Income Tax -Employees' Provident Fund – 9.5% notified as rate of interest Posted: 15 May 2011 08:23 PM PDT NOTIFICATION NO. 24/2011 , DATED 13-5-2011 - In exercise of the powers conferred by clause (b) of rule 6 of Part A of the Fourth Schedule to the Income-tax Act, 1961 (43 of 1961), and in supersession of the notification of the Government of India in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| How to get Service Tax Registration Number Online? Posted: 15 May 2011 08:22 PM PDT According to Section 69, every person liable to make payment of service tax or any other person notified by the central govt through a notification is required to get the registration under the service tax act . [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Business losses carried forward beyond a period of eight years could be deducted in computing the book profit Posted: 15 May 2011 08:21 PM PDT Susi Sea Foods Pvt. Ltd. v. ACIT - Business losses carried forward beyond a period of eight years could be deducted in computing the book profit and hence the limitation of eight years for carry forward and set off of business losses under the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Section 50C Does Not Apply To Lease Rights Posted: 15 May 2011 08:20 PM PDT Atul G. Puranik vs. ITO (ITAT Mumbai) Section 50C applies only to a capital asst, being land or building or both, it cannot be made applicable to lease rights in a land. As the assessee transferred lease right for sixty years in the Plot and not... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Criminal trial of directors can not be quashed merely because the loan has been repaid with interest Posted: 15 May 2011 08:15 PM PDT The Supreme Court last week ruled that the criminal trial of directors of a company accused of forging documents to get loan from a bank could not be quashed merely because the loan has been repaid with interest. In this case, Sushil Suri vs CBI,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Cultivation of areca nut, coconut, cashew, black pepper and other cash crops are non-forest activities which cannot be allowed in reserved forests Posted: 15 May 2011 08:14 PM PDT SC restricts cultivation of cash crops in reserved forest land -The Supreme Court has stated that cultivation of areca nut, coconut, cashew, black pepper and other cash crops are non-forest activities which cannot be allowed in reserved forests... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Supreme Court – Indian court has no jurisdiction in international arbitration Posted: 15 May 2011 08:12 PM PDT The Supreme Court last week set aside a Delhi high court judgment holding that the high court had no power to entertain an international arbitration petition in the appeal case, Videocon Industries Ltd vs Union of India. A production sharing... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Advertisement and business promotion expenses incurred on commercial expediency would not be disallowed even if somebody else is benefited Posted: 15 May 2011 07:07 PM PDT DCIT v. Maruti Countrywide Auto Financial Services Pvt Ltd. Delhi Tribunal held that the expenditure incurred for business promotion and advertisement based on commercial expediency should not be considered for disallowances even if it incidentally... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CCEA approves the proposal to amend the Policy on allowing FDI in LLPs Posted: 15 May 2011 07:03 PM PDT FDI in LLPs will be allowed under the Government Approval Route in those sectors / activities where 100 percent FDI is allowed under the Automatic Route and there are no FDI-linked performance related conditions. The LLPs with FDI will not be... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Issue of perversity of findings could by itself come within the ambit of a substantial question of law Posted: 15 May 2011 06:58 PM PDT Chevoit Company Ltd. v. CIT - In Kulwant Kaur's case, it was held by the Supreme Court that in appeal before the Calcutta High Court a finding of fact, even if erroneous, will generally not be disturbed. However, where it is found that the finding... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| In case of compensation for permanent injury suffered in a motor vehicle accident, the loss of earning capacity of the victim alone is not the factor to be taken into account- SC Posted: 15 May 2011 06:46 PM PDT The Supreme Court stated last week that in a case of compensation for permanent injury suffered in a motor vehicle accident, the loss of earning capacity of the victim alone is not the factor to be taken into account. Dependence on others for normal... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Loan securitization income can be considered as interest income and hence eligible for deduction under section 36(1)(viii) Posted: 15 May 2011 06:39 PM PDT DCIT v. AIG Home Finance India Ltd. The taxpayer was a housing finance company. The taxpayer had claimed deduction under section 36(1)(viii) of the Income-tax Act (ITA) in respect of securitization income earned from the business of long term... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Service tax collected from customers not to be added while determining presumptive shipping income under section 44B Posted: 15 May 2011 06:32 PM PDT ITAT Mumbai in the case of Islamic Republic of Iran Shipping Lines v. DCIT held that service tax collected from customers on behalf of the Government cannot be included in the total receipts while determining its presumptive income under section 44B... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SC Asks Skoda to pay Rs 30 crore to customs dept as pre-deposit money for initiating adjudication within 4 weeks Posted: 15 May 2011 05:32 PM PDT Skoda India has agreed before the Supreme Court to pay within four weeks Rs 30 crore to the Customs Department as pre-deposit money for initiating adjudication before the tax tribunal where it has challenged the imposition of duty of Rs 194 crore. A... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| After petro Price hike, Govt to decide on diesel price hike next week Posted: 15 May 2011 05:30 PM PDT Finance minister Pranab Mukherjee on Sunday said the Empowered Group of Ministers headed by him would decide on the price hike of diesel, LPG and kerosene when it meets next week. A decision will be taken on raising prices of these items when the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Deduction U/s. 10A available on conversion of existing Domestic Tariff Area unit into Software Technology Park unit Posted: 15 May 2011 05:09 PM PDT The Karnataka High Court, in its recent ruling, in the case of CIT v. Expert Outsource Pvt. Ltd. held that deduction under section 10A of the Income-tax Act, 1961 is available to the assessee on conversion of existing Domestic Tariff Area (DTA) unit... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBDT Instruction on need to rely upon the opinion from technical experts in cases involving complex technical matters and transfer pricing cases Posted: 15 May 2011 04:17 PM PDT Recently CBDT instructed vide Instruction No. 5/2011 dated 30 March, 2011 to Assessing Officers (AO) and the Transfer Pricing Officers (TPO) to look into technical evidence involved in a tax or transfer pricing case by seeking assistance in the form... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Harbhajan Singh receives notice for not paying service tax on his income Posted: 15 May 2011 02:43 AM PDT Off-spinner Harbhajan Singh has been sent a notice by the central excise and taxation department for not the paying service tax on his income. According to the officials of central excise and taxation department here, Harbhajan has not paid the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Amendment to Canteen Stores Exemption Notification – Notification No. VAT-1511/CR. 64/Taxation-1 Posted: 15 May 2011 02:03 AM PDT No. VAT-1511/CR. 64/Taxation-1. - The liquor covered by entry 1, 2 and 3 of Schedule D of the Maharashtra Value Added Tax Act, 2002 are purchased from the registered dealers within State and tax is paid or has become payable on purchase of liquor at... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Maharashtra Value Added Tax (Third Amendment) Rules, 2011- Notification No. VAT 1511/CR 58/ Taxation-1 Posted: 15 May 2011 01:58 AM PDT No. VAT 1511/CR 58/ Taxation-1 These rules may be called the Maharashtra Value Added Tax (Third Amendment) Rules, 2011 and they shall come into force with effect from the date 1st May 2011. These rules amends rule 53 , 54, 55A and insert rule 60A... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| MVAT Trade Cir. No. 8T of 2011 – Budget 2011-12 – Taxation of liquor Posted: 15 May 2011 01:47 AM PDT Trade Cir. No. 8T of 2011, Mumbai, Dt. 04.05.2011 A Scheme for taxation of liquor was announced in the budget for 2011-12 by the Hon'ble Dy. Chief Minister. To give effect to this, amendments are made to the Maharashtra Value Added Tax Act, 2002... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Merely because the claim was made under one provision of the Act and not under another provision does not debar the assessee from claiming deduction u/s 37(1) even if it was not raised before the lower authorities Posted: 15 May 2011 01:35 AM PDT Mohan Meakin Limited vs. CIT (Delhi High Court) - Merely because the claim was not made out under one particular provision of the Act, but was so made out under another provision of law, the assessee could not be debarred to raise such legal... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Department of Industrial Policy & Promotion (DIPP) issues Discussion Paper on Utility Models Posted: 15 May 2011 01:16 AM PDT The Intellectual Property regime in India underwent significant changes after India's accession to WTO in 1995. After an intense national debate a number of safeguards were included in amendments to the Patents Act made in 1995, 2002 and 2005.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Amendment in SEBI (ICDR) Regulations, 2009 Posted: 14 May 2011 11:17 PM PDT NOTIFICATION F. NO. LAD-NRO/GN/2011-12/05/13907, DATED 29-4-2011 These Regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2011. They shall come into force on... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Amendment in SEBI (Stock Brokers and Sub-brokers)/(Merchant Bankers)/(Registrars to an Issue and Share Transfer Agents)/(Underwriters)/(Debenture Trustees)/(Bankers to an Issue)/(Depositories and Participants) and (Credit Rating Agencies) Regulations Posted: 14 May 2011 11:06 PM PDT NOTIFICATION NO. LAD/NRO/GN/2011-12/03/12650, DATED 13-4-2011 SEBI (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2011 - Amendment in SEBI (Stock Brokers and Sub-brokers)/(Merchant Bankers)/(Registrars to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SEBI – Renewal of recognition to Ludhiana Stock Exchange Posted: 14 May 2011 11:04 PM PDT NOTIFICATION NO. LAD-NRO/GN/2011-12/02/12648, DATED 19-4-2011 - Section 4 of the Securities Contracts (Regulation) Act, 1956 - Recognized Stock Exchanges - Grant of recognition to stock exchanges - Renewal of recognition to Ludhiana Stock Exchange... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SEBI- Clarification on Self-Clearing Member in the Currency Derivatives Segment Posted: 14 May 2011 11:00 PM PDT CIRCULAR NO. DNPD/4/2011, DATED 13-5-2011 - With regard to the newly created category of self-clearing member, in the currency derivatives segment of a Stock Exchange, communicated vide Notification No. LAD NRO/GN/2011-12/01/11486, dated April 6,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Service Tax – CBEC's instructions on applicability of provisions of Export of Services Rules, 2005 in certain situations – Circular No. 141/10/2011-TRU, Dated 13-05-2011 Posted: 14 May 2011 10:54 PM PDT CIRCULAR NO. 141/10/2011-TRU, DATED 13-5-2011 - Circular No.111/05/2009-ST was issued on 24th February, 2009 on the applicability of the provisions of the Export of Services Rules, 2005 in certain situations. It had clarified on the expression "used... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Agreement between India and Isle of Man for exchange of information with respect to taxes – Notification No. 26/2011 Dated 13-05-2011 Posted: 14 May 2011 10:47 PM PDT NOTIFICATION NO. 26/2011-DATED 13-5-2011 Whereas, an Agreement between the Government of Republic of India and the Government of the Isle of Man for the Exchange of Information with respect to taxes was signed at London on the 4th day of February,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| IT -Agreement between India & Commonwealth of The Bahamas for the exchange of information with respect to taxes – Notification No. 25/2011, Dated 13-05-2011 Posted: 14 May 2011 10:44 PM PDT NOTIFICATION NO. 25/2011 , DATED 13-5-2011 - Whereas, an Agreement between the Government of the Republic of India and the Government of the Commonwealth of The Bahamas for the Exchange of Information with respect to taxes was signed at Nassau,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| To enhance surveillance and protect investors' interest SEBI mulling business intelligence gathering mechanism Posted: 14 May 2011 10:08 PM PDT Capital market regulator Securities and Exchange Board of India (SEBI) has proposed to put in place a business intelligence gathering mechanism with an aim to enhance its surveillance and protect investors' interest. [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| States to look for new chief to replace Asim Dasgupta , who can steer GST Posted: 14 May 2011 10:00 PM PDT With the Left losing power in West Bengal, the Empowered Group of State Finance Ministers, which is currently engaged in building a consensus on the GST, will have to find a replacement for Asim Dasgupta who has been heading the body since its... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Forgery Case – Former Fifa referee under the scanner Posted: 14 May 2011 09:33 PM PDT Former Fifa referee and present Deputy Chairman of the referees Committee of Goa Football Association, Benjamin Incacio Conceicao Silva has submitted to the GFA and AIFF forged documents (which are actually documents of GFA executive committee... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Online pharmacies Ad – Google close to settling US criminal investigation Posted: 14 May 2011 09:32 PM PDT Google Inc is close to settling a US criminal investigation into allegations it made money by accepting ads from online pharmacies that break US laws, says a media report. Attributing to a source, The Wall Street Journal reported, Google is close to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Sebi mulls new incentive structure for Mutual Fund agents Posted: 14 May 2011 09:31 PM PDT A panel set up by Sebi to boost mutual fund investments through distributors is considering a new incentive model, wherein investors could be asked to pay a service fee and commissions would be borne by fund houses. The proposals also involve a... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| UN human rights official lauds ratification milestone for disability pact Posted: 14 May 2011 09:30 PM PDT The United Nations human rights chief today added her voice to the chorus welcoming the 100th ratification of the UN's disability convention, but warned that too few countries currently have laws protecting persons with disabilities from... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SKS Microfinance challenges special act passed by AP govt to regulate micro finance institutions in SC Posted: 14 May 2011 09:30 PM PDT SKS Microfinance today challenged in the Supreme Court the special act passed by the Andhra Pradesh government to regulate micro finance institutions in the state after allegations that their high interest rates and strong-arm recovery methods led... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Fake ration cards – Government to initiate criminal proceedings Posted: 14 May 2011 09:30 PM PDT Worried over the circulation of a large number of fake ration cards , Orissa government has asked collectors of eight districts to initiate criminal proceedings against the responsible officials. The department of food supplies and consumer welfare... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Centre plans to introduce bill on Land Acquisition Posted: 14 May 2011 09:30 PM PDT The Centre on Thursday said it has plans to introduce bill on Land Acquisition in the next session of Parliament as there appears to be consensus on the issue. However, Home Minister P Chidambaram said law and order in Uttar Pradesh is not a "happy... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Sexual exploitation of children on the rise in Mauritius, UN rights expert warns Posted: 14 May 2011 09:30 PM PDT Mauritian children are increasingly vulnerable to sexual exploitation, due to a combination of poverty, family dysfunction, social taboos, alcohol and drugs, an independent United Nations human rights expert warned today. [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Commerce Ministry to push for for stepping up benefits for exporters Posted: 14 May 2011 09:30 PM PDT The Commerce Ministry will push for stepping up benefits for exporters under different market-linked schemes in lieu of the popular DEPB, which is scheduled to end on June 30. The case will be taken up with the Finance Ministry which has refused to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Oil companies hikes petrol price by Rs. 5 Per litre Posted: 14 May 2011 09:28 PM PDT In the steepest hike ever, state- owned oil companies today increased petrol price by about Rs 5 per litre with effect from midnight tonight. The increase in petrol price, which the oil firms had been holding since January even though crude oil had... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBEC to file reports to Directorate of Legal Affairs (DLA) on monthly basis Posted: 14 May 2011 05:29 PM PDT Faced with duplication of work and wastage of resources in dealing with litigation matters, the finance ministry has asked the Central Board of Excise and Customs to file reports to Directorate of Legal Affairs (DLA) on monthly basis only. Besides,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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