Fwd: TaxGuru.in : Legal & Tax Updates

---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Apr 2, 2011 at 9:52 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

---

• Mahindra Satyam to submit Rs 617 cr to Income Tax department
• Bihar finance – CAG finds irregularities for 2009-10
• World Cup final – ICC lifts ban on news channels
• INTERPOL, Lyon issues clarification on a news item of Maldives Newspaper relating to 2011 Cricket World Cup
• Conditions and modalities for registration of contracts of cotton yarn with DGFT
• RBI releases Study on State Finances 2010-11
• SEBI tells listed companies to run updated websites from 1st April 2011
• Promotion, Posting and Transfer of CCIT and DGIT
• CA, CS, ICWA, Legal Professionals exempted from collecting service tax on accrual basis
• Extension of Common Proficiency Course (CPC) Registration date till 5th April, 2011
• ICICI Bank is a foreign Company, investment subject to FDI law – Govt
• Government to appoint officers to deal with indirect tax complaints
• Professional tax to be imposed in Bihar
• Regarding compliance for revision in the Customs part of Arrival Card for Passengers in Form 'D' – Notification issued by Ministry of Home Affairs
• Rescinds Notification No. 33/2006-Customs, dated the 7th April, 2006 vide Notification No. 33/ 2011- Customs,
• Notification No. 25/2011 – Customs (N. T.) amends Notification No. 36/2001-Cus (N. T.), dated, the 3rd August 2001
• Cenvat Credit (Third Amendment) Rules, 2011 – Amendment in rules 4, 6 and 9 -Notification NO. 13/2011 – CENTRAL EXCISE (N.T.)
• Service Tax – Clarifications on amendments in Point of Taxation Rules, 2011
• Coins of 25 Paise and below – Withdrawal from Circulation- RBI Circular No. UBD.CO.BPD(PCB) Cir.No.42 /09.73.000/2010-11
• FEMA – Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation
• Income-tax – Taking opinion of technical experts and bringing on record technical evidence in cases involving complex issues of technical nature and substantial revenue – Directions of the Hon'ble Supreme Court
• Income-tax – Section 144C of the Income-tax Act, 1961 – Reference to Dispute Resolution Panel (DRP) – Constitution of DRP at Ahmedabad & Kolkata – Modification of Order No. 1/FT&TR/2011, dated 12-1-2011
• Amendment in Rules and Form No. 13 related to Certificate for deduction at lower rates or no deduction of tax from income other than dividends
• Postings and transfers of officers in the grade of Commissioners/Directors of Income Tax
• 5 crore special coins to mark 150 years of taxation
• India relaxes joint venture norms to draw foreign funds
• Blackmoney – Finmin plans study on modus operandi of stashing
• SBI extends teaser home loans scheme
• Vodafone buys Essar's stake for $5 bn; may exceed FDI limit
• Rabobank receives banking license in India
• SC notice to Satyam fraud accused on CBI plea
• RBI misses deadline to issue banking licence guideline
• Service tax on forex transactions cannot exceed Rs 5,000 – Govt
• Hasan Ali approaches SC, fails to get relief
• Citibank fraud- Investors lost Rs 250 Crore
• Indian businessman imprisoned for fraud in US
• India's Foreign Trade- February, 2011

Mahindra Satyam to submit Rs 617 cr to Income Tax department Posted: 01 Apr 2011 07:12 PM PDT Mahindra Satyam today said it will submit to tax authorities about Rs 617 crore demanded by I-T Department under the foreign tax credit liability. "The company shall submit a banker's cheque for Rs 350 crore and an unconditional bank guarantee for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bihar finance – CAG finds irregularities for 2009-10 Posted: 01 Apr 2011 07:10 PM PDT Non-submission of detailed contingency (DC) bills worth Rs 11,854 crore, defalcation and loss to the tune of Rs 407.97 crore up to March 2010 are among the highlights of the CAG report on Bihar finances for 2009-10. Talking to reporters, Principal... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

