| New Sahaj tax form asks information on agricultural income Posted: 18 Apr 2011 06:46 PM PDT The Income Tax Department has asked taxpayers to furnish details earned from agriculture in its newly modified I-T return form — Sahaj — for assessment year 2011-12. Known as Saral-II and originally meant for the service-class, the Sahaj form has a... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Filing of Income tax returns gets Sahaj and Sugam Posted: 18 Apr 2011 06:26 PM PDT The finance ministry today introduced "Sahaj" and "Sugam" forms to make the process of filing income tax returns simpler, user-friendly and to reduce compliance burden on salaried persons and small businessmen. "Sahaj and Sugam are major steps... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Accounting Treatment of Enhanced Provision of Gratuity Posted: 18 Apr 2011 05:53 PM PDT The pay revision of the officers and employees has been carried out by the Public Sectors Insurance companies in the year 2010-11 and Government by Gazette, Notification dated May 24, 2010 has revised upward maximum limit for Gratuity under "Payment... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Regarding Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 Posted: 18 Apr 2011 05:50 PM PDT Circular No.21 / 2011-Customs, Dated - 18th April, 2011. - It has been decided that in order to redress the problem of Courier Companies and to streamline the procedures under the Courier Imports and Exports (Electronic Declaration and Processing)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Liquidation of Post-Shipment Rupee Export Credit – DBOD.Dir.BC.No. 85/04.02.001/2010-11 Posted: 18 Apr 2011 05:42 PM PDT It has now been decided that in order to reduce the cost to exporters (i.e. interest cost on overdue export bills), exporters with overdue export bills may also extinguish their overdue post shipment rupee export credit from their rupee resources.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| PVAT Act 2005 – Declared Goods except wheat and paddy will be taxable @ 4.4% w.e.f 08/04/2011 Posted: 18 Apr 2011 05:34 PM PDT Ceiling rate on declared goods have been enhanced from 4% to 5% by Central Govt in the Budget of 2011-12. Which follows that rate of tax on declared goods cannot exceed 5%. Rate of tax on paddy and wheat has been enhanced by the Punjab Govt from 4%... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Download ITR 1 Sahaj and ITR 4 Sugam for A.Y. 2011-12/Financial year 2010-11 Posted: 18 Apr 2011 05:29 PM PDT Sugam – Presumptive Business Income tax Return- SUGAM (ITR-4S) for A.Y. 2011-12 Financial year 2010-11. Indian Individual Income tax Return for those who are not having Income from Business but having Income from Salary - ITR-1 SAHAJ for A.Y 2011-12... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| TDS — Matter remitted to AO to decide whether the payments made to the parent company on account of reimbursement of expenses Posted: 18 Apr 2011 04:10 PM PDT The issue is whether the payments made to the parent company on account of reimbursement of salaries in relation to services rendered by the personnel on deputation to the JV attract the liability of TDS. The Counsel for the assessee and the DR made... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Partners have burden of proof in cheque bouncing cases that they were not in charge of the daily affairs of the firm Posted: 18 Apr 2011 03:58 PM PDT Rallis India Ltd. Vs. Poduru Vidya Bhusan & Ors. (Supreme Court) - When partners of a firm issue cheques which are dishonoured, it is presumed that they were responsible for issuing them unless they prove that they were not in charge of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Bombay HC division bench dismisses Cadila Pharmaceuticals' appeal in trademark case Posted: 18 Apr 2011 03:55 PM PDT Cadila Pharmaceuticals Limited. vs Sami Khatib Of Mumbai (Medley Pharmaceuticals Limited). A division bench of the Bombay high court last week dismissed the appeal of Cadila Pharmaceuticals against the judgement of a single judge bench restraining... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Cash credit — Benefit of peak credit cannot be given to the assessee in the absence of any cash withdrawals and redeposit of the same Posted: 18 Apr 2011 03:50 PM PDT ITO v Murlidharan G Pillai - Neither the deposits are proved by the assessee nor the claim of peak is established by him. In fact assessee has also failed to show real destination of the money through bank draft so purchased by him out of the cash... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SBI to increase interest rate on loan, others to follow suit Posted: 18 Apr 2011 03:38 PM PDT India's largest lender, the State Bank of India (SBI) is set to increase its base rate by 25 basis points, the Business Standard reported Monday. According to the report, the SBI is set to increase its base rate by 0.25 percent before the Reserve... