Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Mar 16, 2011 at 9:40 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• FM will respond to concerns on healthcare service tax
• Govt. may bring constitution amendment bill on GST this session
• I-T dept wants details of Vibrant Gujarat Summit (VGS) 2011 MoUs from Gujarat govt
• ICAI expects to complete Satyam audit probe in 3 months after final verdict
• Provident fund scam – All six accused judges granted bail
• SC admits RIL plea on sales tax dispute with Maharashtra
• Anti-dumping duty imposed on Chinese glass ware
• Recognizing Aadhaar Number for Inclusion in KYC Norms
• FM targets Tax GDP ratio at 12 percent-14 percent
• FM expresses concern at rising litigation with employees of the Income Tax Department
• Prohibition on export of Non-basmati Rice – Amendment in Notification No. 33/2009-14 dated 03.03.2010 relating to exemption for export to Nepal
• Complaints against Secretaries to the Government of India and Chief Executives of the Public Sector Enterprises and CMDs of the Public Sector Banks and Financial Institutions
• Interest paid by a branch of a Foreign Bank to its Head Office is deductible in the hands of the branch
• Mid-Quarter Review of Monetary Policy 2010-11 at 12 noon on March 17, 2011
• SFIO investigating 14 cases – says R.P.N. Singh
• Government has prescribed percentage of profits for public limited companies and their subsidiaries – says R.P.N. Singh
• Jurisdiction of Companies Act under which SFIO is functioning is restricted to India only
• Special Examinations for candidates under Mutual Recognition Agreements [MRAs] / Memorandum of Understanding [MoUs] with Foreign Accounting Bodies
• Anshu Jain tops Deutsche Bank pay with 12 million euro
• Service Tax on Convention services
• Service Tax on consulting engineer's service
• Service Tax on Copyright Services
• Amendments to the Prevention of Money Laundering Rules, 2005
• Formation of new district in Uttar Pradesh – Assignment of Lead Bank Responsibility
• Introduction of Annual return on Foreign Liabilities and Assets reporting by Indian Companies and discontinuation of the Part B of form FC-GPR

FM will respond to concerns on healthcare service tax Posted: 15 Mar 2011 08:20 PM PDT Amid concerns by medical community on the proposed service tax on healthcare, Finance Minister Pranab Mukherjee today said in the Rajya Sabha that he would respond to the representations on tax issues next week.Following the reply of Mukherjee on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt. may bring constitution amendment bill on GST this session Posted: 15 Mar 2011 08:07 PM PDT The Government today gave green signal to the Constitution Amendment Bill indicating a strong desire to push the Goods and Services Tax, despite lack of consensus among states for implementing the new regime on indirect taxes. It will try to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T dept wants details of Vibrant Gujarat Summit (VGS) 2011 MoUs from Gujarat govt Posted: 15 Mar 2011 08:05 PM PDT The income tax department has initiated inquiry regarding several investors who had signed memorandums of understanding (MOUs) with the Gujarat government at this year's Vibrant Gujarat Summit (VGS). Revealing this in the state assembly on Tuesday,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI expects to complete Satyam audit probe in 3 months after final verdict Posted: 15 Mar 2011 07:59 PM PDT The Institute of Chartered Accountants of India (ICAI) today said it expects to complete the investigation against the auditors of Satyam Computers in three months from the day the Delhi High Court , where the case is being heard, gives a final... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Provident fund scam – All six accused judges granted bail Posted: 15 Mar 2011 07:47 PM PDT A court here today granted bail to all the six accused retired judges in the Rs. 6.58-crore Provident Fund scam. CBI Special Judge A K Singh granted bail to the accused on the basis of undertakings and personal bonds of Rs. 1 lakh each. The hearing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC admits RIL plea on sales tax dispute with Maharashtra Posted: 15 Mar 2011 07:43 PM PDT The Supreme Court on Monday admitted a petition filed by Reliance Industries over a dispute on imposition of sales tax on purchase and return of Linear Alkyl Benzene Feed Stock (LABFS) to Bharat Petroleum after it processed it at its chemical plant... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Anti-dumping duty imposed on Chinese glass ware Posted: 15 Mar 2011 07:34 PM PDT India has imposed anti-dumping duty of up to 40.9 per cent on the import of glass fibre, used in automobiles, electrical insulation and heat resistant fabrics, from China to protect domestic players. The restrictive duty on import of glass fibre... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Recognizing Aadhaar Number for Inclusion in KYC Norms Posted: 15 Mar 2011 07:29 PM PDT Government of India vide notification dated December 16, 2010 has recognized the letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar Number as an "officially valid document" to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM targets Tax GDP ratio at 12 percent-14 percent Posted: 15 Mar 2011 07:26 PM PDT Finance minister Pranab Mukherjee on Monday made a case for raising the Tax GDP ratio to a "reasonable level" of 12%-14%, to enhance the government's capability to fund social sector schemes. "I do believe that Tax GDP ratio, which has come down to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM expresses concern at rising litigation with employees of the Income Tax Department Posted: 15 Mar 2011 07:19 PM PDT The Hon'ble Finance Minister has expressed his deep concern at the rising litigation with employees of the Income Tax Department. A committee is already been set up in CBDT to i. Identify systematic causes for service litigation and litigation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Prohibition on