TaxGuru.in : Legal & Tax Updates 11.08.2010

TaxGuru.in : Legal & Tax Updates Analysis of Draft Point of Taxation (For Services Provided or Received in India) Rules Posted: 09 Aug 2010 09:00 PM PDT Pending roll out of the much awaited "Place of Supply Rules for Services", which was announced in Union Budget 2010-11 speech, the Government Of India has published the Draft Point of Taxation (For Services Provided or Received in India) Rules ('the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) TRP scheme- Government failed to appoint new TRPs since 2006 Posted: 09 Aug 2010 08:37 PM PDT While the number of new income-taxpayers is growing exponentially year after year, no new tax returns preparers (TRPs) have been recruited since 2006. The Income Tax was launched by the finance ministry in 2006, to help taxpayers file their returns... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Govt Amends Public Shareholding Requirement Rules Public Shareholding for all public sector enterprises Posted: 09 Aug 2010 08:32 PM PDT This notification allows for a lower public shareholding for public sector enterprises (PSEs). It also provides flexibility to all companies in attaining 25% (or 10% for public sector enterprises) public shareholding level within three years without... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Rs 1,000 a year pension aid okayed for the workers in the unorganised sector Posted: 09 Aug 2010 08:29 PM PDT The Union Cabinet today approved the implementation of the Swavalamban Scheme to cover workers in the unorganised sector and to provide old age security to all sections of society, particularly the vulnerable sections. The proposal approved by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Establishment of Branch Offices (BO)/Liaison Offices (LO) in India by Foreign Entities – Delegation of Powers Posted: 09 Aug 2010 08:24 PM PDT Attention of Authorised Dealer Category – I banks is invited to paragraph 5 (i) of A.P. (DIR Series) Circular No.24 dated December 30, 2009 wherein it was stipulated that the Annual Activity Certificates (AACs) as at the end of March 31, shall be... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Don"t file appeals in cases where law is settled:HC to IT dept Posted: 09 Aug 2010 08:07 PM PDT Income Tax department has come under sharp criticism from the Delhi High Court for filing appeal against tax tribunal decisions in which issue of law is well settled. A bench comprising Chief Justice Dipak Misra and Justice Manmohan said that... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) SEBI press release on Proposed amendment in Shareholding pattern of listed entities Posted: 09 Aug 2010 07:21 PM PDT Currently, the shareholding pattern of companies is contained in initial public offer document and upon listing, companies file shareholding pattern with stock exchanges every quarter. The Board decided to mandate that the companies shall file... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) SC says rational and sobber Criticism of judiciary in national interest Posted: 09 Aug 2010 06:58 PM PDT The Supreme Court has taken a sagacious view of the criticism of judges while dismissing a contempt of court case against Union Minister Kapil Sibal. In fact, it encourages "fair and reasonable" criticism of judgments as judges are not "infallible".... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Import of goods under Notification No.13/2010-Customs dated 19.2.2010 for Commonwealth Games, 2010 – regarding Posted: 09 Aug 2010 06:41 PM PDT Attention is invited to Notification No.13/2010-Customs dated 19.2.2010 granting exemption from customs duty on specified goods imported into India for the purpose of organizing the Commonwealth Games to be held in October, 2010 in New Delhi. In... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Is It Possible to Lay A Hard and Fast Rule on The Powers of Company Law Board Under Section 397/398 of Companies Act, 1956? Posted: 09 Aug 2010 06:29 PM PDT It is known to the corporate professionals that there are so many complications in getting the disputes resolved among shareholders in the Company. The disputes among the shareholders or the groups tend to come in closely held companies as the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Cabinet approves bill to protect whistleblowers Posted: 09 Aug 2010 06:14 PM PDT A proposed legislation to protect whistleblowers and provide for severe punishment to those exposing the identity of people disclosing information was approved by the Government today. The Public Interest Disclosure and Protection to Persons Making... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Display at Airports / LCS about prohibition of import / export of Indian currency notes of denomination of above Rs.100 in India and in Nepal – regarding Posted: 09 Aug 2010 05:00 PM PDT "As you may be aware, the export and import of currency notes of Government of India and Reserve Bank of India of denominations of above Rs.100 is not allowed to and from Nepal and Bhutan in terms of Notification No. FEMA 6 / RB-2000 dated 3.5.2000... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Notification No. 69/2010 – Customs (N. T.)- Amends Notification No. 62/1994-Customs (N. T.) dated the 21st November, 1994 Posted: 09 Aug 2010 04:40 PM PDT In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Notification No. 79/2010-Customs- Regarding anti dumping duty on PVC Flex Film originating in, or exported from, People's Republic of China Posted: 09 Aug 2010 04:29 PM PDT People's Republic of China (hereinafter referred as the subject country) and imported into India, the designated authority in its preliminary findings vide notification No.14/04/2010-DGAD, dated the 22nd June, 2010, published in the Gazette of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai