Fwd: TaxGuru : “Registration of companies in 24 hours from first week of July” plus 19 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Tue, Jun 7, 2011 at 9:41 AM
Subject: TaxGuru : "Registration of companies in 24 hours from first week of July" plus 19 more
To: palashbiswaskl@gmail.com

TaxGuru : "Registration of companies in 24 hours from first week of July" plus 19 more

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• Registration of companies in 24 hours from first week of July
• Excise Duty- Regarding centralised registration facility for recorded smart card manufacturers
• Promotional expenses incurred by cosmetic company on Testers, and merchant display which were supplied free of cost to the retailers are revenue in nature
• Reopening U/s. 147 invalid If Reason reasons recorded have not escaped assessment
• Service Tax on Air Travel – IATA put India on Wall of Shame
• Interest to be paid on those PPF (HUF) accounts, which had attained maturity after 13-5-2005 but closed by subscribers before 7-12-2010
• List of Cost Accounting Records Rules which have been superseded by the MCA vide Notification dated June 3, 2011
• MCA's instruction on settlement of prosecutions cases
• Net direct tax collection down 48 percent in April-May while Gross collection up by 37 per cent
• Allowability of Interest on refundable tax after giving effect to the order of Settlement Commission and order under Section 132(5) of the Income Tax Act
• Allowability of Commisssion paid to Direct Selling Agents (DSA)
• Year of commencement of operation relevant to find out as to whether the entitled to deduction under Section 80IB or not
• HC referred the matter back to the Tribunal in respect of addition to the income of the Assessee of income earned through dummy company
• Delhi HC order on scope of police seizure powers under Section 64 of the Copyright Act
• Mumbai, Delhi may produce next Microsoft or Google
• Ashok Chawla to be next CCI Chairman
• Taking suomoto cognizance SC issues notice to government on eviction of Baba Ramdev
• Industry chambers Assocham, Ficci and MCX-SX favours listing of stock exchanges
• ICAI Accounting Research Foundation invites application from candidates for its project on Sustainability Reporting and Government Accounting Reforms
• RBI monitoring economy, liquidity mid-quarterly policy review

Registration of companies in 24 hours from first week of July Posted: 06 Jun 2011 08:00 PM PDT From Next month you can register a company in India in 24 hours! The Union ministry of corporate affairs has set the first week of July as the target date for launching a completely digitised service that will allow anyone with all relevant... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Excise Duty- Regarding centralised registration facility for recorded smart card manufacturers Posted: 06 Jun 2011 07:08 PM PDT Notification No.14/ 2011 - Central Excise (N.T.) In exercise of the powers conferred by sub-rule (2) of rule 9 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby exempts from the operation of said rule, every... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Promotional expenses incurred by cosmetic company on Testers, and merchant display which were supplied free of cost to the retailers are revenue in nature Posted: 06 Jun 2011 06:47 PM PDT ITO V. M/s Elka Cosmetic Pvt. Ltd. ( ITAT Delhi) - The issue is whether the promotional expenses incurred by a company engaged in business of cosmetics on 'Testers', and 'merchant display' which were supplied free of cost to the retailers are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reopening U/s. 147 invalid If Reason reasons recorded have not escaped assessment Posted: 06 Jun 2011 06:17 PM PDT Ranbaxy Laboratories Limited Versus CIT (Delhi High Court)- The Tribunal was right in holding that the Assessing Officer had the jurisdiction to reassess issues other than the issues in respect of which proceedings are initiated but he was not so... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Air Travel – IATA put India on Wall of Shame Posted: 06 Jun 2011 05:55 PM PDT The government was put on the Wall of Shame at the annual general meeting of the International Air Transport Association in Singapore, along with the European Union Parliament and the governments of the UK, Germany and Austria, for imposing high... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest to be paid on those PPF (HUF) accounts, which had attained maturity after 13-5-2005 but closed by subscribers before 7-12-2010 Posted: 06 Jun 2011 05:32 PM PDT Some of the subscribers of PPF (HUF) accounts had closed the accounts on maturity or thereafter between 13th May, 2005 to 7.12.2010 (before the issue of the aforesaid amendment). Some of such account holders, were not paid interest at PPF rates on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

