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Wednesday, April 27, 2011

Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Apr 26, 2011 at 9:48 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Govt withdrawn exemption on service provided by CA, CS, CWA related to representation of client before any statutory authority

Posted: 25 Apr 2011 08:56 PM PDT

Notification No.32/2011 – Service Tax - Central Government, hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.25/2006-Service Tax, dated the 13th July, 2006 (Reproduced below),...

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Soon PAN may be mandatory for Cash Purchase Sale of bullion or jewellery and Cash Payment of life insurance premium

Posted: 25 Apr 2011 08:55 PM PDT

The income tax (I-T) department may make quoting of PAN in documents for sale and purchase of bullion or jewellery involving cash transfer of Rs 500,000 or more mandatory. PAN may also be required for cash payment of Rs 100,000 or more as life...

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Govt exempts service tax on hotels where declared tariff for providing of accommodation is less than rupees 1000 per day

Posted: 25 Apr 2011 08:54 PM PDT

Notification No.31/2011 – Service Tax - Government hereby exempts the taxable service as referred to in sub-clause (zzzzw) of clause (105) of section 65 of the said Act, when the declared tariff for providing of such accommodation is less than...

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Govt exempts services provided by any hospital, nursing home or multi-specialty clinic

Posted: 25 Apr 2011 08:53 PM PDT

Notification No. 30/2011 – Service Tax - G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public...

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Service tax abatement on accommodation services provided by Hotel etc and to Restaurants having licence to serve alcoholic beverages

Posted: 25 Apr 2011 08:52 PM PDT

Notification No.34/2011 – Service Tax - Services provided or to be provided, to any person, by a restaurant, by whatever name called, having the facility of air-conditioning in any part of the establishment, at any time during the financial year,...

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CBDT seeks additional 22,000 staff to strengthen operations

Posted: 25 Apr 2011 08:51 PM PDT

Aiming to give more teeth to the investigation against black money, Income Tax Department hit by staff shortage today said it has sought an additional 22,000 staff to strengthen its various operations. Besides, the tax department will redeploy its...

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Service tax – Govt exempts coaching and training services related to preschool and recognised educational qualification certificate / Degree

Posted: 25 Apr 2011 08:49 PM PDT

Notification No.33/2011 – Service Tax Government hereby exempt (i) any preschool coaching and training; (ii) any coaching or training leading to grant of a certificate or diploma or degree or any educational qualification which is recognised by...

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CBI files supplementary charge sheet against eight accused persons relating to Issuance of UAS Licences & 2G Spectrum

Posted: 25 Apr 2011 07:51 PM PDT

The investigation relating to the issuance of new Unified Access Services Licenses and subsequent allocation of 2G spectrum during 2008-09 has established commission of offences punishable U/s 120-B IPC read with Section 7/11 & 12 of PC Act,...

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Merger/acquisition regime to be effective from June 1

Posted: 25 Apr 2011 07:46 PM PDT

The regulations governing mergers, acquisitions and combinations under the Competition Act would be finalised by May 1, and implemented from June 1, said Minister for Corporate Affairs, Murli Deora, here today. The revised draft of regulations is in...

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Amends Taxation of Services Rules 2006 vide Notification No. 37/2011 – Service Tax

Posted: 25 Apr 2011 07:23 PM PDT

Notification No. 37/2011 – Service Tax 1. (1) These rules may be called the Taxation of Services (Provided from Outside India and Received in India) (Third Amendment) Rules, 2011. (2) They shall come into force on the 1st day of May, 2011. 2. In...

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Amends Export of Services Rules, 2005 vide Notification No. 36/2011 – Service Tax

Posted: 25 Apr 2011 07:21 PM PDT

Notification No. 36/2011 – Service Tax 1. (1) These rules may be called the Export of Services (Third Amendment) Rules, 2011. (2) They shall come into force on the 1st day of May, 2011. 2. In the Export of Services Rules, 2005, in rule 3, in...

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Amendment in Service Tax Rules, 1994 related to life insurance business service – Notification No.35/2011–Service Tax

Posted: 25 Apr 2011 07:18 PM PDT

Notification No.35/2011 – Service Tax (7A) An insurer carrying on life insurance business shall have the option to pay tax: (i) on the gross premium charged from a policy holder reduced by the amount allocated for investment, or savings on behalf of...

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CBI books case for human trafficking

Posted: 25 Apr 2011 07:13 PM PDT

New Delhi , 21-04-2011 The CBI has registered three cases against a local Recruiting Agent(Delhi-based); three private firms; the then certain officers of Protector of Emigrants and other private persons with regard to illegal human trafficking of...

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Budget 2011- Service Tax- Govt Appoints the 1st day of May 2011 as the day for Finance Act, 2011 ( 8 of 2011) to come into force

Posted: 25 Apr 2011 05:35 PM PDT

29/2011 - Service Tax, dated 25-04-2011- In exercise of the powers conferred by clauses (A) and (B) of section 71of the Finance Act, 2011 ( 8 of 2011), the Central Government hereby appoints the 1st day of May 2011, as the date on which the...

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Govt issues Clarifications on the Report on Tapping of Telephones

Posted: 25 Apr 2011 05:30 PM PDT

There have been a number of articles on the Cabinet Secretary's report regarding tapping of telephones which appeared in some section of the media. It is important that the correct factual position is presented to the media. The provisions for...

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CWG scam -CBI arrests Suresh Kalmadi, suspended by Congress

Posted: 25 Apr 2011 03:33 AM PDT

The Central Bureau of Investigation (CBI) on Monday arrested sacked Commonwealth Games (CWG) Organizing Committee chairman Suresh Kalmadi in connection with his role in the AM Films and TSR scams. The arrest order was carried out after the CBI had...

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Deduction u/s. 80C of the Income-tax Act, 1961 – CBDT notifies annuity plan of the TATA AIG Life Insurance Company

Posted: 24 Apr 2011 11:25 PM PDT

In the notification of the Government of India in the Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) number 80/2010, dated the 19th October, 2010, to be published in the Gazette of India, Extraordinary, Part-II, section...

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Supreme Court to hear petition on IPO scam and NSDL's role in it

Posted: 24 Apr 2011 09:34 PM PDT

The Supreme Court will hear a petition tomorrow that seeks 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. A bench comprising Justices RV...

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Steps to Be Taken In Respect of "Information" Received Against Members/Firms Registered With ICAI, ICWAI and ICSI

Posted: 24 Apr 2011 09:30 PM PDT

Announcement containing certain extracts taken from a communication addressed by the ministry of corporate affairs to the three professional institutes namely, ICAI, ICWAI and ICSI on the steps to be taken in respect of "information" received...

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SEBI – Clarifications on Takeover Regulations – LETTER NO. CFD/DCR/SKM/TO/12446/2011, DATED 13-04-2011

Posted: 24 Apr 2011 09:30 PM PDT

The equity shares of M/s. Surana Telecom and Power Limited (Target Company) are inter alia listed on BSE and NSE. 1.2 An application was made by the Promoter Group on 5-5-2008, for seeking exemption from the application of Regulation 11(1) of...

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