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Mere admission of Appeal by High Court sufficient to cancel penalty U/s. 271(1)(c) of the Income Tax Act, 1961 Posted: 18 Apr 2011 03:30 PM PDT Nayan Builders & Developers Pvt Ltd vs. ITO (ITAT Mumbai)- When the High Court admits substantial question of law on an addition, it becomes apparent that the addition is certainly debatable. In such circumstances penalty cannot be levied u!s... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Adjustment of refund up to Rs. 1 lakh for the F.Y. 2010 to the F.Y. 2011-12- Trade Circular 6T of 2011 Posted: 18 Apr 2011 09:32 AM PDT Section 50(2) of the Maharashtra Value Added Tax Act, 2002 provides for claiming the refund at the end of financial year and does not permit the dealer to carry forward the refund to the next financial year. Considering the difficulties faced by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Hire charges paid for Millers and Rollers-Tax deductible under section 194-I Posted: 18 Apr 2011 09:20 AM PDT The assessee, hired Millers and Rollers, for the purpose of carrying out his road contract works. According to the revenue, since in the case on hand, the hire charges in respect of both the Millers and Rollers hired by the assessee contained a... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| ING IM Simplifies Mutual Fund Investing With Launch of Its Multi Manager scheme Posted: 18 Apr 2011 09:12 AM PDT ING Investment Management India is launching its ING Optimix Financial Planning Fund (an open ended fund of funds scheme) aiming to simplify investing in mutual funds. The most unique feature of this fund is its ability to invest across carefully... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Inflation Burns Posted: 18 Apr 2011 08:59 AM PDT INFLATION BURNINGS: The RBI came up with another round of old fashioned rate hike to control inflation. We have already witnessed 7 rate hikes within 2010-2011 to control the food inflation. Every time we find RBI using words related to control the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Punjab VAT Act – Wheat and Paddy made taxable @ 5% Posted: 18 Apr 2011 08:48 AM PDT Wheat and Paddy which are declared goods under CST Act 1956, have been added to schedule B of Punjab VAT Act 2005. The goods contained in schedule B of PVAT act 2005 are taxable @ 5%. An additional surcharge @ 10% is also applicable. But such... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| India- EU Broad-Based Trade and Investment Agreement Intensifying – Anand Sharma Ireland 32nd in FDI Approvals during April, 2000 – January, 2011 Posted: 18 Apr 2011 06:00 AM PDT Shri Anand Sharma, Union Minister of Commerce & Industry during the bilateral meeting with Mr. Richard Bruton Ireland, Minister for Enterprise, Jobs and Innovation, has expressed satisfaction that negotiations of the EU–India Broad-based Trade... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| U.S. companies face the sixth- highest effective tax rate in the world – PWC Posted: 17 Apr 2011 09:55 PM PDT U.S. companies face the sixth- highest effective tax rate in the world, according to a study by PricewaterhouseCoopers LLP. The tax rate for the largest U.S. companies between 2006 and 2009 was 27.7 percent, compared with a non-U.S. average of 19.5... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| OECD- The Global Forum keeps up the pressure Posted: 17 Apr 2011 09:50 PM PDT New reports by the Global Forum on Transparency and Exchange of Information for Tax purposes assess its members ability to stop international tax evasion. Reports on Aruba, The Bahamas, Belgium, Estonia and Ghana evaluate their legal and regulatory... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Regarding exemption to goods falling under Chapter 31 of First Schedule to the Customs Tariff Act, 1975 (51 of 1975) Posted: 17 Apr 2011 09:45 PM PDT Notification No.35/2011-Customs - Central Government hereby exempts all goods, other than those which are clearly not to be used as fertilisers, falling under chapter 31 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| The Global Economy and Framework Posted: 17 Apr 2011 09:35 PM PDT At the Seoul Summit last November, the leaders of G-20 tasked us to formulate indicative guidelines for the identification of persistently large imbalances requiring corrective action, including their root causes and impediments to adjustment.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Parliament final word on Lok Pal Bsays Hazare ; CD was doctored and fabricated – Bhushan Posted: 17 Apr 2011 09:30 PM PDT Open to extending Aug 15 deadline if he finds the govt on the right path. In an apparent softening of stand, Anna Hazare today said Parliament was supreme and he would accept its decision if it rejected the Lok Pal Bill. Hazare also showed some... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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