge in Haryana Posted: 11 Aug 2010 06:26 AM PDT Notwithstanding anything contained in this Act, there shall be levied and collected on the taxable turnover of a dealer registered under this Act other than a retailer in lump-sum composition with the department, an additional tax, in the nature of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

RBI Issues Master Circular on Credit Card Operations W.E.F Ist July, 2010 Posted: 10 Aug 2010 08:26 AM PDT In order to ensure that Banks/ Non-Banking Financial Companies (NBFCs) run their credit card operations in a fair and regulated manner, Reserve Bank of India (RBI) had issued Master Circular on Credit Card operations on 1st July, 2010. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

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