Fwd: TaxGuru : “Recent Initiatives taken by the Ministry of Corporate Affairs” plus 33 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sat, Jul 9, 2011 at 10:03 AM
Subject: TaxGuru : "Recent Initiatives taken by the Ministry of Corporate Affairs" plus 33 more
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TaxGuru : "Recent Initiatives taken by the Ministry of Corporate Affairs" plus 33 more

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• Recent Initiatives taken by the Ministry of Corporate Affairs
• CBI arrests an Income Tax Officer and a Chartered Accountant in a bribery case
• NIL Service Tax Return late filling penalty – BAAP RE BAAP
• Check your tax credits in 26AS statement before filing IT return for faster processing and quick refunds
• Income Tax refunds pull down net direct tax collections by 17%
• CBDT order on Mahindra Satyam won't take effect for 2 weeks
• Public Notifications / Decisions Issued by DGFT for the Month of June 2011
• Public Comments and Stakeholders' Views Invited on the Draft Micro Finance Institutions (Development & Regulation) Bill, 2011
• Finance Minister Urges Public Sector Banks (PSBs) and Financial Institutions (FIs) to Achieve their Targets and Meet Social Commitments
• ROC – Name Availability Guidelines, 2011
• Integration of Director's Identification Number (DIN) issued under Companies Act, 1956 with Designated Partnership Identification Number (DPIN) issued under Limited Liability Partnership (LLP) Act, 2008
• Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode
• Transfer Pricing – Disallowance of costs on ground that associated enterprises also benefited not permissible
• Export Grows 45.7% in the First Quarter at US $ 79 Billion – Commerce Secretary
• New guideline to strengthen and enable the Indian corporate sector to evolve into a global leader in responsible business- Murli Deora
• Allotment of Coal Blocks in Recent Past – a Clarification
• Form 7 and 10 for application for DIN and Intimation of Changes in Forming LLP
• Finance Minister Releases New Series of Coins in the Denomination of 50 Paise and Rupees 1,2,5 And 10
• E-Ticket on Mobile Phone now Possible through new Web Portal Facilitating Travel by Merely Displaying SMS Without Ticket Printout
• ICWAI – President's Message July 2011
• 2G Scam – CBI's stand on Anil Ambani questioned
• New website for micro, small and medium enterprises – NSIC
• Seeks to withdraw anti-dumping duty on imports of Hydrofluoric Acid originating in, or exported from, China PR – Notification No. 57 /2011-Customs
• VAT Notification for Reduction in tax rates of Diesel and PDS Kerosene
• Amends Notification No. 62/1994-Customs (N. T.) dated the 21st November, 1994 – Notification No. 46/2011-CUSTOMS (N. T.)
• RBI's Master Circular dated 1-7-2011 on Memorandum of Instructions governing money changing activities
• Amends Notification No. 62/1994-Customs (N. T.) dated the 21st November, 1994 vide Notification No. 45/2011 – Customs (N.T.)
• RBI's Master Circular dated 1-7-2011 on Risk Management and Inter-Bank Dealings
• RBI'S Master Circular dated 1-7-2011 on Direct Investment by Residents in Joint Venture (JV)/Wholly Owned Subsidiary (WOS) Abroad
• RBI's Master Circular dated 1-7-2011 on export of goods and services
• RBI's Master Circular dated 1-7-2011 on External Commercial Borrowings and Trade Credits
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Geetanjali University Trust, Rajasthan – Amendment in Notification No. S.O.2370 (E), dated 3-10-2008
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Shri Vedmata Gayatri Trust, Haridwar
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Srinivasan Services Trust, Chennai – Amendment in Notification No. S.O.267(E),dated 23-3-2000

Recent Initiatives taken by the Ministry of Corporate Affairs Posted: 08 Jul 2011 08:03 AM PDT The Indian economy has expanded at a rapid rate during the current decade and the corporate sector has been the biggest contributor in this growth story.  A significant feature of this growth is the increasing integration of the Indian corporate... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI arrests an Income Tax Officer and a Chartered Accountant in a bribery case Posted: 08 Jul 2011 07:29 AM PDT The Central Bureau of Investigation has arrested an Income Tax Officer and a Chartered Accountant, both of Aurangabad for demanding and accepting a bribe of Rs.15,000/- from the complainant. A complaint was received at CBI, ACB, Pune from the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NIL Service Tax Return late filling penalty – BAAP RE BAAP Posted: 08 Jul 2011 03:43 AM PDT Budget 2011-12 has made many significant changes in Service Tax and also gave emphasize to penal provisions including prosecution. Section 70 of Finance Act, 1994 reading with Rule 7 of Service Tax Rules, 1994 mandates every service tax payer to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Check your tax credits in 26AS statement before filing IT return for faster processing and quick refunds Posted: 08 Jul 2011 03:37 AM PDT Taxpayers are advised to verify the tax credits available in 26AS statement before filing the Income Tax Return. It will facilitate faster processing and quick refunds. In order to avoid the TDS mismatch i.e if your claim of TDS is higher than the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax refunds pull down net direct tax collections by 17% Posted: 08 Jul 2011 03:22 AM PDT Driven by a hefty increase in tax refunds which more than doubled in the first quarter of the current fiscal, net direct tax collections dropped by almost 17% during the same period to Rs 57,268 crore. The net direct direct tax collections stood at... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT order on Mahindra Satyam won't take effect for 2 weeks Posted: 08 Jul 2011 03:21 AM PDT The Supreme Court today said the CBDT order, as and when it is passed, on Mahindra Satyam tax dispute case would not take effect for two weeks so that the IT company may challenge it in an appropriate forum. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Public Notifications / Decisions Issued by DGFT for the Month of June 2011 Posted: 08 Jul 2011 02:01 AM PDT Notification No. 50 dated 3.6.2011 - Export of organic edible oil duly certified by APEDA with a ceiling of 10,000 MTs per annum has been exempted from the prohibition imposed on export of edible oils (which is up to 30.9.2011). Notification No. 51... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Public Comments and Stakeholders' Views Invited on the Draft Micro Finance Institutions (Development & Regulation) Bill, 2011 Posted: 08 Jul 2011 12:55 AM PDT A draft Micro Finance Institutions (Development & Regulation) Bill, 2011 is now available on the website of Department of Financial Services, Ministry of Finance, Government of India. This draft Bill may be seen at... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Minister Urges Public Sector Banks (PSBs) and Financial Institutions (FIs) to Achieve their Targets and Meet Social Commitments Posted: 08 Jul 2011 12:53 AM PDT The Finance Minister Shri Pranab Mukherjee has urged all Public Sector Banks/Financial Institutions to exert themselves in containing the downward trend of Asset Quality by devising suitable strategies for containing and rolling back NPAs. He was... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ROC – Name Availability Guidelines, 2011 Posted: 08 Jul 2011 12:29 AM PDT General Circular No. 45/2011, In supercession of all the previous circulars and instructions issued by Ministry of Corporate Affairs from time to time regarding name availability, the applicants and Registrar of Companies are advised to adhere... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Integration of Director's Identification Number (DIN) issued under Companies Act, 1956 with Designated Partnership Identification Number (DPIN) issued under Limited Liability Partnership (LLP) Act, 2008 Posted: 08 Jul 2011 12:27 AM PDT General Circular No. 44/2011, The Ministry of Corporate Affairs has been issuing two separate identification numbers as DIN to an individual for becoming a director of a company under Companies Act, 1956 and DPIN for a designated partner in a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode Posted: 08 Jul 2011 12:26 AM PDT General Circular No: 43/2011 Further, in continuation to the Circular no. 37/2011 dated 07.06.2011, the further information is given as under: -- (i) Besides signing by signatories as specified u/s 215 of the Companies Act, 1956, the Statutory... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing – Disallowance of costs on ground that associated enterprises also benefited not permissible Posted: 07 Jul 2011 11:30 PM PDT Patni Computer Systems Ltd vs. DCIT (ITAT Pune) - A continuing debit balance per se, in the account of the associated enterprises, does not amount to an international transaction u/s 92B in respect of which ALP adjustments can be made. U/s 92B(1),... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Export Grows 45.7% in the First Quarter at US $ 79 Billion – Commerce Secretary Posted: 07 Jul 2011 11:14 PM PDT India's exports have registered a growth of 46.4% during June 2011, at US $ 29.2 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-June 2011, exports have reached a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New guideline to strengthen and enable the Indian corporate sector to evolve into a global leader in responsible business- Murli Deora Posted: 07 Jul 2011 11:04 PM PDT Union Minister of Corporate Affairs Shri Murli Deora today released the 'National Voluntary Guidelines on Social, Environmental and Economic responsibilities of Business' that will mainstream the subject of business responsibilities'. At a function... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Allotment of Coal Blocks in Recent Past – a Clarification Posted: 07 Jul 2011 10:25 PM PDT Long before the UPA Government came to office in 2004, coal blocks were being allotted under the prevailing law that is the Coal Mines (Nationalisation) Act, 1973. The allotment of coal blocks was only through a mechanism whereby applications were... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Form 7 and 10 for application for DIN and Intimation of Changes in Forming LLP Posted: 07 Jul 2011 10:21 PM PDT Pursuant to notice of the Ministry (Draft Notification for DIN & DPIN Rules), Form 7 (Application for allotment of Designated Partner Identification Number) & Form 10 (Intimation of changes in particulars by Designated Partners) are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Minister Releases New Series of Coins in the Denomination of 50 Paise and Rupees 1,2,5 And 10 Posted: 07 Jul 2011 10:20 PM PDT The Finance Minister Shri Pranab Mukherjee today released a new series of coins with improved design and revised size in the denomination of 50 paise, Rs. 1, 2, 5, and 10. Speaking on the occasion, Shri Mukherjee said that new coins will not only... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

