| Gain on sale of shares to be treated as capital gain and not business income, despite large volume of sales Posted: 08 Mar 2011 07:53 PM PST 
The AO relied on the specific principle mentioned in the circular. However, the circular has no binding force on the income-tax authorities and needs to be used only as guidance. While applying the principles of the circular, the facts need to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Provisions of the Competition Act, 2002 relating to Combinations and Regulations of Combinations brought into force Posted: 08 Mar 2011 07:51 PM PST 
On and from 1 June 2011, any acquisition or merger or amalgamation that exceeds the monetary threshold specified in Section 5 of the Act will require approval of CCI. These provisions are aimed at ensuring that the proposed Combination is not... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Payment of commission to Non-Whole Time Directors of the company under section 309(4) (b) of the Companies Act, 1956 Posted: 08 Mar 2011 07:50 PM PST 
It has now been decided that a company shall not require approval of the Central Government for making payment of remuneration by way of commission to its Non- Whole Time Director(s) in addition to the sitting fee if the total commission to be paid... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Extend the time limit DVAT 51, up to 31st March, 2011 Posted: 08 Mar 2011 07:47 PM PST 
sub-rule (1) of rule 67 of the Delhi Value Added Tax Rules, 2005 and rule 4 of the Central Sales Tax (Delhi) Rules, 2005 for furnishing of reconciliation return in Form DVAT 51, up to 31st March, 2011 for Ist and IInd quarter of the year 2010-11.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Alloawability of Insurance Premiume under DTC Regime – Check Before buying new policy Posted: 08 Mar 2011 07:46 PM PST 
The DTC is a game changer for insurance. Most Indians buy life insurance policies only to save tax. Under DTC, a policy should give a life cover of at least 20 times the annual premium to be eligible for tax deduction. If this condition is not met,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Interest on Home Loan, Principal Repayment and Taxing of Deemed Let out House property under DTC Regime Posted: 08 Mar 2011 07:44 PM PST 
The repayment of the principal of your home loan will not be eligible for tax deduction under the DTC. The people who are paying large home loan EMIs and claim benefits under Sec 80C may have to find the money for other tax-saving investments after... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Disclosure of tax returns, inherited property compulsory- EC Posted: 08 Mar 2011 07:44 PM PST 
Furnishing of income tax returns has been made mandatory for all candidates entering the poll fray and details of inherited property will also have to be provided under a new nomination affidavit brought out by the Election Commission. Candidates... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| CBI arrests Dy. Registrar of Trade Marks, Intellectual Property, Chennai in a Disproportionate Asstes Case Posted: 08 Mar 2011 07:43 PM PST 
The Central Bureau of Investigation has arrested a Dy. Registrar of Trade Marks, Intellectual Property, Chennai for possession of disproportionate assets to the tune of approx Rs. one crore. The Anti Corruption Branch of CBI, Chennai has registered... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Income Tax arrears decline despite rise in number of cases Posted: 08 Mar 2011 07:34 PM PST 
The quantum of money locked up in income tax disputes decreased in 2010 as compared to the previous year despite increase in number of cases, Parliament was informed today. The amount stuck in I-T cases actually declined to Rs 2,42,377 crore as on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| India raises concerns over anti-dumping duty by Brazil Posted: 08 Mar 2011 07:33 PM PST 
Commerce Minister Anand Sharma today took up the issue of anti-dumping duty on Indian products by Brazil with visiting minister Antonio Patriota. The two countries, however, identified priority sectors such as energy, oil, tourism, pharmaceutical,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| 54 PSUs reported combined loss of Rs 14,424 cr Posted: 08 Mar 2011 07:32 PM PST 
Fifty four public sector companies, including Air India, Eastern Coalfields, Bharat Coking Coal Limited and Scooters India, have posted a combined loss of Rs 14,424 crore in 2008-09, Parliament was informed today. Among these, Air India (formerly... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Income Tax, Directorate of Enforcement investigate Rs 460 crore Citi fraud case Posted: 08 Mar 2011 07:22 PM PST 
The government today said Director of Income Tax and Directorate of Enforcement (ED) have initiated investigation in Rs 460 crore Citibank fraud case. "The Investigation Directorate of the Income Tax has initiated necessary enquiries as far as the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| SEBI- No irregularity in recent fall in stocks markets Posted: 08 Mar 2011 07:20 PM PST 
Market regulator Securities and Exchange Board of India (SEBI) has not noticed any irregularity in the recent fall in stocks markets, the government today informed the Rajya Sabha. The benchmark Sensex has fallen by about 2,500 points between... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Income Tax Dept keeping close watch on realty sector Posted: 08 Mar 2011 07:19 PM PST 
Suspecting the use of black money to finance deals in the country's booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers' lucrative projects. "The focus of the Income Tax Department is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| FIMI wants roll back of export duty hike on iron ore Posted: 08 Mar 2011 07:18 PM PST 
Hitting out at the Finance Minister for increasing export duty on iron ore, the Federation of Indian Mineral Industries has written to Pranab Mukherjee requesting a roll back to the pre-Budget level. "We would be grateful if you consider... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Mumbai as International Financial Centre Posted: 08 Mar 2011 07:16 PM PST 
In the city of Mumbai "Financial Services Providing Establishments" as codified by WTO/ DIPP be included as one of the eligible activities in the Government of India's Industrial Park Scheme 2008. The developers of such Industrial parks in Mumbai as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Woman chartered accountant jumps to death along with two kids Posted: 08 Mar 2011 06:56 PM PST 
Mumbai- A woman Chartered Accountant allegedly jumped to death from the 19th floor of a residential building along with her son and a daughter in suburban Malad, leaving a suicide note in which she said that nobody was responsible for the extreme... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Relaxation in Information Sharing Norms by Switzerland Posted: 08 Mar 2011 06:49 PM PST 
