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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Jul 1, 2011 at 10:00 AM
Subject: TaxGuru : "Centralised system to identify tax defaults to be set up soon" plus 32 more
To: palashbiswaskl@gmail.com
From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Jul 1, 2011 at 10:00 AM
Subject: TaxGuru : "Centralised system to identify tax defaults to be set up soon" plus 32 more
To: palashbiswaskl@gmail.com
TaxGuru : "Centralised system to identify tax defaults to be set up soon" plus 32 more | |
- Centralised system to identify tax defaults to be set up soon
- CBDT plans 11 more directorates for tax exemption cases
- PAN mandatory for any purchase of jewellery worth Rs five lakh or more
- SEBI – Review of Internet Based Trading (IBT) and Securities trading using Wireless Technology (STWT)
- Rs 1 lakh cr investment subsidies for electronics
- India-Malaysia free trade agreement (FTA) to be effective from July 1
- Allow 49 per cent FDI in multi-brand retail – Consumer Affairs Minister
- Efficacy of Concurrent Audit – CAs to verify the authenticity of property valuation certificate, legal certificate, guarantee/line of credit or any other third party certification
- RBI extends time limit for buyback of Foreign Currency Convertible Bonds (FCCBs)
- UIDAI issues One Crore Aadhaar Numbers in just nine months since the launch
- Proposed guidelines for conversion of section 25 company to an ordinary company
- Proposed Procedure to strike off name u/s 560 of the Companies Act, 1956 of section 25 Companies
- RBI allows issue of shares under FDI scheme under the Government route
- Members of Canadian Institute of Chartered Accountants intending to become ICAI members can apply after 25th July 2011
- All about India's External Debt as at the end of March 2011
- Petrol, diesel prices hiked again marginally
- When additions not made in respect of ground for which reassessment is resorted to, no other additions can be made in the course of such reassessment proceedings
- Section 197A(1A) merely requires a declaration to be filed by the payee of the interest, and once it is filed the payer not liable to deduct TDS therefrom under s 194A and no disallowance can be made under s 40(a)(ia)
- Merely because assessee failed to prove the gift in the manner required by the department, it is not possible to conclude that assessee concealed her income
- Marketing and reservation charges are not Royalty or FIS and they are in the nature of business income and since the assessee does not have a PE in India, the same are not taxable in India
- PM rules out inclusion of higher judiciary in anti-corruption ombudsman
- Interest u/s. 234B and u/s. 234C can be computed only up to the date of regular assessment and not up to the date on which rectification order under section 154 came to be passed
- Assessee entitled to claim refund on basis of return in case where AO dropped proceedings under s 147/148 after filing of return
- Excise duty element cannot be added to value of unsold sugar lying in stock on last day of accounting year under section 145A
- Purchasing software from Microsoft and selling it in Indian market will not give rise to royalty — Assessee, who merely acted as dealer, not liable to deduct tax
- FB to launch Facebook Credits for Indian users from July 1
- Salient Features of New all India Time Table 'Trains at a Glance' – New Time Table Comes into Effect from 1st July 2011
- DGFT – Defaulters for failure to export of cotton in terms of Policy Circular No.09 dated 29.12.2010 and Trade Notice No.01dated 10.1.2011
- RBI – Fabricated Certificate of Registration – M/s Forex Achievements
- DGFT – Procedure relating to export of pharmaceuticals and drugs
- DGFT- Deferment in the date of effect for implementation of bar-coding on export consignment of pharmaceuticals and drugs for tracing and tracking purpose
- DGFT- Authorising EIC for issuing Certificate of Origin under India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA)
- Companies (Amendment) Regulations, 2011 regarding six Regional Directors
| Centralised system to identify tax defaults to be set up soon Posted: 30 Jun 2011 08:18 PM PDT In a bid to tighten the noose around defaulters, the Income Tax Department will set up a centralised system to identify entities which deduct tax at source but do not deposit it with the government. 'This Centralised Processing Centre (CPC) would be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| CBDT plans 11 more directorates for tax exemption cases Posted: 30 Jun 2011 08:14 PM PDT To speed up clearances of tax exemption cases, the Central Board of Direct Taxes (CBDT) will set up 11 more specialised offices in the country. CBDT plans to have directorate [exemptions] in all the states and to begin with we will be setting up... