Cabinet clears Companies Bill 2011; to be tabled (for consideration and passage) in the ongoing Winter Session Posted: 24 Nov 2011 07:17 PM PST The Cabinet today approved the Companies Bill 2011 which, once approved by Parliament, will replace half-a-century-old Act.Companies Bill, 2011 is likely to be tabled (for consideration and passage) in the ongoing Winter Session. The Bill, which has... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Govt cleares bill to increase foreign direct investment to 51% in multi-brand retail and 100% in single brand retail Posted: 24 Nov 2011 07:06 PM PST Union Cabinet today cleared the bill to increase foreign direct investment to 51% in multi-brand retail and 100% in single brand. Commerce and industry minister Anand Sharma said that he would give a statement in Parliament on retail FDI. Currently,... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Regarding Service Tax Registration issued on the basis of Temporary Number but not been converted into PAN based Registration Number Posted: 24 Nov 2011 05:25 PM PST As per the provisions of Section 69 of Chapter V of the Finance Act, 1994 and Rule 4 of Service Tax Rules, 1994 every person liable for paying the Service Tax shall make an application to the concerned jurisdictional Superintendent in Form ST-1 for... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Income Tax department seized about Rs 70 crore in cash from contractor in Jharkhand Posted: 24 Nov 2011 06:03 AM PST Income Tax sleuths on Wednesday seized about Rs 70 crore in cash from a contractor from his house at Jharia in Dhanbad district, a senior IT official said. As per Additional Director, IT, Ajit Srivastav An IT team seized the cash from coal... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Important message on due date of XBRL filing Posted: 24 Nov 2011 05:13 AM PST As per Circular No. 57/2011, a company is allowed to file the financial statements in XBRL mode without any additional fee up to 30th November, 2011 or within 60 days from the due date, whichever is later. In case of a company whose financial year... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| SBI decides to abolish pre-payment charges on home loans Posted: 24 Nov 2011 04:58 AM PST Country's largest lender State Bank of India (SBI) has decided to abolish pre-payment charges on home loans, giving some succour to borrowers who want to foreclose their accounts. SBI has decided to do away with the pre-payment charges on all kinds... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Retrospective amendment does not mean failure to disclose material facts – Bombay HC Posted: 24 Nov 2011 12:59 AM PST CIT vs. M/s K. Mohan & Co. (Exports) (Bombay High Court)-In both the cases, the assessment was sought to be reopened on account of retrospective amendment to Section 80HHC introduced by the Taxation Laws Amendment Act, 2005 with effect from 1st... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| IDFC demands hike in income tax deduction limit u/s. 80CCF for infrastructure bonds Posted: 24 Nov 2011 12:44 AM PST Infrastructure Development Finance Company (IDFC) today demanded that the Government raise the income tax-saving cap of Rs 20,000 for more retail participation in infrastructure funding. At present, subscription to long-term infrastructure bonds by... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| CBDT's List of Officers for promotion to the grade of CIT Posted: 24 Nov 2011 12:40 AM PST You are therefore requested to collect and forward the necessary particulars regarding options for transfer/pasting from each of these officers for use by the Board. Three options for CCA region should be indicated in the order of preference. The... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Notification on Minimum wages in CA Offices in kerala Posted: 24 Nov 2011 12:20 AM PST GOVERNMENT OF KERALA Labour and Rehabilitation (E) Department NOTIFICATION G 0. (Ms.) No. 107/2011/LBR. Dated, Thiruvananthapuram, 9th August, 2011. S. R. O. No. 528/2011.—In exercise of the powers conferred by clause (a) of sub-section (1)... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| ESIC – Online Submission Of Return Of Contribution For The Period Ended 30.09.2011 Posted: 23 Nov 2011 11:50 PM PST ESI Corporation has introduced payment of contribution through system generated challans from December, 2010. In respect of the current contribution period ending September, 2011, most of the employers have paid ESI contribution through system... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Clarification regarding service tax on escort charges collected by State Police from various clients under security agency's service Posted: 23 Nov 2011 11:38 PM PST LETTER [F.No.137/131/2010-CX.40], dated 20-5-2011 1. Certain field formations have raised the issue of leviability of service tax on escort charges collected by State Police from banks for escorting cash, under 'Security Agency service'. 2. While,... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Ad hoc exemption to security agency's services provided during 16-10-1998 to 31-3-2009 by Central Industrial Security Force Posted: 23 Nov 2011 11:33 PM PST AD HOC EXEMPTION ORDER No.1/1/2011, dated 1-7-2011 Whereas, the Central Industrial Security Force (CISF) constituted under the CISF Act, 1968 as a force for protection and security of industrial undertakings is a multi-skilled agency under... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Service Tax – Issuance of ad hoc Exemption Order No.2/2/2011, dated 8-8-11 to NGOs managing central kitchen of mid-day meal scheme sponsored by Central/State Governments, as outdoor caterers Posted: 23 Nov 2011 11:30 PM PST In this regard, please find enclosed for necessary action, a copy of Ad hoc Exemption Order No. 2/2/2011, dated 8-8-2011, whereby Government has granted exemption to the taxable service of outdoor catering referred to in sub-clause (zzt) of clause... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Ad hoc exemption to outdoor catering service provided during 10-9-2004 to 2-9-2010 by NGOs registered under any Central or State Act under centrally assisted mid-day meal scheme Posted: 23 Nov 2011 11:25 PM PST Whereas a Non Government Organization registered under any Central Act or State Act, under the Centrally assisted Mid-Day Meal Scheme, has been granted exemption from service tax vide Notification No. 47/2010 - Service Tax, dated 3-9-2010 for... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Service Tax – Trade Notice Regarding Civil Appeal on "Renting/leasing of immovable property" Posted: 23 Nov 2011 11:13 PM PST Attention is drawn to the Hon'ble Supreme Court's order dated 14.10.2011 in the matter of Civil Appeal No. 8391-8393 of 2011 arising out of Bombay High Court's order in Writ Petition No. 1474 of 2010 before Hon'ble High Court of Bombay challenging... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Bill of Entry not accepted as importer who had filed it did not have educational qualifications required for CHA – wholly illegal, untenable and without jurisdiction Posted: 23 Nov 2011 10:32 PM PST Champion Photostat Industrial Corporation Vs UOI (P&H High Court) - Section 46 of the Act deals with the submission of Bill of Entry by an importer. There is no condition in the said Section, which prohibits the submission of Bill of Entry by... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Companies Bill, 2011 – NCLT and NCLAT to replace Corporate Tribunals Posted: 23 Nov 2011 10:07 PM PST The Government proposes to set up National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) which will replace Company Law Board, Board for Industrial and Financial Reconstruction and Appellate Authority for Industrial... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| FM blames FII withdrawal, weak rupee for market crash Posted: 23 Nov 2011 09:28 PM PST Finance Minister Pranab Mukherjee on Wednesday attributed the stock market crash to withdrawal of funds by foreign investors and depreciation of the rupee. Mr. Mukherjee told reporters in Delhi that, Markets have crashed because of continuous... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| How to get CIBIL Credit Score / Rating Online Posted: 23 Nov 2011 09:22 PM PST Your credit score plays a critical role in the loan approval process. Your credit score gives loan providers an indication of your capability to pay back a loan, based on your Credit Information Report (CIR). However, it is important to note that... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Exposure Draft on IRDA (Licensing of Bancassurance Agents) Regulations, 2011 Posted: 23 Nov 2011 09:02 PM PST The Authority proposes to issue the Regulations on Bancassurance Agents to be called as IRDA (Licensing of Bancassurance Agents) Regulations, 2011. Accordingly, the Authority has prepared the Draft Regulations for the same. In this regard,... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Authorization of Specified Branches of SBI to receive, with immediate effect, subscriptions under Public Provident Fund Scheme, 1968 and Senior Citizens Savings Scheme Rules, 2004 Posted: 23 Nov 2011 08:48 PM PST Central Government hereby authorises the following 50 branches of Bank of India to receive, with immediate effect, subscriptions under the Public Provident Fund Scheme, 1968 and Senior Citizens Savings Scheme Rules, 2004:— [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| SEBI Board discusses Tenure for conversion of warrants issued along with public/rights issues , Disclosures where Funds are shown as promoters, Review of net worth for Debenture Trustees etc. Posted: 23 Nov 2011 08:45 PM PST PR No. 145/2011 SEBI Board meeting The Board met today in Mumbai and took the following decisions: 1. Business Responsibility Reports In order to assess fulfillment of the environmental, social and governance responsibilities of listed entities, it... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| IRDA release Mobile application to compare insurance products and premium rates Posted: 23 Nov 2011 08:34 PM PST The Insurance Regulatory and Development Authority has introduced a mobile application that enables one to compare insurance products and premium rates. The application currently lets users of mobile phones/devices with internet connectivity check... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Sale deed contrary to Injunction is not a valid deed even though the applicant entitle to invoked Court jurisdiction under Sec 536(2) of Companies Act 1956 Posted: 23 Nov 2011 08:29 PM PST In view of the order dated 23rd August, 2011 passed in Co. Appl. 1633/2011 in Co. Pet. No. 265/1998 as well as the fact that sale deeds in the present applications have been executed and some payments have been paid only after appointment of... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Central Exicse – Amends Notification No.3/2005-Central Excise, dated the 24th February, 2005 Posted: 23 Nov 2011 08:27 PM PST Notification No.41 /2011-Central Excise - G.S.R. 824(E). - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Exposure Draft Limited Revisions to Accounting Standard (AS) 10 Accounting for Fixed Assets Posted: 23 Nov 2011 08:27 PM PST The following is the Exposure Draft of the limited revisions to Accounting Standard (AS) 10, Accounting for Fixed Assets, which are proposed primarily to (i) improve accounting for fixed assets during their construction period; (ii) incorporate... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Custom Notification on import of Opal Glassware from people's Republic of China and UAE Posted: 23 Nov 2011 08:22 PM PST Notification No. 103/2011-Customs Whereas in the matter of imports of Opal Glassware (hereinafter referred to as the subject goods), falling under heading 7013 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Relating to customs duty exemption to Ministry of Defence for goods imported for the use in MR-SAM project Posted: 23 Nov 2011 08:21 PM PST NOTIFICATION No. 102 /2011-CUSTOMS In the said notification, in the Table, after S.No.35 and the entries relating thereto, the following S.No. and entries shall be inserted, " 36 -Machinery, equipment, instruments, components, spares, jigs,... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| RRBs – Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and FCNR (B) Deposits Posted: 23 Nov 2011 08:20 PM PST Interest rates on fresh Non-Resident (External) Rupee (NRE) Term Deposits for one to three years maturity should not exceed the LIBOR / SWAP rates plus 275 basis points, as on the last working day of the previous month, for US dollar of... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] 
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| Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account Posted: 23 Nov 2011 08:19 PM PST With a view to mitigate the difficulties faced by the members of co-operative credit societies in collection of account payee cheques, relaxation was extended vide our circular RPCD CO. RCBD. BC. No. 24 /07.38.03/2010-11 dated October 19, 2010. In...
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