E-Ticket on Mobile Phone now Possible through new Web Portal Facilitating Travel by Merely Displaying SMS Without Ticket Printout Posted: 07 Jul 2011 10:17 PM PDT Single Window web Interface – "The Indian Railway web Portal" - Launched for the Benefit of Multiple Rail users. E-Ticket on Mobile Phone now Possible through new Web Portal Facilitating Travel by Merely Displaying SMS Without Ticket Printout. No... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICWAI – President's Message July 2011 Posted: 07 Jul 2011 10:16 PM PDT When I started my term as President, I was one of the youngest Central Council members, clearly fascinated by this prestigious assignment. Being a practicing cost accountant and a former Vice President of the Institute, I found my involvement in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G Scam – CBI's stand on Anil Ambani questioned Posted: 07 Jul 2011 10:10 PM PDT CBI's decision not to charge sheet Anil Ambani, Chairman of ADAG Group, in the 2G spectrum scam was today questioned in the Supreme Court by an NGO which alleged that he was making attempts to cover up his involvement by influencing his arrested... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New website for micro, small and medium enterprises – NSIC Posted: 07 Jul 2011 10:06 PM PDT Domestic entrepreneurs can now easily access information related to global micro, small and medium enterprises, their products and technologies on the website launched by National Small Industries Corporation (NSIC). Unveiling the website,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Seeks to withdraw anti-dumping duty on imports of Hydrofluoric Acid originating in, or exported from, China PR – Notification No. 57 /2011-Customs Posted: 07 Jul 2011 09:50 PM PDT Notification No. 57 /2011-Customs, In the matter of continuation of anti-dumping duty on imports of Hydrofluoric Acid (hereinafter referred to as the subject product), falling under Chapter 28 of the First Schedule to the Customs Tariff Act, 1975... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

VAT Notification for Reduction in tax rates of Diesel and PDS Kerosene Posted: 07 Jul 2011 09:48 PM PDT No.VAT-1511/CR-86/Taxation-l — In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends, Schedules C and D appended to the said... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 62/1994-Customs (N. T.) dated the 21st November, 1994 – Notification No. 46/2011-CUSTOMS (N. T.) Posted: 07 Jul 2011 09:45 PM PDT Notification No. 46/2011-CUSTOMS (N. T.), In exercise of the powers conferred by clause (d) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on Memorandum of Instructions governing money changing activities Posted: 07 Jul 2011 09:40 PM PDT MASTER CIRCULAR NO. 13/2011-12 DATED 1-7-2011 The guidelines for issue of new FFMC licence and renewal of FFMC licence, branch licensing, approval for appointment of agents/franchisees and Know Your Customer (KYC)/Anti Money Laundering... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 62/1994-Customs (N. T.) dated the 21st November, 1994 vide Notification No. 45/2011 – Customs (N.T.) Posted: 07 Jul 2011 09:37 PM PDT Notification No. 45/2011 - Customs (N.T.), In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on Risk Management and Inter-Bank Dealings Posted: 07 Jul 2011 09:37 PM PDT MASTER CIRCULAR NO. 12/2011-12, DATED 1-7-2011 Foreign Exchange Derivative Contracts, Overseas Commodity & Freight Hedging, Rupee Accounts of Non-Resident Banks, Inter-Bank Foreign Exchange Dealings, etc. are governed by the provisions in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI'S Master Circular dated 1-7-2011 on Direct Investment by Residents in Joint Venture (JV)/Wholly Owned Subsidiary (WOS) Abroad Posted: 07 Jul 2011 09:35 PM PDT MASTER CIRCULAR NO. 11/2011-12, DATED 1-7-2011 Direct investments by residents in Joint Venture (JV) and Wholly Owned Subsidiary (WOS) abroad are being allowed, in terms of clause (a) of sub-section (3) of section 6 of the Foreign Exchange... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on export of goods and services Posted: 07 Jul 2011 09:33 PM PDT MASTER CIRCULAR NO. 10/2011-12, DATED 1-7-2011 Export trade is regulated by the Directorate General of Foreign Trade (DGFT) and its regional offices, functioning under the Ministry of Commerce and Industry, Department of Commerce, Government of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on External Commercial Borrowings and Trade Credits Posted: 07 Jul 2011 09:31 PM PDT MASTER CIRCULAR NO. 9/2011-12, DATED 1-7-2011 External Commercial Borrowings and Trade Credits availed of by residents are governed by clause (d) of sub-section (3) of section 6 of the Foreign Exchange Management Act, 1999 read with Notification... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Geetanjali University Trust, Rajasthan – Amendment in Notification No. S.O.2370 (E), dated 3-10-2008 Posted: 07 Jul 2011 09:27 PM PDT NOTIFICATION NO. 72/2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 2370(E), dated 3rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Shri Vedmata Gayatri Trust, Haridwar Posted: 07 Jul 2011 09:26 PM PDT NOTIFICATION NO. 71/2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.915(E), dated the 27th August, 2002, issued under clause (b) of the Explanation to section 35AC of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Srinivasan Services Trust, Chennai – Amendment in Notification No. S.O.267(E),dated 23-3-2000 Posted: 07 Jul 2011 09:25 PM PDT NOTIFICATION NO. 70/2011 Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.267(E), dated the 23rd March, 2000, issued under clause (b) of the Explanation to section 35AC of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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