Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Oct 2, 2010 at 1:57 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Most Of The 2G Licences Issued By Government In 2008 Are Illegal
• Fire Insurance Claim For CIGAR
• Centre Rejects Alternative Model Of Goods And Services Tax GST
• ICAI President S Message - October 2010
• Mutual Recognition Agreement Between ICAI And CPA Ireland
• NSDL Releases New FUV File For Quarterly E-TDS TCS Statement Pertaining To FY 2009-10 And 2010-11
• CVC Disposed Of 1298 Cases In August 2010 Major Penalty Proceedings Recommened Against 101 Officers
• Updation Of All Instructions And Clarifications Relating To FDI Policy
• DIPP Issues Discussion Paper On Issue Of Shares For Considerations Other Than Cash
• No Extension Of Income Tax Holiday Beyond March 2011 For Software Technology Park Of India STPI Units
• Government May Simplify Mergers And Acquisitions Process
• Bar Council Opposes Entry Of Foreign Laws Firms In India
• SC Refuses To Offer Any Immediate Relief To Vodafone
• Discussion Paper On Foreign Direct Investment In Limited Liability Partnerships
• IRDA To Soon Issue Guideline For Merger And Acquisition
• MAT Is No More Minimum Alternate Tax
• Government May Soon Exempt The Entire 9 5 Per Cent Interest On Provident Fund Deposits For 2010-11
• Decision Of Hon Ble Allahabad High Court In Ayodhya Matters Ram Mandir Babri Masjid
• Tax Effect Of Indirect Sale Distribution Channels
• Role Of Chartered Accountant In Your Growth
• Odds Of Interpretation- Human Intervention Required For Taxing A Payment As Fees For Technical Services
• Provides Exemption To Relief Equipment Imported By The Lille Fro Foundation And Donated To The Ladakh Autonomous Hill Development Council
• Amends Customs Tariff Determination Of Origin Of Goods Under The Preferential Trade Agreement Between ASEAN And The Republic Of India Rules 2009
• Mandatory Electronic Payment Under MVAT Act 2002 And CST Act 1956 For Quarterly Return Filers
• FIIS Who Fails To Provide Requisite Declarations And Undertakings Will Not Be Able To Take Fresh Positions From 1st October
• Amends Notification No 6 2006-Central Excise Dated The 1st March 2006 - Effective Rate Of Duty On Goods Of Chapter 83 To Chapter 93
• CBEC Recommends Imposition Of Provisional Anti-dumping Duty On All Imports Of DVD Of All Kinds Originating In Or Exported From Malaysia Thailand And Vietnam
• Exchange Rate Notification For Import Export Of Goods With Effect From 1st October 2010
• DGFT Notification On Prohibition On Export Of Edible Oils
• Amendments In Notification No 58 2009-14 Dated 17 8 2010 Export Of Cotton
• Extension Of Common Proficiency Course CPC Registration Date Till 4th October 2010
• BUDGET MANUAL 2010
• Statutory Compliance -Act Wise -Oct-2010
• Consolidated FDI Policy Effective From October 1 2010
• CA Professional Partnership Deed

Most Of The 2G Licences Issued By Government In 2008 Are Illegal Posted: 02 Oct 2010 01:45 AM PDT Adding a new twist to the 2G spectrum scam the Comptroller and Auditor General CAG has in its latest communication told the department of telecom DoT that a vast majority of the 126 licences controversially issued by the govern [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Fire Insurance Claim For CIGAR Posted: 02 Oct 2010 01:02 AM PDT Mr Satodiya Extractor Purchased a box of very rare and expensive cigars then insured them against among other things fire Within a month having smoked his entire stockpile of these great cigars and without yet having even one m [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Centre Rejects Alternative Model Of Goods And Services Tax GST Posted: 02 Oct 2010 12:20 AM PDT The Centre has rejected the alternative model of Goods and Services Tax GST suggested by the empowered panel of State Finance Ministers and a few BJP-ruled States which was suggested as a strategy to obviate the need for amendment t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI President S Message - October 2010 Posted: 02 Oct 2010 12:17 AM PDT Dear All Water water everywhere and all the boards did shrink Water water everywhere Nor any drop to drink 18th century English poet S T Coleridge in the above lines has represented the current situation in some o [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mutual Recognition Agreement Between ICAI And CPA Ireland Posted: 02 Oct 2010 12:09 AM PDT The Institute of Chartered Accountants of India has entered into a into a mutual recognition agreement MRA with the Institute of Certified Public Accountants In Ireland CPA Ireland This agreement offers both bodies the opportunity [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NSDL Releases New FUV File For Quarterly E-TDS TCS Statement Pertaining To FY 2009-10 And 2010-11 Posted: 01 Oct 2010 11:50 PM PDT New validation for quarterly e-TDS TCS statement pertaining to FY 2010-11 and onwards Amended file format and FVU version 3 0 amp 2 129 released October 01 2010 nbsp NSDL releases nbsp nbsp FVU version 3 0 which applicable for [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CVC Disposed Of 1298 Cases In August 2010 Major Penalty Proceedings Recommened Against 101 Officers Posted: 01 Oct 2010 02:51 AM PDT The Central Vigilance Commission disposed of 1298 cases during August 2010 referred to it for