Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Feb 14, 2011 at 9:41 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Govt Proposes To Keep New Company Bill Flexible
• Sebi Probing Possible Foul Play In Crashing Of Stock Markets
• Listing Day- BSE Mulls Pre-opening Trade In IPO Stocks
• I-T Dept Asked To Collect Rs 1150 Cr In Unpaid Taxes In A Week
• IPO Guidelines For Life Insurers To Be Out In 10 Days- IRDA
• Govt To Decide On Lifting Export Ban On Wheat Onion
• Govt Mulls Tighter International Tax Norms
• Black Money-Switzerland Willing To Share Indians Swiss Bank Account Details
• Black Money - Govt To Name Offenders SC Told
• Black Money To Be Taxable Under DTC- Govt
• Monthly IIP Numbers Don T Tell The True Story- Finance Minister
• Nischal Narayan Age 15 Hyderabad Boy Cleared CA IPCC In November 2010 Exam In First Attempt
• India-born Anshu Jain Tipped To Become Deutsche Bank Co-head
• SBI Ups Interest Rates By 25 Bp
• RBI Board Meeting Resolves To Strengthen Financial Inclusion
• IRDA Releases Norms For Merger Of General Insurance Cos
• ICAI Wants Rs One Crore Fine On Erring Audit Firms
• EPFO Launches Web Based Claim Enquiry Module
• CBDT Order On Promotions Postings Transfers Of CCITs DGCITs CITs ADDLs And JCITs Feb 2011
• Black Money - Now I-T Officials To Join World Economic Body OECD
• FAQ On Options On USD-INR Spot Rate And Currency Options
• Whether Sanction Of Amalgamation Scheme Can Be Held Up As Conduct Of Official Liquidator Is Found To Be Blameworthy
• Director Not Responsible For Cheques Issued After His Resignation -section 141 Of Negotiable Instruments Act 1881
• EPCG Scheme- Section 15 1 B Would Be Applicable Only When The Goods Are Cleared From The Warehouse U S 68 Of The Cust
• Service Classification In International Podium
• Penultimate Sales Under CST Act 1956-Submission Of H Forms
• Vodafone S Ruling Can Be Used In Favor Of Assessee If Supported By Proper Documentation
• Apex Court Can Strengthen The Legal System In This Country Beyond Criticism
• A Brief On Exemptions Available To SEZ Unit Or SEZ Developer From CST Under CST Act 1956
• Portability Of Health Insurance Policies From 1st July 2011
• Guideline For Issue Of Credit Of TDS Claimed When TDS Not Matching With 26AS For Returns Of A Y 2010-11
• Amends Notification No 84 2010 Custom N T Dated 17th September 2010 - Determines The Rates Of Drawback In Suppression Of The Notification No 68 2007-Customs N T Dated The 16th July 2007
• Custom Duty- Amends The Customs Central Excise Duties And Service Tax Drawback Rules 1995

Govt Proposes To Keep New Company Bill Flexible Posted: 14 Feb 2011 01:09 AM PST The government is proposing to keep the new company legislation flexible so that rules and regulations governing companies can be updated quickly without following the cumbersome procedure of amendment through Parliament We wa [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi Probing Possible Foul Play In Crashing Of Stock Markets Posted: 14 Feb 2011 01:08 AM PST Suspecting foul play in the crashing of stock markets over the past few months Sebi is probing at least 25 entities including brokerage firms FIIs and mutual funds The initial investigations have revealed the possibility of a [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Listing Day- BSE Mulls Pre-opening Trade In IPO Stocks Posted: 14 Feb 2011 01:07 AM PST The Bombay Stock Exchange BSE plans to introduce pre-opening trade in IPO stocks on the day of listing a practice that is currently only permitted for Sensex stocks and 20 other large cap counters We are keen on allowing th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T Dept Asked To Collect Rs 1150 Cr In Unpaid Taxes In A Week Posted: 14 Feb 2011 01:06 AM PST Racing to maximise its revenue before the end of this fiscal the government has asked all Chief Commissioners of Income Tax in the country to ensure collection of over Rs 1150 crore of unpaid taxes in a week s time The orders t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IPO Guidelines For Life Insurers To Be Out In 10 Days- IRDA Posted: 14 Feb 2011 01:05 AM PST The sector regulator IRDA today said guidelines for initial public offer of life insurance companies will be out within the next 10 days The IPO guidelines for life insurance companies should be out in next 10 days IRDA Chair [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt To Decide On Lifting Export Ban On Wheat Onion Posted: 14 Feb 2011 01:03 AM PST The government is likely to take a decision in the next few days on the proposal to lift ban on exports of onion and wheat in view of their bumper production nbsp The empowered group of ministers EGoM on food headed by Finance M [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt Mulls Tighter International Tax Norms Posted: 14 Feb 2011 01:02 AM PST The government is considering tightening taxation norms for Indian companies having intermediary holding entities in overseas locations as part of its efforts to increase its tax revenues With very limited scope left on domes [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Black