Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Mar 23, 2011 at 9:50 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Even if income is assessed by estimation on GP rate disallowance u/s. 40A(3) can be made
• How to get your PAN Card details updated?
• Revised Schedule VI – New concepts, disclosure requirements, key changes, implications, critical issues and Format
• Download Google's Cloud Connect Toolbar to save MS Office work automatically
• Former I-T commissioner gets 3-yr rigourous imprisonment
• Income-tax – Creation of the Directorate of Income-tax (Expenditure Budget), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance with immediate effect
• CBDT chief for quick payment of IT refunds
• Finance Minister's Reply to the Discussion on the Finance Bill 2011-12 in Lok Sabha
• Basic Custom Duty Reduced from 30 Per Cent to 5 Per Cent on Raw Silk AD Valorem
• Excise Duty on Readymade Garments- The magic figure of exempted turnover of Rs. 8.90 Crore
• ED to summon Kalmadi, others for violation of forex rules
• Finance Bill, 2011 – As Introduced in Lok Sabha
• Govt approves 6 per cent hike in dearness allowance
• FM announces relief for readymade garment sector
• GST – Govt moves ahead, introduces Bill in Lok Sabha
• FM withdraws proposal for service tax on AC Hospitals and Diagonistic services
• Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement – December 2010 & January 2011
• Law, not equity must prevail, SC
• Rs 616.53 cr tax notice to Mahindra Satyam- I-T department freezes account
• Breaking News Budget 2011 Related to Service tax on Healthcare and Excise Duty on Readymade Garments
• Reconciliation of transactions at ATMs failure – Time limit Complaints resolution with banks
• How to Value Capital asset introduced as stock-in-trade in business?
• Reconciliation of transactions at ATMs failure – Time limit
• 'Made in India' products to get preferential status in New Telecom Policy 2011
• Bill for mandatory hallmarking of more items cleared
• Service tax on Port Services by Other Ports (Minor Ports)
• Service tax on Technical Inspection and Certification Services
• Service Tax on Internet Telecommunication Services
• Service tax on Manpower Recruitment or Supply Agency's Services
• Service tax on Internet Cafe Services
• Service tax on Sponsorship Service
• Legislative Assembly passes Delhi Value Added Tax (Amendment) Act, 2011
• New bank licences norms after amending Banking Act

Even if income is assessed by estimation on GP rate disallowance u/s. 40A(3) can be made Posted: 22 Mar 2011 08:44 PM PDT The argument that if income is assessed by estimation on GP rate, no other disallowance can be made is not of universal application. If expenditure which is legally not permissible has been taken into account that can certainly be disallowed even... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How to get your PAN Card details updated? Posted: 22 Mar 2011 07:51 PM PDT The permanent account number (PAN) card, issued by the income tax authorities, is now widely used in financial transactions and is the single most convenient proof for identity. So, it may be useful to keep the PAN card updated to reflect your... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Revised Schedule VI – New concepts, disclosure requirements, key changes, implications, critical issues and Format Posted: 22 Mar 2011 07:13 PM PDT The revised Schedule VI introduces many new concepts and disclosure requirements and also does away with several statutory disclosure requirements. The practical application of the revised schedule throws up a number of questions, the answers to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Download Google's Cloud Connect Toolbar to save MS Office work automatically Posted: 22 Mar 2011 06:57 PM PDT Each time you open a new Word file in Microsoft Word, from now on, there won't be any need to save your work every few seconds, for fear of losing all your data with a power cut or a computer hang. Google's newly launched Cloud Connect toolbar for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Former I-T commissioner gets 3-yr rigourous imprisonment Posted: 22 Mar 2011 05:30 PM PDT Mumbai: A special court on Monday convicted a former I-T commissioner and his wife for amassing assets disproportionate to their known source of income. Finding Vishwanath Shrivastava guilty of the charges against him, special judge N P Dhote... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income-tax – Creation of the Directorate of Income-tax (Expenditure Budget), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance with immediate effect Posted: 22 Mar 2011 10:34 AM PDT The Directorate of Income-tax (Expenditure Budget) will act as the Nodal Authority in respect of all Budget matters for the Grant No. 42 Direct Taxes and will perform all work related to the management of Expenditure Budget under this grant which... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT chief for quick payment of IT refunds Posted: 22 Mar 2011 10:27 AM PDT Despite repeated appeals made to all the members of the income tax family, & despite the hard work put in by most of them, processing of refund cases is depressingly behind schedule. At the moment around 1.35 lac Returns are processed every... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Minister's Reply to the Discussion on the Finance Bill 2011-12 in Lok Sabha Posted: 22 Mar 2011 10:10 AM PDT In my proposals for the Direct Taxes, for the year 2011-12, I had proposed to provide lower tax rate of 15 per cent on dividends received by Indian companies from foreign subsidiary companies in which the Indian company holds more than 50 per cent... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Basic Custom Duty Reduced from 30 Per Cent to 5 Per Cent on Raw Silk AD Valorem Posted: 22 Mar 2011 09:57 AM PDT The Union Finance Minister also announced the basic reduction of custom duty on raw silk (not thrown) from 30 per cent to 5 per cent ad valorem. This was done to augment domestic availability for weavers, both in the handloom and the power loom... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Excise Duty on Readymade Garments- The magic figure of exempted turnover of Rs. 8.90 Crore Posted: 22 Mar 2011 09:39 AM PDT While initiating debate on the Finance Bill-2011 the Finance Minister said that the garment traders had criticised the proposed 10 per cent excise duty on readymade garments saying it would hurt the small business. He added. 1) "To address this... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ED to summon Kalmadi, others for violation of forex rules Posted: 22 Mar 2011 06:33 AM PDT The Enforcement Directorate is likely to summon sacked CWG Organising Committee Chairman Suresh Kalmadi and some other officials for alleged violations of forex rules during last year''s Commonwealth Games. According to sources, the ED will issue... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Bill, 2011 – As Introduced in Lok Sabha Posted: 22 Mar 2011 05:25 AM PDT LIST NO.1- LOK SABHA FINANCE BILL, 2011 (As Introduced in Lok Sabha) Notice of Amendments Dated: March 21, 2011. Amendment of section 40A- insert ' 7A In section 40A of the Income tax Act, in sub-section (9), after the words, brackets and figures... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt approves 6 per cent hike in dearness allowance Posted: 22 Mar 2011 05:14 AM PDT In a bid to provide relief from high inflation, the government today increased dearness allowance (DA) by 6 per cent to 51 per cent, benefiting over 50 lakh central government employees and 38 lakh pensioners. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM announces relief for readymade garment sector Posted: 22 Mar 2011 04:45 AM PDT Under the revised norms, 10% excise would be levied on 45% of the tariff value of retail price on branded readymade garments as against 60% proposed in the Budget. Finance Minister Pranab Mukherjee on Tuesday eased some of the pressure on the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

GST – Govt moves ahead, introduces Bill in Lok Sabha Posted: 22 Mar 2011 04:37 AM PDT The government today introduced a Constitution Amendment Bill in the Lok Sabha with a view to create a common market for goods and services and replace the existing indirect taxation regime with a uniform Goods and Services Tax (GST) system. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM withdraws proposal for service tax on AC Hospitals and Diagonistic services Posted: 22 Mar 2011 04:35 AM PDT Bowing to demand from all quarters, Finance Minister Pranab Mukherjee today announced withdrawal of the proposed 5 per cent service tax on airconditioned hospitals with more than 25 beds and on diagonistic services. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement – December 2010 & January 2011 Posted: 22 Mar 2011 04:30 AM PDT The stock exchanges may consider shifting the trading in these securities to normal Rolling Settlement subject to the following: a) At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Law, not equity must prevail, SC Posted: 22 Mar 2011 02:45 AM PDT The Supreme Court has ruled that law should prevail over equity and that judges should not legislate as it would be violative of the basic democratic principles. A bench of justices Markandeya Katju and Gyan Sudha Mishra in a recent judgement said... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rs 616.53 cr tax notice to Mahindra Satyam- I-T department freezes account Posted: 22 Mar 2011 02:05 AM PDT The Income Tax Department has issued a notice to Mahindra Satyam, the new brand identity of Satyam Computer Services Ltd, to pay Rs 616.53 crore in taxes, the company said in a stock exchange filing today. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Breaking News Budget 2011 Related to Service tax on Healthcare and Excise Duty on Readymade Garments Posted: 22 Mar 2011 12:48 AM PDT Breaking News Budget 2011 Related to Service tax on Healthcare and Excise Duty on Readymade Garments. 1) Abatement on readymade garments increased from 40% to 55%. 2) Service tax on Health care services withdrawn [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reconciliation of transactions at ATMs failure – Time limit Complaints resolution with banks Posted: 22 Mar 2011 12:15 AM PDT All authorized ATM Networks provider/operator are advised to submit the quarterly data pertaining to resolution of complaints between ATM network operator and banks in the following excel format. The quarterly data should reach us within a month on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How to Value Capital asset introduced as stock-in-trade in business? Posted: 22 Mar 2011 12:15 AM PDT When a partnership firm is dissolved and the erstwhile partner receives stock, it is a capital asset in his hands. When that asset is introduced into a business as stock, it gets converted into stock-in-trade. The value of this stock will have to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reconciliation of transactions at ATMs failure – Time limit Posted: 22 Mar 2011 12:10 AM PDT Please refer to our circular DPSS/No.101/02.10.02/2009-2010 dated July 17, 2009 on the captioned subject, wherein banks were advised to submit the quarterly review of ATM transactions. 2. In continuation of the above circular banks are advised to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

'Made in India' products to get preferential status in New Telecom Policy 2011 Posted: 22 Mar 2011 12:00 AM PDT In order to boost manufacturing of indigenous equipment, the Centre may extend preferential status to 'Made in India' products in the New Telecom Policy, 2011 (NTP'11). "Broader telecom policy will include measures appropriate to encourage domestic... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bill for mandatory hallmarking of more items cleared Posted: 21 Mar 2011 11:38 PM PDT The government today cleared the Bureau of Indian Standards (Amendment) Bill, 2011 paving the way for introduction of mandatory hallmarking of more products including gold. At present, about 77 items including cement, mineral water and milk products... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Port Services by Other Ports (Minor Ports) Posted: 21 Mar 2011 11:10 PM PDT "Port service" means any service rendered within a port or other port, in any manner. "Taxable service" means any service provided or to be provided to any person, by any other person, in relation to port services in other port, in any manner. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Technical Inspection and Certification Services Posted: 21 Mar 2011 11:05 PM PDT Technical Inspection and Certification Services means any service provided or to be provided to any person, by a technical inspection and certification agency, in relation to technical inspection and certification. "Technical Inspection and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Internet Telecommunication Services Posted: 21 Mar 2011 11:00 PM PDT Internet Telecommunication Services means any service provided or to be provided to any person, by any other person, in relation to internet telecommunication service; "Internet" means a global information system which is logically linked together... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Manpower Recruitment or Supply Agency's Services Posted: 21 Mar 2011 10:58 PM PDT Manpower Recruitment or Supply Agency's Services means any service provided or to be provided to any person, by a manpower recruitment or supply agency in relation to the recruitment or supply of manpower, temporarily or otherwise, in any manner;... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Internet Cafe Services Posted: 21 Mar 2011 10:52 PM PDT Internet Cafe Services means any service provided or to be provided to any person, by an internet cafe in relation to access of internet; "Internet Cafe" means a commercial establishment providing facility for assessing internet; [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Sponsorship Service Posted: 21 Mar 2011 10:46 PM PDT Sponsorship Service means any service provided or to be provided to any person, by any other person receiving sponsorship, in relation to such sponsorship, in any manner; "Sponsorship" includes naming an event after the sponsor, displaying the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Legislative Assembly passes Delhi Value Added Tax (Amendment) Act, 2011 Posted: 21 Mar 2011 10:19 PM PDT The Delhi Legislative Assembly on Monday passed by voice vote the Delhi Value Added Tax (Amendment) Act, 2011. The purpose of the ammendment is to give extension for one more year which will be up to March 31st of March next year. Earlier the date... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New bank licences norms after amending Banking Act Posted: 21 Mar 2011 09:48 PM PDT Corporates looking to enter the banking business will have wait for some more time, as the government is considering amendment of the Banking Regulation Act and Banking Laws Act before finalising the guidelines for giving new licences. The final... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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