| ROC will take Penal action for wrong Certification of e-forms under the Companies Act, 1956 by the Practicing CA, CS, ICWAI Posted: 11 Apr 2011 06:05 PM PDT Circular 14/2011, Dated: 08.04.2011- Certification of e-forms under the Companies Act, 1956 by the Practicing professionals - Ministry of Corporate Affairs has entrusted practicing professionals registered as Members of the professional bodies... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBDT's circular No 739 dated 25-03-1996 on section 40(b)(v) is invalid- HP High Court Posted: 11 Apr 2011 05:53 PM PDT Himachal Pardesh High court in an important recent Judgment namely M/s Durga Dass Devki Nandan.V Income-tax Officer, Palampur decided on 11-03-2011 has held the circular No 739 dated 25-03-1996 of CBDT as invalid. The said circular is on the issue... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Amends Notification No. 61/94-Customs (NT) – Customs airports — Appointment for specified purposes Posted: 11 Apr 2011 09:23 AM PDT Notification No.29/2011 - Customs (N.T.) - Central Government hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 61/94-Customs (NT), dated the 21st... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Regarding Revision in the Customs part of Arrival Card for Passengers in Form 'D' –Notification issued by Ministry of Home Affairs – Compliance Posted: 11 Apr 2011 09:14 AM PDT Circular No.18/2011-Customs - It is, clarified that the new arrival card vide MHA Notification No. GSR 113(E) dated 24.02.2011 should also be used by the Customs Authorities at Land Customs Station or the Sea Port. In this regard, it is further... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Regarding Implementation of 'Self-Assessment' in Customs – Circular No.17/2011- Customs Posted: 11 Apr 2011 09:11 AM PDT Circular No.17/2011- Customs- New Section 17 of the Customs Act, 1962 provides for self-assessment of duty on imported and export goods by the importer or exporter himself by filing a Bill of Entry or Shipping Bill, as the case may be, in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Government to issue biometric PAN cards to taxpayers Posted: 11 Apr 2011 08:52 AM PDT The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones. The decision was taken recently by the Finance Ministry and it comes in the wake of a Comptroller and Auditor... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| No additional Guidelines for the Issue of Compulsory Licences – DIPP Posted: 11 Apr 2011 08:43 AM PDT The Department of Industrial Policy and Promotion (DIPP) issued a Discussion Paper on Compulsory Licencing of Patents in August 2010. The Department received 38 responses. Ten of these responses were received from stakeholders based in countries... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| What is Cheque Truncation and Why Cheque Truncation in India? Posted: 11 Apr 2011 08:05 AM PDT Truncation is the process of stopping the flow of the physical cheque issued by a drawer to the drawee branch. The physical instrument will be truncated at some point en-route to the drawee branch and an electronic image of the cheque would be sent... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBDT Circular Circular No. 739 dated 25.3.1996 which specifies that for section 40(b)(v), the partnership deed should specify the remuneration, is invalid Posted: 11 Apr 2011 07:51 AM PDT M/s Durga Dass Devki Nandan vs. ITO (HP High Court) - The CBDT circular can only be held to be valid if it is in terms of the main section. As held above, the Section 40(b)(v) only lays down that either the working partner should be paid an amount... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Section 14A disallowance – Revenue cannot dictate assessee that how the assessee should use its own fund Posted: 11 Apr 2011 07:20 AM PDT CIT vs. Gujarat Power Corporation Ltd (Gujarat High Court) - Assessee is fully justified in arranging its affairs in such a manner where his tax liability is reduced provided the assessee does not resort to any illegal means or enter into a sham... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Income tax department raids Lilavati Hospital Posted: 11 Apr 2011 06:43 AM PDT The income tax department Monday raided the prestigious Lilavati Hospital here that is frequented by VVIPs, officials said. The raids began at around 9 a.m. in the hospital and the office of the trust which manages it, both located in the same... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| US SEC charges Five India-based affiliates of PWC for role in Satyam accounting fraud Posted: 11 Apr 2011 06:36 AM PDT The US Securities and Exchange Commission (SEC) on Tuesday sanctioned five India-based affiliates of PricewaterhouseCoopers (PwC) that formerly served as independent auditors of Satyam Computer Services Ltd. These Indian PwC affiliates have been... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBI arrests Inspector of Central Bureau of Narcotics in bribery case Posted: 11 Apr 2011 02:55 AM PDT CBI arrests an Inspector of Central Bureau of Narcotics and a Private Person in a bribery case of Rs.Three Lakh- The Central Bureau of Investigation has registered a case U/s 120-B of IPC r/w Section 7, 8 and 10 of Prevention of Corruption Act, 1988... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| What is the Jan Lokpal Bill, why it's important and Salient features Posted: 10 Apr 2011 09:49 PM PDT The Jan Lokpal Bill (Citizen's ombudsman Bill) is a draft anti-corruption bill drawn up by prominent civil society activists seeking the appointment of a Jan Lokpal, an independent body that would investigate corruption cases, complete the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| RBI Circular on Compounding of interest on Agriculture Loans Posted: 10 Apr 2011 09:31 PM PDT RPCD.CO.RRB.BC No. 59/03.05.72/2010-11- A recent study undertaken by Regional Offices of NABARD and RBI in select States has revealed that compounding of interest on quarterly/ half-yearly basis, and not as per cropping/ harvesting cycle/s on... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Investment in SLR Securities by Regional Rural Banks (RRBs) Posted: 10 Apr 2011 09:30 PM PDT RPCD.CO.RRB.BC.No.59 /03.05.34 /2010-11 - On a review of the issue it has been decided that the exemption granted to RRBs up to financial year 2009-10 from 'mark to market' norms in respect of their investment in SLR securities be extended by for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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