Changes in procedure relating to application for withholding tax at a lower / nil rate

Changes in procedure relating to application for withholding tax at a lower / nil rate Posted: 11 May 2011 08:19 PM PDT Where a taxpayer believes that its total income justifies withholding of tax at a lower rate, it can apply to the assessing officer for a certificate of withholding tax at a lower rate. The application by the taxpayer to the AO for a certificate of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] If AO finds actual rent received is less than the fair market rent because of the abnormally high interest-free security deposit, he can adjust it Posted: 11 May 2011 07:42 PM PDT Tivoli Investment and Trading Co vs. ACIT (ITAT Mumbai)- the municipal value or standard rent is not binding on the AO but is a guiding factor for determining the reasonable rent expected to be fetched by the property. If the AO finds that the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Excise duty refund eligible for deduction u/s 80-IB Posted: 11 May 2011 06:53 PM PDT M/s J.K. Aluminium Co vs. ITO (ITAT Delhi) - The assessee is a firm engaged in the business of manufacture of aluminum wire rods at IGP, SIDCO, Phase-II Samba, Jammu & Kashmir. During the assessment proceedings, the assessee had filed... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Transfers & Postings of Commissioners and Directors of Income-tax Posted: 11 May 2011 06:30 PM PDT Vide Order No. 85 of 2011 dated 11.5.2011, the CBDT has transferred & posted Commissioners & Directors of Income-tax. Order No. 85 of 2011 dated 11.5.2011 [[ This is a content summary only. Visit www.taxguru.in for full article ]] Adani group challenge imposition of MAT on SEZs; Gujrat HC issues Notice to Ministry of Finance and I.T. dept Posted: 11 May 2011 06:19 PM PDT Gujarat High Court has issued notices to the Union Ministry of Finance and the Income Tax department in response to petitions by two companies of Adani Group, challenging the imposition of Minimum Alternative Tax (MAT) through an amendment in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI Circular on Regulatory and Audit Compliance Posted: 11 May 2011 09:59 AM PDT It is observed that Indian operations of foreign banks functioning in India as branches of the parent banks generally do not have a separate Audit Committee vested with the responsibility of examining and reviewing inspection/audit reports for their... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Regarding imports of goods under Chapter 84 of ITC (HS) and the requirement of compliance to Chapter 87 Import License Notes Posted: 11 May 2011 09:57 AM PDT Attention is drawn to Directorate General of Foreign Trade (DGFT) Policy Circular No. 21/2007, dated 14/12/2007, on applicability of Licensing Note No.1 and 2, of Chapter 87 of ITC (HS) classification on import of special purpose vehicles used in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] ICAI invites comment on Accounting for Foreign Exchange Gains and Losses arising on Translation of Long Term Monetary Items Posted: 11 May 2011 09:50 AM PDT In March 2009, Ministry of Corporate Affairs (MCA), added paragraph 46 to the existing notified AS 11, The Effects of Changes in Foreign Exchange Rates, giving an option to companies to follow accounting treatment laid down in that paragraph.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] SBI to introduce green-channel banking at more branches Posted: 11 May 2011 09:33 AM PDT State Bank of India (SBI) will introduce "green-channel banking" at more of its branches to promote paperless work and to facilitate faster transactions for customers, SBI sources said. All major transactions, including withdrawals, deposits and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt approves FDI in Limited Liability Partnership firms Posted: 11 May 2011 09:24 AM PDT Approval for FDI in Limited Liability Partnership firms The Cabinet Committee on Economic Affairs today approved the proposal to amend the policy on allowing Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) firms. The FDI in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Amends Notification No. 21/2002 – Customs, dated 1st March, 2002 Posted: 11 May 2011 06:43 AM PDT Notification No. 39/2011-Customs, G.S.R. 377(E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Monthly Technical Reports both Customs and (Central Excise and Service Tax) Annexures on litigation matters – revisions – regarding. Posted: 11 May 2011 06:40 AM PDT It has been noticed that several reports are received by the Judicial & Review Section and the Legal Section of the Board as well as the Directorate of Legal Affairs (DLA) in matters relating to litigation. Many of the reports contain similar... [[ This is a content summary only. Visit www.taxguru.in for full article ]] To Achieve Sustained GDP Growth Rate of 9 to 10 Percent with Fiscal Prudence and Moderate Inflation is a Major Challenge – Pranab Mukherjee Posted: 11 May 2011 06:26 AM PDT The Union Finance Minister Shri Pranab Mukherjee said that there are three major challenges before us today. The Finance Minister said that the first major challenge is how to bring entire society especially the poor and vulnerable section of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 2011 to See an Improvement in World Economy- says Pranab Mukherjee Posted: 11 May 2011 06:24 AM PDT The Union Finance Minister Shri Pranab Mukherjee said that Indian diplomacy has to acquire a decisive economic perspective to its thinking and strategic approach. Elaborating the same, the Union Finance Minister said while anchoring our foreign... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CCI Releases Regulation of Combinations for Corporate Sector Posted: 11 May 2011 06:22 AM PDT The Competition Commission of India (CCI) today released the regulation of Combinations related with the implementation of provisions of Section 5 & 6 of Competition Act (the Combination Provisions, which have been envisaged to prevent... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Exemption from Liability for Hosting Third Party Information – Diligence to be Observed under Intermediary Guidelines Rules Posted: 11 May 2011 06:19 AM PDT The attention of Government has been drawn to news items in a section of media on certain aspects of the Rules notified under Section 79 pertaining to liability of intermediaries under the Information Technology Act, 2000. These items have raised... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Clarification Regarding Effective Date of Companies (Particulars of Employees) Amendment Rules, 2011 Posted: 11 May 2011 06:17 AM PDT The Ministry of Corporate Affairs has clarified that its notification of 31st March, 2011 regarding Companies (Particulars of Employees) Amendment Rules, 2011 raising the limit of employee's salary to be disclosed in the Directors Reports shall be... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt to redraft norms for appointing merchant bankers for PSU issues Posted: 11 May 2011 06:15 AM PDT The government is in the process of redrafting the proposal document format for appointment of merchant bankers to avoid the conflict of interest between the public and private share sale issues. [[ This is a content summary only. Visit www.taxguru.in for full article ]] SC allows prosecution of Reliance honchos under Official Secrets Act Posted: 11 May 2011 06:09 AM PDT Three top executives of the undivided Reliance Group - AN Sethuraman , Shankar Adawal and V Balasubramanium - will face criminal proceedings on charges of possessing confidential government documents after the Supreme Court on Tuesday refused to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI sets up committee on forex facilities to individuals Posted: 11 May 2011 06:03 AM PDT The Reserve Bank on Tuesday set up a committee for streamlining foreign exchange transactions and also invited comments from public and other stakeholders for improving facilities pertaining to investments and repatriation of funds. [[ This is a content summary only. Visit www.taxguru.in for full article ]] Union Finance Minister congratulates all the members of 'Aayakar Parivar' Posted: 11 May 2011 05:58 AM PDT There has been an unprecedented collection of tax revenues in the financial year 2010-11. Against an initial aggregate target of Rs.7,45,000 crore that we revised to Rs.7,82,000 crore, the total collections stand at nearly Rs.7,90.000 crore. This... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBDT committed to reduce the reporting burden of Ayakar Parivaar Posted: 11 May 2011 05:47 AM PDT New Reporting format CAP II though finalized, development of software to facilitate this process is taking time. While every effort is being made to complete the process quickly, field officers are advised to use the existing reporting format for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Observations of Hon'ble Justice Markandeya Katju on The Functioning Of Lower Judiciary? Posted: 11 May 2011 05:04 AM PDT I am extremely happy to listen to the discussion conducted by Mr.Arnab Goswamy of Times Now in his News Hour programme highlighting the observations made by Justice Markandeya Katju of Supreme Court on the functioning of lower judiciary. In any... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Amendment to the Administrators-General Act, 1963 to raise the monetary limit from Rs. two lakh to Rs. ten lakh Posted: 10 May 2011 10:31 PM PDT The Union Cabinet today approved the proposal to amend the Administrators-General Act, 1963 to raise the monetary limit from Rs. two lakh to Rs. ten lakh by introducing the Administrators-General (Amendment) Bill, 2011 in the ensuing session of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Shri Salman Khurshid Launches the New Website of the Ministry of Minority Affairs Posted: 10 May 2011 10:21 PM PDT Shri Salman Khurshid, Minister of Minority Affairs, here today launched the new website of the Ministry of Minority Affairs. Shri Vincent H. Pala, Minister of State for Minority Affairs was also present on the occasion. The new website... [[ This is a content summary only. Visit www.taxguru.in for full article ]] SBI hikes lending rates by 75 bps , Other banks may follow Posted: 10 May 2011 10:12 PM PDT Country's largest lender SBI today announced a hike in lending rates by 75 basis points (bps), making housing, auto and other loans dearer for both new and existing borrowers. State-owned SBI has increased the base rate, or the minimum lending rate,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] ICSI President's Communique – May, 2011 Posted: 10 May 2011 10:00 PM PDT Online Certificate Course in Intellectual Property Rights - The Intellectual Property, one of the important assets of commercial transactions, has become an important measure for corporate viability, competitive edge and sustainable performance.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI Circular on increase in Limit of Housing Loans Under Priority Sector Advances – UCBs Posted: 10 May 2011 10:00 PM PDT Please refer to our Circular UBD.PCB.Cir.No.11/09.09.01/2007-08 dated August 30, 2007 forwarding therewith the guidelines for UCBs on lending to priority sector. In terms of item (vi) under 'Categories of Priority Sector' and also para 7.1 of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBI Arrests a Private Secretary of a Minister in Punjab Govt. Posted: 10 May 2011 09:50 PM PDT The Central Bureau of Investigation has arrested a Private Secretary to the Minister of Technical Education, Social Security, Women & Child, Govt. of Punjab in the on-going investigation of a bribery case. The arrested accused was produced... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Drive against illegal selling of plastic pan masala pouches Posted: 10 May 2011 09:30 PM PDT Over 17,000 plastic pouches of gutka being sold illegally were recovered during a drive carried out by district municipal corporation authorities here, officials said today. The corporation carried out the drive yesterday after receiving repeated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]