| TDS on Payment to doctors under fixed salary and guarantee money scheme Posted: 24 Apr 2011 08:36 PM PDT ITO (TDS-1), Ahmedabad v. Apollo Hospitals International Ltd - There are two types of agreements. One of the covenant is stated to be in the nature of employer/employee agreement and the other is stated to be FGC contract. The distinction... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Delhi High Court sanctions Vodafone Essar's scheme of arrangement involving demerger of the passive infrastructure assets despite opposition by tax department Posted: 24 Apr 2011 06:58 PM PDT With respect to the Scheme, the tax department had raised similar objections before the Gujarat High Court, which after considering the contentions of both, the tax department and the petitioner company had dismissed the petition thereon. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Inland haulage charges are in the nature of income from operations of ships in international traffic and not taxable in India per Article 8 of the India-Belgium tax treaty Posted: 24 Apr 2011 06:38 PM PDT DDIT vs. Safmarine Container Lines NV The Mumbai Tribunal in this case has observed that unless there is a specific language in the tax treaty which keeps the income from inland transportation in connection with international traffic outside the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Sharing of management experience and business strategies by a foreign professional cannot be termed as technical service under India-USA tax treaty Posted: 24 Apr 2011 06:31 PM PDT Wockhardt Ltd. v/s ACIT – [2011] (Mumbai - ITAT) - The Tribunal has held that the services rendered by the non-residents should be in the nature of technical services and such services should make available technical knowledge, experience, skill or... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Penalty under s 271FA is leviable if the assessee fails to respond to the notice for failure of filing annual information return Posted: 24 Apr 2011 09:29 AM PDT Penalty under s 271FA – Failure to file annual information return — The penalty under s 271FA is leviable if the assessee fails to respond to the notice for failure of filing annual information return — as held by Gujrat High Court in Patan Nagrik... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Prior period expenses not to be deducted while computing book profit for the purposes of section 115JA Posted: 24 Apr 2011 09:20 AM PDT Shree Bhagawathy Textiles Ltd. v. Asstt. CIT - If the assessee has made a claim of deduction from this profit not enumerated in the clauses (i) to (ix) covered by Explanation to section 115JA, the assessment so completed based on the profit taken... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Lok Adalat cannot pass order to pay insurance money – SC Posted: 24 Apr 2011 09:12 AM PDT The Supreme Court has stated that a Lok Adalat cannot pass an order to pay the insurance money when there was no compromise between the parties, in the case, Life Insurance Corporation vs Suresh Kumar. Lok Adalat cannot take over the function of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Provisioning Coverage Ratio (PCR) for Advances Posted: 24 Apr 2011 09:05 AM PDT DBOD.No.BP.BC. 87/21.04.048/2010-11 Majority of the banks have since achieved the PCR of 70 percent and have been representing to RBI whether the prescribed PCR is required to be maintained on an ongoing basis. The matter has been examined by us and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Direct tax collection in Gujarat up 16.69 per cent in FY-2010-11 Posted: 24 Apr 2011 08:41 AM PDT The direct tax collections in Gujarat for FY-2010-11 stood at Rs 17,782.50 crore against the Rs 15,239.70 crore in a year ago period, showing a year-on-year growth of 16.69 per cent. The tax mop up was lower by little less than two per cent of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| RBI relaxes provisioning norms for banks with retrospective effect from September 30, 2010 Posted: 24 Apr 2011 08:36 AM PDT The Reserve Bank of India (RBI) relaxed the provisioning norms for banks with retrospective effect from September 30, 2010, which in turn could help banks post higher profits. The RBI said, banks will have to maintain a provision coverage ratio of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Section 620A of the Companies Act, 1956 – Power to modify Act in its application to Nidhis, etc. – Amendment in Notification No. G.S.R. 978, dated 28-5-1963 as amended by Notification Nos. G.S.R. 84(E) & G.S.R. 517(E), dated 23-2-1988 and 31-8-2006 respectively Posted: 24 Apr 2011 08:31 AM PDT NOTIFICATION NO. G.S.R. 326(E), DATED 8-4-2011. In exercise of the powers conferred by sub-section of section 620A read with sub-section (1) of section 637A 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 ]] 
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| Govt may hike penalty for improper use of names to 1000 times Posted: 24 Apr 2011 08:01 AM PDT The government is mulling hiking penalty for improper use of names and emblems conveying state patronage or ownership for the purpose of professional and commercial gains to Rs 5 Lakh. At present, the penalty for violating the provisions of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CII asks government to introduce Corrosion Act Posted: 24 Apr 2011 07:34 AM PDT The government should introduce financial support through legislation for preventing corrosion of machines, pipelines and industrial structures as companies lose a whopping Rs 2 lakh crore annually due to such damages, CII today said. [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SEBI to set up toll free helpline to respond to queries of investors Posted: 24 Apr 2011 07:29 AM PDT To resolve investors' grievances and spread financial literacy, market regulator SEBI will set up a toll free helpline to respond to queries of investors and help track the status of their complaints. The investors, according a strategic action plan... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| In the absence of specific provisions Companies not to pay stamp duty on increased capital – HC Posted: 24 Apr 2011 06:59 AM PDT The Delhi High Court has held that a company is not required to pay the stamp duty on the increased amount of its authorised share capital. A bench headed by Justice S Muralidhar said this while allowing the plea of S E Investments Ltd, which... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SEBI modifies norms for appointment of its internal auditor Posted: 24 Apr 2011 06:56 AM PDT SEBI has modified the norms for appointment of its internal auditor, a move that enabled the capital market regulator to retain chartered accountants firm Chokshi & Chokshi for two more years. The decision to give a two-year extension to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Sebi to introduce self-regulatory mode for wealth managers Posted: 24 Apr 2011 06:53 AM PDT In its new set of rules for an estimated USD-1 trillion wealth management industry, Sebi is planning to set up an intermediary regulatory body with representation from among the wealth managers themselves. In the proposed self-regulatory model, the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| State wise stamp duty rules for eForm 1, MOA, AOA, eForm 5 and eForm 44 Posted: 24 Apr 2011 06:43 AM PDT State wise stamp duty rules for eForm 1, Memorandum of Association (MoA), Articles of Associations (AoA), eForm 5 and eForm 44). Download Stamp duty rates for Form 1, MoA, AoA, and Form 5 for all the states in India. Stamp duty rules for Form 44 Rs.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Supreme court laying down the line of distinction between Stock transfer and Inter state sales for Central Sales Tax Posted: 24 Apr 2011 06:25 AM PDT M/S. Hyderabad Engineering vs State Of A.P. on 4 March, 2011 (Supreme Court of India) -Finally, the Supreme court concluded by observing that following scenarios are covered under "inter-state sales" "Sale" or "agreement to sell" occasions... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| New Section 11A of the Central Excise Act Vivisected after the Budget 2011 Posted: 24 Apr 2011 05:55 AM PDT Other than the reason of fraud or collusion or any wilful misstatement or suppression of facts or contravention of any of the provisions of this act— In Sub-section (1) Clause (b) The Person Chargeable with duty may, before issue of notice under... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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