Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Mar 25, 2011 at 9:45 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• Competition Commission of India issued draft regulations in relation to the transaction of business relating to Combinations
• Summary of draft regulations in relation to the transaction of business relating to Combinations issued by Competition Commission of India
• Major Amendments to Karnataka Stamp Act, pursuant to State Budget – 2011
• Amends notification no. 20/2006 – Seeks to exempt certain specified goods from special CVD leviable on imported goods vide Notification No. 32 /2011-Customs
• Amends notification no. 21/2002 – Effective rate of duty on import of goods vide Notification No. 31/ 2011-Customs
• Exempts return of branded ready made garments subject to certain conditions vide Notification No.31/2011-Central Excise
• Amends notification no. 30/2004 – Exemption to specified goods of chapters 50 to 63 Vide Notification No.30/2011-Central Excise
• Amends notification no. 63/95 – Exemption to goods manufactured by specified Units / Institutions for use by Government Department or Defense purposes Vide Notification No. 29/2011-Central Excise
• Amends notification no. 8/2003 – Exemption of SSI units – "packing material" includes labels of all kinds vide Notification No. 28/2011-Central Excise
• Exempts waste, parings and scrap arising in the course of manufacture of goods in respect of which the benefit of exemption under notification no. 1/2011 or 20/2011 (i.e. 1 Percent duty) is availed
• Amends notification no. 6/2006 – Effective Rate of Duty on goods of Chapter 83 to Chapter 93 vide Notification No. 26/2011-Central Excise
• Amends notification no. 5/2006 – Effective Rate of Duty on goods of Chapter 54 to Chapter 82 vide Notification No. 25/2011-Central Excise
• Amends notification no. 4/2006 – Effective Rate of Duty on goods of Chapter 54 to Chapter 82 – Notification No. 24/2011-Central Excise
• Amends notification no. 3/2006 – Effective Rate of Duty on goods of Chapter 1 to Chapter 25 vide Notification No. 23/2011-Central Excise
• Amends notification no. 2/2011 – Effective Rate of duty as 5 Percent with cenvat credit on certain items – Notification No. 22/2011-Central Excise-CE
• Amends notification no. 1/2011 – Effective Rate of duty as 1 percent on certain items- Notification No. 21/2011-Central Excise-CE
• Effective Duty of excise on Mobile Phone (handsets) / Cellular Phones (handsets)- Budget 2011-12
• Regarding Monitoring of food import from Japan for radioactive contamination
• Addendum to SEBI Circular on Unauthenticated news circulated by SEBI Registered Market Intermediaries through various modes of communication
• Bank advised to conduct "Special Clearings" on March 30th and 31st, 2011
• Exemption for export of milk powders (including skimmed milk powder, whole milk powder, dairy whitener and infant milk foods), Casein and Casein products under para 9.12 of Handbook of Procedure Vol. 1
• Minimum Export Price of Onions- DGFT Notification No 36 (RE – 2010)/2009-2014
• DGFT- Extension of prohibition on export of Pulses (except Kabuli Chana and 10,000 tonnes of organic pulses) upto 31.03.2012– regarding
• Termination notices for 85 new licences issued -DoT
• Parliament completes for Budget approval exercise- Budget 2011-12
• SEZ – Clarification on FTWZ issues
• Resolution Nofifying Constitution of Financial Sector Legislative Reforms Commission (FSLRC) Issued
• Proposed amendments to the Finance Bill, 2011 in respect of Direct and Indirect Taxation
• Big 4 Auditors respond to Big Four clause investigation
• Banks in UK face probe for their use of Big Four auditors
• Govt introduces Bill to give statutory power to PFRDA
• Govt plans to keep track of companies with common addresses
• Highlight of Maharashtra State Budget 2011-12
• Transfer of Hon'ble ITAT Members (March 2011)

Competition Commission of India issued draft regulations in relation to the transaction of business relating to Combinations Posted: 24 Mar 2011 09:06 PM PDT The Competition Act, 2002 (the "Act") which came into force in 2003, seeks to regulate (a) Anti-competitive agreements; (b) Abuse of dominance; and (c) Combinations. While the provisions relating to anti-competitive agreements and abuse of dominance... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Summary of draft regulations in relation to the transaction of business relating to Combinations issued by Competition Commission of India Posted: 24 Mar 2011 09:03 PM PDT The Competition Act, 2002 (the "Act") which came into force in 2003, seeks to regulate (a) Anti-competitive agreements; (b) Abuse of dominance; and (c) Combinations. While the provisions relating to anti-competitive agreements and abuse of dominance... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Major Amendments to Karnataka Stamp Act, pursuant to State Budget – 2011 Posted: 24 Mar 2011 09:01 PM PDT The Karnataka State Budget for the year 2011-12 was presented on 24 February, 2011. In line with the earlier budgets, Karnataka State Budget has proposed many changes in stamp duty rates. One of the key proposed changes is the reduction in the stamp... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends notification no. 20/2006 – Seeks to exempt certain specified goods from special CVD leviable on imported goods vide Notification No. 32 /2011-Customs Posted: 24 Mar 2011 08:55 PM PDT Notification No. 32 /2011-Customs- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 0f 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends notification no. 21/2002 – Effective rate of duty on import of goods vide Notification No. 31/ 2011-Customs Posted: 24 Mar 2011 08:51 PM PDT Notification No. 31/ 2011-Customs- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exempts return of branded ready made garments subject to certain conditions vide Notification No.31/2011-Central Excise Posted: 24 Mar 2011 08:44 PM PDT Notification No.31/2011-Central Excise- Provided that the exemption contained in this notification shall apply subject to the following conditions, namely:- i. no Cenvat credit of the duty paid on such returned goods is taken under the provisions of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends notification no. 30/2004 – Exemption to specified goods of chapters 50 to 63 Vide Notification No.30/2011-Central Excise Posted: 24 Mar 2011 08:40 PM PDT Notification No.30/2011-Central Excise- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 3 of the Additional Duties of Excise Goods of Special... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends notification no. 63/95 – Exemption to goods manufactured by specified Units / Institutions for use by Government Department or Defense purposes Vide Notification No. 29/2011-Central Excise Posted: 24 Mar 2011 08:37 PM PDT Notification No. 29/2011-Central Excise - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends notification no. 8/2003 – Exemption of SSI units – "packing material" includes labels of all kinds vide Notification No. 28/2011-Central Excise Posted: 24 Mar 2011 08:33 PM PDT Notification No. 28/2011-Central Excise - In exercise of the powers conferred by sub-section (2A) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exempts waste, parings and scrap arising in the course of manufacture of goods in respect of which the benefit of exemption under notification no. 1/2011 or 20/2011 (i.e. 1 Percent duty) is availed Posted: 24 Mar 2011 08:29 PM PDT Notification No. 27/2011-Central Excise- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends notification no. 6/2006 – Effective Rate of Duty on goods of Chapter 83 to Chapter 93 vide Notification No. 26/2011-Central Excise Posted: 24 Mar 2011 08:16 PM PDT Notification No. 26/2011-Central Excise -In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends notification no. 5/2006 – Effective Rate of Duty on goods of Chapter 54 to Chapter 82 vide Notification No. 25/2011-Central Excise Posted: 24 Mar 2011 08:12 PM PDT Notification No. 25/2011-Central Excise - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends notification no. 4/2006 – Effective Rate of Duty on goods of Chapter 54 to Chapter 82 – Notification No. 24/2011-Central Excise Posted: 24 Mar 2011 08:06 PM PDT Notification No. 24/2011-Central Excise- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends notification no. 3/2006 – Effective Rate of Duty on goods of Chapter 1 to Chapter 25 vide Notification No. 23/2011-Central Excise Posted: 24 Mar 2011 07:55 PM PDT Notification No. 23/2011-Central Excise- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends notification no. 2/2011 – Effective Rate of duty as 5 Percent with cenvat credit on certain items – Notification No. 22/2011-Central Excise-CE Posted: 24 Mar 2011 07:46 PM PDT Notification No. 22/2011-Central Excise- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends notification no. 1/2011 – Effective Rate of duty as 1 percent on certain items- Notification No. 21/2011-Central Excise-CE Posted: 24 Mar 2011 07:43 PM PDT Notification No. 21/2011-Central Excise- n exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Effective Duty of excise on Mobile Phone (handsets) / Cellular Phones (handsets)- Budget 2011-12 Posted: 24 Mar 2011 07:37 PM PDT NOTIFICATION No. 20/2011-Central Excise- G.S.R. (E).-In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding Monitoring of food import from Japan for radioactive contamination Posted: 24 Mar 2011 07:30 PM PDT In continuation of the earlier Instruction dated 17th March, 2011 on the subject matter, it is to intimate that following two laboratories have been granted accreditation by FSSAI for testing for radioactive contamination of food items imported from... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Addendum to SEBI Circular on Unauthenticated news circulated by SEBI Registered Market Intermediaries through various modes of communication Posted: 24 Mar 2011 07:24 PM PDT Addendum to Circular no. Cir/ISD/1/2011 dated March 23, 2011 - Employees should be directed that any market related news received by them either in their official mail/personal mail/blog or in any other manner, should be forwarded only after the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bank advised to conduct "Special Clearings" on March 30th and 31st, 2011 Posted: 24 Mar 2011 07:11 PM PDT With a view to facilitating accounting of all the Government transactions of the current financial year (2010-11) by March 31, 2011, the National Clearing Cells functioning under the Regional Offices of Reserve Bank of India have been advised to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exemption for export of milk powders (including skimmed milk powder, whole milk powder, dairy whitener and infant milk foods), Casein and Casein products under para 9.12 of Handbook of Procedure Vol. 1 Posted: 24 Mar 2011 06:59 PM PDT Notification No 37(RE – 2010)/2009-2014- Notification No: 25 (RE–2010)/2009-2014 dated 24th February, 2011, stipulated that transitional arrangements under para 1.5 of Foreign Trade Policy, 2009-14 will not be applicable to export of milk... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Minimum Export Price of Onions- DGFT Notification No 36 (RE – 2010)/2009-2014 Posted: 24 Mar 2011 06:57 PM PDT Notification No 36 (RE – 2010)/2009-2014 - The phrase "Minimum Export Price(MEP) of US$ 275 per Metric Ton F.O.B. or as notified by DGFT from time-to-time" as appearing in para 2 of Notification No 34(RE – 2010)/2009-2014 dated 16.03.2011 for the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT- Extension of prohibition on export of Pulses (except Kabuli Chana and 10,000 tonnes of organic pulses) upto 31.03.2012– regarding Posted: 24 Mar 2011 06:55 PM PDT Notification No 35 (RE – 2010)/2009-2014- Export of pulses was initially prohibited for a period of six months vide Notification No.15 (RE-2006)/2004-2009 dated 27.6.2006 which was extended from time to time. This extension is upto 31.03.2011 in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Termination notices for 85 new licences issued -DoT Posted: 24 Mar 2011 06:53 PM PDT The Telecom Ministry has informed the Public Accounts Committee (PAC) that it has issued show cause notices to 13 companies for termination of their licences, who are stated to be "ineligible" for getting them. Based on the report of the CAG, the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Parliament completes for Budget approval exercise- Budget 2011-12 Posted: 24 Mar 2011 06:45 PM PDT Parliament today completed the three-phase exercise of approving the General Budget 2011-12. The completion includes Parliamentary approval for appropriation of over Rs 46 lakh crore from the Consolidated Fund of India. The Rajya Sabha returned the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEZ – Clarification on FTWZ issues Posted: 24 Mar 2011 06:24 PM PDT The undersigned is directed to refer to the Instruction No. 49, dated 12-3-2010 and Instruction No. 71, dated 12-11-2010 on the subject mentioned above. Instruction No. 71 was issued to amend the point No. IV of the Instruction No. 49. It was... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Resolution Nofifying Constitution of Financial Sector Legislative Reforms Commission (FSLRC) Issued Posted: 24 Mar 2011 06:21 PM PDT The Resolution notifying the constitution of Financial Sector Legislative Reforms Commission (FSLRC) was issued today by the Government of India. This is in pursuance to the announcement made by the Union Finance Minister Shri Pranab Mukherjee in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Proposed amendments to the Finance Bill, 2011 in respect of Direct and Indirect Taxation Posted: 24 Mar 2011 06:13 PM PDT The Finance Bill, 2011 (the Bill) was introduced by the Finance Minister (FM) in the Lok Sabha yesterday. The FM has proposed certain amendments to the Bill in the Lok Sabha. Here we are giveing a snapshot of the key amendments proposed to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Big 4 Auditors respond to Big Four clause investigation Posted: 24 Mar 2011 06:09 PM PDT Auditors have rushed to respond to the Big Four bank clause investigation, which could see the Office of Fair Trading come down hard on lending restrictions linked to audit. RESTRICTIVE BANK clauses that force customers to use Big Four firms are to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Banks in UK face probe for their use of Big Four auditors Posted: 24 Mar 2011 05:56 PM PDT THE GOVERNMENT has asked regulators to investigate whether banks help to entrench the Big Four auditing firms' dominance through restrictive lending agreements with companies. The Budget included a call to the Office of Fair Trading to probe whether... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt introduces Bill to give statutory power to PFRDA Posted: 24 Mar 2011 06:14 AM PDT Taking forward financial sector reforms, the government today introduced a long-pending PFRDA Bill in the Lok Sabha to give statutory status to interim pension regulator and promoting old age income security. The Bill, introduced by Finance Minister... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt plans to keep track of companies with common addresses Posted: 24 Mar 2011 05:39 AM PDT Concerned over growing corporate fraud, the government is considering to tighten its Early Warning System (EWS) to scrutinise activities of companies with same addresses and common directors. The Ministry of Corporate Affairs (MCA) plans to add two... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Highlight of Maharashtra State Budget 2011-12 Posted: 24 Mar 2011 04:15 AM PDT Highlights Of The Budget Presented By Deputy Chief Minister Shri Ajit Pawar, On Wednesday, 23rd March 2011. PART-I + Remarkable growth in revenues of the State • 2009-10 Revenue Receipts Rs.86,910 crore, 2010-11 Revenue Receipts Rs.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer of Hon'ble ITAT Members (March 2011) Posted: 24 Mar 2011 03:15 AM PDT In pursuance of the consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Tribunal are hereby transferred in public interest, in the same... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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