Fwd: TaxGuru : “PF contributions need to be deducted for training period of Junior Officers/Junior Accounts Officers and other similarly placed employees” plus 21 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Tue, Aug 2, 2011 at 10:08 AM
Subject: TaxGuru : "PF contributions need to be deducted for training period of Junior Officers/Junior Accounts Officers and other similarly placed employees" plus 21 more
To: palashbiswaskl@gmail.com

TaxGuru : "PF contributions need to be deducted for training period of Junior Officers/Junior Accounts Officers and other similarly placed employees" plus 21 more

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• PF contributions need to be deducted for training period of Junior Officers/Junior Accounts Officers and other similarly placed employees
• Balance in PF account can not be disclosed under RTI
• MCA issues Master Circular on Prosecution of Directors
• Corrigendum to General Circular No. 54/2011
• Benefits of lower tax rates of 10 per cent as per proviso to section 112(1) is not available where shares of listed company are sold in off-market mode
• Entitlement of number of trainees by Company Secretary in Practice
• Highlights of Economic Outlook 2011-12
• India's Foreign Trade – June, 2011
• FM says fundamentals of the economy are strong
• M.C. Joshi Takes Over as Chairman, CBDT
• Naved Masood takes over as new Secretary, Ministry of Corporate Affairs
• IRDA issues Exposure Draft on Pension Products
• SEBI- Indicative portfolio or yield in close ended debt oriented mutual fund
• CBI arrests a field officer of State Bank of India in a bribery case
• Misuse of Banking Channels – Issue and Payment of Demand Drafts for Rs. 50,000/- and above
• Amends notification no.06/2006-CE dated 01.03.2006 vide Notification No. 38 /2011 –Central Excise,
• Regarding exemption to specific goods when imported into India from Japan – Notification No. 69/2011-Customs
• Amends Notification No. 46/2011-Customs, dated the 1st June, 2011 vide Notification No. 68/2011-Customs
• Names of income tax defaulters would be made public- Pranab Mukherjee
• Supreme Court asks ICAI to proceed against Satyam auditor after October 3
• India japan CEPA comes into force Commerce Secretary calls it a Major Step for a larger East Asian Partnership
• IRDA circular on Fund Approval Procedure and NAV Guidelines

PF contributions need to be deducted for training period of Junior Officers/Junior Accounts Officers and other similarly placed employees Posted: 01 Aug 2011 08:57 PM PDT Please find enclosed herewith a copy of judgement dated 16/6/2011 delivered by Hon'ble High Court,Madras in the W.P.No. 21520,21782 and 21783/2010 filed in the matter of BSNL Vs. Union of India & others. The Hon'ble High Court has upheld the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Balance in PF account can not be disclosed under RTI Posted: 01 Aug 2011 08:43 PM PDT Shri Rabindra kumar B. Adhikari Vs Mr. Thothar (CIC) The PIO replied that the information sought by the applicant pertains to the third party and no public interest will be served in the disclosure. In accordance with Section 11 of the Act, a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA issues Master Circular on Prosecution of Directors Posted: 01 Aug 2011 08:25 PM PDT Master Circular No. 1/2011 The question of treating a person as an officer in default by ROCs when prosecutions are launched against a company and its directors for violations under Companies Act, 1956 has come up for examination time and again. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corrigendum to General Circular No. 54/2011 Posted: 01 Aug 2011 08:19 PM PDT GENERAL CIRCULAR NO. 58/2011 In each case the OL will file an application praying to the Court to direct the management of the company to submit following information duly verified by a Chartered Accountant/a Company Secretary/a Cost Accountant in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Benefits of lower tax rates of 10 per cent as per proviso to section 112(1) is not available where shares of listed company are sold in off-market mode Posted: 01 Aug 2011 06:45 PM PDT Cairn U.K. Holdings Ltd., In re (AAR) The relief provided for by the proviso to Section 112 is intended to cover cases where effect of inflation is not provided for. That is why the proviso specifies that the calculation of 10% of the Capital Gain... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Entitlement of number of trainees by Company Secretary in Practice Posted: 01 Aug 2011 06:20 PM PDT The Council at its 201st meeting held on 23rd-24th June, 2011, in supersession of its earlier decision which was notified in October, 2008 issue of Chartered Secretary, has decided that with effect from 24th June, 2011, for the purpose of clause (c)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Highlights of Economic Outlook 2011-12 Posted: 01 Aug 2011 08:12 AM PDT The Chairman Economic Advisory Council to the Prime Minister, Dr. C. Rangarajan released the 'Economic Outlook 2011-12' in New Delhi today. Following are the highlights: Economy to grow at 8.2% in 2011-12 . Agriculture grew at 6.6% in 2010-11.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India's Foreign Trade – June, 2011 Posted: 01 Aug 2011 08:08 AM PDT India's exports during June, 2011 were valued at US $ 29213.14 million (Rs. 131031.43 crore) which was 46.45 per cent higher in Dollar terms (41.06 per cent higher in Rupee terms) than the level of US $ 19948.18 million (Rs. 92892.68 crore) during... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM says fundamentals of the economy are strong Posted: 01 Aug 2011 08:05 AM PDT The Union Finance Minister Shri Pranab Mukherjee has expressed confidence that the fundamentals of the economy are strong and the growth drivers in the medium term remain broadly intact. He was interacting with the captains of top business houses,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

