AS 11 -The Effects of Changes in Foreign Exchange Rates – Extension of sunset date in transitional provisions Posted: 30 May 2011 08:01 PM PDT On 31 March 2009, the Central Government added a new paragraph in the transitional provisions to AS 11 The Effects of Changes in Foreign Exchange Rates, notified under the Companies (Accounting Standard) Rules, 2006 (as amended). The paragraph... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Brief procedure to receive Form 16A from TIN website Posted: 30 May 2011 07:31 PM PDT Brief procedure for receiving Form 16A from TIN website: 1. Login to TAN Registration Account with user id, password and TAN. 2. Request Form 16A by carrying out verification by providing details of challan and deductees present in the TDS... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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New Directorate of Income Tax (Criminal Investigation) Created Posted: 30 May 2011 07:29 PM PDT New Directorate of Income Tax (Criminal Investigation) Created; to be Headed by an Officer of the Rank of Chief Commissioner of Income Tax; to Look into Criminal Matters Having any Financial Impliaction Punishable as an Offence Under any Direct Tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Income Tax department to publish and expose names of tax defaulters on newspapers Posted: 30 May 2011 07:29 PM PDT Tax defaulters beware! With tax recovery to the tune of more than Rs one lakh crore held up for lack of information about the whereabouts of defaulters, the Income Tax(I-T) department is working on plans to publish their names in newspapers. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Document seized must not only be a 'speaking one' but also be prima facie 'incriminating one' for attracting section 153C of the IT Act, 1961 Posted: 30 May 2011 07:27 PM PDT Sinhgad Technical Education Society vs. ACIT (ITAT Pune) -Though section 153C of the Income Tax Act confers jurisdiction if the Assessing Officer is 'satisfied' that 'documents' seized belong to a person other than the person referred to in section... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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No Section 271(1)(c) penalty for failure to disallow u/s 14A – ITAT Delhi Posted: 30 May 2011 07:26 PM PDT DCIT vs. Nalwa Investments Ltd (ITAT Delhi)- Though the computation of s. 14A disallowance was not made, the figures of dividend and interest were stated in the P&L A/c. Even the tax auditors did not state that s. 14A disallowance should be... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Company Law – Comments invited on proposed new rules for preferential allotment u/s 81 of The Companies Act, 1956 Posted: 30 May 2011 07:25 PM PDT In exercise of the powers conferred by sub Section (1-A) of Section 81 of the Companies Act 1956 read with Section 642 of the said Act, the Central Government hereby makes the following rules in supersession of unlisted Public companies... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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CBDT chairman appreciates Income Tax department and expresses gratitude Posted: 30 May 2011 07:24 PM PDT From the desk of Chairman,- CBDT S.N. 50 /May 31,2011 With profound humility, I bow in reverence & express my gratitude to each & every member of Ayakar Pariwar for their good wishes & support in my humble attempt to serve our great... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Liquid funds give better returns than savings account Posted: 30 May 2011 07:23 PM PDT Investments made in liquid funds, which invest in short-term debt instruments, offer better returns for retail investors than parking money in savings bank account, says a study. A study conducted by CRISIL Fund Services has found that liquid funds... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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India and Tanzania Signed Double Taxation Avoidance Agreement (DTAA) Posted: 30 May 2011 07:22 PM PDT The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the United Republic of Tanzania for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 27th... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Creation of a new Directorate of Income-tax (Criminal Investigation) – NOTIFICATION NO. 29/2011 , DATED 30-05-2011 Posted: 30 May 2011 07:21 PM PDT NOTIFICATION NO. 29/2011 The President of India is pleased to approve the creation of the Directorate of Income-tax (Criminal Investigation), to be known in short as DCI, in the Central Board of Direct Taxes, Department of Revenue, Ministry of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Double Taxation Avoidance Agreement (DTAA) with Ethiopia Posted: 30 May 2011 07:20 PM PDT The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the Federal Democratic Republic of Ethiopia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Income Tax – ICC Cricket World Cup, 2011 notified as International Sporting Event under section 10(39) – NOTIFICATION NO. 28/2011, DATED 27-05-2011 Posted: 30 May 2011 07:20 PM PDT NOTIFICATION NO. 28/2011 [F. NO. 200/21-2011-ITA-I], DATED 27-5-2011 In exercise of the powers conferred by clause (39) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following as the international... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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The expenditure is to be fully allowed in the year in which the same is incurred provided it fulfills the test laid down under section 37 of the Income Tax Act, 1961 Posted: 30 May 2011 07:19 PM PDT The expenditure is to be fully allowed in the year in which the same is incurred provided it fulfills the test laid down under s 37, and only in exceptional cases can the expenditure be allowed to be spread over, that too, when the assessee chooses... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Seeks to provide provisional assessment of imports of acetone when exported to India by M/s. Chang Chun Plastics Co. Ltd, Chinese Taipei – Notification No. 44/2011-Customs Posted: 30 May 2011 06:11 PM PDT Notification No. 44/2011-Customs Whereas in the matter of import of Acetone (hereinafter referred to as the subject goods), falling under sub-heading 29141100 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Customs Notification No.43/2011 Seeks to amend notification No. 121/2006-Customs, dated the 26th December,2006 Posted: 30 May 2011 06:08 PM PDT Notification No.43/2011-Customs Central Government, hereby makes the following further amendment in the notification of Government of India in the Ministry of Finance( Department of Revenue) No. 121/2006-Customs dated the 26th December, 2006,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Rate of exchange of conversion of each of the foreign currency with effect from 1st June, 2011 – Notification No. 36/2011 – Customs (N.T.) Posted: 30 May 2011 06:05 PM PDT Notification No. 36/2011 - Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Regarding customs duty on goods imported for use in, or for the manufacture of, metallised plastic films – Notification No. 35/2011- Customs ( N.T.) Posted: 30 May 2011 06:03 PM PDT Notification No. 35/2011- Customs ( N.T.) AND WHEREAS such goods have been rendered liable to higher rate of duty of customs by virtue of the judgment of the Supreme Court in Civil appeal Nos.3224-3225 of 1998 with C.A.No.5716 of 1998 decided on the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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India initiates lesser anti-dumping probes against imports between October, 2010 and April 2011 Posted: 29 May 2011 10:06 PM PDT In sync with several other major economies, India initiated less number of anti-dumping probes against imports between October, 2010 and April 2011, according to a joint report of the multilateral agencies. India launched 15 anti-dumping... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Political parties to go corporate as Election Commission plan new rules to curb use of black money Posted: 29 May 2011 09:57 PM PDT In an effort to curb the use of black money in the electoral process, the Election Commission now plans to ask political parties to conduct their finances in a corporate fashion by getting their accounts audited and publishing their audited finance... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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ICAI to soon conclude disciplinary proceedings against auditors in Satyam case Posted: 29 May 2011 09:50 PM PDT Accounting regulator ICAI today said it will soon conclude the disciplinary proceedings against S Gopalakrishnan and Srinivas Talluri , the two auditors embroiled in the multi-crore Satyam fraud . The Disciplinary Committee of the Institute of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Delhi court fines plantation company for violating SEBI norms Posted: 29 May 2011 09:36 PM PDT A plantation company and its two directors have been slapped with a fine of Rs2.25 lakh by a Delhi court for collecting a huge sum of money from the public, promising them high returns, without prior Securities and Exchange Board of India (SEBI)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Thrust on ensuring faster and inclusive growth – Montek Singh Ahluwalia Posted: 29 May 2011 09:31 PM PDT Planning Commission's Deputy Chairman Montek Singh Ahluwalia today said the issues like cash subsidy and PPP, especially raised by Bihar, would be addressed prominently in the approach paper to 12th five year plan. 'We will give thrust on ensuring... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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Resolution of issues regarding allocation of villages under Electronic Benefit Transfer (EBT) scheme and roadmap for providing banking services in villages with population above 2000 under Financial Inclusion Plan (FIP) Posted: 29 May 2011 09:29 PM PDT It has been brought to our notice that in some States the State Governments are implementing the ICT based Electronic Benefit Transfer (EBT) for routing social security benefits (MNREGA, NOAPS, etc.) to beneficiaries through the banking channel... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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CWA- Suggested Minimum Professional Fees as Approved by the Council Posted: 29 May 2011 09:29 PM PDT THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA 12 SUDDER STREET, KOLKATA – 700 016 -SUGGESTED MINIMUM PROFESSIONAL FEES AS APPROVED BY THE COUNCIL AT ITS -268TH MEETING HELD ON MAY 28, 2011 1. Fees for Cost Audit related assignments: [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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