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| PAN mandatory for any purchase of jewellery worth Rs five lakh or more Posted: 30 Jun 2011 07:54 PM PDT As per the amendments in the income tax rules, coming into effect from July 1, quoting PAN (Permanent Account Number) will be mandatory for any payment of Rs five lakh or more for purchase of bullion or jewellery. High-value purchase of jewellery,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Jun 2011 07:44 PM PDT CIR/MRD/DP/ 8 /2011 June 30, 2011 Exchanges are advised to a) make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision. b) bring the provisions of this circular to the notice of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Rs 1 lakh cr investment subsidies for electronics Posted: 30 Jun 2011 07:41 PM PDT The Central government proposed to give investment subsidies to the tune of Rs 1 lakh crore to give a big boost to the country's electronics industry in the next ten years, a key official said today. This push is expected to generate Rs 4 lakh crore... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| India-Malaysia free trade agreement (FTA) to be effective from July 1 Posted: 30 Jun 2011 07:39 PM PDT The free trade agreement (FTA) between India and Malaysia will come into force from July 1, giving Indian professionals like accountants, engineers and doctors access to the key South-East Asian nation. In addition, exports of items of considerable... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Allow 49 per cent FDI in multi-brand retail – Consumer Affairs Minister Posted: 30 Jun 2011 07:37 PM PDT Amid a debate within the government on allowing foreign direct investment in multi- brand retail, the nodal Consumer Affairs Ministry is insisting on a FDI cap of 49% in the sensitive sector, sources said. [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Jun 2011 06:36 PM PDT DBS. CO.FrMC.BC.No. 11/23.04.001/2010-11 In order to contain the frauds, the banks may put in place a system wherein the concurrent audit would look into the following and report on the following aspects: Wherever a Chartered Accountant certificate,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| RBI extends time limit for buyback of Foreign Currency Convertible Bonds (FCCBs) Posted: 30 Jun 2011 06:28 PM PDT A. P. (DIR Series) Circular No.75 After reviewing the current policy on buyback/prepayment of Foreign Currency Convertible Bonds (FCCBs), the Reserve Bank in consultation with the Government of India, has decided to extend the time limit for buyback... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| UIDAI issues One Crore Aadhaar Numbers in just nine months since the launch Posted: 30 Jun 2011 06:22 PM PDT In just nine months since the launch of the Aadhaar project in Maharashtra, UIDAI has issued one crore Aadhaar numbers. 52 year old, NK Chheda from Maharashtra has the distinction of being the resident whose Aadhaar number was generated on reaching... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Proposed guidelines for conversion of section 25 company to an ordinary company Posted: 30 Jun 2011 05:48 PM PDT Proposed guidelines for conversion of section 25 company (non profit company) to an ordinary company under Companies Act, 1956. - The Ministry has been receiving representation from various stakeholders to develop a procedure under Companies Act,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Proposed Procedure to strike off name u/s 560 of the Companies Act, 1956 of section 25 Companies Posted: 30 Jun 2011 05:44 PM PDT Proposed guidelines for strike off name u/section 560 of the Companies Act, 1956 of companies (non profit companies) which have been granted license u/s 25 of Companies Act, 1956 By 15th July - The Ministry has been receiving representation from... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| RBI allows issue of shares under FDI scheme under the Government route Posted: 30 Jun 2011 05:35 PM PDT The Reserve Bank of India (RBI) said it has decided to permit the issuance of equity, preference shares under the government route of the foreign direct investment scheme for some categories vide its A. P. (DIR Series) Circular No.74 Dated- June 30,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Jun 2011 05:29 PM PDT All the members of the Canadian Institute of Chartered Accountants who are interested in applying for ICAI Membership under the terms of the MoU executed between ICAI and CICA, can apply in the prescribed format after 25th July 2011. The expected... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| All about India's External Debt as at the end of March 2011 Posted: 30 Jun 2011 05:27 PM PDT Major Highlights- India's external debt, as at end-March 2011, was placed at US $ 305.9 billion (17.3 per cent of GDP) recording an increase of US $ 44.9 billion or 17.2 per cent over the end-March 2010 level on account of significant increase in ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Petrol, diesel prices hiked again marginally Posted: 30 Jun 2011 05:18 PM PDT The government has hiked petrol and diesel prices by a marginal Rs 0.27 a litre and Rs 0.15 per litre respectively following increase in the commission paid to petrol pump dealers. The government approved raising dealer's commission paid on petrol... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Jun 2011 02:54 PM PDT Power Pack Conductors v ITO (ITAT Mumbai)-When an assessment is reopened on a particular ground but during the course of assessment being finalised, no addition is made in respect of the ground on which assessment is reopened, other additions cannot... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Jun 2011 02:39 PM PDT Vipin P. Mehta v ITO (ITAT Mumbai) - ITAT accepts the assessee's claim that he had the declarations of the payees in the prescribed form before him at the time when the interest was paid, he was not liable to deduct tax therefrom under section 194A.