Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Jan 14, 2011 at 9:54 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• ICAI - Suggestions On Direct Tax Code Bill 2010
• Government To Impose Entertainment Tax On Cricket Movies In Rural Areas
• SC Stays Delhi High Court Order On Recovering Service Tax On Renting Of Immovable Property For Commercial Use
• I-T Department To Examine Complaints Of Ghost Employees In Games Organising Committee
• CBI Registers Graft Case Against 3 Excise Officials
• BCCI Violated RBI S Foreign Investment Guidelines
• FIPB Approves 19 FDI Proposals
• FM Holds Pre Budget Consultations With Different Non Governmental Organisations
• Government Takes Steps Against Price Rise
• Retirement Benefit Can Not Be Denied To Employee Even If Charges Against Him Are Pending
• IT Dept To Process More Than 40 Lakh Refund Cases Before April This Year
• Know Your Unique Code No
• ICAI Press Release On International Conference 2010-11
• Recognition Of Chartered Accountancy Qualification By National Law School Of India University NLSIU Bangalore For Reg
• SEBI - Format For Application To SEBI For Opening Of Wholly Owned Subsidiaries Or Entering Into Joint Ventures In Other
• Input Service Credit - The Epicentre Of Controversy
• Appeal Only When Substantial Question Of Law Involved When Finding Of Fact Would Give Rise To Question Of Law
• Section 65 24b Of The Finance Act 1994 - Cleaning Activity Service - Fumigation Of Export Cargo In Compliance Of Export Obligation - Whether Taxable Under Cleaning Services
• Section 192 Of The Income-tax Act 1961 - Deduction Of Tax At Source - Salaries - Income-tax Deduction From Salaries During The Financial Year 2010-11
• Section 90 Of The Income-tax Act 1961 - Double Taxation Agreement - Agreement Among The Governments Of SAARC Member States For Avoidance Of Double Taxation And Mutual Administrative Assistance In Tax Matters
• DGFT- Procedure Relating To Tracing And Tracking Of Export Consignment Of Pharmaceuticals And Drugs- Regarding
• SEBI - Introduction Of Derivative Contracts On Foreign Stock Indices
• Constitution Of Approval Committee For Such SEZ Notified During 2006 To 2008 Without Simultaneously Notifying Constitution Of Approval Committee And Deemed Status Of Inland Container Depot For SEZs
• Tatkal E-Reg Under GVAT
• ICAI Awards For Excellence In Financial Reporting

ICAI - Suggestions On Direct Tax Code Bill 2010 Posted: 14 Jan 2011 12:22 AM PST SUGGESTIONS OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ON THE DIRECT TAXES CODE BILL 2010 nbsp The Income-tax Act 1961 I T Act with large number of amendments made in nearly last fifty years has become very comp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government To Impose Entertainment Tax On Cricket Movies In Rural Areas Posted: 14 Jan 2011 12:06 AM PST Tickets for entertainment programmes and cricket matches would be costlier in rural areas of Maharashtra as the state government today decided to levy 10 per cent entertainment tax nbsp The government is introducing 10 per cen [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC Stays Delhi High Court Order On Recovering Service Tax On Renting Of Immovable Property For Commercial Use Posted: 14 Jan 2011 12:03 AM PST The Supreme Court has stayed an order of the Delhi High Court which stopped the Centre from recovering service tax on renting of immovable property for commercial use including shops and malls from some firms nbsp A Supreme Cour [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T Department To Examine Complaints Of Ghost Employees In Games Organising Committee Posted: 13 Jan 2011 11:56 PM PST In fresh trouble for Commonwealth Games Organising Committee the Income Tax department has sought details of appointment of over 2 000 people amid allegations that many were ghost employees nbsp nbsp In a letter to the Orga [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI Registers Graft Case Against 3 Excise Officials Posted: 13 Jan 2011 11:42 PM PST The CBI has registered a graft case against three officials of Central Excise here for their alleged involvement in corrupt practices and causing a loss of over Rs five crore to exchequer nbsp CBI officials said the case unde [[ This is a content summary only. Visit www.taxguru.in for full article ]]

BCCI Violated RBI S Foreign Investment Guidelines Posted: 13 Jan 2011 11:40 PM PST The Reserve Bank has found violation of foreign investment guidelines by the BCCI the parent body of the Indian Premier League IPL which organises Twenty20 cricket tournament nbsp nbsp RBI according to sources has discovered [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FIPB Approves 19 FDI Proposals Posted: 13 Jan 2011 11:31 PM PST Based on the recommendations of Foreign Investment Promotion Board FIPB in its meeting held on December 31 2011 Government has approved 19 Proposals of Foreign Direct Investment amounting to Rs 4340 77 crore approximately includ [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM Holds Pre Budget Consultations With Different Non Governmental Organisations Posted: 13 Jan 2011 11:25 PM PST Union Finance Minister Shri Pranab Mukherjee held a meeting with different Non Governmental Organizations NGOs to get their inputs for General Budget 2011-12 here today This was the fourth meeting in the series of pre-Budget con [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government Takes Steps Against Price Rise Posted: 13 Jan 2011 11:23 PM PST The Government has been closely monitoring the inflation situation with a view to protecting the common citizen against abnormal price rise Our experience in the recent past has been that while prices of most manufactured goods and [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Retirement Benefit Can Not Be Denied To Employee Even If Charges Against Him Are Pending Posted: 13 Jan 2011 11:11 PM PST The Madurai bench of the Madras High Court has ruled that Government cannot deny retirement benefits to an employee who was asked to go on conditional retirement because charges against him were pending nbsp