TaxGuru.in - Legal & Tax Updates 15.02.2011

TaxGuru.in : Legal & Tax Updates  Centre Likely To Call Another GST Meeting Next Month Posted: 15 Feb 2011 01:32 AM PST With consensus still eluding the proposed Goods and Services Tax regime the Centre may call for another meeting with state finance ministers next month before introducing the Constitutional Amendment Bill to pave the way for rolling [[ This is a content summary only. Visit www.taxguru.in for full article ]] TDSAT Sets Aside DoT Order Asking Telcos To Go For CAG Audit Posted: 15 Feb 2011 01:30 AM PST Telecom tribunal TDSAT has set aside a DoT directive that asked phone companies to submit their books for CAG audit saying that it was arbitrary nbsp The TDSAT bench headed by its chairman Justice S B Sinha set aside the directi [[ This is a content summary only. Visit www.taxguru.in for full article ]] Now You Can Track Your Share Trades With Contract Notes Posted: 15 Feb 2011 01:29 AM PST nbsp A contract note is an important document for investors transacting in shares and other listed securities on a recognised stock exchange A contract note is a legal record of your transaction carried on a stock exchange through [[ This is a content summary only. Visit www.taxguru.in for full article ]] India Has Signed Its Fourth TIEA With Bahamas Posted: 15 Feb 2011 01:27 AM PST Source - Press Release No 402 92 2006-MC 04 of 2011 dated 12-2-2011 nbsp India has entered into a Tax Information Exchange Agreement TIEA with the Bahamas The Agreement was signed on 11th February 2011 by the High Commis [[ This is a content summary only. Visit www.taxguru.in for full article ]] Managerial Remuneration In Unlisted Companies Having No Profits Inadequate Profits Posted: 15 Feb 2011 01:23 AM PST Ministry of Corporate Affairs Government of India MCA has on 8 February 2011 issued a Press Note No 4 2011 of its intention to amend Schedule XIII of the Companies Act 1956 the Act relating to managerial remuneration The ame [[ This is a content summary only. Visit www.taxguru.in for full article ]] Exemption From Attaching Accounts Of Subsidiaries With Balance Sheet Of Holding Company Posted: 15 Feb 2011 01:19 AM PST Ministry of Corporate Affairs Government of India MCA has on 8 February 2011 issued directions through General Circular No 2 2011 and Press Note 3 2011 exempting holding companies from attaching specified particulars of its sub [[ This is a content summary only. Visit www.taxguru.in for full article ]] SEBI S Recommendation On Related Party Transactions Posted: 15 Feb 2011 01:15 AM PST Background -Securities and Exchange Board of India SEBI at their Board Meeting held on 7 February 2011 decided to recommend to the Ministry of Corporate Affairs Government of India MCA to suitably amend Clause 166 of the Compan [[ This is a content summary only. Visit www.taxguru.in for full article ]] Salient Features Of Easy Exit Scheme 2011 Available Upto 30 April 2011 Posted: 15 Feb 2011 01:13 AM PST Ministry of Corporate Affairs MCA Government of India had launched Easy Exit Scheme 2011 EES 2011 under the Companies Act 1956 the Act to provide a fast track exit for defunct companies to get their names struck off fro [[ This is a content summary only. Visit www.taxguru.in for full article ]] Regulatory Framework For Core Investment Companies Notified Posted: 15 Feb 2011 01:07 AM PST Reserve Bank of India RBI had on 12 August 2010 issued guidelines for Core Investment Companies CICs RBI has on 5 January 2011 notified Core Investment Companies Reserve Bank Directions 2011 CIC Directions The CIC Direct [[ This is a content summary only. Visit www.taxguru.in for full article ]] Payment For Use Of Transponder Capacity For Up-linking Downlinking Data Would Not Constitute Royalty Posted: 15 Feb 2011 01:01 AM PST Citation Asia Satellite Telecommunication Co Ltd v Director of Income tax Delhi High Court - Tax case Appeal Nos ITA No 131 134 of 2003 dated 31st January 2011 nbsp Background nbsp nbsp nbsp nbsp nbsp nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]] Tax Residency Certificate Should Be Regarded As Sufficient Evidence For Beneficial Owner Posted: 15 Feb 2011 12:57 AM PST Citation - Assistant Director of Income-tax v M s Universal International Music BV ITA No 6063 M 2004 9034 M 2004 ITA 2304 M 2006 amp ITA 5064 M 2006 dated 31 January 2011 nbsp The taxpayer a resident of Netherlands b [[ This is a content summary only. Visit www.taxguru.in for full article ]] Agreement Between India And Bermuda For The Exchange Of Information With Respect To Taxes Posted: 15 Feb 2011 12:53 AM PST Agreement between India and Bermuda for the exchange of information with respect to taxes nbsp Background On 7th October 2010 India had signed its first Agreement for Exchange of Information with respect to taxes Agreement [[ This is a content summary only. Visit www.taxguru.in for full article ]] Liaison Office LO Involved Merely In Purchasing Activity Is Not A Permanent Establishment PE Posted: 15 Feb 2011 12:50 AM PST Liaison Office LO involved merely in purchasing activity is not a Permanent Establishment PE nbsp ADIT IT vs Fabrikant amp Sons Ltd Appeal Nos 4657 to 4660 and 3342 dated 28 January 2011 nbsp The facts and the iss [[ This is a content summary only. Visit www.taxguru.in for full article ]] Budget 2011- Some Issues In Indirect Taxation Posted: 14 Feb 2011 12:21 PM PST Dr Sanjiv Agarwal Budget 2011 is on the anvil and in about a fortnight s time Finance Minister shall unveil his budget announcements for the year 2011-12 nbsp It is an unwritten reality that GST may not happen now but th [[ This is a content summary only. Visit www.taxguru.in for full article ]] CLB S Power And Responsibility Under Section 402 Of Companies Act 1956 Posted: 14 Feb 2011 06:19 AM PST CLB s responsibility to supervise the Company affairs even after passing final orders in a petition under section 397 398 In any litigation the Court or the authority adjudicating the matter can pass interim orders and the matter [[ This is a content summary only. Visit www.taxguru.in for full article ]] Insurance - Guidelines For Individual Agents For Persistency Of Life Insurance Policies Posted: 15 Feb 2011 01:25 AM PST CIRCULAR NO IRDA CAD GDL AGN 016 02 2011 DATED 11-2-2011 I OBJECTIVE Low Persistency of life insurance policies is a cause of concern for the Insurance Regulators worldwide the Industry Intermediaries and the Policyholde [[ This is a content summary only. Visit www.taxguru.in for full article ]]