Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Oct 12, 2010 at 1:50 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Why DTC Is Negative For Life Insurance Companies And Policyholders
• Government Announces New Service Tax Payment Scheme For Lottery Ticket Distributors
• Can T Evict Those Against Redevelopment Without Fulfilling The Terms Of The Development Agreement- Bombay HC
• Individuals Engaged In Mining Business Emerges As Country S Top Taxpayers
• RBI Mulls New ECB Rules For Escrow Account Mechanism
• Chambers Pitch For Corporates Into The Banking Ring
• Smaller Companies Embracing Limited Liability Partnership Structure In A Big Way
• India Would Intervene In Foreign Exchange Markets If Needed RBI
• RBI To Issue Rs 5 And Rs 2 Coins With CWG Theme
• Pranab Mukherjee Bags The Award For Finance Minister Of The Year For Asia
• GST Scheme Likely To Be Placed In Winter Session
• Government Rationalises Service Tax On Lottery Tickets
• Department May Soon Determine Service Tax Liability Of Kings XI Punjab
• HC Rejects RIL Plea To Quash CBI Case Against It
• Corruption On High Nothing Moves Without Money- Supreme Court
• Election Commission Of India ECI Joins Hands With Income Tax I-T Department
• CAG To Restart Audit Of Expenses Incurred For The Commonwealth Games
• How To Know PAN File IT Return Open Acknowledgement Of HUF If Incorporation Date In PAN Card Mentioned As ANCESTRAL
• Transfer Fee And Non Occupancy Charges Received From The Members Are Not Taxable On The Principle Of Mutuality
• Import Policy Of Fish Body Oil- DGFT Notification No 08 RE-2010 2009-2014
• Clarification On The Procedure To Re-credit 4 Percent Special Additional Duty SAD Of Customs In DEPB VKGUY FPS FMS MLFPS Scrips

Why DTC Is Negative For Life Insurance Companies And Policyholders Posted: 12 Oct 2010 02:49 AM PDT Presently deductions under Section 80C are available up to 1 lakh for various investment instruments including premium paid for life insurance provident fund etc Under the DTC only sums paid to towards a contract for an a [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government Announces New Service Tax Payment Scheme For Lottery Ticket Distributors Posted: 12 Oct 2010 02:41 AM PDT The Finance Ministry has come up with an optional composition scheme for service tax payment on promotion or marketing of lotteries Budget 2010-11 had introduced service tax levy on the services of promoting marketing or organisi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Can T Evict Those Against Redevelopment Without Fulfilling The Terms Of The Development Agreement- Bombay HC Posted: 12 Oct 2010 02:35 AM PDT Ruling in favour of a minority group of members opposing redevelopment of their housing society the Bombay High Court on Thursday held that the developer could not seek their eviction without fulfilling the terms of the developme [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Individuals Engaged In Mining Business Emerges As Country S Top Taxpayers Posted: 12 Oct 2010 02:30 AM PDT Individuals engaged in the mining business have emerged the country s top taxpayers along with film stars professionals top-notch CEOs and promoters of large corporations These individuals most of whom are prominent politician [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Mulls New ECB Rules For Escrow Account Mechanism Posted: 12 Oct 2010 02:27 AM PDT THE banking regulator has questioned deals that foreign investors often strike with Indian companies to protect their money Foreign strategic investors regularly enter into an arrangement where local firms and promoters keep aside [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Chambers Pitch For Corporates Into The Banking Ring Posted: 12 Oct 2010 02:23 AM PDT Industry chambers today strongly pitched for corporates entering the banking space with all of them stating that a lower capital requirement would be detrimental in the long-run and that deep-pocket industrial houses with good trac [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Smaller Companies Embracing Limited Liability Partnership Structure In A Big Way Posted: 12 Oct 2010 02:21 AM PDT Smaller companies in computer services real estate and trade activities are embracing the limited liability partnership structure in a big way while large professional firms are staying away due to a lack of regulatory clarity on [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India Would Intervene In Foreign Exchange Markets If Needed RBI Posted: 12 Oct 2010 02:18 AM PDT India would intervene in the foreign exchange markets if needed to maintain stability the central bank s governor said during a panel discussion at the International Monetary Fund in Washington on Saturday Foreign institution [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI To Issue Rs 5 And Rs 2 Coins With CWG Theme Posted: 12 Oct 2010 02:13 AM PDT The Reserve Bank today said it will issue new coins of Rs 5 and Rs 2 to commemorate the ongoing Commonwealth Games in New Delhi The RBI will shortly put into circulation coins of Rs 5 and Rs 2 with the theme XIX Commonwealth Games [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pranab Mukherjee Bags The Award For Finance Minister Of The Year For Asia Posted: 12 Oct 2010 01:47 AM PDT India s Finance Minister Shri Pranab Mukherjee has won this year s award for Finance Minister of the Year for Asia nbsp This year s award is based on nominations from public and private sector economists analysts bankers invest [[ This is a content summary only. Visit www.taxguru.in for full article ]]

