Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Mar 17, 2011 at 10:06 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• Process of incorporation of Companies and establishment of principal place of business in India by Foreign Companies simplified and e-payment of MCA fee made compulsory
• Coins of 25 Paise and Below – Withdrawal from Circulation
• Amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001
• IRDA issues Exposure Draft on Guidelines on Web Aggregators
• IT depart conducts searches in Jindal office
• RBI may hike repo, reverse repo rates by 25 bps
• Why should tax payer pay for the better off under PDS
• RBI submits draft guidelines on new banking licences to Finance Ministry
• Over Rs 1.60 lakh crore locked up in income tax disputes
• Laws violated in 2G scam-SC
• Income-Tax Deduction from Salaries during the Financial Year 2010-2011 under Section 192 of the Income-Tax Act, 1961
• Extension of the Period of Limitation for assessment under Punjab VAT Act without notice justified?
• Foreign funds traced in 2G scam, hawala route used-ED to SC
• ICWAI releases Cost Accounting Standard 13 – Cost of Service Cost Centre
• Cabinet clears GST Constitution Amendment Bill
• Service Tax on Electricity Exchange services
• Service Tax on Design services
• Service Tax on Custom house agent's services
• Service Tax on Credit rating agency's services
• Service Tax on Credit card, debit card, charge card or other payment cards related services
• Service Tax on Courier Services
• Service Tax on Cost accountant's (practising) services
• Cosmetic or Plastic Surgery Service-Tax Rate, Accounting code, Classification, Valuation, Exemption, and Clarification
• Companies Name Availability Rules – Govt Amends the existing Rules
• Corruption threatens India's high growth momentum
• Amendment in Tax on lotteries and Games under Punjab Tax on Lotteries Act, 2005
• India notifies limited multilateral agreement in tax matters amongst SAARC nations
• Payment of MCA filing fees through electronic mode made mandatory

Process of incorporation of Companies and establishment of principal place of business in India by Foreign Companies simplified and e-payment of MCA fee made compulsory Posted: 16 Mar 2011 09:02 PM PDT In continuation with their endeavour to help the Corporate sector in India operate with maximum ease in a regulated environment, the Ministry of Corporate Affairs (MCA) has issued two General Circulars (the circulars) in last week in relation to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Coins of 25 Paise and Below – Withdrawal from Circulation Posted: 16 Mar 2011 08:20 PM PDT Coins of 25 Paise and Below - Withdrawal from Circulation vide UBD.BPD. (PCB). Cir.No. 39 /09.73.000/2010-11. The Reserve Bank of India has instructed the banks maintaining small coin depots (list annexed) to arrange for exchange of coins of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001 Posted: 16 Mar 2011 08:11 PM PDT Notification No. 23/2011-CUSTOMS (N. T.)- In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA issues Exposure Draft on Guidelines on Web Aggregators Posted: 16 Mar 2011 08:06 PM PDT The use of internet is growing rapidly in India. Buyers of Insurance products increasingly access / visit websites to know the features and to compare prices of the products offered by different insurers. This has led to the emergence of dedicated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IT depart conducts searches in Jindal office Posted: 16 Mar 2011 07:59 PM PDT The Income Tax department today conducted searches at the business premises of steel giant Jindal Steel works here for alleged charges of tax evasion. A team of I-T officials from the investigation and tax collection wings of the department reached... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI may hike repo, reverse repo rates by 25 bps Posted: 16 Mar 2011 07:58 PM PDT Financial service provider SMC Global Securities today said the Reserve Bank may hike key rates by 25 basis points in its policy review tomorrow. "With series of RBI actions and rise in commodity prices, India Inc witnessed pressures on margins... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Why should tax payer pay for the better off under PDS Posted: 16 Mar 2011 07:56 PM PDT The Supreme Court today asked the Centre as to why the tax payers' money should be used for subidising foodgrains under the public distribution system (PDS) for those who are above the poverty line. "We don't understand the logic as to why a person,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI submits draft guidelines on new banking licences to Finance Ministry Posted: 16 Mar 2011 07:52 PM PDT Finance Ministry has received draft guidelines on the new banking licence from the Reserve Bank, which is expected to make it public by the end of this month. The Finance Ministry has got draft guidelines on new banking license, official sources... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Over Rs 1.60 lakh crore locked up in income tax disputes Posted: 16 Mar 2011 07:49 PM PDT The government today said over Rs 1.60 lakh crore has been locked up in disputes between the income tax department and taxpayers as on January, 2011. "Out of the total arrears, the amount locked up in disputes between the income tax department and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Laws violated in 2G scam-SC Posted: 16 Mar 2011 07:47 PM PDT The Supreme Court on Tuesday said there seems to be a violation of several laws and the forging of documents in the 2G spectrum scam. The apex court bench of Justice GS Singhvi and Justice AK Ganguly made the observation after it was given a status... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income-Tax Deduction from Salaries during the Financial Year 2010-2011 under Section 192 of the Income-Tax Act, 1961 Posted: 16 Mar 2011 07:38 PM PDT CIRCULAR NO 08/2010,Dated: December 13, 2010. Income-Tax Deduction from Salaries during the Financial Year 2010-2011 under Section 192 of the Income-Tax Act, 1961. The present Circular contains the rates of deduction of income-tax from the payment... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Extension of the Period of Limitation for assessment under Punjab VAT Act without notice justified? Posted: 16 Mar 2011 06:17 PM PDT assessment under section 29(2) and 29(3) of PVAT Act 2005 can be made within three years from the last date of filing of annual statement (which is 20th November in case of taxable person and 20th August in case of Registered person) or the actual... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Foreign funds traced in 2G scam, hawala route used-ED to SC Posted: 16 Mar 2011 06:08 PM PDT Foreign transactions in connection with the 2G scam have been traced to at least six countries, including Mauritius and Virgin Islands, and hawala route was also used, the Enforcement Directorate today told the Supreme Court.Presenting its status... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICWAI releases Cost Accounting Standard 13 – Cost of Service Cost Centre Posted: 16 Mar 2011 07:47 AM PDT The Council of the Institute in its meeting held on 25th Feb, 2011 has approved the release of Cost Accounting Standards 13. Cost Accounting Standards 13- Cost of Service Cost Centre [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cabinet clears GST Constitution Amendment Bill Posted: 16 Mar 2011 07:40 AM PDT The Union Cabinet has approved Constitution Amendment Bill to pave the way for implementation of Goods and Services Tax, a new indirect tax regime that will subsume various levies such as excise and service tax. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Electricity Exchange services Posted: 16 Mar 2011 07:04 AM PDT Electricity Exchange services means any service provided or to be provided to any person, by an electricity exchange, by whatever name called, approved by the Central Electricity Regulatory Commission constituted under Section 76 of the Electricity... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Design services Posted: 16 Mar 2011 06:47 AM PDT Design services includes services provided in relation to designing of furniture, consumer products, industrial products, packages, logos, graphics, websites and corporate identity designing and production of three dimensional models. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Custom house agent's services Posted: 16 Mar 2011 06:43 AM PDT Custom house agent's services - means any service provided or to be provided [to any person], by a custom house agent in relation to the entry or departure of conveyances or the import or export of goods; [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Credit rating agency's services Posted: 16 Mar 2011 06:39 AM PDT Credit rating agency's services means any service provided or to be provided to any person, to a client, by a credit rating agency in relation to credit rating of any financial obligation, instrument or security; [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Credit card, debit card, charge card or other payment cards related services Posted: 16 Mar 2011 06:35 AM PDT "Credit Card, Debit Card, Charge Card or Other Payment Card Service" includes any service provided,— (i) by a banking company, financial institution including non-banking financial company or any other person (hereinafter referred to as the issuing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Courier Services Posted: 16 Mar 2011 06:26 AM PDT Courier Services-"Courier Agency" means a any person engaged in the door-to-door transportation of time –sensitive documents, goods or articles utilising the services of a person, either directly or indirectly, to carry or accompany such documents,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Cost accountant's (practising) services Posted: 16 Mar 2011 06:20 AM PDT Cost accountant's services means any service provided or to be provided [to any person], by a practicing cost accountant in his professional capacity, in any manner; "Practicing Cost Accountant" means a person who is member of the Institute of Cost... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cosmetic or Plastic Surgery Service-Tax Rate, Accounting code, Classification, Valuation, Exemption, and Clarification Posted: 16 Mar 2011 05:42 AM PDT Cosmetic or Plastic Surgery Service means any service provided or to be provided to any person, by any other person, in relation to cosmetic surgery or plastic surgery, but does not include any surgery undertaken to restore or reconstruct anatomy or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Companies Name Availability Rules – Govt Amends the existing Rules Posted: 16 Mar 2011 03:38 AM PDT Company Law : Companies (Name Availability) Rules, 2011- As per provisions contained in section 20 of the Companies Act, 1956, no company is to be registered with undesirable name. A proposed name is considered to be undesirable if it is identical... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corruption threatens India's high growth momentum Posted: 16 Mar 2011 03:20 AM PDT Endemic corruption in India has grown in scale and represents billions of dollars, with the potential to discourage investors and derail growth prospects, consultancy firm KMPG said in a survey published on Monday. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment in Tax on lotteries and Games under Punjab Tax on Lotteries Act, 2005 Posted: 15 Mar 2011 11:09 PM PDT GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE AND TAXATION (EXCISE AND TAXATION II BRANCH) NOTIFICATION The March 11, 2011 No.S.O.    In exercise of the powers conferred by section 4 of the Punjab Tax on Lotteries Act, 2005 (Punjab Act No. 18 of 2005),... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India notifies limited multilateral agreement in tax matters amongst SAARC nations Posted: 15 Mar 2011 10:25 PM PDT India's first multilateral agreement (MA) entered into with the South Asian Association for Regional Cooperation (SAARC) nations comprising Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka apart from India is a limited MA on avoidance of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Payment of MCA filing fees through electronic mode made mandatory Posted: 15 Mar 2011 10:03 PM PDT Modification in payment mechanism a) To improve the service delivery time, it is decided that: 1. Payments upto Rs. 50,000 will be mandatorily required to be made through electronic mode w.e.f. 27 March 2011. 2. Payments above Rs. 50,000 - a. Can... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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