Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Mar 15, 2011 at 10:11 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• Income tax Dept recovers Rs 25,000 crore undisclosed income in last 2 years
• Liability of interest where CENVAT credit was wrongly taken but reversed by assessee before utilization- Circular No. 942/03/2011-CX
• 15 non-working PSUs in Karnataka – CAG report
• Bombay HC quashed DGFT policy circular which was contrary to the provisions of Foreign Trade (Development and Regulation) Act
• SC refers question on Status of contract Labour in Maharashtra to larger bench
• Rescheduling of PCE / IPCE Exams scheduled on 3rd May 2011 and 7th May 2011 at Kolkatta and Asansol
• Clause forfeiting bid security illegal – Delhi HC
• Roll back service tax on medical facilities- Trivedi
• Delhi fuel retailers demands lower VAT on diesel
• Goods transported to out-of-state depots otherwise than as a result of direct sale which would attract tax under Section 6 of the Central Sales Tax Act- SC
• Time limit prescribed for one scheme could be completely unwarranted for another scheme and time limit prescribed under Section 11A of the Central Excise Act is no exception- SC
• Fin sector cos to re-assess risks in emerging markets – Dun and Bradstreet report
• 86,000 commercial banks, 100,000 co-op banks in India to go on strike
• Rs One lakh crore tax evasion detected by revenue authorities in last 18 months
• Moily signs Cabinet note on pay parity in tribunals
• Inflation rises to 8.31 pc, RBI may hike policy rates
• CBDT Chairman Instructed again to immediately enter and process all the refund cases and issue refunds
• Labour Min favours partial withdrawal from EPF ; Rs. 8,318.69 crore lying in Inoperative Accounts
• No Routine Income Tax Scrutiny of Senior Citizens and Small Tax payers Having Gross Income less then 10 Lakh
• Automation of non-MICR Clearing Houses – Implementation of a new Clearing Software – Express Cheque Clearing System
• Sebi for tighter leash on wealth managers
• How to identify Forged / Fake note – FAQ
• DGFT- Quantity restriction of 55 lakh bales on export of cotton during Cotton Season, 2010-11- Exemption for export of 5000 bales of Assam Comilla cotton
• Judgement of the AP High Court on the principles for dispensation of pre-deposit pending appeal in Service tax matters

Income tax Dept recovers Rs 25,000 crore undisclosed income in last 2 years Posted: 14 Mar 2011 09:03 PM PDT Finance Minister Pranab Mukherjee today said the income tax department has recovered undisclosed income of Rs 25,000 crore in the last two years during its search and seizure operations. In Income Tax Act there is regular provision for search and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Liability of interest where CENVAT credit was wrongly taken but reversed by assessee before utilization- Circular No. 942/03/2011-CX Posted: 14 Mar 2011 08:59 PM PDT Attention is invited to the Board's Circular No. 897/17/2009-CX dated 03.09.09, wherein it was clarified that in light of clear and unambiguous provisions of Rule 14 of the CENVAT Credit Rules, 2004, the interest shall be recoverable when credit has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

15 non-working PSUs in Karnataka – CAG report Posted: 14 Mar 2011 08:57 PM PDT There are 15 non-working PSUs in Karnataka, including seven under liquidation, says a CAG report tabled in the State Legislative Assembly as it recommended to the government to consider winding them up. The companies which have taken the route of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bombay HC quashed DGFT policy circular which was contrary to the provisions of Foreign Trade (Development and Regulation) Act Posted: 14 Mar 2011 08:49 PM PDT The Bombay high court last week quashed the office memorandum / press release dated November 11 and policy circular dated December 22 last year as they were not issued under the provisions of the Foreign Trade (Development and Regulation) Act, and,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC refers question on Status of contract Labour in Maharashtra to larger bench Posted: 14 Mar 2011 08:31 PM PDT Various benches of the high court have taken different stands on the issue of relationship between the employer and such workers. SC framed three questions for the larger bench. The first and main one is "whether a person who is employed by a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rescheduling of PCE / IPCE Exams scheduled on 3rd May 2011 and 7th May 2011 at Kolkatta and Asansol Posted: 14 Mar 2011 08:23 PM PDT In view of the Election to the West Bengal State Legislative Assembly, Paper-1, `Advanced Accounting' of Professional Competence Examination and Paper-1, `Accounting' of Integrated Professional Competence Examination scheduled to be held on Tuesday,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clause forfeiting bid security illegal – Delhi HC Posted: 14 Mar 2011 08:14 PM PDT The Delhi high court last week held that the clause in a tender document for building contract permitting 5 per cent bid security amount to be forfeited in case of a non-responsive bid is "clearly penal in nature and thus provisions of Section 74 of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Roll back service tax on medical facilities- Trivedi Posted: 14 Mar 2011 07:43 PM PDT The Union Health Ministry has urged Finance Minister Pranab Mukherjee to roll back five per cent service tax imposed on hospitals and diagnostic centres in this year's budget, arguing that it would make health care more expensive for the poor. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi fuel retailers demands lower VAT on diesel Posted: 14 Mar 2011 07:38 PM PDT The Delhi Petrol Dealers Association (DPDA) has requested the state government to reduce Value-Added Tax (VAT) on diesel to 9 per cent from 12.5 per cent at present, in line with the neighbouring state of Haryana. "400 petrol dealers of Delhi are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Goods transported to out-of-state depots otherwise than as a result of direct sale which would attract tax under Section 6 of the Central Sales Tax Act- SC Posted: 14 Mar 2011 07:36 PM PDT The SC last week dismissed the appeal of Hyderabad Engineering Industries against the judgment of the Andhra Pradesh high court ruling that the transactions between several cities constituted inter-state sales, as contemplated under Section 3(a) of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Time limit prescribed for one scheme could be completely unwarranted for another scheme and time limit prescribed under Section 11A of the Central Excise Act is no exception- SC Posted: 14 Mar 2011 07:22 PM PDT The SC last week dismissed the appeal of Hans Steel Rolling Mill against the ruling of the excise appellate tribunal and stated that "importing of elements of one scheme of tax administration to a different scheme of tax administration would be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Fin sector cos to re-assess risks in emerging markets – Dun and Bradstreet report Posted: 14 Mar 2011 07:07 PM PDT Financial sector players are likely to re-assess political risks in emerging markets, especially, against the backdrop of rising political turmoil in the Middle East and North Africa, says a report. "In the long term, banks, insurance companies and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

