Fwd: TaxGuru.in : Legal & Tax Updates

---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Mar 26, 2011 at 10:11 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

---

• No service tax on cashless health insurance transactions – Sources
• Relaxation in Tariff value in case of branded readymade garments but should be equal to transaction value in case of job work, transaction between job workers and merchant
• MRP Based duty – 35 more goods included on which 1 percent duty or 5 percent duty with cenvat credit levied
• Excise Duty – Centralized registration scheme for mines engaged in the production or manufacture of goods falling under chapter heading 2701, 2702, 2703, 2704 and 2706
• Amends Cenvat Credit Rules, 2004 – Notification No. 9/2011-Central Excise (N.T.)
• Amends Central Excise Rules, 2002 – Units paying 1 Percent duty under notification no. 1/2001, to file quarterly returns – Rule 12AA to include jewellery of heading 7114
• IRDA Guidelines Pertaining to Agents
• Transfer, Posting and Retention Orders of Additional/Joint CITs and Deputy/Assistant CITs
• Direct Tax and Indirect Tax- Suggestions of ICAI Accepted in the Finance Bill, 2011
• PAC's powers go beyond CAG report – Joshi
• Delhi VAT (DVAT) – E-filing of Annual Dealers
• Change in the applicability date of revised Schedule VI of the Companies Act, 1956
• Excise Duty- Value Based Exemption Scheme for Small Scale Industries
• Service Tax – Point of Taxation Rules – Pain of Taxation? Part – I
• Gujarat not ready for implementation of GST
• RBI likely to continue with tight monetary policy
• Government yet to take a Decision Regarding FDI in Multi –Brand Retail Trading
• CAG recommends tighter tax norms for film, television industry
• PAN cards exceeds the number of tax payers
• Amendments Incorporated in the Finance Bill, 2011 at the Time of Passing Thereof by the Lok Sabha in Respect of Income Tax Act, 1961
• Crooks offer refund on online tax refund!
• Shri Kapil Sibal Inaugurates Web-Based Application for AICTE
• CS – Time-table- PMQ Course in Corporate Governance
• Dispute Resolution Panel (DRP) Revised Jurisdiction w.e.f. 24.03.2011
• Black money case- Hasan Ali sent to judicial custody till April 8
• Maharashtra govt exempts transfer of copyrights of a film relating to the exhibition in theatres from VAT

No service tax on cashless health insurance transactions – Sources Posted: 25 Mar 2011 08:57 PM PDT There will be no service tax on cashless health insurance transactions, reports CNBC-TV18 quoting sources from Central Board of Excise and Customs (CBEC). It is learnt that the changes will notified by the board soon. The Finance Minister Pranab... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Relaxation in Tariff value in case of branded readymade garments but should be equal to transaction value in case of job work, transaction between job workers and merchant Posted: 25 Mar 2011 08:30 PM PDT Notification No. 12/2011-Central Excise (N.T.)- Relaxation in Tariff value in case of branded readymade garments – tariff value reduced from 60% to 45% and tariff value shall be equal to transaction value in case of job work, transaction between job... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MRP Based duty – 35 more goods included on which 1 percent duty or 5 percent duty with cenvat credit levied Posted: 25 Mar 2011 08:23 PM PDT Notification No. 11/2011- Central Excise (N.T.)- In exercise of the powers conferred by sub-sections (1) and (2) of section 4A 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 ]]

