Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, May 7, 2011 at 9:39 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• Form 16 – Erroneous reference to Form 12BB
• New Dates announced for cancelled Hindi medium papers of PCE and IPCE
• No Tax On Redevelopment Gains For Society and Members – ITAT Mumbai
• Circular on NPA and Other Provisions Applicable to Audit of Co-Operative Credit Societies and Bank in Maharashtra
• Vehicle hire charges falls within the scope of Section 194C not under section 194I
• Know MVAT Periodicity for FY 2011-2012
• Services provided by sub-contractors/consultants and other service providers are classifiable as per section 65A
• Mere use of technical design or plan without absolute transfer of right of ownership is taxable as fees for included services under Article 12 of the Indo-Canadian Treaty
• Finance Ministry Initiates Public Debate on Negative list for Taxation of Services
• Minimum Recommended Scale of Fees for CA in Practice
• Foreign Exchange Management Act, 1999 – Import of rough, cut and polished diamonds
• Income Tax department issues Rs 25,000 crore refunds; to issue more
• Govt tightens Deemed Export benefit scheme, to save Rs 1800 cr
• No Conflict Between Objectives of High Growth and Low Inflation in Long Run-RBI Governor
• CWG Scam – CBI carries out searches at 10 places ; Registers fresh case against 6 OC members
• Supreme Court issues contempt notice to Sahara chief and to two journalists
• Withdrawal of Withdrawal Application Permissible – SC
• CBI registers case in connection with Merchandising and On-Line Retails Concessionaire for CWG Games-2010
• 2G scam – SC slams Income Tax dept for slow probe
• CBI raids premises of bank, pvt firm officials in MP in connection with alleged scam of Rs 6-crore
• Foreign Tourist Arrivals and Foreign Exchange Earnings in April 2011
• India seeks pressure on tax havens to share information
• November 2011 examination- List of ICAI's Publications relevant for CA Final, PCC, IPCC and Professional Competence Examination

Form 16 – Erroneous reference to Form 12BB Posted: 06 May 2011 08:20 PM PDT For tax deducted on salaries , the employer has to issue Form 16 to the employees. The form was modified vide Notification 41/2010 dated 31.05.2010 In this form there is a reference to Form 12BB. However there is no Form 12BB notified. It certainly... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New Dates announced for cancelled Hindi medium papers of PCE and IPCE Posted: 06 May 2011 08:19 PM PDT Cancellation of HINDI MEDIUM Paper-3 of PCE and Paper-2 of IPCE of Chartered Accountants Examination-May 2011 held on 05 May 2011.The said exam for Hindi medium candidates will now be held again on 17th May-2011 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Tax On Redevelopment Gains For Society and Members – ITAT Mumbai Posted: 06 May 2011 08:18 PM PDT Issue in dispute is covered by the decision of ITAT in the case of Jethalal Vs. DCIT (supra) wherein the ITAT held that "transferable development rights granted by the Development Control Regulations for Greater Mumbai, 1991, qualifying for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Circular on NPA and Other Provisions Applicable to Audit of Co-Operative Credit Societies and Bank in Maharashtra Posted: 06 May 2011 08:16 PM PDT tatutory Audit of Co-operative Societies for the year 2010-11 – Circular. Circular Dt 11.04.2011 from Commissioner of Cooperative Societies, Pune regarding Statutory Audit of Co-operative Societies for the year 2010-11 and Change in NPA. Circular... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Vehicle hire charges falls within the scope of Section 194C not under section 194I Posted: 06 May 2011 08:16 PM PDT S. 194C defines work to include carriage of goods and passengers by any mode of transport other than railways while s. 194-I defines rent to mean payment for use of plan (which is defined in s. 43 to include vehicles). As the cars were owned and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Know MVAT Periodicity for FY 2011-2012 Posted: 06 May 2011 08:16 PM PDT The Government of Maharashtra VAT Department has displayed the periodicity for the Financial Year 2011-2012 on their website http://mahavat.gov.in under Know your TIN. To view the same - Go to http://mahavat.gov.in Click on Dealer Services. Drop... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Services provided by sub-contractors/consultants and other service providers are classifiable as per section 65A Posted: 06 May 2011 08:15 PM PDT CIRCULAR NO. 138/07/2011 - SERVICE TAX, DATED 6-5-2011 The Works Contract service (WCS) in respect of construction of Dams, Tunnels, Road, Bridges etc. is exempt from service tax. WCS providers engage sub-contractors who provide services such as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mere use of technical design or plan without absolute transfer of right of ownership is taxable as fees for included services under Article 12 of the Indo-Canadian Treaty Posted: 06 May 2011 08:12 PM PDT The term transfer used in Article 12(4) does not refer to absolute transfer of right of ownership. The assessee, a non-resident company engaged in the business of providing consultancy for infrastructure projects, entered into an agreement with the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Ministry Initiates Public Debate on Negative list for Taxation of Services Posted: 06 May 2011 08:11 PM PDT Ministry of Finance has initiated a public debate on the issue of a negative list for taxation of services as announced by the Finance Minister, Shri Pranab Mukherjee in his Budget 2011. The text of the speech is as below-Many experts have argued... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Minimum Recommended Scale of Fees for CA in Practice Posted: 06 May 2011 08:10 PM PDT The Committee for Capacity Building of CA Firms and Small & Medium Practitioners, ICAI (CCBCAF & SMP) has taken a major initiative for prescribing the Minimum Recommended Scale of Fees for the professional assignments done by our members... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Foreign Exchange Management Act, 1999 – Import of rough, cut and polished diamonds Posted: 06 May 2011 08:06 PM PDT In the context of recent developments, it has been decided that Suppliers' and Buyers' credit (trade credit) including the usance period of Letters of Credit opened for import of rough, cut and polished diamonds should not exceed 90 days from the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax department issues Rs 25,000 crore refunds; to issue more Posted: 06 May 2011 07:59 AM PDT The Income Tax department has issued 40 lakh refunds worth Rs 25,000 crore in the current financial year to taxpayers and orders have been issued to generate the remaining few lakhs soon. Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt tightens Deemed Export benefit scheme, to save Rs 1800 cr Posted: 06 May 2011 07:56 AM PDT After detecting several cases of misuse of incentives, the Commerce Ministry has tightened the norms governing the Deemed Export benefit scheme, a move expected to save about Rs 1,800 crore to the exchequer annually. The Deemed exports refer to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Conflict Between Objectives of High Growth and Low Inflation in Long Run-RBI Governor Posted: 06 May 2011 07:42 AM PDT he Reserve Bank has given its assessment of inflation in the May 3 Monetary Policy Statement. There are three important issues. First, inflation was the primary macroeconomic concern throughout 2010-11, especially the resurgence in the last quarter... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CWG Scam – CBI carries out searches at 10 places ; Registers fresh case against 6 OC members Posted: 06 May 2011 07:32 AM PDT The CBI on Friday registered a fresh case against six Commonwealth Games Organising Committee officials and two firms for alleged irregularities in sportswear retailing and merchandising during the sports event and carried out countrywide searches... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Supreme Court issues contempt notice to Sahara chief and to two journalists Posted: 06 May 2011 07:19 AM PDT Holding that there was prima facie case, the Supreme Court on Friday issued notice to Sahara group chief Subrata Roy for initiating contempt proceedings against him for allegedly interfering with the investigation in the 2G spectrum case. The apex... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Withdrawal of Withdrawal Application Permissible – SC Posted: 06 May 2011 04:48 AM PDT Rules of procedure are handmaids of justice. Section 151 of the Code of Civil Procedure gives inherent powers to the court to do justice. That provision has to be interpreted to mean that every procedure is permitted to the court for doing justice... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI registers case in connection with Merchandising and On-Line Retails Concessionaire for CWG Games-2010 Posted: 06 May 2011 03:58 AM PDT CBI registered a case against six Senior Officers of Organizing Committee, CWG-2010 and two private companies for extending undue favour to a private company appointed as official Master Licensee for Merchandising and On-line & Retail... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G scam – SC slams Income Tax dept for slow probe Posted: 05 May 2011 11:25 PM PDT The Supreme Court on Thursday said no person, irrespective of their chair or wealth, would be spared in the 2G telecom spectrum scam investigations and slammed the Income Tax (I-T) Department for the slow probe against corporate lobbyist Niira Radia... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI raids premises of bank, pvt firm officials in MP in connection with alleged scam of Rs 6-crore Posted: 05 May 2011 10:56 PM PDT CBI sleuths have conducted raids at several places in Madhya Pradesh in connection with an alleged scam of Rs 6-crore involving a bank official and seven private firms. The raids were conducted yesterday at the premises of a former Chief Manager of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Foreign Tourist Arrivals and Foreign Exchange Earnings in April 2011 Posted: 05 May 2011 10:39 PM PDT Foreign Tourist Arrivals (FTAs) during the Month of April 2011 was 4.17 lakh as compared to FTAs of 3.54 lakh during the month of April 2010 and 3.48 lakh in April 2009. There has been a growth of 17.7 % in April 2011 over April 2010 as compared to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India seeks pressure on tax havens to share information Posted: 05 May 2011 10:22 PM PDT Grappling with the problem of blackmoney, India on Wednesday asked the international community to impress upon non-cooperative jurisdictions to share information about funds stashed there. The governments of those countries should share tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

November 2011 examination- List of ICAI's Publications relevant for CA Final, PCC, IPCC and Professional Competence Examination Posted: 05 May 2011 10:21 PM PDT Download the list of Institute's Publications relevant for November 2011 examination. ICAI Publications relevant for November 2011 examination [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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