List of Cost Accounting Records Rules which have been superseded by the MCA vide Notification dated June 3, 2011 Posted: 06 Jun 2011 05:27 PM PDT 1. Cost Accounting Records (Cycles) Rules, 1967 published vide G.S.R. 311 dated 2nd March, 1967. 2. Cost Accounting Records (Tyres & Tubes) Rules, 1967 published vide G.S.R. 1260 dated 10th August, 1967. 3. Cost Accounting Records... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA's instruction on settlement of prosecutions cases Posted: 06 Jun 2011 05:18 PM PDT While reviewing prosecution cases it was decided to review pending prosecution cases. Ministry of Corporate Affairs has decided following actions to be taken by RDs and ROCs immediately. Lok Adalats should be organized on 9th, 16th, 23rd &... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Net direct tax collection down 48 percent in April-May while Gross collection up by 37 per cent Posted: 06 Jun 2011 05:14 PM PDT The net direct tax collection during the first two months of the current fiscal fell by 47.93 per cent, mainly on account of dolling out of large refunds by the IT department. Net direct tax collections, gross collections minus refunds, were down by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Allowability of Interest on refundable tax after giving effect to the order of Settlement Commission and order under Section 132(5) of the Income Tax Act Posted: 06 Jun 2011 10:44 AM PDT Vishwanath Khanna Vs. UOI & Others (Delhi High Court) - The Assistant Commissioner of Income Tax, Investigation Circle (20)(1), New Delhi passed order under Section 132(5) of the Income Tax Act dated 02.06.1995 declaring that cash found during... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Allowability of Commisssion paid to Direct Selling Agents (DSA) Posted: 06 Jun 2011 10:31 AM PDT Citi Financial Consumer Finance India Ltd. Vs. CIT (Delhi High Court) - The Tribunal in the instant case has referred the matter back to the AO categorically recording that there was no sufficient material placed before it to demonstrate as to what... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Year of commencement of operation relevant to find out as to whether the entitled to deduction under Section 80IB or not Posted: 06 Jun 2011 10:20 AM PDT Commissioner of Income Tax Vs. Eastern Medikit Ltd (Delhi High Court) - Where the CIT while exercising powers under Section 263 of the Act, sets aside the order of the AO on merits as well and gives his categorical finding on the issue involved,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

HC referred the matter back to the Tribunal in respect of addition to the income of the Assessee of income earned through dummy company Posted: 06 Jun 2011 10:06 AM PDT Commissioner of Income Tax Vs. Shri Mukesh Luthra (Delhi High Court) - Since the Tribunal has not gone into the merits of the additions made by the AO, the Honourable High Court has remitted back the matter to the Tribunal to decide as to whether... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi HC order on scope of police seizure powers under Section 64 of the Copyright Act Posted: 05 Jun 2011 11:32 PM PDT Event and Entertainment Management Association versus Union Of India & Ors. (Delhi High Court)- Delhi HC has dismissed the petition seeking a direction to the Union of India, Ministry of Human Resource Development, to frame objective standards... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mumbai, Delhi may produce next Microsoft or Google Posted: 05 Jun 2011 09:47 PM PDT Despite regulatory hurdles, India continues to be among the preferred destinations for FDI due to the country's high economic growth, with both Mumbai and Delhi being touted as among the cities likely to produce the next Microsoft or Google, a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Ashok Chawla to be next CCI Chairman Posted: 05 Jun 2011 09:31 PM PDT Ministry of Corporate Affairs has proposed the name of former Finance Secretary Ashok Chawla as the next Chairman of the anti-trust watchdog Competition Commission of India (CCI). The Ministry of Corporate Affairs has sent Chawla's name for ACC... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Taking suomoto cognizance SC issues notice to government on eviction of Baba Ramdev Posted: 05 Jun 2011 09:30 PM PDT The Supreme Court on Monday issued notice to the government on eviction of Baba Ramdev from the Ramlila ground. Taking suomoto cognizance of Baba's eviction by the government the apex court gave the government two-week notice to respond. An... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Industry chambers Assocham, Ficci and MCX-SX favours listing of stock exchanges Posted: 05 Jun 2011 09:30 PM PDT Asked by the government for suggestions on a new set of rules for ownership and governance of the stock exchanges, the industry has favoured listing of the bourses.However, there is no unanimity among the industry bodies and the exchanges themselves... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Accounting Research Foundation invites application from candidates for its project on Sustainability Reporting and Government Accounting Reforms Posted: 05 Jun 2011 09:30 PM PDT The Institute of Chartered Accountants of India (ICAI), set up by an Act of Parliament – The Chartered Accountants Act, 1949 - has established ICAI Accounting Research Foundation (ICAI-ARF) in January, 1999, as a Section 25 company – a core research... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI monitoring economy, liquidity mid-quarterly policy review Posted: 05 Jun 2011 09:30 PM PDT Ahead of its mid-quarterly policy review, the Reserve Bank of India (RBI) today said it is monitoring the economic data and also the liquidity situation, and would take a forward-looking view while deciding on the policy action.We would monitor... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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