Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Apr 15, 2011 at 10:01 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Service Tax – Revised Point of Taxation Rules – Pain of Taxation? Part – I
• Offshore tax evasion- Banks facilitating tax evasion could face novel penalty in US
• CBDT to save Rs 4,400 cr on interest payout
• How to check PAN furnished or not for filing DIN 4 from
• ICAI -Help Line Desk – Admit Card- Do you have any query about MAY, 2011 examination?
• ICAI- Download Admit Card and Help Line Desk for C.A. Examinations, May, 2011 and
• Section 75 of the Custom Act, 1962 Amends Customs, Central Excise Duties and Service Tax Drawback Rules, 1995
• ITAT Decision on Deduction u/s 80IC to Hotels [Eco-tourism status not relevant]
• NGOs urges Fin Min to continue tax exemptions for them in DTC
• Court records version of Company Secretary of Mahindra Satyam
• SAP to develop enterprise software in Hindi
• BRICS to use own currencies for credit, grants
• SEBI to revisit corporate governance norms
• RBI slaps fine of Rs 9 lakh on three cooperative banks for rules violation
• Allotment of Statutory audits of Urban Co-Operative Banks (UCBs) for the F.Y. 2010-11 in Maharashtra
• Reliance Industries defies oil ministry order
• RBI launches Apr-Jun 2011 industrial outlook survey
• 2G scam – Corporate honchos appear in court, seek bail on the ground of no arrest
• Corp Bank launches a mobile wallet payment system
• Indians work 8.1 hours a day, more than many Westerners
• Filing of financial statements in XBRL format with RoC for the year ended 31 March, 2011

Service Tax – Revised Point of Taxation Rules – Pain of Taxation? Part – I Posted: 14 Apr 2011 08:24 PM PDT Even before the PoTR, 2011 see the light of the day, a major surgery was carried out wherein the whole focus for the events determining PoT was shifted to issue of invoice. Notification No. 25/2011 dt. 31st March, 2011 made many changes in the PoTR... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Offshore tax evasion- Banks facilitating tax evasion could face novel penalty in US Posted: 14 Apr 2011 08:23 PM PDT Amid their widening investigation into banks suspected of facilitating offshore tax evasion by wealthy Americans, the federal authorities are contemplating a novel punishment: a severe monetary penalty normally reserved for individual Americans. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT to save Rs 4,400 cr on interest payout Posted: 14 Apr 2011 08:05 PM PDT he Central Board of Direct Taxes (CBDT) will save an estimated Rs 4,400 crore in interest payout in the current year by preponing tax refunds and clearing the backlog. "We will save Rs 4,400 crore in the current year for preparing the refunds and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How to check PAN furnished or not for filing DIN 4 from Posted: 14 Apr 2011 07:33 PM PDT As all of us are aware about the MCA has made it compulsory vide General Circular No.11/2011, New Delhi Dated 07.04.2011 to inform PAN of every Director/Person holding Director Identification Number (DIN) up to 31st May, 2011 if not... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI -Help Line Desk – Admit Card- Do you have any query about MAY, 2011 examination? Posted: 14 Apr 2011 07:04 PM PDT Students having any query with regard to their appearance in the ensuing examination are welcome to contact the Help Line Desk on the above telephone numbers. The query could be non -receipt of Admit Card or any other matter related... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI- Download Admit Card and Help Line Desk for C.A. Examinations, May, 2011 and Posted: 14 Apr 2011 06:59 PM PDT a dedicated "Help Line Desk" to attend to the queries of the students appearing in MAY, 2011 examinations has become functional w.e.f. 13th April, 2011 and will continue till 10th MAY, 2011. The telephone/ fax numbers are: 1. Telephone Numbers -... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 75 of the Custom Act, 1962 Amends Customs, Central Excise Duties and Service Tax Drawback Rules, 1995 Posted: 14 Apr 2011 06:55 PM PDT Notification No. 30/2011 - Customs (N.T.) - These rules may be called the Customs, Central Excise Duties and Service Tax Drawback (Second Amendment) Rules, 2011. (2) They shall come into force on the date of their publication in the Official ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ITAT Decision on Deduction u/s 80IC to Hotels [Eco-tourism status not relevant] Posted: 14 Apr 2011 06:24 PM PDT Bidhi Chand Singhal vs. ITO (ITAT Delhi)- In our opinion, in the absence of definition of "eco-tourism" the hotel as added into the Item No.15 of Part C is to be construed to be hotel situated in the State of Himachal Pradesh or the State of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NGOs urges Fin Min to continue tax exemptions for them in DTC Posted: 14 Apr 2011 06:05 PM PDT An NGO has urged Finance Minister Pranab Mukherjee to continue tax exemption for them in the proposed Direct Taxes Code in order to encourage non-profit organisations to undertake welfare activities. "Taxes will put a constraint resource generation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Court records version of Company Secretary of Mahindra Satyam Posted: 14 Apr 2011 04:52 PM PDT A local court trying Satyam Computers multi-crore accounting scam today recorded the version of Company Secretary of Mahindra Satyam G Jayaraman. Incidentally, Serious Fraud Investigation Office (SFIO) has named Jayaraman as an accused in the Satyam... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SAP to develop enterprise software in Hindi Posted: 14 Apr 2011 04:35 PM PDT Global software major SAP plans to develop and localise its enterprise applications in Hindi, the most widely-spoken Indian language, to enable its domestic customers leverage technology for speedy delivery, the company said Wednesday. 'The Hindi... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

BRICS to use own currencies for credit, grants Posted: 14 Apr 2011 04:34 PM PDT In a first-of- its-kind step, Brazil, Russia, India, China and South Africa (BRICS) will be signing an agreement on Thursday under which they would be able to give credit and grants to each other in their own currency instead of dollars. The Summit,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI to revisit corporate governance norms Posted: 14 Apr 2011 04:26 PM PDT Capital markets regulator Sebi has called for greater regulatory authority in the governance of listed companies. It has asked the ministry of corporate affairs to expand its ambit on all matters of regulating listed companies in the amendments to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI slaps fine of Rs 9 lakh on three cooperative banks for rules violation Posted: 14 Apr 2011 04:15 PM PDT The Reserve Bank has imposed penalties of Rs 9 lakh on three cooperative banks for violation of regulations and guidelines relating to anti-money laundering. Two of the banks, Ankola Urban Co-operative Bank and Kushtagi Pattana Sahakara Bank... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Allotment of Statutory audits of Urban Co-Operative Banks (UCBs) for the F.Y. 2010-11 in Maharashtra Posted: 14 Apr 2011 09:43 AM PDT Allotment of Statutory audits of UCBs for the F.Y. 2010-11. Division wise list of allotment. Circular Dated 11th April 2011 for panel U/R 69 of MCS Rules, 1961 . Auditors on the panel U/R 69 of M.C.S. Rules, 1961 . Division wise list of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reliance Industries defies oil ministry order Posted: 14 Apr 2011 06:41 AM PDT Defing an oil ministry directive, Reliance Industries has refused to sell natural gas to power and fertiliser plants by cutting supplies to non priority sectors like steel and refineries saying the move has financial and legal implications. With... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI launches Apr-Jun 2011 industrial outlook survey Posted: 14 Apr 2011 06:08 AM PDT RBI launched its Industrial Outlook Survey for the April-June, 2011 period today. The survey gives an insight into the perception of non-financial public and private limited companies engaged in manufacturing activities about their performance and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G scam – Corporate honchos appear in court, seek bail on the ground of no arrest Posted: 13 Apr 2011 09:38 PM PDT Top corporate executives - Swan Telecom director Vinod Goenka, Unitech Wireless (Tamil Nadu) Ltd managing director Sanjay Chandra, and three top officials of Reliance ADA Group Gautam Doshi, Surrendra Pipara and Hari Nair - appeared before the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corp Bank launches a mobile wallet payment system Posted: 13 Apr 2011 09:31 PM PDT State-run Corporation Bank today launched a mobile wallet which makes it possible to make purchases using a mobile handset. Under the scheme, christened 'ypaycash', an account-holder can pay for purchases through the mobile handset, provided the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Indians work 8.1 hours a day, more than many Westerners Posted: 13 Apr 2011 09:24 PM PDT Indians work for 8.1 hours every day, more than the average figure for the entire developed world and individual countries like the UK, Australia, France, Italy and Germany. However, the average work-hour for Indians is less than the same for people... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Filing of financial statements in XBRL format with RoC for the year ended 31 March, 2011 Posted: 12 Apr 2011 07:37 PM PDT As per General Circular No. 09/2011 issued by MCA on 31st March, 2011, Companies are required to file their financial statements in the XBRL format with the Registrar of Companies (RoC) for the year ended 31 March, 2011 as per the following... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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