World Cup final – ICC lifts ban on news channels Posted: 01 Apr 2011 07:07 PM PDT The International Cricket Council (ICC) tonight lifted the ban on news television channels covering the world cup finals following intervention by Information & Broadcasting Ministry, but will seek legal action against them for alleged... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

INTERPOL, Lyon issues clarification on a news item of Maldives Newspaper relating to 2011 Cricket World Cup Posted: 01 Apr 2011 06:57 PM PDT The Interpol's General Secretariat Headquarters based at Lyon (France) has issued a clarification on an article "Interpol on the hunt for two Maldivians involved in planning Cricket World Cup Attack" published in the newspaper "Haveeru" on 26th... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Conditions and modalities for registration of contracts of cotton yarn with DGFT Posted: 01 Apr 2011 06:50 PM PDT Policy Circular No. 27 (RE-2010)/2009-14 - All applications for grant of registration certificate shall be submitted to the concerned RAs alongwith the following documents: (i) Copy of Export Contract alongwith, (a) A copy of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI releases Study on State Finances 2010-11 Posted: 01 Apr 2011 06:39 PM PDT The Reserve Bank of India (RBI) today released "State Finances: A Study of Budgets of 2010-11", a publication that provides data, analysis and assessment of finances of State governments. The State governments presented their budgets for 2010-11... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI tells listed companies to run updated websites from 1st April 2011 Posted: 01 Apr 2011 06:24 PM PDT Having a website with up-to-date information at any given point of time will become mandatory for all the listed companies with effect from tomorrow -- a move aimed at providing investors with easy access to information. A notification by market... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Promotion, Posting and Transfer of CCIT and DGIT Posted: 01 Apr 2011 05:43 PM PDT Vide Order No. 54 of 2001 dated 31.3.2011, the CBDT has announced the promotion of Commissioners & Directors of Income-tax as Chief Commissioners and the posting & transfer of the Chief Commissioners & Director Generals of Income-tax.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA, CS, ICWA, Legal Professionals exempted from collecting service tax on accrual basis Posted: 01 Apr 2011 05:17 PM PDT Ministry of Finance has today issued the above Notification amending Point of taxation Rules, 2011. Rules 7 has been substituted by a new Rule whereby, point of taxation in respect specified service providers which includes Chartered Accountants... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Extension of Common Proficiency Course (CPC) Registration date till 5th April, 2011 Posted: 01 Apr 2011 05:10 PM PDT In view of the Bank Holiday on 1st April, 2011, last date for registration to Common Proficiency Course (CPC) is extended upto 5th April, 2011 for being eligible to appear in the Common Proficiency Test (CPT) to be held in June, 2011. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICICI Bank is a foreign Company, investment subject to FDI law – Govt Posted: 01 Apr 2011 09:39 AM PDT "ICICI is an Indian bank, but it is over 50 per cent (equity) foreign owned, it is owned by foreigners in that sense...for downstream investment it is a foreign company...," Department of Industrial Policy and Promotion (DIPP) Secretary R P Singh... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government to appoint officers to deal with indirect tax complaints Posted: 01 Apr 2011 09:37 AM PDT The government will set up seven Indirect Tax Ombudsmen for quick redressal of grievances relating to customs, excise and service taxes. These adjudicating offices will be set up in Delhi, Mumbai, Kolkata, Chennai, Bangalore, Ahmedabad and Lucknow.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Professional tax to be imposed in Bihar Posted: 01 Apr 2011 09:35 AM PDT Bihar government has decided to impose professional tax on central and state governments officers and employees, Railways, boards and corporation on the pattern of Maharashtra, West Bengal and other states, official sources said today. The state... