Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Jan 18, 2011 at 3:34 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• IFRS Likely To Be Promulgated By Early Next Month
• Govt Allows Online Search Of Trademark Patents And Increases Filing Fees For Patent And Trademark Application
• Finance Ministry Rejects 9 50 Percent Interest Rate Proposed By Labour Minister For 2010-11
• Indirect Tax Collections Up 42 8 Percent During April December 2010 75 7 Percent Of Budget Estimates Achieved
• FM Holds Pre Budget Consultations With Economists
• India Faces Surging Inflation Says RBI
• NGOs Urge FM To Ban Fake Organisations
• Procedure For Sale Or Auction Sale Of Secured Asset Under The Provisions Of SARFAESI Act 2002
• Highlights Of Long Term Infrastructure Bonds U S 80CCF Of Rural Electrification Corporation REC Limited
• How To Look At The Issue Of Membership Under Section 399 Of Companies Act 1956
• Goodwill Is An Intangible Asset U S 32 1 Ii Of Income Tax Act 1961 And Eligible For Depreciation
• SC Judgment On Applicability Of Interest U S 234B 234C On Tax Payable U S 115JA 115JB
• Raid On Sister Concern Not Ground For Terminating Contract
• Successor Company Gets Rights To Initiate Debt Recovery Proceedings
• SC- Arbitrator Bound To Give Reasons For Award And If He Does Not Do So The Award Becomes Invalid
• Compensation For Land Acquired To Be Based On Fair Market Value Not On Auction Sales Value- SC
• Only Dealer Can Claim Refund Of Tax Paid By Them On Sale Of Goods - SC
• Insurance Company Liable To Pay Compensation Till Vehicle Owner S Name Is In Register
• Appeal Against Levy Of Central Excise Dismissed
• Service Providers Under Licence From AAI Are Liable To Pay Service Tax
• Application Of Provisions Of Section 5A 1A Of The Central Excise Act 1944-reg
• BCCI No More A National Sports Federation And Have To Pay Duty On Goods Imported
• Interest Calculation
• FREE AutoBackup Software In Tally ERP9

IFRS Likely To Be Promulgated By Early Next Month Posted: 18 Jan 2011 02:36 AM PST An ordinance to notify IFRS is likely to be promulgated by early next month Sources tell us that IFRS convergence standards what will now be called IndAS have been vetted by the ministry of law Infact the changes which need to be ma [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt Allows Online Search Of Trademark Patents And Increases Filing Fees For Patent And Trademark Application Posted: 18 Jan 2011 02:21 AM PST Patent and trademark seekers will no longer have to wait for weeks to get the go-ahead for their applications from the government s patent registrar The commerce and industry ministry has thrown open the entire trademark and patent d [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Ministry Rejects 9 50 Percent Interest Rate Proposed By Labour Minister For 2010-11 Posted: 18 Jan 2011 02:10 AM PST The finance ministry has rejected the 9 5 interest pay out proposed on provident fund savings for 2010-11 saying the surplus funds found by the PF department from its past accounts were unverifiable nbsp Labour Minister Mall [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Indirect Tax Collections Up 42 8 Percent During April December 2010 75 7 Percent Of Budget Estimates Achieved Posted: 18 Jan 2011 02:00 AM PST Indirect tax collections registered a growth of 42 8 per cent during April-December 2010 which is 75 7 per cent of the Budget Estimates for the fiscal 2010-11 crore customs collections increased 68 1 per cent and covered 86 8 per c [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM Holds Pre Budget Consultations With Economists Posted: 18 Jan 2011 01:55 AM PST Union Finance Minister Shri Pranab Mukherjee held a meeting with noted economists to get their inputs for General Budget 2011-12 here today This was the fifth meeting in the series of pre-Budget consultations held by Finance Minis [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India Faces Surging Inflation Says RBI Posted: 17 Jan 2011 10:24 AM PST The Reserve Bank of India RBI chief said on Monday the country is facing surging inflation and it needs to calibrate monetary policy in order to manage inflation and also support growth The RBI will hold its quarterly monetary poli [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NGOs Urge FM To Ban Fake Organisations Posted: 17 Jan 2011 02:23 AM PST The demand for a ban on fake non-governmental organisations and a tax regime to identify them in the forthcoming Budget have come from none other than the NGOs themselves In a pre-budget interactions with Finance Minister Pranab Mukhe [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Procedure For Sale Or Auction Sale Of Secured Asset Under The Provisions Of SARFAESI Act 2002 Posted: 18 Jan 2011 03:58 AM PST While everybody appreciates the legislative intention behind enacting special legislations like RDDB Act 1993 and SARFAESI Act 2002 when it comes to the sale of mortgaged property through auction many interesting points would emerg [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Highlights Of Long Term Infrastructure Bonds U S 80CCF Of Rural Electrification Corporation REC Limited Posted: 18 Jan 2011 12:42 AM PST Government of India vide notification dated July 9 2010 permitted IFCI IDFC LIC and Infrastructure Finance Companies to issue Long Term Infrastructure Bonds where subscription up to Rs 20 000 provides tax benefits u s 80 CCF o [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How To Look At The Issue Of Membership