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Friday, July 29, 2011

Fwd: TaxGuru : “Income tax treatment / Taxability of Agricultural Income” plus 12 more



---------- Forwarded message ----------
From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Thu, Jul 28, 2011 at 10:30 AM
Subject: TaxGuru : "Income tax treatment / Taxability of Agricultural Income" plus 12 more
To: palashbiswaskl@gmail.com


TaxGuru : "Income tax treatment / Taxability of Agricultural Income" plus 12 more

Link to TaxGuru.in - Daily Tax and Corporate Law Update

Income tax treatment / Taxability of Agricultural Income

Posted: 27 Jul 2011 08:21 PM PDT

Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive...

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Notice u/s. 148 of the Income Tax Act,1961 Invalid If Delivered Late To Post Office

Posted: 27 Jul 2011 08:20 PM PDT

Kanubhai M. Patel HUF vs. Hiren Bhatt (Gujarat High Court)- In the present case, the impugned notices have been signed on 31.03.2010, whereas the same were sent to the speed post centre for booking only on 07.04.2010. Considering the definition of...

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ITAT criticises AO for harassing the assessee by wrongly levying penalty

Posted: 27 Jul 2011 08:19 PM PDT

ITO vs. Audyogik Tantra Shikshan (ITAT Pune) - The assessee in its Cross Objection, has objected the penalty levied by the A.O with this contention that the A.O has not recorded his satisfaction against the alleged default of filing inaccurate...

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Jurisdictional CIT should not be part of DRP to avoid Bias- Uttarakhand High Court

Posted: 27 Jul 2011 08:18 PM PDT

Hyundai Heavy Industries Ltd vs. UOI (Uttarakhand High Court) -Court noted that the DIT-II is exercising supervisory functions and has a hand in the reopening of the assessments u/S 147/148 of the Act and is also a member of the Panel considering...

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Counterfeit notes – Banks to Lodge FIR if they detects 5 or more notes in a single transaction

Posted: 27 Jul 2011 08:18 PM PDT

DCM(FNVD) No. 502/16.01.05/2011-12 Detection of Counterfeit Banknotes – Revised Procedure- For cases of detection of counterfeit notes upto 4 pieces, in a single transaction, a consolidated report as per the format prescribed in the annex should...

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Income Tax Returns – Special counters for Delhiites

Posted: 27 Jul 2011 08:04 PM PDT

The Income Tax Department will open 50-special counters at Vikas Bhawan (near ITO) for residents of North-East and North-West Delhi from July 28 to July 31 to file their tax returns. The last date for filing of income tax returns for the assessment...

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FSDC asks Government to strengthen interaction with rating agencies

Posted: 27 Jul 2011 06:56 PM PDT

FSDC decides to take steps to make Corporate Bond Market more vibrant - On the issue of Sovereign Credit Rating of India, it was decided that it would be necessary for the government to strengthen its interaction with the rating agencies. The...

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Custom – Cess not payable on on export of Lac/shellac

Posted: 27 Jul 2011 06:39 PM PDT

Representations have been received from Trade and Industry stating that they are being required to pay Cess on Lac/Shellac at the time of export of such goods. The matter has been examined. Exports of Lac/shellac were subject to Cess under 'The...

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Exposure Draft of Taxonomy for Non-Banking Financial Companies (NBFCs)

Posted: 27 Jul 2011 05:49 PM PDT

XBRL (eXtensible Business Reporting Language) is a novel way of electronic communication of business and financial data that is of immense utility to the capital markets and the investing community. Those who stand to benefit include all who collect...

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RBI's Master Circular dated 1-7-2011 on Branch Authorisation

Posted: 26 Jul 2011 09:32 PM PDT

CIRCULAR NO. DBOD.NO. BL.BC. 33/22.01.001/2011-12, DATED 1-7-2011 The opening of new branches and shifting of existing branches of banks is governed by the provisions of Section 23 of the Banking Regulation Act, 1949. In terms of these provisions,...

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RBI's Master Circulars dated 1-7-2011 on Prudential Guidelines on Capital Adequacy and Market Discipline- New Capital Adequacy Framework (NCAF)

Posted: 26 Jul 2011 09:31 PM PDT

With a view to adopting the Basle Committee on Banking Supervision (BCBS) framework on capital adequacy which takes into account the elements of credit risk in various types of assets in the balance sheet as well as off-balance sheet business and...

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Regarding anti dumping duty on Poly Vinyl Chloride Paste Resin, originating in, or exported from, People's Republic of China, Japan, Republic of Korea, Malaysia, Russia, Taiwan and Thailand – Notification No.66 /2011-Customs

Posted: 26 Jul 2011 09:30 PM PDT

Notification No.66 /2011-Customs Whereas in the matter of imports of Poly Vinyl Chloride Paste Resin (hereinafter referred to as the subject goods), falling under sub- heading 3904 22 10 of the First Schedule to the Customs Tariff Act, 1975 (51 of...

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RBI's Master Circular dated 1-7-2011 on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances

Posted: 26 Jul 2011 09:30 PM PDT

CIRCULAR NO. DBOD.NO.BP.BC.12/21.04.048/2011-12, DATED 1-7-2011 - Please refer to the Master Circular No. DBOD.No.BP.BC. 21/21.04.048/2010-11 dated July 1, 2010 consolidating instructions/guidelines issued to banks till June 30, 2010 on matters...

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