TaxGuru.in - Legal & Tax Updates 10.03.2011

TaxGuru.in : Legal & Tax Updates Application under section 34 of the Arbitration and Conciliation Act, 1996 for setting aside arbitral award Posted: 09 Mar 2011 07:06 PM PST Whether the period of limitation for making an application under section 34 for setting aside an arbitral award is to be reckoned from the date a copy of the award is received by the objector by any means and from any source, or it would start... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Arbitration and Conciliation Act, 1996 — Petition under Section 11(6) & (9) for appointment of the Arbitrator Posted: 09 Mar 2011 06:56 PM PST on the ground that the respondent has committed a violation of the Original Agreement inasmuch as obligations cast upon the respondent under clause 13 of the agreement (supra) have not been discharged by the respondent thereby giving rise to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Scrap spectrum since 2003 if Raja's policy is illegal – SC Posted: 09 Mar 2011 06:43 PM PST The telecom companies, under scruitny for having benefited in 2G spectrum scam, today told the Supreme Court that allocation of the air waves since 2003 should be scrapped if the first-come-first serve policy adopted during the tenure of former... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Hassan Ali Khan- India's largest tax defaulter – Lets know about him Posted: 09 Mar 2011 06:43 PM PST The country's highest court -- the Supreme Court of India -- on Tuesday mulled invoking terror and other stringent penal charges against Pune stud-farm owner Hassan Ali Khan who has been accused of massive money laundering and tax evasion and for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Income Tax demand on Hasan Ali raised to Rs. 62,000 crore Posted: 09 Mar 2011 05:53 PM PST The Income Tax department has raised to Rs. 89,000 crore its total tax demand on Hasan Ali Khan and his associates with the businessman himself having to cough up around Rs. 62,000 crore.The IT department, which earlier had raised a total tax demand... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt concerned over quality of individual directors in PSUs Posted: 09 Mar 2011 05:49 PM PST The government today said it would come out with the guidelines on independent directors to improve the quality of representation on the boards of the state-run companies. Heavy Industries and Public Sector Enterprises Minister Praful Patel said the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Regarding imports of Glass Fibre and articles- Notification No. 30/2011-Customs Posted: 09 Mar 2011 05:26 PM PST Whereas in the matter of imports of Glass Fibre and articles thereof (hereinafter referred to as the subject goods), falling under heading 7019 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred as the said... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Sibal Launches"E-Post Office", The E-Commerce Portal of India Post Posted: 09 Mar 2011 07:55 AM PST Shri Kapil Sibal, the Union Minister of Communications and Information Technology(C&IT) launched today "e-post office", the e-Commerce portal of India Post. The portal will enable the customers to transact postal business any time and from... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Impact of FTA with EU on Garments Export Posted: 09 Mar 2011 07:52 AM PST European Union (EU) has been raising protective barriers against Textiles & Garments exports from India through various Non- Tariff barriers such as Labelling Certification and REACH (Registration, Evaluation, Authorisation and Restriction of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Exemption of Import Duty on Items from ASEAN Posted: 09 Mar 2011 07:51 AM PST Under the India-ASEAN Trade in Goods Agreement, tariff concessions have been offered by India on certain items imported from ASEAN courtiers. Details of these items and concessions thereof are in public domain. The India-ASEAN Trade in Goods... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Net Direct Tax Collections during April-February-2011 Increase to Rs. 3,36,177 Crore, up by 20.75 Percent Posted: 09 Mar 2011 07:50 AM PST Net direct tax collections during the period April-February 2011 stood at Rs.3,36,177 crore, up from Rs.2,78,411 crore in the same period during last fiscal, The collections thereby registered a growth of 20.75 percent. Growth in Corporate Income... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Penalty imposed on 18 persons named by German authorities- FM Posted: 09 Mar 2011 07:47 AM PST The government has imposed a penalty of Rs 24.66 crore on 18 individuals who have bank accounts with LGT Bank of Liechtenstein on the basis of information provided by the German authorities, Finance Minister Pranab Mukherjee told the Rajya Sabha. In... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt can attach fraudulent nbfcs' properties' Posted: 09 Mar 2011 07:34 AM PST In a major relief to lakhs of depositors duped by "fly-by-night" non-banking financial companies, the Supreme Court on Tuesday ruled that the government has the power to attach the properties of such fraudulent organisations. The apex court said... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Service Tax Rules – A Transition from Cash to Accrual Basis – Finance Bill-2011 Posted: 09 Mar 2011 05:53 AM PST The Union Finance Minister, Dr. Manmohan Singh, introduced Service Tax on the 28th February, 1994. A separate Chapter V was introduced in the Finance Bill, 1994 for imposing Service Tax on three specified services: 1) Stock brokers; 2) ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]