| I-T dept. releases ITR-3 E-filing Return Preparation Software for A.Y. 2010-11 Posted: 28 May 2010 08:47 PM PDT 
Income Tax department on Friday releases the online return filing software utility in respect of ITR-3 for A.Y. 2010-11 which can be downloaded from the link given below:-Download ITR-3 E-filing Return Preparation Software For A.Y. 2010-11 [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| MCA Introduces Company Law Settlement Scheme 2010 for Defaulting Companies Posted: 28 May 2010 08:46 PM PDT 
In order to give an opportunity to the defaulting companies to enable them to make their default good by filing belated documents and to become a regular compliant in future, the Ministry has introduced a Scheme namely, 'Company Law Settlement... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| MCA Introduces Easy Exit Scheme 2010 Under Section 560 of the Companies Act 1956 Posted: 28 May 2010 08:45 PM PDT 
In order to give an opportunity to the defunct companies, for getting their names struck off from the Register of Companies, the Ministry of Corporate Affairs has decided to introduce a Scheme namely, 'Easy Exit Scheme, 2010' under Section 560 of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Claim your undelivered Income Tax papers Posted: 28 May 2010 08:41 PM PDT 
Intimations of refunds and demands undelivered by the postal authorities, thanks to incomplete address, and those unclaimed for were returned to the income tax department's centralized processing centre. The undelivered intimations are available... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| MCA decided to relax the norms for companies to maintain minimum paid-up capital Posted: 28 May 2010 08:32 PM PDT 
The Ministry of Corporate Affairs (MCA) has decided to relax the norms for companies to maintain minimum paid-up capital. According to the Companies Act 1956, the minimum paid-up capital for a private company is Rs 1 lakh and for a listed company Rs... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Assessing officers asked to issue only system-generated Sec 197 withholding tax certificates Posted: 28 May 2010 08:30 PM PDT 
WITH computerisation gaining pace in the Income Tax Department, and the policy makers' reliance on machine increasingly growing, the CBDT has finally decided to switch over computer-generated certificates and do away with the manual exercise for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Payment made outside India taxable if deal has links with India Posted: 28 May 2010 08:28 PM PDT 
The Income-tax department can tax even a payment made to a foreign entity outside India, if the transaction has a business connection within the country, according to a verdict passed last week by the Income Tax Appellate Tribunal, Mumbai. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| PAN creating lot of pain for senior citizens and foreign Companies Posted: 28 May 2010 08:26 PM PDT 
Sweeping changes to tax laws not only cause problems but also complicate business matters. Senior citizens or foreign entities that do not have a fixed place of business in India must be exempt from the requirement of having a PAN. All countries... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Soon foreign investors have to pledge that they will not do anything detrimental to India's interest Posted: 28 May 2010 08:21 PM PDT 
FOREIGN investors will be required to give a commitment that they will not do anything detrimental to India's interest as the government looks to tighten scrutiny of foreign direct investment, but experts say the regulation is not so innocuous. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Supreme Court ruling poses HR issue for tribunals Posted: 28 May 2010 08:18 PM PDT 
In 2002, the Companies Act, 1956, was amended to provide establishment of company law tribunals to play the role that had hitherto been played by high courts. Specific arrangements and transactions such as mergers, demergers and reduction of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Nomination meaning, Role of Nominee, Procedure, Minor Nominee, Nomination by Joint account holders Posted: 28 May 2010 08:10 PM PDT 
Meaning:-Nomination is the process of appointing a person to take care of your assets in the event of your death. You can appoint a nominee for your bank account, fixed deposit, demat account, or even your house. A nominee could be a family member... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| New IFRS norms may hit Indian Companies Valuation Posted: 28 May 2010 08:03 PM PDT 
Large Indian companies could report a sharp fall in the valuation of their assets as new accounting norms prompt these firms to reassess the fair value of their units, a mandatory condition under globalised reporting standards. Adoption of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Fees for Technical Services, even if rendered outside India, are taxable Posted: 28 May 2010 07:56 PM PDT 
The assessee, an Indian company, entered into an agreement with a Chinese company for bauxite testing services in its laboratories (outside India) and for preparation of test reports. The assessee filed an application u/s 195(1) in which it argued... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| In order to determine the arm's length price of the international transaction, the arm's length margin should be applied only on the international transaction Posted: 28 May 2010 07:53 PM PDT 
The Mumbai Bench of the Income-tax Appellate Tribunal ('Tribunal') in the case of T Two International Pvt. Ltd., Tara Jewels Exports Pvt. Ltd. and Tara Ultimo Pvt. Ltd. (See Note-1) ('the 'Company' or 'taxpayer'), held that in order to determine... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| FM to Dedicate I-T Department's CPC at Bengaluru to Nation Posted: 28 May 2010 07:10 PM PDT 
The Income Tax department has set up the Centralized Processing Centre (CPC) at Bengaluru for bulk processing of income tax returns. The CPC will process all electronic tax returns of the entire country, and physical returns of Karnataka and Goa... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| DGFT- Amendments in the Handbook of Procedures (Vol. I) (RE2003); Handbook of Procedures (Vol. I) (RE2004) and Handbook of Procedures (Vol. I) (RE2005) Posted: 28 May 2010 07:06 PM PDT 
In exercise of powers conferred under paragraph 2.4 of Export and Import Policy, 2002-07(RE2003) and Foreign Trade Policy, 2004-09, Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures (Vol. I)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| DGFT-Amendment in PN No. 56 dated 20.4.2010) Posted: 28 May 2010 07:04 PM PDT 
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of the Handbook of Procedures (Vol. I), the Director General of Foreign Trade hereby makes the following amendments in the "Schedule of DEPB... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| RBI circular on Second Liquidity Adjustment Facility Posted: 28 May 2010 06:37 PM PDT 
As part of the liquidity easing measures announced by the RBI on May 26, 2010, it has been decided to conduct a second Liquidity Adjustment Facility (SLAF), on a daily basis, with effect from May 28, 2010 up to July 2, 2010. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Announcement on Amendment to SA 230- Retention Period for Engagement Documentation (Working Papers) Posted: 28 May 2010 06:05 PM PDT 
The Council of the Institute of Chartered Accountants of India had in August 2009, pursuant to the provisions of Rule 12 of the Chartered Accountants (Procedures of Investigations of Professional and Other Misconduct and Cases) Rules, 2007 had... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement- CIR/MRD/DP/18/2010 Dated: May 28, 2010 Posted: 28 May 2010 05:45 PM PDT 
Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement. It is observed from the information provided by the depositories that the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| A Trillion Dollar Smile Posted: 28 May 2010 09:04 AM PDT 
Can any economist or any financial guru from the world forum can explain that how many times the trillion and billion dollars will be used to buy the defaults. We spent trillion dollars tax savers money to Buy Smile on the face of world financial... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Another Restructuring for Greece Posted: 28 May 2010 08:53 AM PDT 
The European economies were very happy after getting the bailout of around one trillion dollars. It was enough to buy up the debts and save the economy from the verge of death. The world stock markets were happy and were celebrating Christmas due to... |
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