Fwd: TaxGuru : “Tax arrear increases to Rs. 3.90 lakh crore in financial Year 2010-11” plus 15 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Wed, Aug 10, 2011 at 9:48 AM
Subject: TaxGuru : "Tax arrear increases to Rs. 3.90 lakh crore in financial Year 2010-11" plus 15 more
To: palashbiswaskl@gmail.com

TaxGuru : "Tax arrear increases to Rs. 3.90 lakh crore in financial Year 2010-11" plus 15 more

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• Tax arrear increases to Rs. 3.90 lakh crore in financial Year 2010-11
• India to Partner with Africa for Buying Minerals and Providing Technology for Mining & Exploration- PTA by December 2011 – Anand Sharma
• Foreign Contribution (Regulation) Act, 2010 and foreign Contribution (Regulation) Rules 2011 comes into effect from 01.05.2011
• No Transfer pricing adjustment is necessary when period and basis of computation of royalty is different from comparable transactions
• Deduction u/s 10A allowable where HR Services were provided in the process of providing customized electronic data was exported to USA
• Gross NPAs of Public Sector Banks Stood at Rs.71,047 Crore as on 31st March,2011
• Qualified Foreign Investors (QFIS) Allowed to Access Mutual Funds' Equity Schemes and Debt Schemes in the Infrastructure Sector
• Switch over to base rate from PLR system
• Ombudsman for Legal Sector
• Stock Broker's services – Levy of service tax on delayed payment charges collected by service provider in respect of Stock Broker's services
• D Subbarao gets 2-year extension as RBI Governor
• Income Tax department tracked down over 50 high-value defaulters
• Tonnage tax scheme in respect of a qualifying ship cannot be denied merely because it is used for transportation of cargo between Indian ports which are connected by rail / road
• DGFT – Regarding Notification no 64 dated 4th August 2011 for import of rough marble blocks for the year 2011-12
• Reverse Repo Window under Liquidity Adjustment Facility and Marginal Standing Facility – Change of Timing
• 10th All India Elocution Competition – 2011

Tax arrear increases to Rs. 3.90 lakh crore in financial Year 2010-11 Posted: 09 Aug 2011 05:00 PM PDT Both direct and indirect tax arrears increased by about 33% to Rs 3.9 lakh crore in 2010-11. Minister of State for Finance SS Palanimanickam, while replying to different questions in Rajya Sabha, informed that direct tax arrears worth Rs 3,33,077... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India to Partner with Africa for Buying Minerals and Providing Technology for Mining & Exploration- PTA by December 2011 – Anand Sharma Posted: 09 Aug 2011 04:54 PM PDT Shri Anand Sharma, Union Minister of Commerce & Industry and Textiles delivered an inaugural address at the launch of "Africa manual 2011- opportunities unlimited", here today. Speaking on the occasion the Minister said, "India is keen to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Foreign Contribution (Regulation) Act, 2010 and foreign Contribution (Regulation) Rules 2011 comes into effect from 01.05.2011 Posted: 09 Aug 2011 04:51 PM PDT The Union Government has framed new rules, viz., the Foreign Contribution (Regulation) Rules, 2011 under the Foreign Contribution (Regulation) Act, 2010 for monitoring receipt and utilization of foreign contributions by any person in the Country. ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Transfer pricing adjustment is necessary when period and basis of computation of royalty is different from comparable transactions Posted: 09 Aug 2011 06:55 AM PDT Transstory (India) Ltd. Vs. ITO (ITAT Visakhapatnam) - The taxpayer was to pay royalty for only seven years and in respect of certain specified product, the royalty payable by the two group companies in China was for 20 years and it was based on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Deduction u/s 10A allowable where HR Services were provided in the process of providing customized electronic data was exported to USA Posted: 09 Aug 2011 06:51 AM PDT M.L. Outsourcing Services Pvt. Ltd. Vs. ITO (ITAT Delhi)- The notification issued by the CBDT at Serial No. 8, mentions "human resource services" as a notified service eligible for deduction u/s 1 0A. It was also observed that the Assessee is just... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Gross NPAs of Public Sector Banks Stood at Rs.71,047 Crore as on 31st March,2011 Posted: 09 Aug 2011 06:37 AM PDT The Gross Non-performing Assets (NPA) of Public Sector Banks (PSBs) for the period ending March, 2011 stood at Rs. 71,047 crore. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Qualified Foreign Investors (QFIS) Allowed to Access Mutual Funds' Equity Schemes and Debt Schemes in the Infrastructure Sector Posted: 09 Aug 2011 06:36 AM PDT In order to further liberalize the portfolio investment route, the Union Finance Minister Shri Pranab Mukherjee had announced in the 2011-12 Budget to permit SEBI registered Mutual Funds (MFs) to accept subscriptions for equity schemes from foreign... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Switch over to base rate from PLR system Posted: 09 Aug 2011 06:34 AM PDT Following the announcement in the Annual Policy Statement for the year 2009-10, Reserve Bank of India (RBI) constituted a Working Group on Benchmark Prime Lending Rate (BPLR) to review the present BPLR system and suggest changes to make credit... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Ombudsman for Legal Sector Posted: 09 Aug 2011 06:32 AM PDT Government is working on a Bill that envisages an Ombudsman to look into the complaints against lawyers and a Legal Services Board that would regulate law practices in the country. Giving this information in written reply to a question in Rajya... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Stock Broker's services – Levy of service tax on delayed payment charges collected by service provider in respect of Stock Broker's services Posted: 09 Aug 2011 06:25 AM PDT LETTER [F.NO. 137/25/2011 - SERVICE TAX], Representations have been received seeking clarification regarding leviability of service tax on the additional amount that is collected towards the delay in making payment to the stock brokers by their... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

D Subbarao gets 2-year extension as RBI Governor Posted: 09 Aug 2011 06:15 AM PDT The Government of India today approved the extension of the term of Dr. D. Subbarao as the Governor of the Reserve Bank of India. Dr. Subbarao's term has been extended for a period of two years with effect from September 5, 2011 up to September 4,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax department tracked down over 50 high-value defaulters Posted: 09 Aug 2011 06:13 AM PDT Under pressure to unearth blackmoney, the Income Tax department has tracked down over 50 high-value defaulters, who had declared their assets to be zero, with tax liability of over Rs 10 crore. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tonnage tax scheme in respect of a qualifying ship cannot be denied merely because it is used for transportation of cargo between Indian ports which are connected by rail / road Posted: 08 Aug 2011 11:18 PM PDT ACIT v. West Asia Maritime Ltd. - ITAT Chennai (Third Member ) -The contention of the assessing authority that the ship was excluded from the ambit of tonnage tax scheme mainly for the reason that the ship is rendering services only between Indian... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Regarding Notification no 64 dated 4th August 2011 for import of rough marble blocks for the year 2011-12 Posted: 08 Aug 2011 09:54 PM PDT Policy Circular No. 37 (RE-2010)/2009-2014 Notification no 64 of 4th August mentions that only units having installed marble gangsaw machine on or prior to 31.3.2011 and cumulative turnover of atleast Rupees Five Crores during the 5 years 2005-06... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reverse Repo Window under Liquidity Adjustment Facility and Marginal Standing Facility – Change of Timing Posted: 08 Aug 2011 09:48 PM PDT Presently, Repo and Reverse Repo auctions under Liquidity Adjustment Facility (LAF) are conducted between 9.30 am and 10.30 am and the Marginal Standing Facility (MSF) is available between 3.30 pm and 4.30 pm on all working days in Mumbai, except... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

10th All India Elocution Competition – 2011 Posted: 08 Aug 2011 09:36 PM PDT We are pleased to inform you that the Bangalore Chapter of The Institute of Company Secretaries of India is organizing the 10th All India Elocution Competition – 2011 for the Students of CS Course on Sunday, the 18th September, 2011 at Bangalore. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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