Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, May 9, 2011 at 10:06 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• No prior notice needed for seizing bank account during criminal investigation
• HC can only interpret a notification, it can not alter the same – SC
• Mortgage suit can not be referred for settlement through arbitration
• Download Appeal Forms under Customs Act, Central Excise Act, Finance Act (Service Tax) and under Customs Tariff Act 1975 (Anti Dumping Duty)
• Waiver from filing Income Tax returns to benefit 85 Lakh tax payers
• Income Tax department tracking your visit to tax havens
• New company law to make it mandatory for companies to disclose details of social sector initiatives
• Why Silver crashed and is it the time to Invest?
• Transfer Pricing – If loss making companies were excluded, a super profit earning company should also be removed from the comparables
• Tax Refund Interest Not 'Effectively Connected' With PE
• Salient Features of FCRA, 2010 Comes into Effect from May 1, 2011
• Ficci Committee to advise aviation sector on effect of GST
• Uploading of Information relating to some intra state transactions made compulsory w.e.f. 1-6-2011 in Punjab
• UCO Bank moves HC against IT order levying fine on it
• SC to hear Sahara plea against giving investor details to Sebi
• Service Tax Brings CA and Lawyers at Par Now
• Notification for Special Examination Scheduled to be Held on 17th May 2011 for Hindi Medium Candidates of PCE and IPCE – (07-05-2011)
• Hotel Rooms and Eating out Become Costlier
• Sahara Group under scanner in Koda and other cases – SC
• SC to hear petition on NSDL role in the IPO scam
• Defaulters owe over Rs 103 crore to Sebi as penalty
• Sebi wants govt role in implementing Jalan panel report
• Savings rate deregulation may push up costs for account holders
• Features of Proposed Project for Development and Implementation of E-Learning Portal
• RBI may make it mandatory for foreign banks to adopt wholly-owned subsidiaries route
• Rs 80 lakh fraudently withdrawn from FCI account

No prior notice needed for seizing bank account during criminal investigation Posted: 08 May 2011 07:55 PM PDT Mr.Vinoskumar Ramachandran vs The State Of Maharashtra - The Bombay high court has ruled that when a bank account is sought to be seized during criminal investigation, the account-holder need not be given prior notice. In this case, Essar... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

HC can only interpret a notification, it can not alter the same – SC Posted: 08 May 2011 07:41 PM PDT State of U.P. & Ors. Vs. M/s. Mahindra & Mahindra Ltd. - The Supreme Court has set aside the judgment of the Allahabad high court, stating that the high court had inserted words in a Uttar Pradesh notification which it had no power to do.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mortgage suit can not be referred for settlement through arbitration Posted: 08 May 2011 07:18 PM PDT Booz Allen and Hamilton Inc. Vs. SBI Home Finance Ltd. & Ors.- All disputes are not capable of settlement through arbitration; some by nature have to be adjudicated by courts, according to the Supreme Court. A suit for sale, foreclosure or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Download Appeal Forms under Customs Act, Central Excise Act, Finance Act (Service Tax) and under Customs Tariff Act 1975 (Anti Dumping Duty) Posted: 08 May 2011 07:07 PM PDT Download Appeal Forms under Customs Act, Central Excise Act, Finance Act (Service Tax) and under Customs Tariff Act 1975 (Anti Dumping Duty). Form No. S.T.-5, Form No. S.T.-6, Form No. S.T.-7, Form No. E.A.-3, Form No. E.A.-4, Form No. E.A.-5, Form... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Waiver from filing Income Tax returns to benefit 85 Lakh tax payers Posted: 08 May 2011 04:31 AM PDT As many as 85 lakh tax payers will benefit from the government's decision to exempt persons earning less than Rs 5 lakh a year from filing I-T returns, a finance ministry official said. The decision, which will come into effect from June 1, 2011,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax department tracking your visit to tax havens Posted: 08 May 2011 04:21 AM PDT Desperate to curb the flow of blackmoney into the country's economy, the Income Tax department has now begun to track all fliers and visitors who travel to tax havens like Switzerland, Virgin Islands and Bahamas for personal or business purposes... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New company law to make it mandatory for companies to disclose details of social sector initiatives Posted: 08 May 2011 04:18 AM PDT The new company law will make it mandatory for companies to disclose details of social sector initiatives, called CSR, in addition to money spent, to shareholders in their annual reports. Not just how much, but companies will also have to disclose... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Why Silver crashed and is it the time to Invest? Posted: 08 May 2011 03:33 AM PDT Silver prices plunged across the world market keeping every one on the table of quest of what made the fall of silver prices. Base metal prices were very much over leveraged or over brought in the past couple of months on a continuous basis. Silver... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing – If loss making companies were excluded, a super profit earning company should also be removed from the comparables Posted: 08 May 2011 03:18 AM PDT Sapient Corporation Pvt Ltd vs. DCIT (ITAT Delhi) - When loss making companies have been taken out from the list of comparables by the TPO, Zenith Infotech Ltd. which showed super profits should also be excluded. The fact that assessee has himself... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tax Refund Interest Not 'Effectively Connected' With PE Posted: 08 May 2011 02:34 AM PDT ACIT vs. Clough Engineering Ltd (ITAT Delhi – Special Bench)- Under Article 11(4) of the DTAA, interest from indebtedness "effectively connected" with a PE of the recipient is taxable under Article 7 and not under Article 11. Though the interest was... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Salient Features of FCRA, 2010 Comes into Effect from May 1, 2011 Posted: 08 May 2011 12:32 AM PDT Any association granted prior permission or registered with the Central Government under Section 6 or under the repealed FCRA, 1976, shall be deemed to have been granted prior permission or registered, as the case may be, under FCRA, 2010 and such... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Ficci Committee to advise aviation sector on effect of GST Posted: 08 May 2011 12:08 AM PDT A Ficci Committee recently said it will suggest ideas to the aviation industry on how the proposed Goods & Services Tax (GST) would affect them, along with other recommendations to give the sector a boost. The Ficci Civil Aviation Committee has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Uploading of Information relating to some intra state transactions made compulsory w.e.f. 1-6-2011 in Punjab Posted: 07 May 2011 10:41 PM PDT At present, the information regarding goods being brought into and moving out of the state of Punjab (Inter-state transactions) is furnished at the Information Collection Centers (I.C.Cs)/ Check Posts by the dealers and consumers. Now, this process... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

