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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Apr 22, 2011 at 9:45 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Apr 22, 2011 at 9:45 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com
TaxGuru.in : Legal & Tax Updates | |
- Summary of all the Recent Amednments to TDS Provisions
- Provisions of s 194C do not apply towards the transportation charges paid to partners by partnership firm for use of trucks owned by the partners
- CAG Empanelment – Urgent information regarding supporting documents to be sent for Empanelment of Chartered Accountant firms for the year 2011-2012
- Excise Duty Refund under subsidy scheme is capital receipt and not taxable
- Clarification regarding Liability of Service Tax under the category Construction of Complex Services
- Registration of TAN made more user friendly. Consolidated TDS/TCS file requested online is also available for download
- Employee not liable to pay interest U/s. 234B for employers failure to deduct TDS on Salary
- Buyer's credit – The Cheaper source of finance for importers
- ICWAI sign MOU with C&K Management Ltd. For Certificate course on IFRS through e-learning modules for members, students and others
- Green Initiatives in Corporate Sector -clarification regarding service of documents by e-mode instead of Under Posting certificate (UPC)
- Guidelines on 1 Percent interest subvention Scheme on housing loans upto Rs. 10 lakh –
- Setting up of Central Electronic Registry under the SARFESAI Act, 2002
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations (Effective from May-2011 CA Examinations)
- Merger and Acquisition rules to be notified in the first week of May
- Govt to reconstruct 44000 missing trademark files
- Madras HC rejects Vodafone plea against Essar Tele, India Securities merger
- Indian banker convicted in US on charges of extortion and threatening
- Income Tax Department seizes Rs 28 crore in states in poll bound states
- Govt withdraws 10 percent excise duty on jute products
- New Companies Bill to be taken up in monsoon session
- SC cancels bails of PwC partner Gopalakrishnan, Satyam's Prabhakar Gupta
- Government is Committed to bringing in a fair merger and Acquisition Regime in the Country however mergers that Create Monopolies or abuse of Dominance are Unaccetable – Murli Deora
- 2G scam- Delhi court dismisses Bail pleas of 5 corporate honchos
- Amendment to Companies (Central Government's)General Rules & Forms,1956.
- New Income tax Returns in Hindi Font for Assessment year 2011-12 / Financial year 2010-11
- May 2011 CA exams – ICAI changes Palakad Examination Centre
| Summary of all the Recent Amednments to TDS Provisions Posted: 21 Apr 2011 09:00 PM PDT We have presented below the summary of all the notification. Instruction, circulars, budget amendments etc issued by government which have an effect on tds Provisions for the financial year 2010-11 and as well as on financial year 2011-12. [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 21 Apr 2011 08:26 PM PDT CIT v Grewal Brothers - No doubt the firm and the partners may be separate entities for income tax and it may be permissible for a firm to give a contract to its partners and deduct tax from the payment made as per s 194C, but it has to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 21 Apr 2011 08:13 PM PDT For empanelment of the firm for the year 2011-2012, you are required to send the following documents to this office immediately latest by 30th April 2011. 1. Signatures of the partners of the firms in statement I (as per format) 2. Statement of CA... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Excise Duty Refund under subsidy scheme is capital receipt and not taxable Posted: 21 Apr 2011 08:02 PM PDT M/s Shree Balaji Alloys vs. CIT (J&K High Court)- The finding of the Tribunal on the first issue that the Excise Duty Refund, Interest Subsidy and Insurance Subsidy were Production Incentives, hence Revenue Receipt, cannot be sustained, being... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Clarification regarding Liability of Service Tax under the category Construction of Complex Services Posted: 21 Apr 2011 08:01 PM PDT For services rendered after 1-7-2010 for which payment has been or is made after 1-7-2010, service tax is leviable and builder is liable to deposit the service tax to the service tax department. The only exception to this is provided within the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 21 Apr 2011 08:00 PM PDT The deductors/collectors can register their TANs online. Authenticated access (through user ID and password) is provided to registered deductors/collectors. On login, the following feature are made available to the deductors/ collectors [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Employee not liable to pay interest U/s. 234B for employers failure to deduct TDS on Salary Posted: 21 Apr 2011 07:58 PM PDT DIT vs. Maersk Co Ltd as agent of Mr. Henning Skov (Uttarakhand High Court – Full Bench)- where the assessee's income is chargeable under the head "Salaries", the person responsible for paying any income chargeable under the head "Salaries" shall at... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Buyer's credit – The Cheaper source of finance for importers Posted: 21 Apr 2011 07:44 PM PDT Buyer's credit is the credit availed by an Importer (Buyer) from overseas Lenders i.e. Banks and Financial Institutions for payment of his Imports on due date. The overseas Banks usually lend the Importer (Buyer) based on the Letter of credit (a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 21 Apr 2011 07:30 PM PDT ICWAI has been actively engaged in the professional development of its Members through various initiatives. The latest is ICWAI and M/s C&K Management Ltd. signing an MOU on 17th March 2011. Under the agreement, Members and students of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 21 Apr 2011 06:53 PM PDT Circular No. 17/2011 - Section 53 of the Companies Act, 1956 provides service of documents under 'Certificate of posting' as one of the accepted mode of service. Whereas the Department of posts has recently discontinued the postal facility under... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Guidelines on 1 Percent interest subvention Scheme on housing loans upto Rs. 10 lakh – Posted: 21 Apr 2011 06:48 PM PDT RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11 - In para 43 of the Union Budget Speech of 2011-12, it has been proposed to liberalise the existing scheme of interest subvention of 1 per cent on housing loans by extending it to housing loan upto... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Setting up of Central Electronic Registry under the SARFESAI Act, 2002 Posted: 21 Apr 2011 06:45 PM PDT It may be noted that initially transactions relating to securitization and reconstruction of financial assets and those relating to mortgage by deposit of title deeds to secure any loan or advances granted by banks and financial institutions, as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 21 Apr 2011 06:40 PM PDT The Council of the Institute, based on the recommendation of the Examination Committee has decided to allow 15-minute reading and planning time allowance to the candidates in the Chartered Accountants Examinations before the scheduled commencement... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Merger and Acquisition rules to be notified in the first week of May Posted: 21 Apr 2011 06:34 PM PDT The Competition Commission will finalise rules for corporate merger and acquisitions by the first week of May, following which it will be mandatory for companies to seek the Commission's approval for such deals. The notification will be finalised in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Govt to reconstruct 44000 missing trademark files Posted: 21 Apr 2011 06:32 PM PDT The government today said it will issue a public notice by next week to reconstruct 44,000 missing files from the trademarks office. The files will be reconstructed as per an undertaking given by the Controller General of Patents, Designs and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Madras HC rejects Vodafone plea against Essar Tele, India Securities merger Posted: 21 Apr 2011 06:31 PM PDT In a set back to British telecom giant Vodafone, the Madras High Court today said that the foreign firm has no locus standi to oppose the amalgamation of Essar Telecommunications Holding with India Securities. The Court had earlier reserved its... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Indian banker convicted in US on charges of extortion and threatening Posted: 21 Apr 2011 06:29 PM PDT Boston - An Indian investment banker has been convicted by a US federal jury on charges of extortion and threatening a New York state comptroller official to reveal an extramarital affair if a multi-million dollar pension contract was not awarded in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Income Tax Department seizes Rs 28 crore in states in poll bound states Posted: 21 Apr 2011 06:26 PM PDT Income Tax Department today said it has until now detected tax evasion to the tune of Rs 85 crore and seized Rs 28 crore unaccounted cash from individuals in the poll bound states. "The maximum cash -- Rs 17.5 crore was seized from Tamil Nadu and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Govt withdraws 10 percent excise duty on jute products Posted: 21 Apr 2011 06:22 PM PDT The Finance Ministry today withdrew the 10 per cent excise duty levied on jute products in March this year. "The ministry in a corrigendum to the March 24, 2011 notification maintained the exemption of excise duty on the jute products except... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| New Companies Bill to be taken up in monsoon session Posted: 21 Apr 2011 06:20 PM PDT The new Companies Bill, which seeks to replace a 50-year-old Act, will come up for consideration and passage in the Monsoon Session of Parliament. "The Companies Bill will come in for discussion in Parliament in the Monsoon Session," the Corporate... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| SC cancels bails of PwC partner Gopalakrishnan, Satyam's Prabhakar Gupta Posted: 21 Apr 2011 06:17 PM PDT The Supreme Court on Thursday cancelled the bails granted to Price Waterhouse partner Subramani Gopalakrishnan and Satyam's internal auditor V S Prabhakar Gupta, directing them to surrender by April 30. A bench comprising Justice P Sathasivam and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 21 Apr 2011 05:06 PM PDT Government is committed to bringing in a fair merger and acquisition regime in the country, so that these regulations become an instrument of economic growth of the country. He said there is no denying the fact that effective and fair competition is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| 2G scam- Delhi court dismisses Bail pleas of 5 corporate honchos Posted: 21 Apr 2011 06:50 AM PDT A Delhi court on Wednesday dismissed the bail pleas of five corporate executives, who were named as accused by the CBI in the 2G spectrum allocation scam but were not arrested. "All the bail applications have been rejected," Special CBI Judge O P... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Amendment to Companies (Central Government's)General Rules & Forms,1956. Posted: 20 Apr 2011 10:10 PM PDT GS.R. 259(E) In the Companies (Central Government's ) General Rules and Forms, 1956, in Annexure 'A' in Form 61, for serial number 6 and the entries relating thereto, the following serial number and entries shall be substituted, namely : " 6. *... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| New Income tax Returns in Hindi Font for Assessment year 2011-12 / Financial year 2010-11 Posted: 20 Apr 2011 09:52 PM PDT ITR-1 SAHAJ, ITR 2, ITR 3, SUGAM (ITR-4S), ITR-4, ITR 5, ITR-6, ITR-7 in Hindi font for A.Y 2011-12 / Financial Year 2010-11. ITR- SUGAM (ITR-4S) in Hindi for A.Y 2011-12 Financial Year 2010-11 ITR-7 in Hindi for A.Y 2011-12 Financial Year... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| May 2011 CA exams – ICAI changes Palakad Examination Centre Posted: 20 Apr 2011 09:35 PM PDT Students appearing for May 2011 Professional Competence Course (PCC), Integrated Professional Competence Course (IPCC) and Final examinations may note that due to unavoidable circumstances, the Palakad Examination Centre has been changed from... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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