Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sun, Apr 3, 2011 at 9:46 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• India break jinx of World Cup Cup triumph by host country – Congratulate Team India
• Key Provisions of GST Constitutional Amendment Bill- 2011 as introduced in the Parliament
• Finance Bill, 2011- Key international tax provisions
• Carry forward of unabsorbed depreciation not hit by provisions of section 80
• SBI revises interest rates for NRIs
• SC mulls 'loophole' in Sebi takeover code
• NBFCs – Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 – Insertion of new paragraph 19A – NOTIFICATION NO. DNBS.227/CGM(US)-2011, DATED 30-3-2011
• NBFCs – Amendment in NBF (Non-Deposit Accepting or Holding) Companies Prudential Norms (RB) Directions – NOTIFICATION NO. DNBS. 228/CGM(US)-2011, DATED 30-03-2011
• Notification – Amendment to A, C and D Schedule-Extention of Time Limit- Maharashtra VAT

India break jinx of World Cup Cup triumph by host country – Congratulate Team India Posted: 02 Apr 2011 09:10 PM PDT Pre-tournament favourites India spectacularly broke the jinx of a host nation not winning the World Cup, by clinching the sport's most treasured prize by vanquishing Sri Lanka in the summit clash at the Wankhede Stadium here tonight. When Mahendra... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Key Provisions of GST Constitutional Amendment Bill- 2011 as introduced in the Parliament Posted: 02 Apr 2011 09:05 PM PDT Constitution (One Hundred and Fifteenth Amendment), Bill, 2011 (GST Bill) as introduced in the Parliament on 22 March 2011, deals with key transaction taxes in India. The proposed GST Bill, inter alia seeks to introduce articles effecting the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Bill, 2011- Key international tax provisions Posted: 02 Apr 2011 09:04 PM PDT The Finance Bill, 2011 contains some international tax proposals that are focused on anti-tax avoidance, transfer pricing (TP), tax enforcement and provisions to encourage Indian companies to repatriate profits back from their foreign subsidiaries.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Carry forward of unabsorbed depreciation not hit by provisions of section 80 Posted: 02 Apr 2011 09:02 PM PDT CIT V. Govind Nagar Sugar Ltd. (ITA No. 164 of 2008) (Del)- Taxpayer filed its return of income for the assessment year 2001-02 on 31 March 2003 declaring a loss. The due date of filing the return of loss in terms of provisions of section 139(3)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SBI revises interest rates for NRIs Posted: 02 Apr 2011 07:41 AM PDT Country's largest lender State Bank of India on Friday revised interest rates for deposits by non-resident Indians (NRIs) across maturities and currencies. Under the revised rate structure, NRIs will get up to 26 basis points more for deposits in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC mulls 'loophole' in Sebi takeover code Posted: 02 Apr 2011 07:39 AM PDT The Supreme Court will decide whether a listed entity can be exempted from the takeover code or not when the company allots shares on preferential basis to promoters under special circumstance for expansion. Admitting a petition by market regulator... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NBFCs – Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 – Insertion of new paragraph 19A – NOTIFICATION NO. DNBS.227/CGM(US)-2011, DATED 30-3-2011 Posted: 02 Apr 2011 07:18 AM PDT NOTIFICATION NO. DNBS.227/CGM(US)-2011, DATED 30-3-2011- Insertion of new paragraph 19A– After paragraph 19 of the said Directions, the following paragraph 19A shall be inserted. "NBFCs not to be partners in partnership firms" 19A. (1) No... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NBFCs – Amendment in NBF (Non-Deposit Accepting or Holding) Companies Prudential Norms (RB) Directions – NOTIFICATION NO. DNBS. 228/CGM(US)-2011, DATED 30-03-2011 Posted: 02 Apr 2011 07:16 AM PDT NOTIFICATION NO. DNBS. 228/CGM(US)-2011, DATED 30-3-2011- Insertion of new paragraph 20A– After paragraph 20 of the said Directions, the following paragraph 20A shall be inserted. "NBFCs not to be partners in partnership firms" 20A. (1) No... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Notification – Amendment to A, C and D Schedule-Extention of Time Limit- Maharashtra VAT Posted: 02 Apr 2011 06:55 AM PDT No. VAT. 1511/C.R.-47/Taxation-1- In SCHEDULE A,—(a) in entry 9A, in column (2), for the figures, letters and words "31st March 2011 or the date on which the Goods and Services Tax Act comes into force, whichever is earlier" the figures, letters and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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