Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Feb 16, 2011 at 9:46 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• CPC Bangalore Gets Gold Award For Excellence In Government Process Re-engineering
• Select Cases In Direct And Indirect Tax Laws 2010 An Essential Reading For The Final Course Relevant For May 2011 A
• OECD Growth Indicator Points To Slowdown In India
• FM May Soon Allow 9 50 Per Cent Interest On PF Deposits For Financial Year 2010-11
• 2G Spectrum Case- No Suo-moto Investigation By Ministry Of Corporate Affairs
• Finance Minister To Meet Congress Leaders On Budget Tomorrow
• Empanelment Of Chartered Accountants With SBBJ For Stock Concurrent And Information System Audit
• How To Calculate Gratuity And Its Tax Treatment After Recent Amendments
• Sale Price Of Shares Cannot Be Apportioned Towards Transfer Of Controlling Interest Where There Is No Express Writte
• ALP Of Slump Sale To Be Determined Using Valuation Report Failing Which IT WDV Can Be Considered As A Reasonable Method
• IIFCL Infrastructure Bonds-Deduction U S 80CCF For Investment In Long Term Infrastructure Bond
• Bad Debts Allowed To Share Broker For Amount Not Recovered From The Client Towards Purchase Of Shares
• Custom Duty- Appeal Over Violation Of Rules On Storing Imported Good
• Claim For Refund Of The Duty Paid Under The Customs Act 1962 And Consideration Of Essentiality Certificates
• Permanently Fixed Furniture Too Subject To Excise - SC
• Excise Duty- Clarification Regarding Excisability Of Bagasse Prior To The Budget Of 2008
• Seeks To Exempt Jute Products When Imported From Bangladesh - Notification No 8 2011-Customs
• Custom Duty- Amends Notification No 74 2000-Customs N T Dated The 12th December 2000
• Section 211 Of The Companies Act 1956 Accounts Form And Contents Of Balance-sheet And Profit And Loss Account Exemption Under Section 211 To Certain Classes Of Companies From Making Disclosure Of Certain Information In Their Profit Loss Account
• Section 211 Of The Companies Act 1956 Accounts Form And Contents Of Balance-sheet And Profit And Loss Account Exemption Under Section 211 To Public Financial Institutions From Disclosing Certain Investments
• Section 35AC Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified National Committee Constituted For Promotion Of Social And Economic Welfare - Appointment Of New Chairman And Members Of Said Committee
• Insurance - Insurance Schemes Sponsored By Governments
• Section 641 Of The Companies Act 1956 Schedules Forms And Rules Power To Alter Schedules Amendments In Schedule XIII
• Organization Kelkar Education Trust Mumbai Has Been Approved U S 35 1 Ii Of The Income-tax Act 1961
• Organization Fluorosis Research And Rural Development Foundation Delhi Has Been Approved U S 35 1 Ii Of The Income-tax Act 1961
• ICAI- COMPOSITION OF COMMITTEES OF THE COUNCIL FOR THE YEAR 2011-12

CPC Bangalore Gets Gold Award For Excellence In Government Process Re-engineering Posted: 16 Feb 2011 01:17 AM PST CPC Bangalore gets Gold Award for Excellence in Government Process Re-engineering nbsp The Centralized Processing Center of the Income Tax Department at Bangalore which was established to mass-process Income Tax Returns has [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Select Cases In Direct And Indirect Tax Laws 2010 An Essential Reading For The Final Course Relevant For May 2011 A Posted: 16 Feb 2011 01:14 AM PST Select Cases in Direct and Indirect Tax Laws 2010 An Essential Reading for the Final Course- Relevant for May 2011 and November 2011 examinations nbsp Dear Students nbsp The Board of Studies has been bringing out pu [[ This is a content summary only. Visit www.taxguru.in for full article ]]

OECD Growth Indicator Points To Slowdown In India Posted: 16 Feb 2011 01:03 AM PST The growth outlook for major industrialised economies is picking up although big differences in momentum remain between countries the OECD s leading indicator for December showed on Monday nbsp The Paris-based Organisation fo [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM May Soon Allow 9 50 Per Cent Interest On PF Deposits For Financial Year 2010-11 Posted: 16 Feb 2011 12:36 AM PST Finance Minister Pranab Mukherjee will soon give the green signal to the payment of 9 5 per cent interest rate on provident fund deposits during 2010-11 a senior government official said on Tuesday nbsp nbsp We can get ratif [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G