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding compliance for revision in the Customs part of Arrival Card for Passengers in Form 'D' – Notification issued by Ministry of Home Affairs Posted: 01 Apr 2011 09:03 AM PDT Circular No.16/2011-Customs - The issues of increasing imports of satellite phones in passenger baggages without obtaining authorization and import of foreign exchange in excess of amount of US $10,000/- or equivalent without declaration to Customs... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rescinds Notification No. 33/2006-Customs, dated the 7th April, 2006 vide Notification No. 33/ 2011- Customs, Posted: 01 Apr 2011 08:53 AM PDT Notification No. 33/ 2011- Customs- Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 33/2006-Customs, dated the 7th April, 2006, published in the Gazette of India,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Notification No. 25/2011 – Customs (N. T.) amends Notification No. 36/2001-Cus (N. T.), dated, the 3rd August 2001 Posted: 01 Apr 2011 08:48 AM PDT Notification No. 25/2011 - Customs (N. T.), New Delhi, 31st March, 2011. S. O… (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cenvat Credit (Third Amendment) Rules, 2011 – Amendment in rules 4, 6 and 9 -Notification NO. 13/2011 – CENTRAL EXCISE (N.T.) Posted: 01 Apr 2011 08:38 AM PDT NOTIFICATION NO. 13/2011 - CENTRAL EXCISE (N.T.)- The CENVAT credit in respect of input service shall be allowed, on or after the day on which the invoice, bill or, as the case may be, challan referred to in rule 9 is received: Provided that in case... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax – Clarifications on amendments in Point of Taxation Rules, 2011 Posted: 01 Apr 2011 08:33 AM PDT As you are aware, the Point of Taxation Rules (PTR) were formulated vide Notification No.18/2011-ST dated 01.03.2011. Based on the feedback, certain amendments are being carried out in these rules vide Notification No. 25/2011-ST dated 31.03.2011. ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Coins of 25 Paise and below – Withdrawal from Circulation- RBI Circular No. UBD.CO.BPD(PCB) Cir.No.42 /09.73.000/2010-11 Posted: 01 Apr 2011 08:27 AM PDT UBD.CO.BPD(PCB) Cir.No.42 /09.73.000/2010-11- In partial modification of the above circular, we advise that the coins of 25 Paise and below will be exchanged at the branches of the specified banks as also the offices of the Reserve Bank of India... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FEMA – Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation Posted: 01 Apr 2011 07:46 AM PDT FEMA : Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation. A.P. (DIR SERIES) CIRCULAR NO. 47, DATED 31-3-2011. Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income-tax – Taking opinion of technical experts and bringing on record technical evidence in cases involving complex issues of technical nature and substantial revenue – Directions of the Hon'ble Supreme Court Posted: 01 Apr 2011 07:43 AM PDT INSTRUCTION No. 5/2011 [F.No. 225/61/2011-IT(A-II)], dated 30-3-2011- The Hon'ble Supreme Court has made the following observations in an order dated 12-8-2010 in the case of CIT, Delhi v. Bharti Cellular Ltd. [2010] 193 Taxman 97 (SC): "We are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income-tax – Section 144C of the Income-tax Act, 1961 – Reference to Dispute Resolution Panel (DRP) – Constitution of DRP at Ahmedabad & Kolkata – Modification of Order No. 1/FT&TR/2011, dated 12-1-2011 Posted: 01 Apr 2011 07:41 AM PDT ORDER NO. 3/FT&TR/2011 [F. NO. 500/15/2011-FTD-I], DATED 31-3-2011. In partial modification of Order No. 1/FT&TR/2011, dated 12th January, 2011 and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment in Rules and Form No. 13 related to Certificate for deduction at lower rates or no deduction of tax from income other than dividends Posted: 01 Apr 2011 07:15 AM PDT Notification No. 16/2011, Dated: March 29, 2011- "Certificate for deduction at lower rates or no deduction of tax from income other than dividends. 28AA. (1) Where the Assessing Officer, on an application made by a person under sub-rule (1) of rule... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Postings and transfers of officers in the grade of Commissioners/Directors of Income Tax Posted: 01 Apr 2011 06:15 AM PDT ORDER NO. 58 OF 2011- The following postings and transfers of officers in the grade of Commissioners/Directors of Income Tax are hereby ordered with immediate effect and until further orders:-' [[ This is a content summary only. Visit www.taxguru.in for full article ]]

