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Apr 12, 2011

Section 14A disallowance – Revenue cannot dictate assessee that how the assessee should use its own fund

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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