Upon entry into force, the Amending Protocol between India and Switzerland will amend, inter-alia, the article concerning Exchange of Information in the existing Double Taxation Avoidance Agreement (DTAA) between the two countries to specifically... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Amends Notification No. 12/97-Customs (N.T.) – Inland Container Depots for loading and unloading of goods Posted: 08 Mar 2011 04:50 PM PST 
In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Appoints Common Adjudicating Authority- Notification No. 21 /2011 – Customs Duty (N.T.) Posted: 08 Mar 2011 04:40 PM PST 
Joint Commissioner or Additional Commissioner of Customs, Custom House, Opposite Old High Court, Navrangpura, Ahmedabad, for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Ratnaveer Stainless Products Pvt.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Appoints Common Adjudicating Authority- Notification No. 20/2011-Customs (N.T.) Posted: 08 Mar 2011 04:33 PM PST 
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs (Preventive), Kolkata, to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Allocation of Government debt long term & corporate debt – old investment limits to FIIs Posted: 08 Mar 2011 12:47 PM PST 
Based on the assessment of the allocation and the utilization of the limits to FIIs for investments in debt, it has been decided to allocate the unutilized limits in Government debt long term & corporate debt – old category in the following... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Special Recruitment Window of Tata Sons in ICAI Campus Placement Posted: 08 Mar 2011 11:44 AM PST 
"An inflow of fresh talent into the Group and training them in the finance departments of various group companies spread across diverse sectors". Last date for applying to the Tata Group CA program is 14th March, 2011. Principles The programme is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Govt to Provide Equity Support to PSU Banks Posted: 08 Mar 2011 04:51 AM PST 
Government has decided to provide equity support to public sector banks (PSBs) to enable to maintain Tier I CRAR at 8% and also to those PSBs where Government of India's holding is less than 58% to raise Government of India holding in these PSBs to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Textiles Ministry seeks rollback of excise duty on branded garments Posted: 08 Mar 2011 04:01 AM PST 
The Textiles Ministry is seeking rollback of excise duty on branded apparel, following protest from retailers, including Shoppers Stop and Pantaloons , who have gone on strike today protesting the new levy. [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Service tax on healthcare not to hit common man- CBEC Posted: 08 Mar 2011 03:52 AM PST 
The government today said the proposal to impose service tax on healthcare will not hurt the common man as only services provided by the centrally AC hospitals with more than 25 beds would attract the new levy. [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Revenue diversion from non-SEZ areas to SEZs noticed -CBDT Posted: 08 Mar 2011 03:50 AM PST 
Amidst hue and cry by developers over the Budget proposal to impose MAT on SEZs, Central Board of Direct Taxes today said it has detected revenue diversion from domestic operations to the tax free enclaves. [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| How to Know the Status of Form 24G filed by PAO/DTO Posted: 08 Mar 2011 02:53 AM PST 
Now you can check online the status of Form 24G filed by Pay and Accounts Office (PAO)/ District Treasury Office (DTO). To view the status we have to follow the following Procedure :-1. Visit the following link :- * Accounts Office... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Not possible to bring Aviation Fuel (ATF) under GST Posted: 07 Mar 2011 09:52 PM PST 
The Centre today said it is not possible to bring aviation turbine fuel (ATF) under the purview of the proposed Goods and Services Tax, as per the model suggested by the states. "In the model of the GST which has been proposed by the Empowered... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Ravi wants reconsideration on air travel service tax Posted: 07 Mar 2011 09:42 PM PST 
Civil Aviation Minister Vayalar Ravi today said he wants the government to reconsider the budget proposal to hike service tax on air tickets. "I have written a letter to the Finance Minister (Pranab Mukherjee) urging him to reconsider the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Black money case- ED detains Hasan Ali, searches Pune home Posted: 07 Mar 2011 09:36 PM PST 
Stud farm owner Hasan Ali Khan, accused of massive money laundering and tax evasion, was detained by the ED which carried out multi-city searches at his Pune home and his associates' premises cracking the whip to meet tomorrow's Supreme Court... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| SEC may take administrative route in insider case against former Goldman Sachs director Rajat Gupta Posted: 07 Mar 2011 08:42 PM PST 
When the Securities and Exchange Commission brought charges against former Goldman Sachs director Rajat Gupta in an administrative proceeding -- rather than in federal court -- it signaled a possible new front in the SEC's pursuit of insider-trading... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| RBI releases Statistical Tables Relating to Banks in India 2009-10 Posted: 07 Mar 2011 08:35 PM PST 
The Reserve Bank of India today released the Statistical Tables Relating to Banks in India – an annual publication that provides key information on banks. The publication covers bank-wise and bank group-wise information on major items, such as,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Year End TDS Compliance- Points to Keep in Mind Posted: 07 Mar 2011 07:59 PM PST 
You kind attention is invited to the amendment made vide Notification No. 41/2010 dated 31 May 2010 and the notable features of the amended TDS Rules which are applicable to the month of March and to the Quartered ended 31st March 2011 are as under:... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Taxation of certain foreign dividends at a reduced rate of 15 percent Posted: 07 Mar 2011 07:58 PM PST 
Under the existing provisions of the IT Act, dividend received from foreign subsidiary companies is taxable in the hands of the Indian parent company @ 30% (plus applicable surcharge and cess). This acts as a major disincentive for the Indian parent... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
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