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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Aug 19, 2011 at 10:29 AM
Subject: TaxGuru : "Royalty paid on import of Goods / prerecorded music cassette or a popular film to be included in the transaction value for Custom valuation – SC" plus 18 more
To: palashbiswaskl@gmail.com
From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Aug 19, 2011 at 10:29 AM
Subject: TaxGuru : "Royalty paid on import of Goods / prerecorded music cassette or a popular film to be included in the transaction value for Custom valuation – SC" plus 18 more
To: palashbiswaskl@gmail.com
TaxGuru : "Royalty paid on import of Goods / prerecorded music cassette or a popular film to be included in the transaction value for Custom valuation – SC" plus 18 more | |
- Royalty paid on import of Goods / prerecorded music cassette or a popular film to be included in the transaction value for Custom valuation – SC
- Salient features of LLP Act, 2008 and Statewise Lise of number of firms converted to the LLP during the last three years
- No definite time frame can be given to pass 'Valuation Professionals Bill'
- No verified information to suggest that cases of corporate frauds are on rise
- Constitution and Functions of Competition Commission of India (CCI)
- Registration of a Company within 24 to 48 hours
- Benefits of Ss 12A and 80G cannot be allowed if there is no charitable activity and assessee undertakes only commercial activity
- Amendments in Cause list of all CESTAT, Benches with effect from 5th September, 2011
- CBEC Fixes Monetry Limit for Custom, Service tax and Excise Appeal filing with CESTAT, High Court and Supreme Court
- RBI – Minutes of the July 20, 2011 Meeting of the Technical Advisory Committee on Monetary Policy
- RBI – Half-yearly Report on Management of Foreign Exchange Reserves (March 2011)
- 926 branches of Banks to accept Advance Income Tax in Mumbai and Navi Mumbai
- CBI cancels FIR – Retired Income Tax Assistant Commissioner to be paid retirement benefits
- ICAI – Launching of Committee for Capacity Building Of CA Firms and Small & Medium Practitioners (CCBCAF & SMP) Exclusive Website www.icai.org.in, for creating the website of the CA Firms
- Custom Duty – Amends Notification No. 21/2002-Customs, dated the 1st March, 2002
- Regarding continuation of anti-dumping duty on imports of Sodium Nitrite originating in, or exported from, People's Republic of China – Notification No.76/2011-Customs
- exporter can now obtain more than one RC for export of cotton during current cotton year 2010-11 (up to 30th September 2011)
- Company Law – Authorized Serious Fraud Investigation Officers
- CBDT Chairman asks department to achieve revised Direct Collection target of Rs. 5.32 lakh crores
| Posted: 18 Aug 2011 07:41 PM PDT Supreme Court has recently held in the case of CCE, New Delhi Vs. M/s. Living Media India Pvt. Ltd. that if a prerecorded music cassette or a popular film or musical score is imported into India, duty will necessarily have to be charged on the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 18 Aug 2011 06:19 PM PDT The salient features of LLP Act, 2008, inter alia, are as follows: 1. It is a body corporate with separate legal entity from its partners. The mutual rights and duties of the partners of an LLP are governed by LLP Agreement. 2. LLP is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| No definite time frame can be given to pass 'Valuation Professionals Bill' Posted: 18 Aug 2011 06:15 PM PDT The report submitted by the Expert Group on Valuation Professionals Bill including the comments received in this regard from the stakeholders are under consideration of this Ministry and No definite time frame can be given at this stage. [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| No verified information to suggest that cases of corporate frauds are on rise Posted: 18 Aug 2011 06:14 PM PDT Since 2006, this Ministry has implemented MCA-21, an e-Governance project, which has increased transparency as the data available in the public domain can be viewed by any person. The Ministry has also evolved a system generated 'Early Warning... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Constitution and Functions of Competition Commission of India (CCI) Posted: 18 Aug 2011 06:08 PM PDT The Competition Commission of India consists of a Chairperson and not less than two and not more than six other Members. Under Section 18 of the Competition Act, the functions of the Commission inter-alia are to eliminate practices having adverse... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Registration of a Company within 24 to 48 hours Posted: 18 Aug 2011 06:04 PM PDT The Ministry of Corporate Affairs has simplified procedures under MCA-21 to enable registration of a company within 24 to 48 hours where there is no difficulty about availability of name etc. The various elements of this process are; (i) Director... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 18 Aug 2011 03:42 PM PDT Society For The Small & Medium Exporters Vs DIT (ITAT Delhi)- in a case where the objects of the society may be charitable, but, in the absence of carrying on those activities despite the fact that the activities which were carried on were for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Amendments in Cause list of all CESTAT, Benches with effect from 5th September, 2011 Posted: 18 Aug 2011 06:40 AM PDT Keeping in view of the difficulties pointed out by the various Members of CESTAT, Bar Association, and in order to clear heavy pendency, it is proposed to bring about the following amendments in the Cause list of all CESTAT, Benches with effect from... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 18 Aug 2011 06:05 AM PDT F.No.390/Misc./163/2010-JC Reduction of Government litigation - providing monetary limits for filing appeals by the Department before CESTAT/High Courts and Supreme court - Regarding - In exercise of the powers conferred by Section 35R of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| RBI – Minutes of the July 20, 2011 Meeting of the Technical Advisory Committee on Monetary Policy Posted: 18 Aug 2011 04:20 AM PDT The Committee reviewed the global and domestic macroeconomic developments. It felt that the global macroeconomic situation had worsened with the uncertainty clouding the increase in the US debt ceiling issue and continuing problem in the euro area. ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| RBI – Half-yearly Report on Management of Foreign Exchange Reserves (March 2011) Posted: 18 Aug 2011 03:39 AM PDT The guiding objectives of foreign exchange reserves management in India are similar to those of many central banks in the world. The demands placed on the foreign exchange reserves may vary widely depending upon a variety of factors including the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| 926 branches of Banks to accept Advance Income Tax in Mumbai and Navi Mumbai Posted: 18 Aug 2011 02:05 AM PDT As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the Income Tax assesses. Of the 926 bank branches 862... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| CBI cancels FIR – Retired Income Tax Assistant Commissioner to be paid retirement benefits Posted: 18 Aug 2011 12:19 AM PDT The government has been directed by the Central Administrative Tribunal to forthwith release the pension and other post-retirement benefits of a former I-T assistant commissioner, withheld on the alleged ground of a corruption case pending against... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 17 Aug 2011 10:28 PM PDT The Committee for Capacity Building of CA Firms and Small & Medium Practitioners has launched its exclusive website www.icai.org.in on 1st July, 2011 by Hon'ble Shri R.P.N. Singh, Minister of State, Ministry of Corporate Affairs, Government of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Custom Duty – Amends Notification No. 21/2002-Customs, dated the 1st March, 2002 Posted: 17 Aug 2011 10:23 PM PDT Notification No. 77 /2011-Customs , Dated: August 17, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 17 Aug 2011 10:19 PM PDT The government has decided vide Notification No.76/2011-Customs -Dated the 17th August, 2011 to continue imposing anti-dumping duty of up to $ 515.94 per tonne on imports of a chemical from China, used in industries like pharmaceuticals and dyeing,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 17 Aug 2011 10:07 PM PDT Notification No. 67 (RE-2010)/2009-2014 Export of Cotton [ITC (HS) Code 5201 & 5203]: obtaining of Registration Certificate. S.O. (E) In exercise of the powers conferred by Section 5 of the Foreign Trade (Development &... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Company Law – Authorized Serious Fraud Investigation Officers Posted: 17 Aug 2011 09:40 PM PDT NOTIFICATION NO. G.S.R. 617(E) Section 621 of The Companies Act, 1956 - Offences - Offences Against Act To Be Cognizable Only On Complaint By Registrar, Shareholder Or Government - Authorized Serious Fraud Investigation Officers [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| CBDT Chairman asks department to achieve revised Direct Collection target of Rs. 5.32 lakh crores Posted: 17 Aug 2011 04:45 AM PDT During the past few days, I had extensive deliberations and meaningful discussions in the Board with my colleagues in the CBDT on the way forward. The mandate before us is for a substantive improvement in all areas of common concern coupled with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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Palash Biswas
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