Money-Switzerland Willing To Share Indians Swiss Bank Account Details Posted: 14 Feb 2011 01:01 AM PST Switzerland is willing to share information on Indians holding secret bank accounts there as part of New Delhi s effort to bring back an estimated 1 4 trillion black money in tax havens abroad the country s envoy Philippe Welti h [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Black Money - Govt To Name Offenders SC Told Posted: 14 Feb 2011 12:59 AM PST The Centre on Thursday assured the Supreme Court that it would reveal the names of persons who have stashed black money in foreign banks after registering a formal case against them nbsp Solicitor General Gopal Subramanium appear [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Black Money To Be Taxable Under DTC- Govt Posted: 14 Feb 2011 12:57 AM PST Black money parked in tax havens abroad will be taxable income under the Direct Taxes Code Bill the Centre told the Supreme Court on Wednesday spelling out a host of measures to retrieve it nbsp nbsp The government also informed [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Monthly IIP Numbers Don T Tell The True Story- Finance Minister Posted: 14 Feb 2011 12:53 AM PST While expressing disappointment at the low 1 6 per cent industrial output growth during December Finance Minister Pranab Mukherjee said on Friday monthly numbers do not reflect correct picture of the economy nbsp IIP numbers are [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Nischal Narayan Age 15 Hyderabad Boy Cleared CA IPCC In November 2010 Exam In First Attempt Posted: 14 Feb 2011 12:49 AM PST A city prodigy Nischal Narayana 15 has become the youngest person ever to clear the tough-as-nails Integrated Professional Competence Course a crucial hurdle in Chartered Accountancy nbsp nbsp Blessed with a super power memory [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India-born Anshu Jain Tipped To Become Deutsche Bank Co-head Posted: 14 Feb 2011 12:47 AM PST BERLIN Speculation is growing that India-born Anshu Jain may take over as the co-head of Deutsche Bank Germany s largest private bank together with Bundesbank President Axel Weber when the incumbent Josef Ackermann retires in e [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SBI Ups Interest Rates By 25 Bp Posted: 14 Feb 2011 12:46 AM PST The country s largest lender State Bank of India today raised lending and deposit rates on select maturities by 25 basis points in response to policy rate hike announced by Reserve Bank last month nbsp nbsp SBI revised the base ra [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Board Meeting Resolves To Strengthen Financial Inclusion Posted: 13 Feb 2011 04:02 AM PST The central board of the Reserve Bank met in Bhopal today and decided to prepare a financial inclusion plan for 2 736 Madhya Pradesh villages with a population of over 2 000 as per the roadmap laid down in the last Union Budget [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA Releases Norms For Merger Of General Insurance Cos Posted: 13 Feb 2011 04:02 AM PST More than 10 years after opening up of the insurance sector regulator Irda today proposed to allow mergers and acquisitions in the general insurance business that requires consolidation among the 24 industry players most of which [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Wants Rs One Crore Fine On Erring Audit Firms Posted: 13 Feb 2011 04:00 AM PST Concerned over delinquencies by accountancy firms in cases like Satyam regulatory body ICAI is seeking changes in the statutes so that fines up to Rs one crore can be imposed on erring entities nbsp We have sent a proposal to [[ This is a content summary only. Visit www.taxguru.in for full article ]]

EPFO Launches Web Based Claim Enquiry Module Posted: 13 Feb 2011 03:58 AM PST The Central Provident Fund commissioner Mr Samirendra Chatterjee I A S today launched Web Based Claim enquiry module at a small function organized at the EPFO headquarters Addressing the officers and Staff of the Head Office he [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT Order On Promotions Postings Transfers Of CCITs DGCITs CITs ADDLs And JCITs Feb 2011 Posted: 13 Feb 2011 03:54 AM PST The following Order Nos 21 of 2011 dated 09 02 2011 22 of 2011 dated 11 2 2011 23 of 2011 dated 11 2 2011 24 of 2011 dated 11 2 2011 amp 25 of 2011 dated 11 2 2011 have been issued by the Central Board of Direct Taxes CBDT rela [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Black Money - Now I-T Officials To Join World Economic Body OECD Posted: 13 Feb 2011 03:33 AM PST After deciding to deploy revenue service officers at eight overseas Income Tax units the government will now depute IRS officers at the top world economic body OECD to improve global cooperation in tackling money laundering tax cr [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FAQ On Options On USD-INR Spot Rate And Currency Options Posted: 14 Feb 2011 12:55 AM PST What are Currency Options Currency Options are contracts that grant the buyer of the option