Spectrum Case- No Suo-moto Investigation By Ministry Of Corporate Affairs Posted: 16 Feb 2011 12:26 AM PST Clarification by Ministry of Corporate Affairs nbsp No suo-moto investigation is being carried out by the Ministry of Corporate Affairs into telecom companies involved in 2G Spectrum case within the Provisions of the Companies Ac [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Minister To Meet Congress Leaders On Budget Tomorrow Posted: 15 Feb 2011 06:36 AM PST Ahead of the budget session beginning next week Finance Minister Pranab Mukherjee will hold consultations with senior party leaders tomorrow at the AICC headquarters in New Delhi With Assembly elections scheduled in five states i [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment Of Chartered Accountants With SBBJ For Stock Concurrent And Information System Audit Posted: 15 Feb 2011 03:25 AM PST Empanelment of Chartered Accountants with STATE BANK OF BIKANER amp JAIPUR for Stock Concurrent and Information System Audit STATE BANK OF BIKANER amp JAIPUR HEAD OFFICE TILAK MARG JAIPUR EMPANELMENT OF AUDITORS State Bank [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How To Calculate Gratuity And Its Tax Treatment After Recent Amendments Posted: 16 Feb 2011 12:08 AM PST How to Calculate Gratuity nbsp a nbsp nbsp nbsp nbsp In respect of Employees nbsp covered Under the Payment of Gratuity Act 1972 As per the Act the gratuity amount is 15 days wage multiplied by the number of years [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sale Price Of Shares Cannot Be Apportioned Towards Transfer Of Controlling Interest Where There Is No Express Writte Posted: 15 Feb 2011 11:08 PM PST Background nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp The taxpayer sold shares of Gujarat Ambuja Cements Ltd GACL under a share purchase agreement with Holcim Mauritius for a total consideration of Rs 105 pe [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ALP Of Slump Sale To Be Determined Using Valuation Report Failing Which IT WDV Can Be Considered As A Reasonable Method Posted: 15 Feb 2011 11:05 PM PST ALP of slump sale to be determined using valuation report failing which IT WDV can be considered as a reasonable methodology nbsp Intel Asia Electronics Inc India Branch Office vs ADIT Bangalore ITA No 131 of 2010 nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IIFCL Infrastructure Bonds-Deduction U S 80CCF For Investment In Long Term Infrastructure Bond Posted: 15 Feb 2011 11:02 PM PST The state-owned Indian Infrastructure Finance Company Limited IIFCL is offering an unique feature for investors in its current infrastructure bond offering that allows an applicant to choose apply for five bonds of the same seri [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bad Debts Allowed To Share Broker For Amount Not Recovered From The Client Towards Purchase Of Shares Posted: 15 Feb 2011 05:02 AM PST Bad debts allowed to share broker for amount not recovered from the client towards purchase of sharesDy CIT v Shri Shreyas S Morakhia ITA No 3374 Mum 2004 ITAT Mumbai Facts nbsp nbsp nbsp nbsp nbsp nbsp nbsp nb [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Custom Duty- Appeal Over Violation Of Rules On Storing Imported Good Posted: 15 Feb 2011 11:58 PM PST The SC dismissed the appeal of Assessee against the Bombay HC order allowing the customs authorities to charge dues for keeping imported goods in the warehouse beyond the permitted time The firm had imported capital goods for its unit [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Claim For Refund Of The Duty Paid Under The Customs Act 1962 And Consideration Of Essentiality Certificates Posted: 15 Feb 2011 11:51 PM PST This appeal is directed against the Order of the Customs Excise and Gold Control Appellate Tribunal West Zonal Bench hereinafter referred to as the Tribunal dated 12 05 2006 The Deputy Commissioner of Customs has reje [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Permanently Fixed Furniture Too Subject To Excise - SC Posted: 15 Feb 2011 11:34 PM PST The SC held that central excise duty can be levied on furniture permanently fixed to the walls or ground It set aside the decision of the Customs Excise and Service Tax Appellate Tribunal Bangalore which took a contrary view This [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Excise Duty- Clarification Regarding Excisability Of Bagasse Prior To The Budget Of 2008 