Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, May 5, 2011 at 9:45 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• Transfer of shares of Indian company without consideration in the course of group reorganization not liable to tax in India – AAR
• Circular on amendments made in Cenvat Credit Rules 2004 vide Union Budget 2011
• Increase in Authorised Capital is not liable to stamp duty under Indian Stamp Act, 1899 as applicable in Delhi
• ICSI – Compulsory Attendance of Professional Development Programmes by the Members
• Order No. 78 of 2011 related to Posting as OSD in the CCIT(CCA) Region
• Income Tax department finds tax evasion in 2G; status report in SC tomorrow
• Kalmadi, two others sent to 14 days judicial custody
• Instruction on Manual filing and processing of bills of entry / shipping bills – stringent checks required to prevent misuse
• When does the ‘overriding effect’ operate
• Clarification Regarding Effective Date of Companies (Particulars of Employees) Amendment Rules, 2011
• Amendment in Paragraph 2.31 of FTP, 2009-14 to allow export of samples as part of passenger baggage
• Over 50 Percent US green card holders plan to return home – Survey
• Set off of indexed long term capital loss permissible against non-indexed long term capital gains
• DRT can not decide tenancy and ownership issues
• NSDL, CDSL authorised to facilitate electronic voting for cos
• Project Imports Regulations, 1986 (PIR) – Instructions – regarding.
• Key considerations and action points for Indian corporate entities
• Accounting for exchange differences arising on long-term foreign currency monetary items
• Not Considering Law Laid Down By Supreme Court – An Error Apparent On Face of Record
• Matters Involving Moral Questions Are Not Resolved By Arbitration
• VAT Trade Cir – 7T of 2011 – Amendment to the Maharashtra Value Added Tax Act, 2002
• Taxation of Liquor – MVAT Notification No. VAT-1511/C.R.-57/Taxation-1 dated 30th April 2011
• RBI Policy Guidelines for issuance and operation of Prepaid Instruments in India
• Income Tax – Procedure for TDS refund
• Mobile Banking Transactions in India – Operative Guidelines for Banks
• IRDA- Insurance Repositories – Calling for Application Forms
• Professional Consulting Service Firms liable under ESI

Transfer of shares of Indian company without consideration in the course of group reorganization not liable to tax in India – AAR Posted: 04 May 2011 07:06 PM PDT AAR in the case Goodyear Tire and Rubber Company held that capital gains provisions are not attracted in case of transfer of shares without consideration. Further, the AAR held that the transfer pricing provisions in an international transaction can... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Circular on amendments made in Cenvat Credit Rules 2004 vide Union Budget 2011 Posted: 04 May 2011 07:04 PM PDT Circular No. 943/04/20 1 1-CX dated 29 April 2011 - Various amendments have been made in Cenvat Credit Rules, 2004 vide Union Budget 2011. Definitions of the terms like ‘inputs’, ‘input services’, ‘exempt services’, etc. have been amended. Also,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Increase in Authorised Capital is not liable to stamp duty under Indian Stamp Act, 1899 as applicable in Delhi Posted: 04 May 2011 06:56 PM PDT S.E. Investment Limited (the Petitioner) was incorporated with an authorized share capital of INR 2 million which was gradually increased to INR 85 million.The Petitioner had paid stamp duty on the increase in the authorized share capital from INR 2... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICSI – Compulsory Attendance of Professional Development Programmes by the Members Posted: 04 May 2011 06:52 PM PDT The Council of the Institute at its 200th Meeting held on March 18, 2011 at New Delhi amended the Guidelines for Compulsory Attendance of Professional Development Programmes by the Members to provide as under [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Order No. 78 of 2011 related to Posting as OSD in the CCIT(CCA) Region Posted: 04 May 2011 11:22 AM PDT ORDER NO. 78 OF 2011 -The following officer who have come back from deputation and awaiting posting are hereby posted as OSD in the CCIT(CCA) Region as against their names with effect from the date of their reporting back to the Board and until... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax department finds tax evasion in 2G; status report in SC tomorrow Posted: 04 May 2011 11:16 AM PDT The Income Tax department has found instances of alleged tax evasion and multiple routing of undeclared wealth in the 2G spectrum allocation scam and will file its first status report on the probe in the case in the Supreme Court tomorrow. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Kalmadi, two others sent to 14 days judicial custody Posted: 04 May 2011 10:51 AM PDT A Delhi court today remanded sacked CWG Organising Committee Chairman Suresh Kalmadi and two others, arrested on charges of cheating, conspiracy and corruption in the award of Games related contracts, in 14 days judicial custody. Special Judge... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Instruction on Manual filing and processing of bills of entry / shipping bills – stringent checks required to prevent misuse Posted: 04 May 2011 10:39 AM PDT Recent past DRI has detected several cases in which bills of entry/shipping bills were processed manually or manual clearance was allowed on EDI documents. Such cases have indicated the possibility of illegal import / export of restricted /... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When does the ‘overriding effect’ operate Posted: 04 May 2011 10:08 AM PDT Section 34 of the DRT Act, 1993 (short for ‘Recovery Of Debts Due To Banks and Financial Institutions Act, 1993’) provides that “the Act to have overriding effect”. Similarly, Section 35 of the Securitisation Act, 2002 (short for ‘The Securitisation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification Regarding Effective Date of Companies (Particulars of Employees) Amendment Rules, 2011 Posted: 04 May 2011 07:21 AM PDT The Ministry of Corporate Affairs has clarified that its notification of 31st March, 2011 regarding Companies (Particulars of Employees) Amendment Rules, 2011 raising the limit of employee’s salary to be disclosed in the Directors Reports shall be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment in Paragraph 2.31 of FTP, 2009-14 to allow export of samples as part of passenger baggage Posted: 04 May 2011 07:05 AM PDT NOTIFICATION No. 45 (RE-2010)/2009-2014 Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, (as amended from time to time), the Central Government hereby makes the following amendment in the Foreign Trade Policy, 2009-2014. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Over 50 Percent US green card holders plan to return home – Survey Posted: 04 May 2011 06:55 AM PDT The United States may experience reverse brain drain as thousands of Indian IT professionals contemplate returning to India, according to a survey conducted by Corp-Corp.com , a US-based technology job portal. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Set off of indexed long term capital loss permissible against non-indexed long term capital gains Posted: 04 May 2011 06:30 AM PDT The taxpayer was engaged in share trading. During the assessment year 2004-05, the taxpayer had set off the indexed long term capital loss against non-indexed long term capital gains. The Assessing Officer did not allow the set off of indexed long... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DRT can not decide tenancy and ownership issues Posted: 04 May 2011 06:08 AM PDT Kindly give opinion whether the jurisdiction of civil court is not excluded and the DRT does not have power to decide tenancy and ownership issues? (This has become necessary to convince the Civil Court, before whom a suit is to be filed by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NSDL, CDSL authorised to facilitate electronic voting for cos Posted: 04 May 2011 05:18 AM PDT The government has authorised the National Securities Depository Ltd (NSDL) and Central Securities Depository Ltd (CDSL) to facilitate electronic voting by shareholders of companies. Keeping with its 'Green Initiative for Corporate Governance... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Project Imports Regulations, 1986 (PIR) – Instructions – regarding. Posted: 04 May 2011 05:16 AM PDT Circular No.22/2011-Customs The Comptroller & Auditor General of India (C&AG) had conducted a review of the working of ‘Project Imports’ scheme with a view to ascertaining the level of compliance, effectiveness of internal control and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Key considerations and action points for Indian corporate entities Posted: 04 May 2011 04:51 AM PDT On 1 April 2011, the Ministry of Corporate Affairs (MCA) in India posted a circular on its website mandating a certain class of companies (Phase 1) to file balance sheets and profit and loss accounts for the year 2010-11 onwards by using eXtensible... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Accounting for exchange differences arising on long-term foreign currency monetary items Posted: 04 May 2011 04:45 AM PDT The immediate recognition of exchange differences in P&L is technically superior accounting. If a company does not defer exchange differences for amortization to later periods, the investor community will have greater confidence in the ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Not Considering Law Laid Down By Supreme Court – An Error Apparent On Face of Record Posted: 04 May 2011 03:34 AM PDT Not considering the Law laid down by Supreme Court will amount to an error apparent on face of record [2004(2) MPLJ 492 (498 para 10)] and is a ground for Review. The term ‘Sufficient reason’ is wide enough to include a misconception of fact or law... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Matters Involving Moral Questions Are Not Resolved By Arbitration Posted: 04 May 2011 03:31 AM PDT It is settled law that, matters involving moral questions or questions of public law are not resolved by arbitration. For instance, the following matters are not referred to arbitration: * Matrimonial matters, like divorce or maintenance; *... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

VAT Trade Cir – 7T of 2011 – Amendment to the Maharashtra Value Added Tax Act, 2002 Posted: 04 May 2011 02:23 AM PDT Trade Cir. No. 7T of 2011 , Date: 04/05/2011 To give effect to the Budget proposals, a Bill (Legislative Assembly Bill No. XVII of 2011) to amend the Maharashtra Value Added Tax Act, 2002 was introduced in the Legislature. The said Bill has been... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Taxation of Liquor – MVAT Notification No. VAT-1511/C.R.-57/Taxation-1 dated 30th April 2011 Posted: 04 May 2011 01:43 AM PDT No.VAT-1511/CR-57/Taxation-l - In exercise of the powers conferred by sub-section (5) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah IX of 2005), the Government of Maharashtra hereby subject to the conditions specified in column (5)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Policy Guidelines for issuance and operation of Prepaid Instruments in India Posted: 03 May 2011 11:26 PM PDT it was decided to permit Other Persons to issue mobile phone based semi-closed system pre-paid payment instruments (semi-closed m-wallets) complying with the above guidelines with the following conditions: The maximum value of such instruments shall... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax – Procedure for TDS refund Posted: 03 May 2011 10:36 PM PDT The Central Board of Direct Taxes has issued circular prescribing the procedure regulating refund of amount paid in excess of tax deducted and/or deductible in respect of payments to residents as covered under sections 192 to 194LA of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mobile Banking Transactions in India – Operative Guidelines for Banks Posted: 03 May 2011 10:30 PM PDT DPSS.CO.No.2502 /02.23.02/ 2010-11 - The users of mobile banking services and also the volume of such transactions have been steadily increasing since the introduction of this facility. As per the current instructions mobile banking transactions up... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA- Insurance Repositories – Calling for Application Forms Posted: 03 May 2011 10:29 PM PDT Attention is invited to Guidelines on Insurance Repositories and Electronic Issuance of Insurance policies issued by IRDA vide Ref No.IRDA/ADMN/GDL/GLD/080/04/2011 on 29th April, 2011. In accordance to Clause 5 (2) of the guidelines, Applications... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Professional Consulting Service Firms liable under ESI Posted: 03 May 2011 07:30 PM PDT CONSULTING ENGINEERING SERVICES (INDIA) PVT. LTD.Vs.THE CHAIRMAN, ESI CORPORATION & ORS (DELHI HIGH COURT) -The present appeal filed under Section 82 of the Employees‟ State Insurance Act, 1948 is directed against the judgment and order FAO... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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