Friday, April 1, 2011

Fwd: TaxGuru.in : Legal & Tax Updates



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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Apr 1, 2011 at 9:56 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Govt likely to slap 60pc sugar import duty from today

Posted: 31 Mar 2011 09:08 PM PDT


With India's sugar production set to exceed domestic demand, the government is likely to re-impose 60 per cent import duty on sugar from tomorrow. "The duty free notification lapses on today and from April 1 it automatically reverts back to the old...

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FII Investment in Corporate Debt Liberalised

Posted: 31 Mar 2011 08:59 PM PDT


Investment in infrastructure holds the key to India's economic growth. It has been projected that India's investment requirement in the 12th Five Year Plan is over a trillion USD of which half is expected to come from the private sector. To...

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The Central Registry Operationalised ; The Central Registry of Securitisation Asset Reconstruction and Security Interest of India, A Government Company, Incorporated

Posted: 31 Mar 2011 08:56 PM PDT


The Central Registry has become operational with effect from today i.e.31st March,2011.In his Budget speech for 2011-12, the Union Finance Minister Shri Pranab Mukherjee had announced that the Central Registry would be operationalised by March 31,...

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Cabinet finally gives nod to creation of 7 posts of Ombudsman for CBEC

Posted: 31 Mar 2011 08:53 PM PDT


The Union Cabinet today approved creation of seven posts of Indirect Tax Ombudsman to be located at Delhi, Mumbai, Chennai, Calcutta, Bangalore, Ahmedabad and Lucknow in the HAG + scale of Rs.75,500-80,000/- and the supporting staff. The Indirect...

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Country's Population Reaches 121 Crore as Per Census 2011

Posted: 31 Mar 2011 08:50 PM PDT


Country's Population Reaches 1210 Million as Per Census 2011. Up Remains Most Populous State With 199 Million. Overall Sex Ratio Reaches 940 – 7 Points Increases Over 2001. Literacy Rate Goes up to 74.04 Percent from 64.83 Percent

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Cabinet okays proposal to exempt ICC Cricket World Cup from income tax

Posted: 31 Mar 2011 08:46 PM PDT


The Union cabinet on Thursday exempted ICC Cricket World Cup 2011 from income tax in view of the income coming in the country thanks to the tournament and earned by subsidiaries of ICC. The exemption will be available only where the contractual...

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Amendment in the notification no. 19/2009-Service Tax, dated the 7th July, 2009 vide Notification No. 27/2011 – Service Tax

Posted: 31 Mar 2011 08:04 PM PDT


Notification No 27/2011–Service Tax - Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance...

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Amendment in the Service Tax Rules, 1994 vide Notification No. 26/2011 – Service Tax

Posted: 31 Mar 2011 08:03 PM PDT


Notification No. 26/2011–Service Tax- In case of continuous supply of service, every person providing such taxable service shall issue an invoice, bill or challan, as the case may be, within fourteen days of the date when each event specified in the...

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Amendment in the Point of Taxation Rules, 2011 vide Notification No. 25/2011 – Service Tax

Posted: 31 Mar 2011 08:01 PM PDT


Notification No. 25/2011–Service Tax - Provided that services for which provision is completed on or before 30th day of June, 2011 or where the invoices are issued upto the 30th day of June, 2011, the point of taxation shall, at the option of the...

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Amendment in the Service Tax (Determination of Value) Rules, 2006 vide Notification No. 24/2011 – Service Tax

Posted: 31 Mar 2011 07:58 PM PDT


Notification No.24/2011 – Service Tax - These rules may be called the Service Tax (Determination of Value) Second Amendment Rules, 2011. (2) They shall come into force on the 1st day of April, 2011. 2. In the Service Tax...

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Amendment in the Taxation of Services (Provided from Outside India and Received in India) Rules, 2006 vide Notification No. 23/2011 – Service Tax

Posted: 31 Mar 2011 07:57 PM PDT


Notification No.23/2011 – Service Tax - These rules may be called the Taxation of Services (Provided from Outside India and Received in India) Amendment Rules, 2011. (2) They shall come into force on the 1st day of April, 2011. 2. In...

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Amendments in the Export of Services Rules, 2005 vide Notification No. 22/2011 – Service Tax

Posted: 31 Mar 2011 07:53 PM PDT


Notification No. 22/2011 – Service Tax - the Central Government hereby makes the following rules further to amend the Export of Services Rules, 2005, namely :- 1. (1) These rules may be called the Export of Services (Second Amendment) Rules,...

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Amendment in Notification No. 09/2010-Service Tax, dated the 27th February, 2010 Vide Notification No.21/2011-Service Tax

Posted: 31 Mar 2011 07:48 PM PDT


Notification No.21/2011-Service Tax - Following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.09/2010-Service Tax, dated the 27th February, 2010, published in the Gazette of India,...