5 crore special coins to mark 150 years of taxation Posted: 01 Apr 2011 05:12 AM PDT Five crore commemorative coins of Rs 5 denomination, unveiled recently to celebrate 150 years of taxation, will be minted for public distribution soon. The coins, released by Finance Minister Pranab Mukherjee on February 26, will be put in public... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India relaxes joint venture norms to draw foreign funds Posted: 01 Apr 2011 04:27 AM PDT India Thursday announced an updated foreign direct investment (FDI) policy that simplifies joint venture norms and opens up new areas for overseas funds. The updated policy allows overseas firms in existing joint ventures to operate separately in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Blackmoney – Finmin plans study on modus operandi of stashing Posted: 01 Apr 2011 04:25 AM PDT The Finance Ministry will conduct a study on the "modus operandi of concealment" of blackmoney in the country by major business and public sectors and other channels. The study report will be based on the investigation and intelligence reports of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SBI extends teaser home loans scheme Posted: 01 Apr 2011 04:20 AM PDT State Bank of India (SBI) on Thursday extended its controversial special interest rate home loan product (teaser loans) till further notice. The product, which has faced flak from the sector regulator Reserve Bank, will continue to be sold till... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Vodafone buys Essar's stake for $5 bn; may exceed FDI limit Posted: 01 Apr 2011 04:17 AM PDT UK-based Vodafone on Thursday acquired 33 per cent stake of its Indian partner Essar in the joint venture Vodafone Essar for USD 5 billion and may go for a new ally or opt for public offering to remain FDI compliant. "Currently we (Vodafone) are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rabobank receives banking license in India Posted: 01 Apr 2011 04:12 AM PDT The Netherlands-based Rabobank on Friday said it has received approval from the Reserve Bank of India (RBI) to establish banking presence in the country through a maiden branch in Mumbai. Rabobank is present in India through a wholly owned... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC notice to Satyam fraud accused on CBI plea Posted: 01 Apr 2011 03:50 AM PDT The Supreme Court today issued notices to Subramani Gopalakrishnan, partner of the global auditing firm PriceWaterhouse (PW) and V S Prabhakar Gupta, internal audit head of scam-hit IT firm Satyam Computers, over a plea by CBI seeking cancellation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI misses deadline to issue banking licence guideline Posted: 01 Apr 2011 03:45 AM PDT The Reserve Bank has missed the deadline to issue the much-awaited guidelines for giving new banking licences. "I am sure we are not issuing it (licence) today," RBI Deputy Governor K C Chakrabarty told PTI. In the Budget 2011-12, Finance Minister... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on forex transactions cannot exceed Rs 5,000 – Govt Posted: 01 Apr 2011 03:30 AM PDT The government has capped service tax on foreign exchange transactions at Rs 5,000, which is seen as a bid to pacify market players, who feared a significant drop in the country's forex volumes due to high levies on such transactions. As per a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Hasan Ali approaches SC, fails to get relief Posted: 01 Apr 2011 03:10 AM PDT Pune-based stud-farm owner Hasan Ali Khan, accused of money-laundering and stashing away huge amounts in foreign banks, on Thursday approached the Supreme Court challenging a lower court's order allowing the ED to interrogate him in its office while... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Citibank fraud- Investors lost Rs 250 Crore Posted: 01 Apr 2011 02:40 AM PDT Investors had lost around Rs 250 crore after their money was invested by Citibank fraudster Shivraj Puri in Nifty options, said a police chargesheet filed in the Rs 400 crore scam. As per the chargesheet filed in the Civil Senior Division Court here... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Indian businessman imprisoned for fraud in US Posted: 31 Mar 2011 09:48 PM PDT An Indian businessman has been sentenced to prison in California on charges he fraudulently tried to get H-1B work visas for workers from India to fill non-existent jobs in the US. Srinivasa Chennupati has been sentenced to six months in prison and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India's Foreign Trade- February, 2011 Posted: 31 Mar 2011 09:42 PM PDT EXPORTS (including re-exports) : Exports during February, 2011 were valued at US $ 23597 million (Rs. 107215 crore) which was 49.7 per cent higher in Dollar terms (46.9 per cent higher in Rupee terms) than the level of US $ 15758 million (Rs. 73002... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

You are subscribed to email updates from LEGAL & FINANCIAL UPDATES FROM TAX GURU To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/