GST Scheme Likely To Be Placed In Winter Session Posted: 12 Oct 2010 01:44 AM PDT Difference of opinion among some states with regard to the Goods and Services Tax GST scheme for the country was being narrowed down and the Constitutional Amendment Bill is likely to be placed in the winter session of Parliament [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government Rationalises Service Tax On Lottery Tickets Posted: 12 Oct 2010 01:42 AM PDT The government has rationalised the service tax liability on sellers and distributors of lottery tickets by giving them the option to pay tax at flat rate based on the face value of tickets nbsp Under the new scheme a distribu [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Department May Soon Determine Service Tax Liability Of Kings XI Punjab Posted: 12 Oct 2010 01:37 AM PDT Even after termination of the franchisee agreement with Kings XI Punjab by BCCI KPH Dreams which owns the T20 team is still not out of trouble it seems as the Central nbsp Excise Department on Monday said it would pass an order w [[ This is a content summary only. Visit www.taxguru.in for full article ]]

HC Rejects RIL Plea To Quash CBI Case Against It Posted: 12 Oct 2010 01:32 AM PDT The Delhi High Court has cleared the decks for trial against Reliance Industries relating to seizure of classified documents from its office in 1998 by rejecting its plea that the case was time-barred nbsp The company is facin [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corruption On High Nothing Moves Without Money- Supreme Court Posted: 12 Oct 2010 01:30 AM PDT Stating that nothing moves without money the Supreme Court has expressed concern over the growing corruption in government machinery particularly in the Income Tax Sales Tax and Excise departments nbsp It is very unf [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Election Commission Of India ECI Joins Hands With Income Tax I-T Department Posted: 12 Oct 2010 01:26 AM PDT In yet another measure to curb the influence of money during elections the Election Commission of India ECI has joined hands with the Income Tax I-T department and its vigilance arm said Chief Election Commissioner S Y Quraish [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CAG To Restart Audit Of Expenses Incurred For The Commonwealth Games Posted: 12 Oct 2010 01:23 AM PDT The Comptroller and Auditor General CAG of India will restart audit of expenses incurred for the Commonwealth Games on October 15 The audit agency will submit its report within three months The CAG had earlier suspended the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How To Know PAN File IT Return Open Acknowledgement Of HUF If Incorporation Date In PAN Card Mentioned As ANCESTRAL Posted: 12 Oct 2010 01:09 AM PDT Recently I have faced a very interesting situation I have to file ITR of one of my client online My client is a HUF and his turnover is more then Tax Audit limit so as per Recent Income tax circular I was required to file his Inc [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Fee And Non Occupancy Charges Received From The Members Are Not Taxable On The Principle Of Mutuality Posted: 12 Oct 2010 01:59 AM PDT Whether the Hon ble Tribunal erred in holding that the contribution to Common Amenity Fund Repairs Welfare Fund being the first contribution made by the existing new member is transfer fee as in the case of Walkeshwar Triveni Cooper [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Import Policy Of Fish Body Oil- DGFT Notification No 08 RE-2010 2009-2014 Posted: 12 Oct 2010 02:55 AM PDT Notification No nbsp 08 RE-2010 2009-2014 nbsp New Delhi The 8th October 2010 nbsp Subject nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp Import policy of fish body oil nbsp S O E nbsp nbsp nbsp nbsp nbsp nb [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification On The Procedure To Re-credit 4 Percent Special Additional Duty SAD Of Customs In DEPB VKGUY FPS FMS MLFPS Scrips Posted: 12 Oct 2010 02:52 AM PDT Policy Circular No 02 2009-2014 RE 2010 Dated 8th October 2010 Subject Clarification on the procedure to re-credit 4 Special Additional Duty SAD of Customs in DEPB VKGUY FPS FMS MLFPS scrips regarding [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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