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Jun 2011 12:32 PM PDT CIT v Kokilaben A Shah (Gujrat HC) - Tribunal observed that gift was received through normal banking channel. Identity of donor was disclosed and established. Assessee had furnished complete details of the gift. Tribunal noted that none of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Jun 2011 12:15 PM PDT Six Continents Hotels Inc. v DCIT (ITAT Mumbai) -Marketing and reservation contribution received by the assessee, non-resident, owner of a trademark from Indian hotel owners with a corresponding obligation to use it for the agreed purposes are not... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| PM rules out inclusion of higher judiciary in anti-corruption ombudsman Posted: 30 Jun 2011 11:50 AM PDT Asserting that he has no hesitation in subjecting himself to the jurisdiction of Lokpal, Prime Minister Manmohan Singh on Wednesday ruled out inclusion of higher judiciary within the ambit of the anti-corruption ombudsman. Bringing higher judiciary... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Jun 2011 10:27 AM PDT CIT and Anr v Shetron Limited (Karnatka HC) - In the present case, the total income assessed was Rs.21,25,981/-. This income became taxable because of denial of unabsorbed investment allowance and unabsorbed depreciation allowance to the extent of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Jun 2011 10:00 AM PDT Chitranjan Jaiswal v CIT and Anr. - The order dated 9th February, 1996 clearly reveals that after initiation of the proceeding under section 147/148 of the Act of 1961, the Assessing Authority at its own has not dropped the proceeding upon... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Jun 2011 09:19 AM PDT CIT v Loknete Balasaheb Desai S.S.K. Ltd. (Bombay HC)- ITAT was justified in holding that in respect of unsold sugar lying in stock, central excise liability was not incurred and consequently the addition of excise duty made by the assessing officer... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 30 Jun 2011 09:17 AM PDT CIT v Dynamic Vertical Software India Pvt. Ltd. (Delhi HC) The assessee has been purchasing the software from Microsoft and sold it further in Indian market. By no stretch of imagination it would be termed as 'royalty'. The assessee acted as a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| FB to launch Facebook Credits for Indian users from July 1 Posted: 29 Jun 2011 10:28 PM PDT Social networking site Facebook will next month introduce a payment system 'Facebook Credits' for Indian users who could spend the virtual currency across various games or applications they use on the popular website. A virtual currency, Facebook... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 29 Jun 2011 10:24 PM PDT The salient features of the All India Railway Time Table Encouraged by the public response over the past few years all the user-friendly features of Trains at a Glance viz. how to read a table, route map, station index, trains between important... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 29 Jun 2011 09:46 PM PDT Trade Notice 11 dated 29th June, 2011 Trade Notice No. 01 dated 10.1.2011 was issued allocating a quantity of 19 lakh bales of cotton for export among 928 applicants for registration of contracts. In terms of Note (i) of Registration Certificate,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| RBI – Fabricated Certificate of Registration – M/s Forex Achievements Posted: 29 Jun 2011 09:40 PM PDT The Bank would like to clarify to the general public that no company / entity by the name, M/s Forex Achievements is registered as a company under the Companies Act, 1956 which is a prerequisite for obtaining CoR from the Bank. The CoR bearing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| DGFT – Procedure relating to export of pharmaceuticals and drugs Posted: 29 Jun 2011 09:33 PM PDT Public Notice No. 60(RE-2010) /2009-2014 In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-2009, as amended from time to time, Director General of Foreign Trade, notifies with immediate effect, ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 29 Jun 2011 09:32 PM PDT Public Notice No. 59(RE-2010)/2009-2014 Earlier the requirement of affixing barcodes was to come into effect from 01.07.2011. Now more time is being allowed. [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 29 Jun 2011 09:31 PM PDT Public Notice No. 58 /2009-2014 (RE-2010), The 30th June, 2011 EIC would also be the authorised agency to issue Certificate of Origin under India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA), with effect from 1st July 2011. [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Companies (Amendment) Regulations, 2011 regarding six Regional Directors Posted: 29 Jun 2011 09:28 PM PDT G.S.R 453 (E).-In exercise of the powers conferred by sub-sections (1), (2), (5) and (8) of Section 25 and Sub-section (2) of Section 609 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following Regulations further... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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