Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Mar 30, 2011 at 10:28 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• EPFO decides to give monthly updates of contributions instead of annual statement
• Service tax on rail freight deferred by 3 months – Fourth Such Defferment
• Excise Duty- Clarification issued regarding exemption from filing of ER-4, ER-5 and ER-6 returns
• Notification announcing applicability of Revised Schedule VI to the Companies Act, 1956 from 1 April 2011
• Finance Bill 2011 – Significant Amendments in Custom Duty and Excise Duty Provisions
• Delegation of powers of Central Government to Regional Directors and Registrar of Companies
• MCA announces email ID of its Helpdesk and eGovernance Cell
• Significant Tax Proposals in State Budgets of Bihar, Chhattisgarh, Delhi, Goa, Himachal Pradesh, Jammu and Kashmir, Maharashtra, Meghalaya, Rajasthan and Uttarakhand
• Transfer Pricing – If Arms Length Price determined by arithmetical mean, 5 percent deduction allowable
• Direct Stay Application to ITAT maintainable. Not necessary that lower authorities must be approached first
• Swan and Loop used as front companies to get spectrum – CBI to SC
• Govt suggests telcos employ only Indians in sensitive posts
• Final decision on 2G spectrum pricing within 3 months
• Collection of account payee cheques – Prohibition on crediting proceeds to third party accounts
• Section 23 of Banking Regulation Act, 1949- Relaxations in Branch Licensing Policy
• Security Issues and Risk mitigation measures – Online alerts to the cardholder for usage of credit/debit cards
• Meeting of Committee on Investor Education and Protection Fund –Minutes of the Meeting
• Cooperatives seek exemption from direct tax code
• Dissemination of further information about FII activity – Discontinuance of Reporting
• 2 customs officers nabbed in anti-graft exercise
• SC gives CBI two more days to file charge sheet in 2G case
• Cabinet set to sanction 7,000 crore interest subsidy to textile units for modernisation
• Govt simplifies obtaining DIN by company directors
• MOU Signed Between ICWAI-MARF and Department of Post
• Jaljira is an appetizer and not a masala and therefore liable to sales tax at the rate of 10 Percent and not 16 Percent
• Parliament's Public Accounts Committee summons Niira Radia, Ratan Tata on Apr 4 in 2G case
• Tax returns can be made public – CIC
• Banking licence draft guideline by end of this month- Finmin
• Companies may have to file balance sheet in XBRL form from July 2011

EPFO decides to give monthly updates of contributions instead of annual statement Posted: 29 Mar 2011 08:07 PM PDT Faced with high defaults in provident fund contributions by employers, the Employees Provident Fund Organisation , or EPFO, has decided to give monthly updates of contributions instead of an annual statement. The EPFO expects this will bring... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on rail freight deferred by 3 months – Fourth Such Defferment Posted: 29 Mar 2011 06:08 PM PDT Under pressure from Railway Minister Mamata Banerjee and concerned over rising inflation, the government has once again deferred a decision on levying service tax on transport of goods by rail to July 1. This is the fourth time that the government... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Excise Duty- Clarification issued regarding exemption from filing of ER-4, ER-5 and ER-6 returns Posted: 29 Mar 2011 05:49 PM PDT Now CBEC has clarified that, "The exemption provided under Notification.17/2006-Central Excise (NT) dated 01.08.2006 and Notification No. 39i2004-Central Excise (NT), dated 25.11.2004, as amended, is available to interalia assessee who paid duty of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Notification announcing applicability of Revised Schedule VI to the Companies Act, 1956 from 1 April 2011 Posted: 29 Mar 2011 05:36 PM PDT In exercise of the powers conferred by clause(a) of sub-section(1) of section 642 read with sub-section(1) of section 210A and sub-section (3C) of section 211 of the Companies Act,1956, (1 of 1956), the Central Government hereby makes the following... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Bill 2011 – Significant Amendments in Custom Duty and Excise Duty Provisions Posted: 29 Mar 2011 05:25 PM PDT Central Excise- Changes in excise duty structure on textile goods . Branded ready-made garments which are returned to the factory and cleared there from after being re-made, re-conditioned, repacked are exempted from payment of excise duty... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delegation of powers of Central Government to Regional Directors and Registrar of Companies Posted: 29 Mar 2011 05:22 PM PDT - Ministry of Corporate Affairs [MCA], Government of India, has on, 17 March 2011, superseded its earlier notifications delegating certain powers and functions of the Central Government under the Companies Act, 1956 [the Act] to the Regional... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA announces email ID of its Helpdesk and eGovernance Cell Posted: 29 Mar 2011 05:18 PM PDT In case of any grievance/ complaints or queries on policy matters, stakeholders are requested to send an email to MCA Helpdesk (appl.helpdesk@mca.gov.in ). In case, you do not receive any response to your query within 3-4 working days, you may send... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Significant Tax Proposals in State Budgets of Bihar, Chhattisgarh, Delhi, Goa, Himachal Pradesh, Jammu and Kashmir, Maharashtra, Meghalaya, Rajasthan and Uttarakhand Posted: 29 Mar 2011 05:17 PM PDT Below is an extract of significant tax proposals by Bihar, Chhattisgarh, Delhi, Goa, Himachal Pradesh, Jammu and Kashmir, Maharashtra, Meghalaya, Rajasthan and Uttarakhand States in their State Budget announced in March, 2011: [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing – If Arms Length Price determined by arithmetical mean, 5 percent deduction allowable Posted: 29 Mar 2011 09:24 AM PDT Assessee has an option when there is arithmetical mean involved while computing the 'arm's length price' and it happens only if more than one price is determined by the most appropriate method. The First Proviso becomes operational where more than... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct Stay Application to ITAT maintainable. Not necessary that lower authorities must be approached first Posted: 29 Mar 2011 08:42 AM PDT Direct Stay Application filed before the Tribunal is maintainable and it is not the requirement of the law that assessee should necessarily approach the CIT before approaching the Tribunal for grant of stay. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Swan and Loop used as front companies to get spectrum – CBI to SC Posted: 29 Mar 2011 08:08 AM PDT The CBI today informed the Supreme Court that telecom companies - Swan Telecom and Loop Telecom - were used as front companies by established telecom players to get 2G spectrum illegally during the tenure of former Telecom Minister A Raja. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt suggests telcos employ only Indians in sensitive posts Posted: 29 Mar 2011 08:05 AM PDT With the telecom sector becoming a potential security threat due to use of imported equipment, the government has proposed that service providers employ only Indian nationals in sensitive positions like Chief Technical Officer and Chief Information... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Final decision on 2G spectrum pricing within 3 months Posted: 29 Mar 2011 08:03 AM PDT The Telecom Ministry will take a final decision on 2G spectrum pricing and on those holding airwaves beyond contracted limit of 6.2 Mhz, based on recommendations of TRAI, within next three months before seeking Telecom Commission's approval.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Collection of account payee cheques – Prohibition on crediting proceeds to third party accounts Posted: 29 Mar 2011 07:59 AM PDT It has been brought to our notice that since co-operative credit societies are not even sub-members of clearing houses, members of such co-operative credit societies who do not have bank accounts face difficulties in collection of account payee... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 23 of Banking Regulation Act, 1949- Relaxations in Branch Licensing Policy Posted: 29 Mar 2011 07:53 AM PDT we further advise that the RRBs eligible to open branches in Tier 3 to Tier 6 centres may do so without prior approval of RBI and approach the Regional Office of RBI for, post-facto automatic, issue of the licence/s. The licence should be displayed... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Security Issues and Risk mitigation measures – Online alerts to the cardholder for usage of credit/debit cards Posted: 29 Mar 2011 07:52 AM PDT Recently, incidents of unauthorized /fraudulent withdrawals at ATMs have come to the notice of RBI. It is important to arrest the incidents of such frauds in order to further encourage card based transactions in the country where the use of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Meeting of Committee on Investor Education and Protection Fund –Minutes of the Meeting Posted: 29 Mar 2011 07:50 AM PDT RPCD.CO.RCB.BC.No.57/07.02.03/2010-11- We advise that in a meeting of 'Committee on Investors Education and Protection Fund' held by the Government of India, Ministry of Corporate Affairs, New Delhi, it has, inter-alia, been decided that banks... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cooperatives seek exemption from direct tax code Posted: 29 Mar 2011 07:50 AM PDT Major national cooperatives today demanded that they should be kept out of the proposed direct tax code and continued to be given income tax exemption. They sought early approval to the Constitutional Amendment Bill on cooperative that was tabled in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Dissemination of further information about FII activity – Discontinuance of Reporting Posted: 29 Mar 2011 07:49 AM PDT Please refer to Circular No. IMD/FII&C/32/2008 dated October 16, 2008 read with Circular No. IMD/FII&C/34/2008 dated October 20, 2008 and Circular No. IMD/FII&C/4/2010 dated June 29, 2010 related to reporting of information pertaining... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2 customs officers nabbed in anti-graft exercise Posted: 29 Mar 2011 04:29 AM PDT In a massive anti-graft exercise, Malaysian authorities today arrested two senior customs officers for alleged money laundering and corruption involving billions of dollars in uncollected taxes. The arrests came after a massive nationwide operation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC gives CBI two more days to file charge sheet in 2G case Posted: 29 Mar 2011 04:27 AM PDT The Supreme Court today allowed a two-day extension to the CBI to file on April 2 its charge sheet against former Telecom Minister A Raja and others in the 2G spectrum allocation case even as the agency said it was readying an 80,000-page document... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cabinet set to sanction 7,000 crore interest subsidy to textile units for modernisation Posted: 29 Mar 2011 04:24 AM PDT After a long wait by the industry, the government is likely to sanction tomorrow additional Rs 7,000 crore for interest subsidy to the textile units for modernisation. The proposal is expected to come up before the Cabinet Committee on Economic... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt simplifies obtaining DIN by company directors Posted: 29 Mar 2011 04:22 AM PDT The Director Identification Number, which has to be obtained by all directors on the boards of listed as well as unlisted companies, will now be available online immediately as the government has simplified the process of getting DIN. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MOU Signed Between ICWAI-MARF and Department of Post Posted: 29 Mar 2011 04:15 AM PDT Management Accounting Research Foundation of ICWAI (ICWAI-MARF) has been appointed as an advisor to the Department of Post, Ministry of Communications and IT (DOP) and a MOU has been signed to that effect here today. This appointment as per the MOU... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Jaljira is an appetizer and not a masala and therefore liable to sales tax at the rate of 10 Percent and not 16 Percent Posted: 29 Mar 2011 01:44 AM PDT whether Jaljira which is a product manufactured by the respondent herein is only an appetizer and is not a masala and therefore liable to sales tax at the rate of 10% and not 16% ….. There is no doubt that Jaljira is a drink. The contents of Jaljira... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Parliament's Public Accounts Committee summons Niira Radia, Ratan Tata on Apr 4 in 2G case Posted: 29 Mar 2011 01:32 AM PDT Parliament's Public Accounts Committee has summoned corporate lobbyist Niira Radia and Tata Group Chairperson Ratan Tata on April 4 to discuss their role in the 2-G Spectrum allocation case. Sources said the PAC will meet on April 4 and 5 to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tax returns can be made public – CIC Posted: 29 Mar 2011 01:25 AM PDT The Income Tax returns of individuals do not enjoy "absolute ban" from disclosure, the Central Information Commission has held while directing the Income Tax department to provide details of the total income of a person to his son-in-law who is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Banking licence draft guideline by end of this month- Finmin Posted: 29 Mar 2011 12:23 AM PDT The Reserve Bank will announce draft guidelines for giving new banking licences in the next few days, the Finance Ministry today said. "RBI will come up with the guidelines by the end of this month," Department of Economic Affairs Secretary R... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Companies may have to file balance sheet in XBRL form from July 2011 Posted: 28 Mar 2011 11:00 PM PDT The government said it is planning to make it mandatory for corporates to file balance sheets with it in data form, using XBRL (eXtensible business reporting language) technology, from next fiscal. Currently companies file their annual returns and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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