Excise Duty – Centralized registration scheme for mines engaged in the production or manufacture of goods falling under chapter heading 2701, 2702, 2703, 2704 and 2706 Posted: 25 Mar 2011 08:12 PM PDT Notification No. 10/2011-Central Excise (N.T.)-CE(NT) dated -24-03-2011- In exercise of the powers conferred by sub-rule (2) of rule 9 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby exempts from the operation of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Cenvat Credit Rules, 2004 – Notification No. 9/2011-Central Excise (N.T.) Posted: 25 Mar 2011 08:08 PM PDT Notification No. 9/2011-Central Excise (N.T.) - 2. In the CENVAT Credit Rules, 2004, (i). in rule 2, in clause (naa), in sub-clause (i), for the words and figures "jewellery falling under heading 7113" the words and figures "jewellery or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Central Excise Rules, 2002 – Units paying 1 Percent duty under notification no. 1/2001, to file quarterly returns – Rule 12AA to include jewellery of heading 7114 Posted: 25 Mar 2011 08:02 PM PDT No. 8/2011-Central Excise (N.T.)- where an assessee is availing the exemption notification of the Government of India, Ministry of Finance (Department of Revenue) No. 1/2011- Central Excise, dated the 1st March, 2011, published in the Gazette of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA Guidelines Pertaining to Agents Posted: 25 Mar 2011 07:37 PM PDT Reference is invited to circulars ref. IRDA/CAD/GDL/AGN/016/02/2011 dated 11th February, 2011& IRDA/CAD/GDL/AGN/016/02/2011 dated 14th February, 2011 prescribing guidelines relating to individual agents in respect of life insurance and Non Life... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer, Posting and Retention Orders of Additional/Joint CITs and Deputy/Assistant CITs Posted: 25 Mar 2011 07:16 PM PDT F.No.A-22013/212011-Ad.VI Government of India, Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) New Delhi, the 25th March , 2011 ORDER NO. 48 OF 2011 The following transfers / postings of officers in the grade of Deputy I... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Tax and Indirect Tax- Suggestions of ICAI Accepted in the Finance Bill, 2011 Posted: 25 Mar 2011 06:55 PM PDT Direct Tax- Suggestions of ICAI in its Post Budget Memorandum-2011 considered in the amendments to Finance Bill, 2011 as passed in the Lok Sabha Indirect Tax- Suggestions of ICAI in its Post Budget Memorandum-2011 considered in the amendments to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

PAC's powers go beyond CAG report – Joshi Posted: 25 Mar 2011 06:43 PM PDT Parliament's Public Accounts Committee chairperson M M Joshi on Thursday indicated that overlapping of functions of the panel and the JPC into 2G spectrum scam was not a matter of concern and his powers went beyond the CAG report. In an interaction... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi VAT (DVAT) – E-filing of Annual Dealers Posted: 25 Mar 2011 06:40 PM PDT In exercise of the powers conferred under sub section (2) of section 26 of the Delhi Value Added Tax Act, 2004 (Delhi Act 3 of 2005), I, Jalaj Shrivastava, Commissioner, Value Added Tax hereby make it mandatory for the class of dealers, whose tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Change in the applicability date of revised Schedule VI of the Companies Act, 1956 Posted: 25 Mar 2011 06:33 PM PDT As you are aware, the Ministry of Corporate Affairs (MCA) had earlier announced on its website that the revised Schedule VI is applicable from the financial year 2010-11 onwards. On 25 March 2011, the MCA has changed this note on the website to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Excise Duty- Value Based Exemption Scheme for Small Scale Industries Posted: 25 Mar 2011 06:08 PM PDT The Finance Bill-2011 levied Excise duty at the rate of 10% on ready-made garments and made-up articles of textiles when they bear or are sold under a brand name. Hitherto, ready-made garments and made-up articles were exempt from Central Excise... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax – Point of Taxation Rules – Pain of Taxation? Part – I Posted: 25 Mar 2011 05:25 PM PDT Before making an attempt to understand provisions of Point of Taxation Rules, 2011 (PoTR), it will be necessary to explore the meaning of certain terminology used. In the process of taxation, the first step is levy of tax. Levy is linked with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Gujarat not ready for implementation of GST Posted: 25 Mar 2011 09:30 AM PDT Though the Goods and Services Tax (GST) bill has been tabled in the Lok Sabha, the Gujarat government today said in the state Assembly that it was not ready to implement it. Minister of State for Industries, Saurabh Patel, told the House that state... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI likely to continue with tight monetary policy Posted: 25 Mar 2011 07:43 AM PDT Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan today said the RBI will have to continue with its monetary tightening policy to tame inflation, which stood at over 8 per cent in February. "The inflation rate continues to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government yet to take a Decision Regarding FDI in Multi –Brand Retail Trading Posted: 25 Mar 2011 07:40 AM PDT It has been stated in Para 31 of the Budget Speech 2011-12 that to make the FDI policy more user-friendly, all prior regulations and guidelines have been consolidated into one comprehensive document, which is reviewed every six months. The last... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CAG recommends tighter tax norms for film, television industry Posted: 25 Mar 2011 06:49 AM PDT Government auditor CAG today recommended tighter tax norms, including mandatory TDS, for the Indian cinema and television industry, which is estimated at over Rs 36,000 crore. Concerned over tax evasion and the need to widen tax base, the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