Posted: 16 Feb 2011 01:32 AM PST Circular No 941 02 2011-CX New Delhi nbsp nbsp 14th February 2011 nbsp nbsp nbsp nbsp nbsp Subject - Clarification regarding excisability of Bagasse prior to the budget of 2008 reg nbsp Attention is invited to [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Seeks To Exempt Jute Products When Imported From Bangladesh - Notification No 8 2011-Customs Posted: 16 Feb 2011 01:28 AM PST Notification No 8 2011-Customs nbsp New Delhi 14 February 2011 nbsp G S R 91 E - In exercise of the powers conferred by sub-section 1 of section 25 of the Customs Act 1962 52 of 1962 the Central Government on being [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Custom Duty- Amends Notification No 74 2000-Customs N T Dated The 12th December 2000 Posted: 16 Feb 2011 01:23 AM PST Notification No 11 2011 - Customs N T New Delhi the 11th February 2011 G S R E - In exercise of the powers conferred by sub-rule 1 of rule 3 of the Customs Tariff Identification Assessment and Collection of Anti-dumping [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 211 Of The Companies Act 1956 Accounts Form And Contents Of Balance-sheet And Profit And Loss Account Exemption Under Section 211 To Certain Classes Of Companies From Making Disclosure Of Certain Information In Their Profit Loss Account Posted: 16 Feb 2011 12:47 AM PST Section 211 of the Companies Act 1956 Accounts Form and contents of balance-sheet and profit and loss account Exemption under section 211 to certain classes of companies from making disclosure of certain information in [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 211 Of The Companies Act 1956 Accounts Form And Contents Of Balance-sheet And Profit And Loss Account Exemption Under Section 211 To Public Financial Institutions From Disclosing Certain Investments Posted: 16 Feb 2011 12:44 AM PST Section 211 of the Companies Act 1956 Accounts Form and contents of balance-sheet and profit and loss account Exemption under section 211 to Public Financial Institutions from disclosing certain investments NOTIFICAT [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified National Committee Constituted For Promotion Of Social And Economic Welfare - Appointment Of New Chairman And Members Of Said Committee Posted: 16 Feb 2011 12:39 AM PST Section 35AC of the Income-tax Act 1961 - Eligible projects or schemes expenditure on - Notified National Committee constituted for Promotion of Social and Economic Welfare - Appointment of new Chairman and members of said Committ [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance - Insurance Schemes Sponsored By Governments Posted: 16 Feb 2011 12:03 AM PST CIRCULAR NO IRDA CHM MISC CIR 029 02 2011 DATED 10-2-2011 All the insurers are required to comply with the File and Use procedure for each product that is being offered in the market However with regard to the insurance produ [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 641 Of The Companies Act 1956 Schedules Forms And Rules Power To Alter Schedules Amendments In Schedule XIII Posted: 16 Feb 2011 12:01 AM PST Section 641 of the Companies Act 1956 Schedules forms and rules Power to alter schedules Amendments in Schedule XIII NOTIFICATION NO GSR 70 E DATED 8-2-2011 In exercise of the powers conferred by sub-section [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Organization Kelkar Education Trust Mumbai Has Been Approved U S 35 1 Ii Of The Income-tax Act 1961 Posted: 15 Feb 2011 11:38 PM PST Organization Kelkar Education Trust Mumbai has been approved u s 35 1 ii of the Income-tax Act 1961 NOTIFICATION NO 8 2011 F NO 203 32 2010 ITA-II DATED 7-2-2011 It is hereby notified for general information that the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Organization Fluorosis Research And Rural Development Foundation Delhi Has Been Approved U S 35 1 Ii Of The Income-tax Act 1961 Posted: 15 Feb 2011 11:36 PM PST Organization Fluorosis Research amp Rural Development Foundation Delhi has been approved u s 35 1 ii of the Income-tax Act 1961 nbsp NOTIFICATION NO 7 2011 F NO 203 21 2010 ITA-II nbsp DATED 7-2-2011 nbsp It is h [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI- COMPOSITION OF COMMITTEES OF THE COUNCIL FOR THE YEAR 2011-12 Posted: 14 Feb 2011 07:17 PM PST ICAI- COMPOSITION OF COMMITTEES OF THE COUNCIL FOR THE YEAR 2011-12 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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