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Apr 12, 2011

File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000

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DENA BANK – empanelment for Concurrent Audit assignment for the year 2011-12

Posted: 12 Apr 2011 08:20 PM PDT

Ref : Web based registration of External Chartered Accountant firms for empanelment for Concurrent Audit assignment for the year 2011-12 Our Bank has invited online applications for empanelment for Concurrent Audit assignment for the year 2011-12....

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File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000

Posted: 12 Apr 2011 08:15 PM PDT

Under the existing scheme of law, Rule 7 of the Service tax Rules, 1994 read with its sub-rules deals with the provisions relating to the service tax return. As per Rule 7C; where the return prescribed under rule 7 is furnished after the date...

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'Govt to soon notify Sugam IT form for small taxpayers'

Posted: 12 Apr 2011 07:10 PM PDT

The Income Tax department has refunded as much as Rs 72,000 crore to tax payers across the country in 2009-10, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra said here. "The Income Tax department has improved its tax refund rate and Rs...

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Govt issues Rs 72,000-cr income tax refunds in 2009-10 – CBDT

Posted: 12 Apr 2011 07:08 PM PDT

The Income Tax department has refunded as much as Rs 72,000 crore to tax payers across the country in 2009-10, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra said here. "The Income Tax department has improved its tax refund rate and Rs...

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New norms on hiring relatives in companies

Posted: 12 Apr 2011 05:59 PM PDT

The government has released norms for appointment of relatives in companies, a decision that will allow directors or managers to engage services of close ones without seeking permission of the Centre. A company, however, will be required to seek the...

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Companies (Particulars of Employees) Amendment Rules, 2011 – Reporting Limit U/s. 217(2A) raised

Posted: 12 Apr 2011 05:33 PM PDT

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART II, SECTION 3, SUB SECTION (i) ] GOVERNMENT OF INDIA, MINISTRY OF CORPORATE AFFAIRS New Delhi, the 31 March, 2011 NOTIFICATION G.S.R. .- In exercise of the powers conferred by sub-section (2A) of...

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Value Based Exemption Scheme for SSI – Garments – Clarifications and Simplification

Posted: 12 Apr 2011 09:48 AM PDT

The issue of excise duty on readymade garments, the applicability of SSI exemption notifications and many such other issues were discussed in my last article VALUE BASED EXEMPTION SCHEME FOR SSI - GARMENTS . Since the time of publication of this...

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CA, CS and ICWA allowed to upload certified co documents without MCA" nod

Posted: 12 Apr 2011 09:22 AM PDT

Chartered accountants, cost accountants and company secretaries can now directly upload certified annual documents of firms on MCA''s portal, without prior approval of the ministry, while holding them responsible for such submissions. The move is...

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Word "partnership" in ICAI, ICWAI, ICSI Acts include LLPs

Posted: 12 Apr 2011 09:13 AM PDT

General Circular No. 10/2011 - The Acts governing the three professional Institutes define in Section 2 members who are deemed to be in practice. In all the three Acts, there is a provision for a member to be in practice when he is in partnership...

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Income Tax Scrutiny – Instructions regarding income limits for assigning cases to Deputy Commissioners/Assistant Commissioners/ITOs

Posted: 12 Apr 2011 06:39 AM PDT

INSTRUCTION NO. 6/2011 [F.NO.187/12/2010-ITA-I], DATED 8-4-2011 Reference may kindly be made to Board's Instruction No. 1/11, dated 31-1-2011 which lays down revised monetary limit of cases to be assessed by DCsIT/ACsIT in metro cities and mofussil...

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Illegitimate Child will have right to whatever becomes the property of their parents whether self acquired or ancestral

Posted: 12 Apr 2011 05:35 AM PDT

Citation - REVANASIDDAPPA & ANOTHER VERSUS MALLIKARJUN & OTHERS (SC) - Section 16(3) of the Hindu Marriage Act as amended, does not impose any restriction on the property right of Illegitimate Child except limiting it to the property of...

