Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Oct 6, 2010 at 9:46 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Delhi Service Tax Department Cancels 1000 Online Registrations
• Income Tax Department To Keep Watch On Private Functions In Poll-bound Bihar
• NRIs Want Residency Clause In DTC To Be Amended
• Requirement Of Using Encrypted PAN On DSC For Non-resident Signatories Of Foreign Companies Relaxed
• Income Tax Officials Conduct Raids In Coimbatore
• ICAI Asks CBDT To Provide Details Regarding Number Of Tax Audit Done By Each CA Firm
• Pakistan Ministers Not Paying Income Tax
• IFRS Implementation Not Likely To Meet Deadline
• RBI Issues Notice To Banks For Alleged Derivative Violations
• Nelp-IX Tax Incentives To Be Linked To Investment
• IT Dept Surveyed Hospitals For TDS Compliance
• Shikshan Prasarak Mandali To Approach Tribunal Against I-T
• Government Set To Frame New Accounting Norms For Non-governmental Organisations NGOs
• Central Excise And Service Tax Department Launches Website
• Non Increase In Service Tax Revenue From Telecom Sector Worries Government
• Civil Procedure Code And A Proceeding Under Section 397 398 Of Companies Act 1956
• Johnny And Service Tax Refund Series-II Part 2- Conditions Relating To CHA Service
• Article On Central Excise - Marketability Of Goods
• ITAT Mumbai Allows Depreciation On Licenses Approvals Registrations Etc As Intangible Assets Even Though Recorded As Goodwill In Books
• Goods Cleared In DTA Without Permission Should Be Charged To Excise Duty Under Main Section 3 And Not Under The Proviso
• Interest Damages Not Taxable Under DTAA If No PE- ITAT Mumbai
• Rescinds Notification No 59 2010-Customs Dated The 10th May 2010 CUSTOMS Notification No 107 2010 01-10-2010
• Rescinds Notification No 44 2010-Customs Dated The 9th April 2010 CUSTOMS Notification No 106 2010 01-10-2010
• Amends Notification No 100 89-Customs Dated The 1st March 1989 CUSTOMS Notification No 105 2010 01-10-2010
• Exempts Specified Goods When Imported Into India From Nepal From The Whole Of Customs Duty Subject To Certain Conditions
• Amends Notification No 153 2009-Customs Dated The 31st December 2009
• Amends Notification No 21 2002-Customs Dated The 1st March 2002 CUSTOMS Notification No 102 2010 01-10-2010
• Seeks To Amend Noti No 146 94-Customs Dated 13 07 94 So As To Modify Conditions For Shooting Equipment Imported By Renowned Shooters
• Authorization Of Certain Officers Of Serious Fraud Investigation Office To Inspect Books Of Accounts Of Every Company
• Master Circular On Anti-Money Laundering Counter-Financing Of Terrorism AML CFT - Guidelines For Insurers
• IRDA Circular On Examination Of Credit Insurance Covers

Delhi Service Tax Department Cancels 1000 Online Registrations Posted: 05 Oct 2010 04:02 AM PDT NEW DELHI nbsp Service Tax Commissionerate Delhi has cancelled over 1000 service tax registrations obtained online by the service providers vide Trade Notice No 3 ST 2010 on the ground either no hard copy of documents is submitted [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Department To Keep Watch On Private Functions In Poll-bound Bihar Posted: 05 Oct 2010 02:00 AM PDT Income Tax sleuths will keep an eye on private functions such as mundan and marriage held by persons associated with candidates in poll-bound Bihar to check if these ceremonies were being secretly financed by them to bribe voters [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NRIs Want Residency Clause In DTC To Be Amended Posted: 05 Oct 2010 01:57 AM PDT NRIs want change in DTC clause on stay in India which nbsp proposes to tax a person living in India for more than 59 days nbsp Some high-profile non-resident Indians NRIs are lobbying hard with the Centre to amend a clause in th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Requirement Of Using Encrypted PAN On DSC For Non-resident Signatories Of Foreign Companies Relaxed Posted: 05 Oct 2010 01:52 AM PDT An amendment to Rule 12 of the Income-tax Rules 1962 vide notification no 49 dated 9th July 2010 made it mandatory for all Companies including foreign companies filing ITR-6 to digitally sign the Income-tax return for the AY 201 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Officials Conduct Raids In Coimbatore Posted: 05 Oct 2010 01:39 AM PDT Coimbatore Income Tax Department sleuths carried out raids at over half-a-dozen establishments including hospitals specialty treatment centres and diagnostic centres The raids that began in the forenoon went on till late even [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Asks CBDT To Provide Details Regarding Number Of Tax Audit Done By Each CA Firm Posted: 04 Oct 2010 01:01 AM PDT Seeking Data on Tax Audit from CBDT We have sent a letter of request to the Central Board of Direct Taxes CBDT asking them to provide the number of tax audit reports filed with them during 2009-10 e g data on tax audit based on [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pakistan Ministers Not Paying Income Tax Posted: 04 Oct 2010 12:59 AM PDT Islamabad Even as Pakistan is reeling under devastation caused by unprecedented floods that has cost the country s economy a whopping 43 billion a report by a newspaper Monday said on Prime Minister Yousuf Raza Gilani and 25 of h [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IFRS Implementation Not Likely To Meet Deadline Posted: 04 Oct 2010 12:40 AM PDT After missing its date with the Goods and Services Tax and the Direct Taxes Code the government is also likely to miss the deadline for another major reform initiative implementation of International Financial Reporting Standa [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Issues Notice To Banks For Alleged Derivative Violations Posted: 04 Oct 2010 12:37 AM PDT Reserve Bank of India has sent show cause notices to over 12 banks for alleged violation of foreign exchange rules in sale of derivative products banking industry sources said Sources said notices were sent to banks for alleged vi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Nelp-IX Tax Incentives To Be Linked To Investment Posted: 04 Oct 2010 12:35 AM PDT The government s plan to offer tax incentives based on investments made by companies is expected to attract big overseas investments in the next round of bidding for oil and gas blocks nbsp The investment-linked tax concessions p [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IT Dept Surveyed Hospitals For TDS Compliance Posted: 04 Oct 2010 12:31 AM PDT MUMBAI The income-tax department on Thursday carried out surveys on major Hospitals in Mumbai to verify whether they were complying with the provisions of tax deducted at source TDS under the Income-Tax Act nbsp Six high-end ho [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Shikshan Prasarak Mandali To Approach Tribunal Against I-T Posted: 04 Oct 2010 12:25 AM PDT The Shikshan Prasarak Mandali Pune has decided to appeal against the Income tax department s decision to cancel registration of the Mandali as a charitable trust nbsp Anant Mate vice-chairman of the Mandali said We have been [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government Set To Frame New Accounting Norms For Non-governmental Organisations NGOs Posted: 04 Oct 2010 12:21 AM PDT The government is set to frame new accounting norms for non-governmental organisations NGOs as it looks to remove the veil over the flow and utilisation of funds by the sector that is not entirely above suspicion The ministry of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Central Excise And Service Tax Department Launches Website Posted: 04 Oct 2010 12:18 AM PDT The central excise amp service tax commissionerate Allahabad has launched its website on Friday The website can be logged in at www centralexciseallahabad com The said website was inaugurated by chief commissioner central excis [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Non Increase In Service Tax Revenue From Telecom Sector Worries Government Posted: 04 Oct 2010 12:14 AM PDT The stagnancy in service tax payment by the country s top mobile firms in the first five months of the fiscal is worrying the government The reason being that while in the last two quarters profitability of the major operators have [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Civil Procedure Code And A Proceeding Under Section 397 398 Of Companies Act 1956 Posted: 05 Oct 2010 07:49 AM PDT I have read few judgments on a proceeding under section 397 398 of Companies Act 1956 placing reliance on Company Law Board regulations and based on the procedural technicality nbsp With great respect to the courts I do stro [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Johnny And Service Tax Refund Series-II Part 2- Conditions Relating To CHA Service Posted: 05 Oct 2010 01:35 AM PDT CA Pradeep Jain Mayank Palgauta In continuation of previous article elaborating the difficulties in getting the refund claim under various services on the ground of Invoices nbsp Click here to read the previous article [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Article On Central Excise - Marketability Of Goods Posted: 04 Oct 2010 04:48 AM PDT MARKETABILITY OF GOODS IS A CONDITION PRECEDENT FOR LEVYING CENTRAL EXCISE DUTYI INTRODUCTION 1 Under Article 246 of the Constitution of India Central Government and State Governments have been empowered to levy and collect taxes [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ITAT Mumbai Allows Depreciation On Licenses Approvals Registrations Etc As Intangible Assets Even Though Recorded As Goodwill In Books Posted: 05 Oct 2010 02:06 AM PDT In the light of the above decisions it can now be concluded that orders of CIT which set aside assessment orders on the ground that they are erroneous due to non application of mind etc without recording any finding to