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Amendment in Notification No. 08/2010-Service Tax, dated the 27th February, 2010 vide Notification No.20/2011-Service Tax

Posted: 31 Mar 2011 07:45 PM PDT


Notification No.20/2011-Service Tax- Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance...

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Amendment in Notification No. 07/2010-Service Tax, dated the 27th February, 2010 vide Notification No.19/2011-Service Tax

Posted: 31 Mar 2011 07:42 PM PDT


Notification No 07/2010-Service Tax, dated the 27th February, 2010 : Rescinds Notification No. 33/2009-S.T dated 01.09.2009[which actually exempts transport of goods by rail and if this exemption is withdrawn, the service becomes taxable]. This...

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Vodafone to pay 5 billion Dollar for buying out Essar in India; company could consider IPO in India

Posted: 31 Mar 2011 07:29 PM PDT


Vodafone, the world's largest mobile operator by revenue, is to pay $5 billion in cash to buy out Essar Group from their Indian joint venture and bring an end to their increasingly fractious relationship. Vodafone, which has faced a host of...

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Cheque payments to get costlier from today

Posted: 31 Mar 2011 07:28 PM PDT


Making payments through cheques may become a costlier affair from tomorrow, as RBI has allowed banks to levy higher service charges for their clearing, especially of high-value and outstation cheques. As per a RBI circular coming into effect from...

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Sebi sets up committee on corporate bond market

Posted: 31 Mar 2011 07:27 PM PDT


Market regulator Sebi today constituted a 16-member committee which will suggest a roadmap for developing corporate bond market in the country. The 'Corporate Bonds & Securitisation Advisory Committee' would be chaired by R H Patil, the...

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Union Bank of India starts I-T payment facility through ATMs

Posted: 31 Mar 2011 07:15 PM PDT


The Minister of State for Finance Shri Namo Narain Meena launched facility of Income Tax payment through ATMs by Union Bank of India here today. Senior officials from Ministry of Finance including Shri Sunil Mitra, Revenue Secretary, Shri Shashi...

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Govt to issue 5 Rs. Coin on the theme "Income Tax – 150 years of building India".

Posted: 31 Mar 2011 07:10 PM PDT


From the desk of Chairman,CBDT, S.N. 30 /March 31 ,2011. As we all know, in recognition of the contribution of the Income tax since 1861 in building this great country & as a part of celebrations of 150 yrs of Income Tax Department in India,...

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Amendment in the Foreign Trade Policy, 2009-2014 to harmonise provisions of the Policy with the United Nations Security Council Resolution 1929

Posted: 31 Mar 2011 07:08 PM PDT


NOTIFICATION No. 42 (RE-2010)/2009-2014- This notification is being issued to amend Para 2.1.3 of the Foreign Trade Policy in order to harmonise provisions of the Policy with the United Nations Security Council (UNSC) Resolution 1929 by which...

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Minimum Export Price of Onions – DGFT Notification No 41 (RE – 2010)/2009-2014

Posted: 31 Mar 2011 07:03 PM PDT


Notification No 41 (RE – 2010)/2009-2014- Minimum Export Price (MEP) of onions other than Bangalore Rose Onions and Krishnapuram onions will be US$ 170 per Metric Ton F.O.B. It was US$ 225 per Metric Ton as notified on 23.03.2011. There shall be...

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Removal of restriction on export of cotton yarn – DGFT Notification No. 40 (RE-2010)/2009-14

Posted: 31 Mar 2011 07:01 PM PDT


Notification No. 40 (RE-2010)/2009-14- The export of cotton yarn (Tariff Codes 5205, 5206 & 5207) was earlier "Restricted" with export allowed against licence. Now, the export of cotton yarn is "Free" subject to registration of export...

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Import policy of Vehicles – DGFT Notification No. 39(RE-2010)/2009-2014

Posted: 31 Mar 2011 06:58 PM PDT


Notification No. 39(RE-2010)/2009-2014- The sale of vehicles imported by Foreign Diplomats and Other Privileged Persons is now permitted to other non privileged persons also in the manner specified in Foreign Privileged Persons (Regulation of...

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List of goods, services and technologies to which provisions of Chapter IVA of the FT (D&R) Act, 1992 as amended in 2010 shall apply

Posted: 31 Mar 2011 06:58 PM PDT


NOTIFICATION No.38 (RE-2010) /2009-2014- The FT(D&R) Act,1992 was amended in 2010. By this amendment, a new Chapter IV A has been introduced in the FT(D&R) Act,1992. It deals with controls on export of specified goods, services and...

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Non-availability of DEPB benefit on export of Cotton – Public Notice No. 45 (RE-2010)/2009-2014

Posted: 31 Mar 2011 06:41 PM PDT


Public Notice No. 45 (RE-2010) /2009-2014- Benefit under DEPB scheme encourages export of concerned commodity. Hence when the intention of the Government is not to encourage exports of specific commodity, DEPB benefit on such a commodity would be...

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Minimum Export Price (MEP) for export of Sona Masuri, Ponni Samba and Matta rice- DGFT Public Notice No. 44 (RE-2010)/2009-2014

Posted: 31 Mar 2011 06:39 PM PDT


Public Notice No. 44 (RE-2010)/2009-2014- The export of Sona Masuri, Ponni Samba and Matta varieties of non-Basmati rice shall be subject to a Minimum Export Price (MEP) of USD 850 per MT." MEP of USD 850 per MT was prescribed for Sona Masuri rice...

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Amendment/modification of SION Nos. H-18 and H-51 vide DGFT Public Notice No. 43 /(RE-2010)/2009-2014

Posted: 31 Mar 2011 06:36 PM PDT


PUBLIC NOTICE NO. 43 /(RE-2010)/2009-2014- In SION No. H-18 of Plastic Product Group (Product Code H) (i) Description of Export Product is expanded by addition of "Or without plastic cases" and (ii) a "Note" is inserted below the SION. The...

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DGFT-Amendments in the Handbook of Procedures, Volume 1 (Appendices and Aayat Niryat Forms), 2009-14 vide Public Notice No. 42 (RE 2010)/2009-14

Posted: 31 Mar 2011 06:33 PM PDT


PUBLIC NOTICE NO. 42 (RE 2010)/2009-14- Aayat Niryat Form 2E (ANF 2E) as given in Annexure to this Public Notice, shall replace the existing ANF 2E in the Handbook of Procedures, Volume 1 (Appendices and Aayat Niryat Forms), 2009-14. 2. This...

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FII Investment in corporate bonds infra long term category – Limit Raised, Investment in Unlisted Company also allowed

Posted: 31 Mar 2011 06:18 PM PDT


Increase in overall limits- 1. The existing limit of USD 5 billion for investment by foreign Institutional investors (FIIs) in corporate bonds issued by companies in the infrastructure sector with a residual maturity of over five years has been...

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Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation

Posted: 31 Mar 2011 06:10 PM PDT


Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 57 dated June 29, 2010 enhancing the period of realization and repatriation to India of the amount representing the full export value of...

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RBI Circular on Establishment of Financial Literacy and Credit Counselling Centre

Posted: 31 Mar 2011 06:09 PM PDT


RPCD.CO.FID. BC.No.58 /12.01.018/2010-11 - We invite your attention to our circular RPCD.CO.MFFI.BC.NO.86/12.01.018/2008-09 dated February 4, 2009 communicating a 'Model scheme' with regard to establishment of Financial Literacy and Credit...

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ICAI President's Message – April 2011

Posted: 31 Mar 2011 06:05 PM PDT


Changed Eligibility Criteria for CA Course: It is a matter of delight to inform that the Ministry of Corporate Affairs has conveyed its approval to the Resolution passed by our Council under Regulation 205 to mitigate the difficulties faced by those...

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China accuses Google and its affiliates of tax fraud

Posted: 31 Mar 2011 05:58 PM PDT


American search engine Google, which recently accused the Chinese government of blocking its services, has been charged with tax evasion along with three of its affiliate companies. Three Google-affiliated companies have been found using fake...

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Financial health of states shows improvement – RBI

Posted: 31 Mar 2011 05:18 PM PDT


With improvement in economic growth, the financial position of the states has started showing improvement and they are moving towards the path of fiscal consolidation, says a RBI report. "The budgetary position of States in 2010-11 indicated a...

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Consolidated FDI Policy (Effective from 1-4-2011)

Posted: 31 Mar 2011 08:09 AM PDT


Circular 1 of 2011 on FDI- (i) Pricing of Convertible instruments. (ii) Inclusion of fresh items for issue of shares against non-cash considerations (iii) Removal of the condition of prior approval in case of existing joint ventures/ technical...

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Govt liberalises FDI policy to boost inflows

Posted: 31 Mar 2011 05:23 AM PDT


Relaxing rules for foreign direct investment (FDI) in the country, the Government today decided to permit issuance of equity to overseas firms against imported capital goods and machinery. -- D. Gopalakrishnan

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NBFCs can't be partners in partnership firms- RBI

Posted: 31 Mar 2011 02:13 AM PDT


The Reserve Bank on Wednesday prohibited Non-Banking Finance Companies (NBFCs) from contributing to the capital of a partnership firm or become a partner of such entities. The central bank also asked NBFCs, which have already contributed capital or...

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Tax treatment of Capital gain on sale of Assets by Charitable Trust/NGO

Posted: 29 Mar 2011 08:09 PM PDT


The definition of income under section 2(24) includes Capital Gains and therefore for the purposes of section 11, Capital Gains should form part of the income and consequently it should be treated at par with any other income under section 11....

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