Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Mar 5, 2011 at 9:36 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Availment of exemption notification – Non-availment of Modvat Credit of the duty paid on the input
• Levy of customs duty on the ocean going vessel-Breaking/ scrapping purpose in terms of Notification No. 133/87-Cus
• Transfer pricing Audit due date for corporate assesses extended to 30th November
• Section 403 of the Act – an perfect example of corporate complications in a proceeding under section 397/398 of the Companies Act, 1956
• FM pushes for affordable homes; full tax rebate to builders
• ITAT Appeal- File Revised Form 36 if there is a Change in Address
• Introduction of Self-assessment of Goods under Customs
• Budget Changes for Authorised Service Station Services
• Changes in Export/Import of Services Rules
• LLP Profits Squeezed Budget 2011
• Bank wise List of CA firms Empaneled/approved for allocation of Statutory Branch Audit for Financial Year 2010-11

Availment of exemption notification – Non-availment of Modvat Credit of the duty paid on the input Posted: 04 Mar 2011 05:27 PM PST It is by now a settled law that the exemption notification has to be construed strictly and there has to be strict interpretation of the same by reading the same literally. In this connection reference can be made to the decision of this Court in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Levy of customs duty on the ocean going vessel-Breaking/ scrapping purpose in terms of Notification No. 133/87-Cus Posted: 04 Mar 2011 05:21 PM PST It was held that the impugned judgment deserves to be set aside on the short ground that while deciding the case, the Tribunal has ignored the specific directions issued by this Court, vide order dated 30th August, 2001. It is evident from the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer pricing Audit due date for corporate assesses extended to 30th November Posted: 04 Mar 2011 05:07 PM PST Transfer pricing Audit due date for corporate assesses extended to 30th November- Budget 2011-12. Section 139 of the Income-tax Act stipulates 30th September of the assessment year as the due date for filing of return of income in case of corporate... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 403 of the Act – an perfect example of corporate complications in a proceeding under section 397/398 of the Companies Act, 1956 Posted: 04 Mar 2011 04:36 PM PST The short facts leading to the filing of the appeal put forth by the appellant, are set out hereunder:-(a) The second respondent is a private company incorporated on October 23, 1980. Late G. Kandaswamy was in charge of the second respondent-company... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM pushes for affordable homes; full tax rebate to builders Posted: 04 Mar 2011 07:08 AM PST Budget 2010-11 FM pushes for affordable homes; full tax rebate to builders [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ITAT Appeal- File Revised Form 36 if there is a Change in Address Posted: 04 Mar 2011 06:27 AM PST ITAT Practice Note on Change of Address of assessee-In Jagjivandas Nandlal vs. ITAT 236 CTR 274, the Bombay High Court requested the President of the Tribunal to consider make it compulsory for assessees to amend Form 36 for change of address... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Introduction of Self-assessment of Goods under Customs Posted: 04 Mar 2011 06:12 AM PST The Finance Minister has in Budget 2011-12 proposed to introduce self-assessment in Customs. In it speech the Finance Minister had said that this is done to quicken the clearance of the cargo by Customs authorities and to further modernize the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Budget Changes for Authorised Service Station Services Posted: 04 Mar 2011 06:09 AM PST The service tax on the services provided by an Authorised Service Station was made taxable from 16.07.2001 onwards. In the start only servicing or repair of motor cars, two-wheeled and light motor vehicles by service stations or centres authorized... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Changes in Export/Import of Services Rules Posted: 04 Mar 2011 06:06 AM PST The Export of Service Rules, 2005 provides that there will no service tax on the export of services. In these rules, the criteria are prescribed as to what will constitute export of service. In Taxation of Services (Provided from Outside India and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

LLP Profits Squeezed Budget 2011 Posted: 04 Mar 2011 05:56 AM PST Who says tax policy and tax planning do not go hand in hand. Here is a live example of frequent tax policy change and failed tax planning without any wrong motives. When the concept of limited liability partnerships was introduced in India two years... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bank wise List of CA firms Empaneled/approved for allocation of Statutory Branch Audit for Financial Year 2010-11 Posted: 03 Mar 2011 08:09 PM PST Bank wise List of CA firms Empaneled/approved for allocation of Statutory Branch Audit for Financial Year 2010-11.Bank wise List of CA firms Empaneled/approved for allocation of Statutory Branch Audit for Financial Year 2010-11 (Public Sector bank ) [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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