advice Of these 920 complaints were sent for necessary action ATR whereas 37 complaints were sent for investigation and report No actio [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Updation Of All Instructions And Clarifications Relating To FDI Policy Posted: 01 Oct 2010 02:50 AM PDT 1 nbsp nbsp nbsp nbsp nbsp Circular 2 of 2010 updating all instructions and clarifications relating to FDI Policy as on September 30 2010 is being released today nbsp This is as per the commitment made that this circula [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DIPP Issues Discussion Paper On Issue Of Shares For Considerations Other Than Cash Posted: 01 Oct 2010 01:29 AM PDT 1 1 nbsp The Department of Industrial Policy and Promotion has decided to release Discussion Papers on various aspects related to FDI In the series of these Discussion Papers this is the fourth paper on the Issue of share [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Extension Of Income Tax Holiday Beyond March 2011 For Software Technology Park Of India STPI Units Posted: 01 Oct 2010 01:19 AM PDT The Finance Ministry has ruled out extension of income tax holiday beyond March 2011 for software technology park of India STPI units The tax breaks for STPI scheme has a sunset for March 31 2011 implying that the tax ho [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government May Simplify Mergers And Acquisitions Process Posted: 01 Oct 2010 01:15 AM PDT Merger procedures may soon become easier for India Inc The Government is planning to come up with an ordinance to do away with the process of sanction by the Competition Commission of India CCI for small-ticket mergers and ac [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bar Council Opposes Entry Of Foreign Laws Firms In India Posted: 01 Oct 2010 01:02 AM PDT New Delhi The Bar Council of India BCI a statutory body of advocates today decided not to permit foreign lawyers or their firms to practise in India but assured that a more detailed and rational scrutiny of the subject would be d [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC Refuses To Offer Any Immediate Relief To Vodafone Posted: 01 Oct 2010 12:52 AM PDT The Supreme Court on Monday refused to offer any immediate relief to Vodafone which has challenged the Bombay High Court order allowing the government to tax the company s 11 billion deal with Hutch The tax department had rai [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Discussion Paper On Foreign Direct Investment In Limited Liability Partnerships Posted: 01 Oct 2010 12:49 AM PDT 1 1 nbsp nbsp nbsp nbsp nbsp nbsp The Department of Industrial Policy and Promotion has decided to release Discussion Papers on various aspects related to FDI In the series of these Discussion Papers this is the fifth pa [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA To Soon Issue Guideline For Merger And Acquisition Posted: 01 Oct 2010 12:34 AM PDT Hinting at a major overhaul in the regulations for insurance sector IRDA said it will soon come out with merger and acquisition norms for the insurers and IPO guidelines are already on the way At the same time Insurance Regu [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MAT Is No More Minimum Alternate Tax Posted: 01 Oct 2010 12:31 AM PDT When the first draft of the Direct Taxes Code DTC was released in August 2009 the provision dealing with Minimum Alternate Tax MAT was one of the most discussed and deliberated provision It proposed to levy tax on the gros [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government May Soon Exempt The Entire 9 5 Per Cent Interest On Provident Fund Deposits For 2010-11 Posted: 01 Oct 2010 12:18 AM PDT The Finance Ministry is believed to have agreed to modify its notification for exempting from tax the entire 9 5 per cent interest on provident fund deposits for 2010-11 and will soon announce the good news for EPFO s six cro [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Decision Of Hon Ble Allahabad High Court In Ayodhya Matters Ram Mandir Babri Masjid Posted: 30 Sep 2010 11:27 AM PDT Allahabad HC rules by majority that disputed land in Ayodhya be divided into 3 parts say lawyers Land to be distributed among Waqf Board Nirmohi Akhara party for Ram Lalla say lawyers Status quo will be maintained at the disput [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tax Effect Of Indirect Sale Distribution Channels Posted: 01 Oct 2010 10:04 AM PDT CA Maneet Pal Pasrichawww capasricha com 09810774806 In fast growing economies like India china etc Global companies are looking forward to pioneer there products to have there share of pie While introducing products in new mark [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Role Of Chartered Accountant In Your Growth Posted: 01 Oct 2010 10:00 AM PDT CA Maneet Pal Pasricha 9810774806 www capasricha comIn fast growing economies like India china etc Global companies are looking forward to pioneer there products to have there share of pie While introducing products in new markets [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Odds Of Interpretation- Human Intervention Required For Taxing A Payment As Fees For Technical Services Posted: 01 Oct 2010 09:46 AM PDT CA Maneet Pal Pasricha9810774806www capasricha comTelecom industry in India is