UCO Bank moves HC against IT order levying fine on it Posted: 07 May 2011 10:20 PM PDT The United Commercial Bank has moved the Delhi High Court challenging an Income Tax notice that slapped a penalty of over Rs 54 lakh on its branch for not making tax deduction at source on a fixed deposit account worth Rs 7.7 crore opened by the HC.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC to hear Sahara plea against giving investor details to Sebi Posted: 07 May 2011 10:12 PM PDT The Supreme Court will tomorrow hear Sahara Group's petition against the orders of the Allahabad High Court, which directed the company to share with market regulator Sebi details of investors participating in its fund raising exercise. The matter... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax Brings CA and Lawyers at Par Now Posted: 07 May 2011 10:12 PM PDT The chartered accountant, cost accountants and company secretaries enjoyed exemption from levy of service tax on representational services and lawyers were not taxed on such services. Now with legal fraternity coming into tax net, exemption to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Notification for Special Examination Scheduled to be Held on 17th May 2011 for Hindi Medium Candidates of PCE and IPCE – (07-05-2011) Posted: 07 May 2011 10:01 PM PDT No. 13-CA (EXAM)/M/2011/III: - In continuation to the Institute's Notification No. 13-CA (EXAM)/M/2011 dated 12th January, 2011, it is notified for the general information that Group – 1, Paper - 3 – Law, Ethics and Communication of Professional... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Hotel Rooms and Eating out Become Costlier Posted: 07 May 2011 10:00 PM PDT Effective May 1, 2011, service tax @ 5 percent shall be levied on all hotel rooms where the tariff of hotel rooms is @ Rs 1000 per day or more so much so that hotel rooms will become costlier by 5 percent. The rate of tax is 10 percent but 50... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sahara Group under scanner in Koda and other cases – SC Posted: 07 May 2011 09:43 PM PDT Sahara Group of companies are under CBI and Enforcement Directorate's scanner not only in relation to 2G spectrum scam but also in at least three other cases including monely laundering scam allegedly involving former Jharkhand chief minister Madhu... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC to hear petition on NSDL role in the IPO scam Posted: 07 May 2011 09:40 PM PDT The Supreme Court will tomorrow hear a petition seeking directions to market regulator Sebi to take action on the report of a high-powered committee, which had probed the IPO scam of 2006 and NSDL's role in it. The matter would be heard by a bench... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Defaulters owe over Rs 103 crore to Sebi as penalty Posted: 07 May 2011 09:38 PM PDT Market regulator Sebi is still to recover monetary penalties of over Rs 103 crore imposed on individuals and entities till December, 2010. According to the Securities and Exchange Board of India (Sebi), the defaulters list covers 864 cases with a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi wants govt role in implementing Jalan panel report Posted: 07 May 2011 09:36 PM PDT Sebi has put the ball in the government's court on implementing new rules proposed by a market regulator-appointed panel on how stock exchanges should be owned and run. Sources said that Sebi is awaiting the final word from the finance ministry on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Savings rate deregulation may push up costs for account holders Posted: 07 May 2011 09:31 PM PDT Bank account holders' cheers after the RBI hiked the rates on saving accounts could be short-lived, as the banks are likely to make them pay for a slew of services to offset the costs, bankers and analysts have said. Earlier, the regulated interest... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Features of Proposed Project for Development and Implementation of E-Learning Portal Posted: 07 May 2011 09:31 PM PDT (A) Development of e-learning portal for students Development of e-learning portal for providing on-line coaching, web-based learning for students pursuing ICWAI Courses. (B) Web conferencing – Live Virtual Classroom (LVC) A LVC mimics physical... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI may make it mandatory for foreign banks to adopt wholly-owned subsidiaries route Posted: 07 May 2011 09:30 PM PDT The Reserve Bank is likely to make it mandatory for foreign banks in the country to operate as wholly-owned subsidiaries, in line with the international practice, so that the central bank can have better control over their working. Initially,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rs 80 lakh fraudently withdrawn from FCI account Posted: 07 May 2011 09:30 PM PDT A fraud has been detected at the State Bank of India's main branch here after Rs 80 lakh were found to be withdrawn from the account of Food Corporation of India (FCI) through a fake cheque, police said today. A person had opened an account in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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