nbsp A Division Bench o [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IT Dept To Process More Than 40 Lakh Refund Cases Before April This Year Posted: 13 Jan 2011 11:05 PM PST The Income Tax department will process more than 40 lakh refund cases before April this year nbsp The department has streamlined the process as the statutory time limit to process the return and issue refund in the financial ye [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Know Your Unique Code No Posted: 13 Jan 2011 11:01 PM PST This has reference to your application for the multipurpose panel for the year 2010-11 The Bank Branch Auditors panel for the year 2010-11 prepared thereof alongwith the Unique Code Number is hosted at http www meficai org ucn [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Press Release On International Conference 2010-11 Posted: 13 Jan 2011 03:16 PM PST We are thankful to all associated with the International Conference organized from 4th to 6th January 2011 and making it a grand success Our sincere thanks to Shri Pranab Mukherjee Hon ble Finance Minister of India for Inau [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Recognition Of Chartered Accountancy Qualification By National Law School Of India University NLSIU Bangalore For Reg Posted: 13 Jan 2011 03:13 PM PST Recognition of Chartered Accountancy Qualification by National Law School of India University NLSIU Bangalore for registration to PhD Programme - 10-01-2011 Dear Members nbsp We are pleased to inform you that the Nation [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI - Format For Application To SEBI For Opening Of Wholly Owned Subsidiaries Or Entering Into Joint Ventures In Other Posted: 13 Jan 2011 03:05 PM PST SEBI - Format for application to SEBI for opening of wholly owned subsidiaries or entering into joint ventures in other countries Applicable for Stock Brokers Bankers to an Issue Merchant Bankers Registrar to an Issue and Shar [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Input Service Credit - The Epicentre Of Controversy Posted: 13 Jan 2011 02:39 PM PST CA LALIT MUNOYAT A OVERVIEW Service tax was introduced by Finance Act 1994 and since then it has been mired with so much controversy litigation that the Apex Court in the case of MARUTI SUZUKI LTD 2009 240 E L T 641 S C obse [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Appeal Only When Substantial Question Of Law Involved When Finding Of Fact Would Give Rise To Question Of Law Posted: 13 Jan 2011 12:46 PM PST The conclusion of the Tribunal to the effect that the assessee has failed to prove the source of the cash credits cannot be said to be perverse giving rise to a substantial question of law The Tribunal being a final fact finding auth [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 65 24b Of The Finance Act 1994 - Cleaning Activity Service - Fumigation Of Export Cargo In Compliance Of Export Obligation - Whether Taxable Under Cleaning Services Posted: 13 Jan 2011 11:47 PM PST Section 65 24b of the Finance Act 1994 - Cleaning Activity Service - Fumigation of export cargo in compliance of export obligation - Whether taxable under cleaning services nbsp CIRCULAR NO 132 1 2011 ST DATED 12-1- [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 192 Of The Income-tax Act 1961 - Deduction Of Tax At Source - Salaries - Income-tax Deduction From Salaries During The Financial Year 2010-11 Posted: 13 Jan 2011 03:30 PM PST Section 192 of the Income-tax Act 1961 - Deduction of tax at source - Salaries - Income-tax deduction from salaries during the financial year 2010-11CIRCULAR nbsp NO 8 2010 F No 275 192 2009-IT B DATED 13-12-2010Reference is inv [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 90 Of The Income-tax Act 1961 - Double Taxation Agreement - Agreement Among The Governments Of SAARC Member States For Avoidance Of Double Taxation And Mutual Administrative Assistance In Tax Matters Posted: 13 Jan 2011 03:23 PM PST Section 90 of the Income-tax Act 1961 - Double Taxation Agreement - Agreement among the Governments of SAARC Member States for avoidance of double taxation and mutual administrative assistance in tax mattersNOTIFICATION NO 3 2011-FTD [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT- Procedure Relating To Tracing And Tracking Of Export Consignment Of Pharmaceuticals And Drugs- Regarding Posted: 13 Jan 2011 03:10 PM PST Public Notice No 21 RE-2011 2009-2014 New Delhi Dated the nbsp nbsp 10th January 2011 nbsp Sub nbsp nbsp nbsp Procedure relating to tracing and tracking of export consignment of pharmaceuticals and drugs- regarding nbs [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI - Introduction Of Derivative Contracts On Foreign Stock Indices Posted: 13 Jan 2011 03:07 PM PST CIRCULAR NO DNPD 2 2011 DATED 11-1-2011 nbsp nbsp 1 nbsp It has been decided to permit Stock Exchanges to introduce derivative contracts Futures and Options on foreign stock indices in the equity derivatives segment in [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Constitution Of Approval Committee For Such SEZ Notified During 2006 To 2008 Without Simultaneously Notifying Constitution Of Approval Committee And Deemed Status Of Inland Container Depot For SEZs Posted: 13 Jan 2011 03:00 PM PST Section 13 of the Special Economic Zones Act 2005 - Constitution of Approval Committee for such SEZ notified during 2006 to 2008 without simultaneously notifying constitution of Approval Committee and deemed status of Inland Contai [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tatkal E-Reg Under GVAT Posted: 12 Jan 2011 10:29 PM PST Gujarat VAT E-Registration [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Awards For Excellence In Financial Reporting Posted: 12 Jan 2011 06:49 PM PST The Award distribution ceremony for the ICAI Awards for Excellence in Financial Reporting for the year 2009-10 was held on January 4 2011 at Vigyan Bhawan New Delhi from 7 00 P M onwards The Awards were given away by Shri Sa [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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