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May 31, 2011

AS 11 -The Effects of Changes in Foreign Exchange Rates – Extension of sunset date in transitional provisions

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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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,...

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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...

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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...

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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...

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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...

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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...

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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)...

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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...

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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...

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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:

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