Legal Updates - Corporate Law Reporter

Amendment in the rate of Service Tax on Life Insurance Business

Notification No.35/2011 Service Tax Government of India Ministry of Finance (Department of Revenue) New Delhi, the 25th April, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Act), the Central Government… Read More

Penalty imposed by RBI on 19 Commercial Banks for non compliance of Derivatives instructions

Press Release : 2010-2011/1555 dated 26th April 2011 The Reserve Bank of India has imposed penalties on 19 commercial banks in exercise of the powers vested with it under the provisions of Section 47A(1)(b) read with Section 46(4)(i) of the Banking Regulation Act, 1949. The penalties have been imposed on these banks for contravention of… Read More

Seminar on Capital Market- Challenges & Opportunities by ICSI on 30th April 2011

A Seminar on Capital Market- Challenges & Opportunities will be organised on the 30th April,2011, the details to it are given in the link below: Seminar on Capital Market Read More

Workshops on “Managing Contract Labour” & “Knowledge of Disciplinary Action”

Workshop on Managing Contract labour & Knowledge of Disciplinary Action A workshop on Managing Contract Labour - Legal Issues, Compliance & Handling Outsourcing will be conducted on Friday,29 April 2011 at New Delhi & Friday, 6 May 2011 at Mumbai and another Workshop will be on "Knowledge of Disciplinary Action, Enquiry Procedures and Related Case Laws" on Saturday, 30 April 2011… Read More

Exemption from Service tax on Hotels, Inn, guest house etc. in specified cases

The Ministry has exempted the levy of service tax applicable with respect to services provided or to be provided, to any person, by a hotel, inn, guest house, club or campsite etc. in relation to providing of accommodation for a continuous period of less than three months, where the declared tariff for providing of such accommodation is… Read More

ICSI organising Campus Placements for Members & Students on 30th April 2011

The Institute of Company Secretaries of India 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 is… Read More

Rate of Abatement of Service Tax on Services provided by Hotels or Restaurants

Vide the below notification, the rate of abatement of Service Tax has been prescribed by the Ministry for the following Services : 1) Services provided by a restaurant having the facility of air-conditioning and having licence to serve alcoholic beverages, in relation to serving of food or beverage, including alcoholic beverages or both, in its premises… Read More

Service Tax exemption to professionals withdrawn w.r.t appearance before any statutory authorities

Vide the below Notification, the Ministry of Finance has rescinded the earlier Notification no. 25/2006 dated 13th July 2006 which exempted the levy on service tax with respect to services provided or to be provided by a practicing chartered accountant, a practicing cost accountant and a practicing company secretary respectively, in his professional capacity, to a… Read More

Exemption from Service Tax on Coaching and Training services

Notification No.33/2011 Service Tax [F. No. 334/3/ 2011 TRU] Government of India Ministry of Finance (Department of Revenue) New Delhi, the 25th April, 2011 G.S.R. (E) - In exercise of the power conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government on being satisfied that it… Read More

Exemption from Service Tax granted to Hospitals, Nursing Homes etc.

Taxable Services provided or to be provided by any Hospital, Nursing Home, or Multi-specialty Clinic to an employee of a business entity or any person covered by Health Insurance Scheme has been exempted vide below Notification. Notification No. 30/2011 Service Tax [F. No. 334/3/ 2011 TRU] Government of India Ministry of Finance (Department of… Read More

Stamp duty not payable in case of increase in Authorised Share Capital in Delhi

The Delhi High Court, in its recent judgment dated 21.04.2011, has ordered that no Stamp duty can be levied on the increased amount of Authorised Share Capital. The Petitioner - M/s S.E. Investments questioned the authority and competence of the Registrar of Companies and the Collector of Stamps- Govt. of National Capital Territory of Delhi to… Read More

Service Tax not applicable on fees for short-duration open programmes by IIM

The Indian Institutes of Management (IIM) have won the fight for service tax exemption on fees generated by short-duration open enrolment Executive Programmes. The Central Board of Excise and Customs, a wing of the department of revenue under the finance ministry, has gone back on its decision to charge service tax on these programmes. In… Read More

Conditions and Modalities for registration of contracts of Assam Comilla Cotton with DGFT

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhavan, New Delhi. Policy Circular No. 29(RE-2010)/2009-14 Dated the 19th April, 2011 (Issued from F.No 01/91/180/1194/AM10/Export Cell) To All Customs Authorities / All Regional Authorities / Members of Trade. Subject:- Conditions and modalities for registration of contracts of Assam Comilla Cotton with DGFT. As per Notification… Read More