PAN cards exceeds the number of tax payers Posted: 25 Mar 2011 04:55 AM PDT A report says number of PAN cards far exceeds the number of tax payers. This raises concern that tax dodgers may be using multiple cards to hide income. The Income Tax ( I- T) department has issued close to 10 crore permanent account number ( PAN)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendments Incorporated in the Finance Bill, 2011 at the Time of Passing Thereof by the Lok Sabha in Respect of Income Tax Act, 1961 Posted: 25 Mar 2011 04:44 AM PDT Amendment of section 40A - (i) New clause 7A of the Finance Bill,2011 7A. In section 40A of the Income Tax Act, in sub-section (9), after the words, brackets and figures "under clause (iv)", the words, brackets, figures and letter "or clause (iva)"... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Crooks offer refund on online tax refund! Posted: 25 Mar 2011 04:13 AM PDT Cyber crooks are on the prowl this financial year closing and are using phishing attacks and hoax-alerts to gain access to account details of individuals who have filed their Income Tax returns online, said experts. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Shri Kapil Sibal Inaugurates Web-Based Application for AICTE Posted: 25 Mar 2011 03:29 AM PDT Shri Kapil Sibal, Union Minister for Human Resource Development inaugurated, here today, a new web-based application for the All India Council for Technical Education (AICTE) that will provide for the information and data as filled in by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CS – Time-table- PMQ Course in Corporate Governance Posted: 25 Mar 2011 03:27 AM PDT 1. The Institute is pleased to announce that the Part –I examination of the Post Membership Qualification (PMQ) in 'Corporate Governance' will be held from Sunday, June 5, 2011 to Thursday, June 9, 2011 at the centres where the company... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Dispute Resolution Panel (DRP) Revised Jurisdiction w.e.f. 24.03.2011 Posted: 25 Mar 2011 03:18 AM PDT Vide Order No. 2/FT&TR/2011 dated 24th March 2011, the CBDT has revised the territorial jurisdiction of the Dispute Resolution Panels across the Country. dispute resolution panel w.e.f 24.02.2011 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Black money case- Hasan Ali sent to judicial custody till April 8 Posted: 24 Mar 2011 10:28 PM PDT A Mumbai Sessions court has sent Pune-based stud farm owner Hasan Ali, who is alleged to have stashed away over eight billion dollars in Swiss banks, to judicial custody till April 8. The Enforcement Directorate (ED) had produced Ali before a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Maharashtra govt exempts transfer of copyrights of a film relating to the exhibition in theatres from VAT Posted: 24 Mar 2011 10:00 PM PDT Maharashtra government on Wednesday exempted transfer of copyrights of a film -- relating to the exhibition in theatres -- from VAT. This was announced in the Legislative assembly during the State budget presentation, Deputy Chief Minister and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

You are subscribed to email updates from LEGAL & FINANCIAL UPDATES FROM TAX GURU To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/