suffering from the tussle between the odds of two interpretations In recent time s payments for various types of technology-related transactions has been [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Provides Exemption To Relief Equipment Imported By The Lille Fro Foundation And Donated To The Ladakh Autonomous Hill Development Council Posted: 02 Oct 2010 02:42 AM PDT Provides Exemption to relief equipment imported by the Lille Fro Foundation and donated to the Ladakh Autonomous Hill Development Council subject to specified conditions CUSTOMS Notification No 100 2010 30-09-2010 nbsp New Delhi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Customs Tariff Determination Of Origin Of Goods Under The Preferential Trade Agreement Between ASEAN And The Republic Of India Rules 2009 Posted: 02 Oct 2010 02:35 AM PDT Amends Customs Tariff Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations ASEAN and the Republic of India Rules 2009New [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mandatory Electronic Payment Under MVAT Act 2002 And CST Act 1956 For Quarterly Return Filers Posted: 02 Oct 2010 01:14 AM PDT TRADE CIRCULAR Date 27 09 2010 nbsp No VAT AMD-1009 IB ADM-06 Trade Cir 21T of 2010 nbsp Sub nbsp nbsp nbsp nbsp Mandatory Electronic payment under MVAT Act 2002 and CST Act 1956 for Quarterly Retur [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FIIS Who Fails To Provide Requisite Declarations And Undertakings Will Not Be Able To Take Fresh Positions From 1st October Posted: 01 Oct 2010 02:30 AM PDT All Foreign Institutional Investors through their designated Custodians of Securities amp Stock Exchanges nbsp Dear Sir Madam Sub Compliance with circular dated April 15 2010 1 nbsp nbsp nbsp nbsp nbsp nbs [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No 6 2006-Central Excise Dated The 1st March 2006 - Effective Rate Of Duty On Goods Of Chapter 83 To Chapter 93 Posted: 01 Oct 2010 02:21 AM PDT G S R 782 E - In exercise of the powers conferred by sub-section 1 of section 5A of the Central Excise Act 1944 1 of 1944 the Central Government on being satisfied that it is necessary in the public interest so to do he [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBEC Recommends Imposition Of Provisional Anti-dumping Duty On All Imports Of DVD Of All Kinds Originating In Or Exported From Malaysia Thailand And Vietnam Posted: 01 Oct 2010 02:15 AM PDT G S R nbsp 783 E Whereas in the matter of import of Recordable Digital Versatile Disc DVD of all kinds hereinafter referred as the subject goods falling under heading 8523 nbsp of the First Schedule to the Customs Tarif [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exchange Rate Notification For Import Export Of Goods With Effect From 1st October 2010 Posted: 01 Oct 2010 02:10 AM PDT S O nbsp nbsp nbsp nbsp nbsp nbsp E In exercise of the powers conferred by section 14 of the Customs Act 1962 52 of 1962 and in supersession of the notification of the Government of India in the Ministry of Fin [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT Notification On Prohibition On Export Of Edible Oils Posted: 01 Oct 2010 01:56 AM PDT Subject nbsp Prohibition on Export of Edible Oils - regarding nbsp S O E nbsp nbsp nbsp nbsp nbsp nbsp In exercise of the powers conferred by Section 5 read with Section 3 2 of the Foreign Trade Development amp Reg [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendments In Notification No 58 2009-14 Dated 17 8 2010 Export Of Cotton Posted: 01 Oct 2010 01:55 AM PDT S O E nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp In exercise of the powers conferred by Section 5 of the Foreign Trade Development amp Regulation Act 1992 No 22 of 1992 read with Para 1 3 and 2 1 of the Foreign Trade [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Extension Of Common Proficiency Course CPC Registration Date Till 4th October 2010 Posted: 30 Sep 2010 11:51 PM PDT Sub Extension of Common Proficiency Course CPC registration date till 4th October 2010 nbsp In view of the closure of banks on account of half yearly closing on 30th September 2010 last date for registration to Common Pro [[ This is a content summary only. Visit www.taxguru.in for full article ]]

BUDGET MANUAL 2010 Posted: 01 Oct 2010 08:34 PM PDT Budget Manual is a compendium of general provisions and procedures relating to Budget making to be followed by all offices in the Union Government which are involved in the budgeting exercise and dealing with matters relating to Budget [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Statutory Compliance -Act Wise -Oct-2010 Posted: 01 Oct 2010 04:09 AM PDT Contains the Statutory Compliance due dates under various Acts for the month of Oct-2010 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Consolidated FDI Policy Effective From October 1 2010 Posted: 30 Sep 2010 08:07 PM PDT Government of India Ministry of Commerce Industry Department of Industrial Policy Promotion FC Section CIRCULAR 2 OF 2010 SUBJECT CONSOLIDATED FDI POLICY The Consolidated FDI Policy is attached 2 This circ [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA Professional Partnership Deed Posted: 29 Sep 2010 11:25 PM PDT Partnership deed [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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