| Download New Saral-II (ITR-1) Excel Based Return Preparation Utility for the F.Y. 2009-10, A.Y. 2010-11 Posted: 17 May 2010 07:49 PM PDT 
Income Tax department has released utility of ITR-1 for online filing of Income Tax return for A.Y. 2010-11/ F.Y. 2009-10. The same can be downloaded from the following link:-Download Return Preparation Software - ITR-1 (Saral II) Excel Utility... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income Tax dept planning to bring rural traders into tax net Posted: 17 May 2010 07:35 PM PDT 
The Income Tax department is looking to bring rural traders and others into the tax net. The department which is attempting to expand the taxpayer base in the country will now focus their attention on a large swathe of rural businesses that have so... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Retrospective amendments resulting in tax liability are unfair Posted: 17 May 2010 07:32 PM PDT 
Last week, Finance Act, 2010 came into effect. A few days earlier, Finance Minister Pranab Mukherjee had spelt out his response to several representations regarding his Budget proposals. Apparently, there were hardly any representation about the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Saral-II – Makes filing Income Tax Return easy for individual taxpayers Posted: 17 May 2010 07:29 PM PDT 
The Central Board of Direct Taxes (CBDT) has come out with a new income tax Form - Saral-II . The new form aims at making the process of filing tax returns easier for individual taxpayers. The form is to be used to file the income tax returns for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CAG report highlighted lapses in recovery of service tax Posted: 17 May 2010 07:23 PM PDT 
The Comptroller and Auditor General of India (CAG) has highlighted glaring lapses in the recovery of service tax being administered by the Union Government, while the number of cases and amount entailed in demands for service tax outstanding for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| TDS on Non-resident – No PAN – What's the rate? Posted: 17 May 2010 07:20 PM PDT 
Section 206AA starts with the words "Notwithstanding anything contained in any other provisions of this Act". This is a non-obstante clause which means that the provisions of section 206AA shall override other provisions of the Act. If we go through... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Provisions related to Constitution of National Company Law Tribunal Posted: 17 May 2010 07:15 PM PDT 
The Supreme Court's Order Last Week on the constitution of the National Company Law Tribunal brings two important factors to the fore. One, Parliament has the power to create tribunals for quick dispensation of justice, and it can transfer judicial... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| 28-year-old CA found dead in school swimming pool Posted: 17 May 2010 07:08 PM PDT 
A 28-year-old chartered accountant, who had come to Ryan International School in Beta-I sector for auditing, was found dead inside the school on Thursday. Ajay Sharma, originally from Koderma in Jharkhand, allegedly scaled a four-feet high wall... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Important Announcement of ICAI regarding signing of Audit Reports Posted: 17 May 2010 07:05 PM PDT 
As members may be aware that recently, the ICAI has made an announcement regarding certain procedure to be followed while signing audit reports. This announcement affects all audit reports that would be signed by a Chartered Accountants on or after... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| MCA: – India Investor Week to be organized in 2nd Week of July 2010 Posted: 17 May 2010 07:00 PM PDT 
Shri Salman Khurshid, Minister of Corporate Affairs, has said that in order to increase awareness in investors , an 'India Investor Week' will be organized in the 2nd week of July, 2010. Presiding over the meeting of the Governing Council of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CBDT Clarification on Security of E-Filing Portal Posted: 17 May 2010 06:55 PM PDT 
Central Board of Direct Taxes (CBDT) that the process for renewal of the security certificate of the department's e-filing portal was initiated well in time before it lapsed on 8th May 2010. Pending completion of certification procedure, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Why the Functioning of Proposed NCLT & NCLAT is interesting to follow? Posted: 17 May 2010 06:33 PM PDT 
Everybody knows that the legislature has proposed to constitute a special tribunal to deal with the issues under the Companies Act, 1956 through Companies (Second Amendment) Act, 2002. The constitution of National Company Law Tribunal and Appellate... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income earned abroad can't be taxed, if the same is not chargeable to tax under the general provisions of the I-T Act Posted: 17 May 2010 06:32 PM PDT 
In a recent ruling Mumbai Income Tax Appellate Tribunal (ITAT) [2010- T11-41-ITAT-MUM-INTL] in the case of J Ray McDermott Eastern Hemisphere Ltd. (Taxpayer) held that receipts pertaining to transportation and installation contract executed by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Deputation of personnel do not results in a permanent establishment in India: ITAT Mumbai Posted: 17 May 2010 06:31 PM PDT 
In a recent ruling in the case of Tekmark Global Solutions LLC (Taxpayer) [[2010] 3 taxmann 38 (Mum. - ITAT)] the Mumbai Income Tax Appellate Tribunal (ITAT) held that as the deputed personnel do not work under the control and supervision of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Core Principles of Reassessment under the Income Tax Act with Summary of Important Case Laws Posted: 17 May 2010 06:29 PM PDT 
Recording of reasons is a condition precedent to invoke jurisdiction under section 147/148. CIT vs. Rajindra Rosin & Turpentine Industries. (2008) 305 ITR 161 (Punj. & Har.).Language of section 148(2) does not permit recording of reasons... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| FAQ on Constitution of HUF, HUF Property, Blending of Individual Property with that of HUF Posted: 17 May 2010 06:27 PM PDT 
The concept of HUF under Hindu law as well as Income-tax Act, 1961 is the same. As stated earlier, HUF is purely a creature of law and cannot be created by an act of parties (except in case of adoption and reunion). A HUF is a fluctuating body, its... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI requests six month deferment of new rules related to Publication of Annual Accounts by listed companies Posted: 17 May 2010 05:50 AM PDT 
Accounting regulator ICAI has requested the Securities and Exchange Board of India to defer by at least six months implementation of its decision with regard to publishing of quarterly results by listed companies. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Preview on Insolvency and Bankruptcy with reference to individuals and corporates Posted: 17 May 2010 05:41 AM PDT 
The terms insolvency and bankruptcy are used with reference to the financial position of a person. They are often considered to mean the same. Actually, the terms mean differently. Individuals and corporates are both amenable to insolvency and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| RBI circular on Current Account Transactions – Liberalisation Posted: 13 May 2010 07:58 PM PDT 
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Foreign Exchange Management (Current Account Transactions) Rules, 2000 notified vide Notification No.G.S.R.381(E) dated 3rd May 2000, as amended from time to time. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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