Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Mar 12, 2011 at 9:46 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Chinese Companies Want the Big 4 Magic
• Write your mobile numbers on claim forms and get your P.F. claim status on mobile
• Penalty Provision in respect of delay in payment of P.F. dues
• Service Tax : Service Tax (Determination of Value) Amendment Rules, 2011 – Insertion of rule 29 – Corrigendum to Notification No. 2/2011-ST, dated 1-3-2011
• 8 New Income Tax Overseas Units (ITOUs) to be Operationalised in Next Fiscal
• Compulsorily Online Payment of MCA fees from 27th March 11 of Fees Less then Rs. 50000 and 1st October'2011 of Fess more then Rs. 50000
• ROC fees up to Rs. 50000 can be paid only online w.e.f. 27th March, 2011
• FM announces incentives for investment in education, health
• Some tax proposals under examination- FM
• Govt looking at suggestions on tax proposals
• Lok Sabha clears first stage of Budget 2011-12
• No collateral required for loans to SC/ST- Mukherjee
• Finance Minister confident of returning to 9 pc GDP growth
• Companies may have to induct at least one female independent director
• SAT defers PwC-Sebi case to March 15
• CBDT Circular on monetary limits for filing Income Tax appeals apply to pending appeals
• Foreign banks' headcount down over 6 Percent – RBI

Chinese Companies Want the Big 4 Magic Posted: 11 Mar 2011 07:23 PM PST "Companies are under pressure from investors to get the best auditor they can," said Paul Gillis, an accounting professor at Peking University in Beijing. More than 200 Chinese companies are listed on U.S. exchanges, and hundreds more trade on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Write your mobile numbers on claim forms and get your P.F. claim status on mobile Posted: 11 Mar 2011 06:09 PM PST EPFO has launched a SMS based service for the benefit of all stakeholders. While submitting your claims, write your mobile number on top of the form. Attach a clear photocopy of first page of your bank passbook. A SMS will be sent to the mobile... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Penalty Provision in respect of delay in payment of P.F. dues Posted: 11 Mar 2011 06:02 PM PST Delay in deposit of P.F. dues attracts penal damages. Damages are levied at the following FLAT RATES: * For 0 — 2 months delay - @ 5 % p.a. * For 2 — 4 months delay - @10 % p.a. * For 4 — 6 months delay - @ 15 % p.a. * For delay above 6... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax : Service Tax (Determination of Value) Amendment Rules, 2011 – Insertion of rule 29 – Corrigendum to Notification No. 2/2011-ST, dated 1-3-2011 Posted: 11 Mar 2011 05:34 PM PST In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 2/2011-Service Tax, dated the 1st March, 2011 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

8 New Income Tax Overseas Units (ITOUs) to be Operationalised in Next Fiscal Posted: 11 Mar 2011 05:24 PM PST The Minister of State for Finance, Shri S.S. Palanimanickam, in written reply to a question raised in Lok Sabha today, said that the Government has taken steps to operationalise 8 new Income Tax Overseas Units (ITOUs) in France, Germany,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Compulsorily Online Payment of MCA fees from 27th March 11 of Fees Less then Rs. 50000 and 1st October'2011 of Fess more then Rs. 50000 Posted: 11 Mar 2011 05:22 PM PST In the interest of stakeholders, with a view to improving service delivery time, Ministry has decided to accept payments of value upto Rs.50,000, for MCA 21 services, only in electronic mode w.e.f 27th March, 2011. For the payments of value above... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ROC fees up to Rs. 50000 can be paid only online w.e.f. 27th March, 2011 Posted: 11 Mar 2011 08:48 AM PST Ministry has reviewed the processes involved in delivery of important services to stakeholders, with a view to identify and improve the components causing delay in disposal of applications. Payment confirmation is found to be a major bottleneck in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM announces incentives for investment in education, health Posted: 11 Mar 2011 05:08 AM PST Finance Minister Pranab Mukherjee today made a slew of announcements, including to bring investments in education and health segments under the infrastructure sector and special grants for women self-help groups and fishermen. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Some tax proposals under examination- FM Posted: 11 Mar 2011 05:00 AM PST Finance Minister Pranab Mukherjee today appeared to hint at a review of some tax proposals including those on hospitals while he announced extension of interest subsidy to fishermen and fish farmers and concessions for education and healthcare... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt looking at suggestions on tax proposals Posted: 11 Mar 2011 04:54 AM PST Under fire for the proposal to tax 'high-end' medical services, Finance Minister Pranab Mukherjee today told Lok Sabha he is examining various suggestions and would respond later. "Since the presentation of the Budget 2011-12, I have received... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Lok Sabha clears first stage of Budget 2011-12 Posted: 11 Mar 2011 04:52 AM PST The Lok Sabha today approved the first stage of Budget for 2011-12 and supplementary spending for the the current fiscal. The House approved the supplementary demand for the current financial year after Finance Minister Pranab Mukherjee replied to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No collateral required for loans to SC/ST- Mukherjee Posted: 11 Mar 2011 04:51 AM PST The government today said the provision of collateral security for getting loans from banks has been waived for SC/ST as part of measures to grant them easier access to credit. "There is no need for collateral security for these sections for getting... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Minister confident of returning to 9 pc GDP growth Posted: 11 Mar 2011 04:49 AM PST Allaying apprehensions that global events like high oil prices may impact growth, Finance Minister Pranab Mukherjee today exuded confidence that the economy would return to nine per cent growth in 2011-12. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Companies may have to induct at least one female independent director Posted: 11 Mar 2011 04:42 AM PST Coinciding with International Women's Day , the Corporate Affairs Ministry on Tuesday said it would make it mandatory for companies having five or more independent directors to have at least one female independent director. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SAT defers PwC-Sebi case to March 15 Posted: 11 Mar 2011 04:32 AM PST The Securities Appellate Tribunal today adjourned the hearing in the PriceWaterhouseCoopers-Sebi case to March 15, a company official said. The matter came before SAT yesterday. The case relates to the multi-crore rupee Satyam accounting scam... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT Circular on monetary limits for filing Income Tax appeals apply to pending appeals Posted: 11 Mar 2011 04:11 AM PST The tax effect involved in the present appeal is Rs. 4,65,860/-. As per the recent guidelines of the CBDT, appeal in those cases where the tax effect is less than Rs. 10 lacs, are not to be entertained. In this case court has taken the view that... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Foreign banks' headcount down over 6 Percent – RBI Posted: 11 Mar 2011 01:41 AM PST The employee strength of foreign banks in India dropped by over six per cent in 2010, with as many as 19 of the 32 overseas lenders in the country reporting a dip. According to the 'Statistical Tables Relating to Banks of India' released by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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