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Large number of transactions can not be the sole criterion to treat Profit from Shares as business income

Posted: 12 Apr 2011 04:31 AM PDT

Nagindas P. Sheth (HUF) vs. ACIT (ITAT Mumbai) -Merely because assessee transacted in 158 shares that should not be taken as a sole criterion to come to the conclusion that assessee is a trader in shares. It is not in dispute that in the books of...

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Amends Notification No. 61/94-Customs (NT) – Customs airports — Appointment for specified purposes

Posted: 12 Apr 2011 01:23 AM PDT

Notification No. 29/2011 - Customs (N.T.) dated -11-04-2011 - Central Government hereby makes the following further amendment in the notification No. 61/94-Customs (NT), dated the 21st November, 1994, namely (i) In the said notification, in the...

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Statement by PM prior to his departure for China to participate in BRIC Summit-2011

Posted: 11 Apr 2011 10:50 PM PDT

In China, I will attend the BRICS Leaders Meeting in Sanya being hosted by President Hu Jintao. This is the third Summit of the BRICS grouping since the first stand alone meeting in 2009. This meeting will see the participation for the first time of...

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JK govt detects 3,045 cases of tax evasion in '09-10

Posted: 11 Apr 2011 09:55 PM PDT

The Jammu and Kashmir government has detected 3,045 cases of evasion of tax by various trade and business houses in the state in 2009-10.Revealing this in its report on state finances for the year ended March 31, 2010, Comptroller and Auditor...

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Trade deficit with China matter of concern – India

Posted: 11 Apr 2011 09:47 PM PDT

Ahead of the meeting between Prime Minister Manmohan Singh and Chinese President Hu Jintao, India today said trade imbalance in favour of China was a matter of concern and India had sought greater market access to bridge it. The issue is expected to...

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Promotion can not be denied on the ground of Minor punishment

Posted: 11 Apr 2011 09:46 PM PDT

S. Ponniah Vs The Director General of Police and The Commissioner of Police - Writ Petitions are filed under Article 226 of the Constitution of India praying to issue a Writ of Mandamus directing the respondents to promote the petitioners for...

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RBI penalises two Gujarat-based cooperative banks for violation of various rules

Posted: 11 Apr 2011 09:45 PM PDT

The Reserve Bank has imposed penalty of Rs 1 lakh each on two Gujarat-based cooperative sector lenders for violation of various rules, including anti-money laundering guidelines. The two banks are -- the Surat-headquartered Rander People's...

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India Post to provide details online of parcels held by custom

Posted: 11 Apr 2011 09:33 PM PDT

The Department of Post is working on providing details of parcels received by its by its international partners or sent through it to international destinations. "As part of mail tracking systems introduced by us, we will add details of parcels held...

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FinMin asks DoT to Probe role of telcos in tape leakage

Posted: 11 Apr 2011 09:30 PM PDT

Amid controversy over leakage of telephonic conversations involving top industrialists, corporate lobbyist Niira Radia and others, the Finance Ministry has asked the DoT to enquire into the conduct of telecom operators and identify individuals...

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Finance Ministry to meet PSU bankers on April 26

Posted: 11 Apr 2011 09:29 PM PDT

Finance Ministry will hold annual performance review of public sector banks here on April 26 to evaluate various aspects including non-performing assets and financial inclusion. The meeting will chaired by Financial Services Secretary S K Sharma...

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Eros case – SC declines film traders' plea against Competition Commission of India(CCI)

Posted: 10 Apr 2011 09:31 PM PDT

The Supreme Court has declined to admit a plea by the Central Circuit Cine Association, an apex body of film traders, challenging investigations against it by the fair trade regulator Competition Commission of India(CCI). The association moved the...

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Mukesh Ambani gets Bank of America shares as director fees

Posted: 10 Apr 2011 09:29 PM PDT

Bank of America has given shares worth nearly Rs 11 lakh to Mukesh Ambani as part of annual retainer fee to the billionaire industrialist, who joined the US banking giant's board last month. Ambani may get a total of over Rs 1 crore of annual...

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