Various Notifications as per Budget Speech- 2011-12 VAT.1511/C.R. 54(1) to (6)/Taxation-1 dated 27th April 2011 In exercise of the powers conferred by entry 82 of SCHEDULE C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby with effect from the 1st May 2011, amends the Government Notification, Finance Department, No. VAT-1505/CR-119/ Taxation-1, dated the 1st April 2005, as follows, namely:‑ In the said notification, in entry 13, after the words “biogas plants” the following shall be inserted, namely :‑
The Institute is organizing a Campus Placement for the fresher members for job placement and for students for their 15 Months Training on Saturday, the 30th April, 2011 at NOIDA office of ICSI, C-37,Sector 62, NOIDA-201301. Process to be followed for Campus Placement scheduled to be held on 30th April 2011 1. Name of the participating companies will be announced at the Campus. 2. Students already undergoing 15 Months training are not eligible to participate in the Campus Placement.
CIRCULAR NO. 2/2011-Income Tax The procedure for regulating refund of amount paid by the deductor in excess of the tax deducted at source (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980. 2. Subsequent to issue of circular No. 285, new sections have been inserted under Chapter XVII-B of the Income-tax Act, 1961. References have been received by the Board
Delhi High Court (the High Court) in case of DIT v. SNC Lavalin International Inc [2011] 332 ITR 314 (Del) held that fees received by the taxpayer for providing technical drawings and reports in relation to infrastructure projects would qualify as Fees for Included Services under India-Canada tax treaty (tax treaty). Accordingly, tax was to be deducted at 15 percent on payments made to the taxpayer. Further, the High Court observed that the term transfer as used in Article 12(4) of the tax treaty does not refer to absolute transfer of ownership; but refers to transfer of technical drawings or designs for the use or the benefit of other party.
The government has allowed companies to send notices and documents to their shareholders and members electronically in order to facilitate paperless communication. The Green Initiative for Corporate Governance announcement by the Corporate Affairs Ministry comes after the Department of Posts discontinued the postal facility under the ‘Certificate of Posting’.
Status of foreign company without office in India – The Bombay high court has stated that according to Section 591 of the Companies Act a foreign company is one which has a “place of business” within India. The mere fact that a company is doing business in India or that it is a party to a joint venture in India would not mean that it has established a place of business in India, the high court stated in the judgment, Willis Europe BV vs Willis India Insurance Brokers (P) Ltd. The case was about winding up of a company which was a joint venture with a Dutch insurance company doing business in India but had no place of business here.
Providing relief to a Chinese company, Double Coin Holdings Ltd, the Delhi High Court has restrained Trans Tyres (India) Pvt Ltd from selling tyres and tubes bearing the brand name ‘Double Coin’. Trans Tyres is a selling agent of the Chinese company and has got registration of trademark ”Double Coin” for tyres and tubes in India in its name.
The Reserve Bank (RBI) today slapped a penalty of Rs1.95 crore on 19 banks, including heavyweights SBI, HDFC Bank, ICICI Bank and Citibank, for violating norms on derivatives, an instrument used to hedge financial risks. The fine has been imposed on the banks for selling derivative products to companies and exporters without complying with the instructions issued by the central bank from time to time.
The capital market regulator SEBI today settled and passed a consent order in a case against Dena Bank on payment of Rs 10 lakh for their alleged involvement in violation of insider trading norms. The case relates to Dena Bank’s trading in shares of Alka Securities wherein it allegedly breached the rules.
Jaitapur Nuclear Power Plant derived its name From Jaitapur lighthouse which is mentioned in many international maps. Government of India has decided to promote nuclear power at a large scale in view of rapidly rising demand for electricity, limited and depleting fossil resources, environmentally benign and safe nature of nuclear power etc. Accordingly, Government of India accorded its sanction in October 2005 to set up the Nuclear Power Plant at Jaitapur besides three other locations.
