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May 16, 2011

ITR 3 – Free Online Income Tax Return Preparation Software for A.Y. 2011-12

Govt exempts whole 9.5% interest on Provident Fund (PF) for 2010-11

Posted: 16 May 2011 06:46 PM PDT

Giving relief to 4.71 crore subscribers of EPFO, the government has allowed tax exemption on the 9.5% interest income on PF deposits for 2010-11. The finance ministry notification last week raises the income tax exemption to 9.5% interest income...

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ITR 3 – Free Online Income Tax Return Preparation Software for A.Y. 2011-12

Posted: 16 May 2011 06:38 PM PDT

Income Tax department on 16.05.2011 releases downloadable Online Income Tax Return Preparation / Filing Software- ITR-3 Applicable to Individual and HUF who are Partner in a Partnership firm and not having any other business Income except from the...

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Income Tax notices to Bhave are for routine Scrutiny for A.Y. 2009-10, says CBDT

Posted: 16 May 2011 06:25 PM PDT

The Income Tax Department (ITD) today said that it had issued notices to former Sebi chairman C B Bhave to furnish information in support of his return filed for the 2009-10 assessment year. The ITD has also initiated enquiry against two serving...

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Loan to Public Limited Companies under Section 295 of the Companies Act, 1956 – Clarification regarding

Posted: 16 May 2011 06:20 PM PDT

It has come to the notice of the Ministry that some companies are making applications for getting prior approval of Central Government when they propose to make any loan to, or give any guarantee or provide any security in connection with a loan...

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SC sent advocate Jail for forging the signature of Karnataka High Court

Posted: 16 May 2011 06:01 PM PDT

B.N. Shivanna Versus Advanta India Limited & Anr. (Supreme Court)- Contempt – Fraud by Advocate - Conviction upheld - appellant was enrolled as an advocate on 14.8.1998 and since then he has been practicing in the High Court of Karnataka at...

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RBI – Enhancement in gratuity limits – Prudential Regulatory Treatment

Posted: 16 May 2011 05:59 PM PDT

RPCD.CO RRB.BC.No. 70 /03.05.33/2010-11 Consequent upon the enhancement in gratuity limits following the amendment to Payment of Gratuity Act 1972, RRBs have approached us for the amortisation of the enhanced expenditure resulting therefrom. The...

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Withholding tax need not to be deducted on payments made for services like transcription and data processing –AAR

Posted: 16 May 2011 05:54 PM PDT

Indian firms outsourcing routine work to their overseas subsidiaries would not have to deduct withholding tax on the payments made to them. In a landmark ruling, the Authority of Advance Ruling (AAR) ( A.A.R. No.883 of 2010 dated 16.05.2010 -...

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SC pulls up Income Tax department for not taking timely action in 2G case

Posted: 16 May 2011 05:49 PM PDT

The Supreme Court today pulled up the Income Tax department for not taking timely action against the companies involved in the 2G spectrum scam and said had it not intervened, the officials would have "slept over it" and the oversees probe would not...

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Finance Minister Welcomes Substantial Decline in Core Inflation

Posted: 16 May 2011 05:39 PM PDT

Union Finance Minister Shri Pranab Mukherjee has welcomed the substantial decline in core inflation from 9.19 per cent in March 2011 to 7.97 per cent, along with drop in inflation for food articles from 9.47 per cent in March to 8.71 per cent in...

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CBDT facing Acute shortage of office space and residential quarters

Posted: 16 May 2011 05:33 PM PDT

Our requirement of office space is around 9.72 lacs sq mtrs, while the space available is only 6.67 lac sq mtrs. We are in possession of around 1.32 lac sq mtrs of vacant land, nearly 90 % of which was acquired over 5 years ago & 52 % more than...

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Revision of procedure for approval by Central Government for payment of remuneration to a relative of a director for holding an office or place of profit in the company

Posted: 16 May 2011 05:01 PM PDT

Increase in monetary limits :- The Central Government has on April 6, 2011 amended the said Rules to provide that no approval of the Central Government will be required under section 314 (1 B) of the Act if the monthly remuneration does not exceed...

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Sebi ask MFs to be conscience keeper of firms -Advises to disclose 'voting policy' on net

Posted: 16 May 2011 04:56 PM PDT

Prodding mutual funds to act as conscience-keeper of listed firms, Sebi has asked them to inform the investors on an urgent basis about their support or opposition to various business decisions of the companies. The market watchdog is of the view...

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Make Available' under India-Singapore DTAA vis-à-vis Technology Transfer Agreement and Services Agreement

Posted: 16 May 2011 04:21 PM PDT

Filtrex Technologies Pvt. Ltd. v. ACIT - ITAT Bangalore held that payments made under a Technology Transfer Agreement 'make available' technical knowledge or experience, and hence, are taxable as Fees for Technical Services in terms of Article...

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Soon Stock brokers may not be required to seek 'running account authorisation' from clients every year

Posted: 16 May 2011 10:47 AM PDT

Sebi has allowed brokers an uninterrupted access to their clients' accounts by seeking one time authorisation, reversing its earlier direction of such a requirement every year. Sebi has agreed to drop the requirement of stock brokers seeking...

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Gain from Portfolio Management Scheme (PMS) not Business Profit – ITAT Mumbai

Posted: 16 May 2011 10:43 AM PDT

ITO vs. Radha Birju Patel (ITAT Mumbai) - Transactions carried out via Portfolio Management Scheme are clearly in the nature of transactions meant for maximization of wealth rather encashing the profits on appreciation in value of shares. The very...

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Provisions of section 2(22)(e) of the Income Tax Act, 1961 related to deemed dividend not applicable to non shareholders – Delhi HC

Posted: 16 May 2011 10:31 AM PDT

The assessee who was not the shareholders of M/s. Jackson Generators (P) Ltd. (JGPL) could be treated as covered by the definition of 'dividend' as contained in Section 2(22)(e) of the Income Tax Act (hereinafter referred to as ‗the Act'). This...

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ROC invites comment on Compliance of provisions of the Companies Act, 1956 and Rules made thereunder

Posted: 16 May 2011 09:31 AM PDT

In order to ensure compliance of the provisions of the Companies Act, 1956 and Rules made thereunder, it is observed that the majority companies are only filing their event based information through MCA-21 to the Registrar of Companies, however the...

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Govt signs USD 150 million loan agreement with World Bank to push e-governance

Posted: 16 May 2011 04:03 AM PDT

The government has signed a USD 150 million loan agreement with the World Bank to push e-governance initiatives by filling in strategic policy gaps. This loan will support critical policy measures within Government''s overall e-Governance reform...

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RBI – Comprehensive Guidelines on Over the Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks

Posted: 15 May 2011 09:30 PM PDT

In view of the representation received from the industry associations and as AS 30/32 standards are yet to be notified by the Ministry of Corporate Affairs, it has been decided to amend the eligibility criteria for the users of cost reduction...

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