86,000 commercial banks, 100,000 co-op banks in India to go on strike Posted: 14 Mar 2011 07:04 PM PDT More than 86,000 commercial banks and one lakh co-operative banks all over India would go on strike during the coming Parliament session in protest against some concessions to private sector in banking operations announced in the Budget. Announcing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rs One lakh crore tax evasion detected by revenue authorities in last 18 months Posted: 14 Mar 2011 06:46 PM PDT Finance Minister Pranab Mukherjee today said revenue authorities have detected tax evasion of about Rs 1 lakh crore during the past 18 months as a result of international cooperation as well as domestic surveillance. "Almost one lakh crore of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Moily signs Cabinet note on pay parity in tribunals Posted: 14 Mar 2011 06:43 PM PDT Taking strong note of pay disparity in different tribunals, Union Law minister Veerappa Moily said he has signed a cabinet note today to ensure uniform salary structure in such bodies. "We need to ensure that system works properly. In fact, we have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Inflation rises to 8.31 pc, RBI may hike policy rates Posted: 14 Mar 2011 06:41 PM PDT Inflation rose marginally to 8.31 per cent for the month ended February, driven by high food and fuel prices, which may prompt the RBI to hike interest rates when it reviews the monetary policy later this week. However, Finance Minister Pranab... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT Chairman Instructed again to immediately enter and process all the refund cases and issue refunds Posted: 14 Mar 2011 06:38 PM PDT Our commitment to issue all refunds before March 31 2011 - CBDT's requests / instructions / advice made on Feb 24, March 5 & again on March 8 2011. At the moment we are issuing around 30,000 refunds every day. Around 2,000 refunds cases are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Labour Min favours partial withdrawal from EPF ; Rs. 8,318.69 crore lying in Inoperative Accounts Posted: 14 Mar 2011 06:17 PM PDT Inoperative EPF Accounts The Finance Ministry while recommending adoption of investment pattern notified by them on 14.08.2008 for Employees' Provident Fund and "Exempt Funds" suggested that liberal advances and withdrawals from Employees' Provident... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Routine Income Tax Scrutiny of Senior Citizens and Small Tax payers Having Gross Income less then 10 Lakh Posted: 14 Mar 2011 05:54 PM PDT The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs 10 lakh will not be scrutinised in a routine manner. "It has been decided that during the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Automation of non-MICR Clearing Houses – Implementation of a new Clearing Software – Express Cheque Clearing System Posted: 14 Mar 2011 06:15 AM PDT State Bank of India (SBI), the bank managing most number of clearing locations, was advised to lead the initiative to develop a new automation package complete with all required and latest features. The package developed through M/s Image... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi for tighter leash on wealth managers Posted: 14 Mar 2011 02:02 AM PDT If Sebi has its way, wealth managers will have a tough time going forward as the capital markets watchdog is in the process of coming out with stern measures to regulate the relationship managers in particular and wealth management firms in general. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How to identify Forged / Fake note – FAQ Posted: 14 Mar 2011 01:56 AM PDT 1) What is a forged note? A suspected forged note, counterfeit note or fake note is any note which does not possess the characteristics of genuine Indian currency notes. 2) How can I identify a forged note? You can identify a forged note if you are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT- Quantity restriction of 55 lakh bales on export of cotton during Cotton Season, 2010-11- Exemption for export of 5000 bales of Assam Comilla cotton Posted: 13 Mar 2011 10:10 PM PDT Notification No. 32(RE-2010)/2009-14 - "The contracts for export of cotton shall be registered with the Directorate General of Foreign Trade prior to shipment. During the Cotton Season, 2010-11(upto 30.09.2011) the export of cotton will be subject... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Judgement of the AP High Court on the principles for dispensation of pre-deposit pending appeal in Service tax matters Posted: 11 Mar 2011 08:05 PM PST The respondent runs various coaching centers in Andhra Pradesh and other States in India.The respondent's activity of commercial training or coaching service attracts levy of service tax under Section 65(26) and Section 65(27) read with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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