the right but not the obligation to buy or sell underlying currency at a specified exchange rate during a specified period of time Fo [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether Sanction Of Amalgamation Scheme Can Be Held Up As Conduct Of Official Liquidator Is Found To Be Blameworthy Posted: 14 Feb 2011 12:30 AM PST Whether sanction of amalgamation scheme can be held up as conduct of Official Liquidator is found to be blameworthyBrief - These appeals by special leave are directed against the judgment dated 21st February 2009 delivered by a D [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Director Not Responsible For Cheques Issued After His Resignation -section 141 Of Negotiable Instruments Act 1881 Posted: 13 Feb 2011 11:53 PM PST Director not responsible for cheques issued after his resignation -section 141 of Negotiable Instruments Act 1881 nbsp These 18 appeals by special leave are directed against he common judgment and order dated September 6 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

EPCG Scheme- Section 15 1 B Would Be Applicable Only When The Goods Are Cleared From The Warehouse U S 68 Of The Cust Posted: 13 Feb 2011 11:41 PM PST EPCG Scheme- Section 15 1 b would be applicable only when the goods are cleared from the warehouse u s 68 of the Custom Act nbsp Brief - Section 15 1 b would be applicable only when the goods are cleared from the warehouse u [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Classification In International Podium Posted: 13 Feb 2011 11:16 PM PST CA Gautam JoshiSurprisingly there is a growing speed of contribution of Services in India s international portfolio In contribution to total current account service portion is almost 40 since last 4 financial years which is almos [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Penultimate Sales Under CST Act 1956-Submission Of H Forms Posted: 13 Feb 2011 06:51 AM PST Tax by State Governments on sales or purchase of goods made during the course of import or export of such goods is prohibited by article 286 1 b of the Constitution of India Section 6 1 of CST Act also levies tax on interstate sale [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Vodafone S Ruling Can Be Used In Favor Of Assessee If Supported By Proper Documentation Posted: 13 Feb 2011 01:04 AM PST CA S Sriram Share sale price cannot be apportioned towards transfer of controlling interest The Bombay High court in the case of Vodafone International BV Writ Petition No 1325 of 2010 had inter alia held that the contro [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Apex Court Can Strengthen The Legal System In This Country Beyond Criticism Posted: 12 Feb 2011 05:47 AM PST It is a fact that people are afraid to approach Courts in this Country except in some cases General perception now is that it is not worthy to approach courts even if there exist a right cause It is also being criticized that the leg [[ This is a content summary only. Visit www.taxguru.in for full article ]]

A Brief On Exemptions Available To SEZ Unit Or SEZ Developer From CST Under CST Act 1956 Posted: 11 Feb 2011 02:37 PM PST Section 8 6 8 7 and 8 8 of the CST Act deals with the exemptions available to a SEZ unit or SEZ developer from CST When goods are sold to a SEZ unit or SEZ developer then no CST is payable by such unit or developer as per the above [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Portability Of Health Insurance Policies From 1st July 2011 Posted: 14 Feb 2011 12:52 AM PST PRESS RELEASE Ref nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp Date 10-02-2011 Portability of Health Insurance Policies nbsp There have been several representations from consumer associations and policyholders for [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Guideline For Issue Of Credit Of TDS Claimed When TDS Not Matching With 26AS For Returns Of A Y 2010-11 Posted: 14 Feb 2011 12:41 AM PST Processing of returns of A Y 2010-11 - Section 143 of the Income-tax Act 1961 Steps to clear backlog nbsp INSTRUCTION NO 2 2011 F NO 225 25 2010 ITA-II DATED 9-2-2011 nbsp The issue of processing of returns fo [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No 84 2010 Custom N T Dated 17th September 2010 - Determines The Rates Of Drawback In Suppression Of The Notification No 68 2007-Customs N T Dated The 16th July 2007 Posted: 14 Feb 2011 12:33 AM PST Amends Notification No nbsp 84 2010 Custom N T dated 17th nbsp September 2010 nbsp - Determines the rates of drawback in suppression of the notification No 68 2007-Customs N T dated the 16th July 2007 nbsp TO B [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Custom Duty- Amends The Customs Central Excise Duties And Service Tax Drawback Rules 1995 Posted: 14 Feb 2011 12:31 AM PST nbsp Amends the nbsp Customs Central Excise Duties and Service Tax Drawback Rules 1995 nbsp TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-II SECTION 3 SUB-SECTION i GOVERNMENT OF INDIA MINISTRY [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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