show as to h [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Goods Cleared In DTA Without Permission Should Be Charged To Excise Duty Under Main Section 3 And Not Under The Proviso Posted: 04 Oct 2010 04:54 AM PDT Challenge in this batch of appeals filed by the revenue under Section 35 L b of the Central Excise Act 1944 for short the Act is to the orders passed by the Customs Excise and Service Tax Appellate Tribunal South Zone for [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest Damages Not Taxable Under DTAA If No PE- ITAT Mumbai Posted: 04 Oct 2010 12:51 AM PDT Though the damages included an element of interest the same is not assessable because in a decree or arbitration award the amount loses its original character and assumes the character of a judgment debt In substance interest parta [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rescinds Notification No 59 2010-Customs Dated The 10th May 2010 CUSTOMS Notification No 107 2010 01-10-2010 Posted: 05 Oct 2010 02:37 AM PDT Notification No 107 2010 Customs New Delhi the 1st October 2010 G S R E - In exercise of the powers conferred by sub-section 1 of section 25 of the Customs Act 1962 52 of 1962 the Central Government being sati [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rescinds Notification No 44 2010-Customs Dated The 9th April 2010 CUSTOMS Notification No 106 2010 01-10-2010 Posted: 05 Oct 2010 02:36 AM PDT Notification No 106 2010 Customs New Delhi the 1st October 2010 G S R E - In exercise of the powers conferred by sub-section 1 of section 25 of the Customs Act 1962 52 of 1962 the Central Government being sati [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No 100 89-Customs Dated The 1st March 1989 CUSTOMS Notification No 105 2010 01-10-2010 Posted: 05 Oct 2010 02:34 AM PDT Notification No 105 2010-Customs New Delhi 1st October 2010 G S R E - In exercise of the powers conferred by sub-section 1 of section 25 of the Customs Act 1962 52 of 1962 the Central Government being satisfied tha [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exempts Specified Goods When Imported Into India From Nepal From The Whole Of Customs Duty Subject To Certain Conditions Posted: 05 Oct 2010 02:32 AM PDT NOTIFICATION No 104 2010- CUSTOMS New Delhi dated the 1st October 2010 nbsp G S R E In exercise of the powers conferred by sub-section 1 of section 25 of the Customs Act 1962 52 of 1962 and in supersession o [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No 153 2009-Customs Dated The 31st December 2009 Posted: 05 Oct 2010 02:24 AM PDT Amends Notification No 153 2009-Customs dated the 31st December 2009 - Exempts goods when imported into India from the countries as specified in Appendix I from so much of the duty of customs leviable thereon as is in excess of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No 21 2002-Customs Dated The 1st March 2002 CUSTOMS Notification No 102 2010 01-10-2010 Posted: 05 Oct 2010 02:21 AM PDT Notification No 102 2010-Customs New Delhi the 1st October 2010 G S R E - In exercise of the powers conferred by sub-section 1 of section 25 of the Customs Act 1962 52 of 1962 the Central Government on being satisf [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Seeks To Amend Noti No 146 94-Customs Dated 13 07 94 So As To Modify Conditions For Shooting Equipment Imported By Renowned Shooters Posted: 05 Oct 2010 02:20 AM PDT Notification No 101 2010-Customs nbsp New Delhi the 1st nbsp October 2010 G S R E - In exercise of the powers conferred by sub-section 1 of section 25 of the Customs Act 1962 52 of 1962 the Central Government on b [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Authorization Of Certain Officers Of Serious Fraud Investigation Office To Inspect Books Of Accounts Of Every Company Posted: 04 Oct 2010 12:04 AM PDT Section 209A of the Companies Act 1956 - Inspection of books of account etc of companies - Authorization of certain Officers of Serious Fraud Investigation Office SFIO to inspect books of accounts and other books amp papers [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Master Circular On Anti-Money Laundering Counter-Financing Of Terrorism AML CFT - Guidelines For Insurers Posted: 04 Oct 2010 12:00 AM PDT Circular No IRDA F amp I CIR AML 158 09 2010 dated 24-9-2010 Guidelines on Anti-Money laundering Guidelines issued under Section 34 of the Insurance Act 1938 updated upto 31st October 2008 into a Master Circular bearing refer [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA Circular On Examination Of Credit Insurance Covers Posted: 03 Oct 2010 11:56 PM PDT Circular No IRDA NL CIR 159 09 2010 dated 27-9-2010 Following examination of credit insurance covers being marketed by general insurers to banks offering credit facilities to debtors it is observed that such covers appear to b [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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