Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sun, Aug 15, 2010 at 10:00 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Refund of 4% CVD (SAD) in terms of Notification No.102/2007-Customs dated 14.9.2007 by re-crediting the DEPB scrip / reward scheme scrips
• Customs Notification No 76/2010 (NT) Amends Notification No. 36/2001-Cus (N. T.), dated, the 3rd August 2001
• CUSTOMS Notification No 75/2010 (NT) -Making the following regulation to amend the Courier Imports and Exports (Clearance) Regulations, 1998
• CUSTOMS Notification No 70-74/2010 (NT) appointing Common/Special Adjudicators
• Pay fine for Violation of FEMA rules or face Penal action
• CAG criticised tax departments weakness for filing Appeals and asks to To Set up dispute resolution mechanism for small taxpayers
• Rs. 12,000 crore tax demands locked on account of disputes pending at various courts
• RBI Notification on Regulatory Framework for Core Investment Companies (CICs)
• ULIP to offer Minimum Return to Policyholders from 6th Year Onward and locking period increases to Five Years
• Allocation of limits to FIIs/sub-accounts for investment in Government debt & corporate debt through bidding process
• IRDA circular on Transition from referral arrangement to Corporate Agency
• Instruction No. 64 regarding Role of Zonal DC in SEZ

Refund of 4% CVD (SAD) in terms of Notification No.102/2007-Customs dated 14.9.2007 by re-crediting the DEPB scrip / reward scheme scrips Posted: 14 Aug 2010 03:52 AM PDT DGFT have subsequently issued a Public Notice No.38/2009-2014 dated 3.2.2010 and also a Policy Circular No.22/2009-14 dated 3.2.2010 for extending the validity of Duty Credit Scrips. Accordingly, concerned Commissionerates of Customs are required to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Customs Notification No 76/2010 (NT) Amends Notification No. 36/2001-Cus (N. T.), dated, the 3rd August 2001 Posted: 14 Aug 2010 02:49 AM PDT 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 expedient so to do, hereby makes the following further amendment in the notification of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

CUSTOMS Notification No 75/2010 (NT) -Making the following regulation to amend the Courier Imports and Exports (Clearance) Regulations, 1998 Posted: 14 Aug 2010 02:46 AM PDT In exercise of the powers conferred by section 157 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations further to amend the Courier Imports and Exports (Clearance) Regulations, 1998,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

CUSTOMS Notification No 70-74/2010 (NT) appointing Common/Special Adjudicators Posted: 14 Aug 2010 02:42 AM PDT In exercise of the powers conferred by sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs, Kandla to exercise the powers and discharge the duties... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Pay fine for Violation of FEMA rules or face Penal action Posted: 14 Aug 2010 02:13 AM PDT The Reserve Bank on Friday said persons charged with violation of the Foreign Exchange Management Act should apply for compounding, which is paying a sum to get relief from punitive action under the act, at the earliest. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

CAG criticised tax departments weakness for filing Appeals and asks to To Set up dispute resolution mechanism for small taxpayers Posted: 14 Aug 2010 01:17 AM PDT The Comptroller and Auditor General of India (CAG) has come down heavily on the Tax Department for fostering "a perception that it has a tendency to opt for appeals even when it is on a weak wicket" and this "appealititis is more detrimental when... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Rs. 12,000 crore tax demands locked on account of disputes pending at various courts Posted: 13 Aug 2010 06:07 PM PDT Over Rs 12,000 crore in tax demands was locked on account of disputes, pending resolution at various courts, as on June 30, 2010, Parliament was informed on Friday. While cases involving tax demand of about Rs 7,635 crore are pending in Income Tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

RBI Notification on Regulatory Framework for Core Investment Companies (CICs) Posted: 13 Aug 2010 05:02 PM PDT The Bank had announced in the Annual Policy 2010-2011 that companies which have their assets predominantly as investments in shares for holding stake in group companies but not for trading, and also do not carry on any other financial activity,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

ULIP to offer Minimum Return to Policyholders from 6th Year Onward and locking period increases to Five Years Posted: 13 Aug 2010 02:36 PM PDT All Unit Linked Products to Offer Minimum Return to Policyholders from 6th Year Onward Unit Linked Pension Products to Ensure Minimum Guaranteed Return on Maturity Locking Period Increased From Three to Five Years The Insurance Regulatory &... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Allocation of limits to FIIs/sub-accounts for investment in Government debt & corporate debt through bidding process Posted: 13 Aug 2010 01:04 AM PDT As per SEBI circular No. CIR/IMD/FII/9/2010 dated August 06, 2010, unutilised investment limits for Government debt & corporate debt were available for allocation to the FIIs/ sub-accounts in the open bidding platform. The bidding for these... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

IRDA circular on Transition from referral arrangement to Corporate Agency Posted: 13 Aug 2010 12:50 AM PDT In order to facilitate smooth transition of eligible entities from existing referral arrangements to Corporate Agency system for complying with the IRDA (Sharing of data base for distribution of insurance product) Regulations, 2010, it has been... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

Instruction No. 64 regarding Role of Zonal DC in SEZ Posted: 12 Aug 2010 12:40 AM PDT I am directed say that for effective administration and implementation of the SEZ Scheme, the Development Commissioners of the Central Government owned SEZs were declared as Zonal Development [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)

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