export of Non-basmati Rice – Amendment in Notification No. 33/2009-14 dated 03.03.2010 relating to exemption for export to Nepal Posted: 15 Mar 2011 06:56 PM PDT Notification No. 33(RE-2010)/2009-14, New Delhi, Dated 15th March, 2011- In Notification No. 33/2009-14 dated 03.03.2010, relating to export of 25,000 MT of Non-Basmati rice to Nepal through MMTC, existing entries in para 3(a) and 3(i) shall be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Complaints against Secretaries to the Government of India and Chief Executives of the Public Sector Enterprises and CMDs of the Public Sector Banks and Financial Institutions Posted: 15 Mar 2011 06:40 PM PDT Cabinet Secretariat has brought to the notice of the CVC that in spite of above clarifications issued by CVC, some Ministries/Departments which receive complaints from CVC for taking appropriate action, instead of taking further necessary action at... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest paid by a branch of a Foreign Bank to its Head Office is deductible in the hands of the branch Posted: 15 Mar 2011 10:14 AM PDT An unnecessary complication has been created by the interpretation made of section 40 (a) (i) of the Income Tax Act read with section 195 of the Act by both the appellant and the respondents. First of all, a proper meaning has to be ascribed to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mid-Quarter Review of Monetary Policy 2010-11 at 12 noon on March 17, 2011 Posted: 15 Mar 2011 09:42 AM PDT The Reserve Bank of India will release its next Mid-Quarter Review of Monetary Policy 2010-11 at 12 noon on March 17, 2011. The Review will be by way of a press release and will be placed on RBI website. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SFIO investigating 14 cases – says R.P.N. Singh Posted: 15 Mar 2011 08:31 AM PDT The Minister of State of Corporate Affairs, Shri R.P.N. Singh has stated that serious Fraud Investigation Office (SFIO) is currently investigating 14 cases. In the past two years investigation in respect of 25 companies were completed and 117... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government has prescribed percentage of profits for public limited companies and their subsidiaries – says R.P.N. Singh Posted: 15 Mar 2011 08:30 AM PDT For Public Limited Companies and their subsidiaries ceiling as percentage of profits is already prescribed. The Government also regulates the remuneration of managing directors / whole-time directors / managers (board level positions) of Public... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Jurisdiction of Companies Act under which SFIO is functioning is restricted to India only Posted: 15 Mar 2011 08:27 AM PDT The jurisdiction of Companies Act, 1956 under which the SFIO is functioning is restricted to the territory of India. Investigation regarding diversion of funds outside the country, is being carried on by the Central Bureau of Investigation (CBI) and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Special Examinations for candidates under Mutual Recognition Agreements [MRAs] / Memorandum of Understanding [MoUs] with Foreign Accounting Bodies Posted: 15 Mar 2011 08:27 AM PDT The Institute of Chartered Accountants (ICAI), as a international professional development endeavour, has entered into Mutual Recognition Agreements (MRAs)/Memorandum of Understanding (MoUs) with the following Foreign Accounting Bodies: (a) The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Anshu Jain tops Deutsche Bank pay with 12 million euro Posted: 15 Mar 2011 08:23 AM PDT Deutsche Bank investment banking chief Anshu Jain earned 12.00 million euros ($16.73 million) in 2010, eclipsing Chief Executive Josef Ackermann's pay, the lender said on Tuesday. Jain's total remuneration topped the 8.99 million euros awarded to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Convention services Posted: 15 Mar 2011 01:45 AM PDT Convention services means any service provided or to be provided [to any person], by any person in relation to holding of convention, in any manner; Convention" means a formal meeting or assembly which is not open to the general public, and dose not... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on consulting engineer's service Posted: 15 Mar 2011 01:30 AM PDT consulting engineer's service means any service provided or to be provided to any person, by a consulting engineer in relation to advice, consultancy or technical assistance in any manner in one or more disciplines of engineering including the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Copyright Services Posted: 15 Mar 2011 12:30 AM PDT Copyright Services means any service provided or to be provided to any person, by any other person, for – (a) Transferring temporarily; or (ii) Permitting the use or enjoyment of, Any copyright defined in the Copyright Act, 1957 (14 of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendments to the Prevention of Money Laundering Rules, 2005 Posted: 14 Mar 2011 10:11 PM PDT These rules may be called the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Formation of new district in Uttar Pradesh – Assignment of Lead Bank Responsibility Posted: 14 Mar 2011 10:09 PM PDT The Revenue Department, Government of Uttar Pradesh vide their Gazette Notification No. 1858/1-5-2010-181-2002T.C.-Rev.-5 Lucknow dated July 01, 2010 has advised about the constitution of a new district viz. Chhatrapati Shahuji Maharaj Nagar with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Introduction of Annual return on Foreign Liabilities and Assets reporting by Indian Companies and discontinuation of the Part B of form FC-GPR Posted: 14 Mar 2011 10:09 PM PDT In order to capture the statistics relating to Foreign Direct Investment (FDI), both inward and outward in a more comprehensive manner as also to align it with international best practices, it has been decided to replace Part B of the Form FC-GPR by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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