Under Section 399 Of Companies Act 1956 Posted: 17 Jan 2011 02:00 AM PST Section 397 398 of the Companies Act 1956 provides a relief to the minority against the majority if the majority indulges in the oppressive acts and the acts of mismanagement It is not that every shareholder can avail the remedy avai [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Goodwill Is An Intangible Asset U S 32 1 Ii Of Income Tax Act 1961 And Eligible For Depreciation Posted: 18 Jan 2011 03:39 AM PST On merits s 32 1 ii allows depreciation in respect of know-how patent copyrights trademarks licences franchises or any other business or commercial rights of similar nature The term commercial rights are such rights whi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC Judgment On Applicability Of Interest U S 234B 234C On Tax Payable U S 115JA 115JB Posted: 18 Jan 2011 01:24 AM PST The Supreme Court last week settled different views expressed by the Bombay and Karnataka high courts and allowed the appeals of the Commissioner of Income Tax ruling that interest under Sections 234B and 234C of the Income Tax Act sh [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Raid On Sister Concern Not Ground For Terminating Contract Posted: 18 Jan 2011 01:13 AM PST An Enforcement Directorate raid on a sister concern connected with the Commonwealth Games scam is not a ground to terminate a contract a division bench of the Delhi high court has declared The Apparel Export Promotion Council had inv [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Successor Company Gets Rights To Initiate Debt Recovery Proceedings Posted: 18 Jan 2011 01:06 AM PST The Supreme Court stated last week that the debt recovery proceedings of Industrial Reconstruction Bank of India IRBI may be continued against a defaulting company by its successor Industrial Investment Bank of India Ltd IIBIL Th [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC- Arbitrator Bound To Give Reasons For Award And If He Does Not Do So The Award Becomes Invalid Posted: 18 Jan 2011 12:58 AM PST The Supreme Court held last week that an arbitrator is bound to give detailed reasons for his award and if he does not do so the award will be invalid In this case State of Uttar Pradesh vs Combined Chemicals Co Ltd the company agr [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Compensation For Land Acquired To Be Based On Fair Market Value Not On Auction Sales Value- SC Posted: 17 Jan 2011 09:52 PM PST The compensation for land acquired should be based on the fair market value received for similar land in the neighbourhood but not sold in auction the Supreme Court has asserted in the case Karnataka Housing Board vs Land Acquisitio [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Only Dealer Can Claim Refund Of Tax Paid By Them On Sale Of Goods - SC Posted: 17 Jan 2011 09:48 PM PST Section 44 of the KGST Act is very clear and it stipulates that it is only the dealer of tea on whom the assessment has been made and it is only he who can claim for refund of tax In view of the clear and unambiguous position the app [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance Company Liable To Pay Compensation Till Vehicle Owner S Name Is In Register Posted: 17 Jan 2011 09:40 PM PST The Supreme Court held recently held in the case of Pushpa Leela Ors Versus Shakuntala Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Appeal Against Levy Of Central Excise Dismissed Posted: 17 Jan 2011 02:42 PM PST The Supreme Court last week dismissed the appeal of Usha Rectifier Corporation challenging the levy of central excise on products which were used for research and development The company manufactures electronic equipment It bought co [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Providers Under Licence From AAI Are Liable To Pay Service Tax Posted: 17 Jan 2011 02:40 PM PST Service providers under licence from the Airports Authority of India AAI have to pay service tax and the liability is not that of AAI the Supreme Court ruled last week in the case Sparkway Enterprises vs Commissioner of Central Exc [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Application Of Provisions Of Section 5A 1A Of The Central Excise Act 1944-reg Posted: 18 Jan 2011 01:52 AM PST Circular No nbsp 940 01 2011-CX New Delhi dated the 14th January 2011 nbsp Subject Application of provisions of Section 5A 1A of the Central Excise Act 1944-reg nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp Atte [[ This is a content summary only. Visit www.taxguru.in for full article ]]

BCCI No More A National Sports Federation And Have To Pay Duty On Goods Imported Posted: 18 Jan 2011 01:44 AM PST Circular No 5 2011-Customs nbsp Dated- nbsp 17th nbsp January 2011 Subject - Status of Board of Control for Cricket in India BCCI as National Sports Federation Apex Body for the game of Cricket- nbsp Regarding nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest Calculation Posted: 17 Jan 2011 04:40 AM PST Interest calculation in excel format develop by CA Ashok Sath [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FREE AutoBackup Software In Tally ERP9 Posted: 16 Jan 2011 08:58 PM PST This program demonstrates how auto backup or periodic backup can be set This TDL helps minimize data loss in case of corruption provide the Auto Backup Feature is enabled Follow the Procedure to add it into Your Tally 1 downloa [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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