M.C. Joshi Takes Over as Chairman, CBDT Posted: 01 Aug 2011 08:03 AM PDT Shri M. C. Joshi has taken over as the Chairman, Central Board of Direct Taxes (CBDT) with effect from 1st August 2011. Shri Joshi belongs to the 1974 batch of the Indian Revenue Service (IRS). Earlier, he was THE Chief Commissioner of Income Tax,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Naved Masood takes over as new Secretary, Ministry of Corporate Affairs Posted: 01 Aug 2011 08:02 AM PDT Sh. Naved Masood, IAS (UP:77) has taken over as new Secretary in the Ministry of Corporate Affairs here today. Prior to it he was Special Secretary and Financial Advisor, Department of Health and Family Welfare in the Ministry of Health and Family... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA issues Exposure Draft on Pension Products Posted: 01 Aug 2011 07:53 AM PDT all the pension products offered shall comply with the following objectives. A pension product (deferred annuity contract) shall have an assured benefit disclosed at the time of sale, where the assured benefit is an amount in absolute terms which... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI- Indicative portfolio or yield in close ended debt oriented mutual fund Posted: 01 Aug 2011 07:49 AM PDT Cir/ IMD/ DF/12 /2011 This refers to circular SEBI/IMD/CIR No. 14/151044/09 dated January 19, 2009 regarding indicative portfolio and yields in mutual fund schemes. It was mentioned that mutual funds shall not offer any indicative portfolio and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI arrests a field officer of State Bank of India in a bribery case Posted: 01 Aug 2011 07:39 AM PDT The Central Bureau of Investigation has arrested a field officer (Loans) of State Bank of India, Main Branch, Shillong along with a middleman for demanding and accepting a bribe of Rs.4,000/- from the complainant. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Misuse of Banking Channels – Issue and Payment of Demand Drafts for Rs. 50,000/- and above Posted: 01 Aug 2011 07:38 AM PDT DBOD.BP.BC. No. 26 / 21.01.001/2011-12 It has been brought to our notice that some banks have recently issued demand drafts of Rs. 50,000 and above on deposit of cash and not against debit to the customer's account or against cheques or other... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends notification no.06/2006-CE dated 01.03.2006 vide Notification No. 38 /2011 –Central Excise, Posted: 01 Aug 2011 07:35 AM PDT Notification No. 38 /2011 –Central Excise, Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding exemption to specific goods when imported into India from Japan – Notification No. 69/2011-Customs Posted: 01 Aug 2011 07:32 AM PDT Notification No. 69/2011-Customs Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description as specified in column (3) of the Table appended hereto and falling under the Chapter,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 46/2011-Customs, dated the 1st June, 2011 vide Notification No. 68/2011-Customs Posted: 01 Aug 2011 07:25 AM PDT Notification No. 68/2011-Customs Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India, in the Ministry of Finance... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Names of income tax defaulters would be made public- Pranab Mukherjee Posted: 31 Jul 2011 10:21 PM PDT Names of chronic income tax defaulters would be made public as part of government's crackdown on tax evasion and black money. Finance Minister Pranab Mukherjee disclosed Sunday that the government was working on a number of strategic initiatives to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Supreme Court asks ICAI to proceed against Satyam auditor after October 3 Posted: 31 Jul 2011 10:12 PM PDT The Supreme Court today directed accounting regulator ICAI to initiate disciplinary proceedings against Talluri Srinivas, auditor embroiled in the multi-crore Satyam accounting fraud, only after October 3. A bench of Justices D K Jain and A K... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India japan CEPA comes into force Commerce Secretary calls it a Major Step for a larger East Asian Partnership Posted: 31 Jul 2011 09:50 PM PDT The Commerce Secretary, Shri Rahul Khullar has said that India and Japan Comprehensive Economic Partnership Agreement (CEPA) is a major step in the direction of larger vision of an East Asia partnership. He was speaking after co-Charing the first... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA circular on Fund Approval Procedure and NAV Guidelines Posted: 31 Jul 2011 09:35 PM PDT REF: IRDA/F&I/CIR/INVO/173/08 /2011, Date: 29th July, 2011 To The CEOs of Life Insurers Sub: (1) ULIP - Fund Approval Procedure and (2) NAV Process — Reg. 1. The Authority, in the process of standardizing the procedure of File & Use... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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