Removal of anomaly for differential interest rates for EPF and income-tax exemption

Removal of anomaly for differential interest rates for EPF and income-tax exemption Posted: 25 May 2011 08:33 PM PDT The Central Government (the Ministry of Labour and Employment) had issued a notification No. R-11018 / 1/ 2010.SS- II dated 17.03.2011 in March 2011, providing its approval for crediting of interest at the rate of 9.5 per cent for the year 2010-11... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Commission payment, for sales and marketing support outside India, does not constitute income chargeable to tax in India Posted: 25 May 2011 07:39 PM PDT Recently, the ITAT Delhi in the case of Eon Technology (P) Ltd. v. DCIT [2011] 11 taxmann.com 53 (Del) held that payment by way of commission for sales and marketing support outside India does not constitute income chargeable to tax in India under... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBDT's instructions regarding Standard Operating Procedure on filing of appeals to High Court – Instruction No. 7/2011 Posted: 25 May 2011 10:37 AM PDT INSTRUCTION NO. 7 /2011 Section 260A of the Income-tax Act, 1961 - High Court - Appeal to - Instructions regarding Standard Operating Procedure on filing of appeals to High Court under section 260A and related matters. The Government has formulated... [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI panel suggests tighter reporting norms for interest rate and forex derivatives Posted: 25 May 2011 10:21 AM PDT In order to improve transparency and avoid build up of a financial crisis, a Reserve Bank of India (RBI) panel today suggested tighter norms for reporting and monitoring of interest rate and forex derivatives. The report of the Working Group set up... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Income below Rs 5 lakh? You need not file returns Posted: 25 May 2011 10:17 AM PDT The government has exempt salaried people earning up to Rs 500,000 annually from filing income tax returns. A move that will bring relief to about 80 lakh people was announced by the Finance Minister Pranab Mukherjee [ Images ] when he presented... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Setting up of Central Electronic Registry under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 Posted: 25 May 2011 10:09 AM PDT DNBS (PD) CC. No. 24/SCRC/26.03.001/2010-2011 - Pursuant to the announcement made by the Finance Minister in the budget speech for 2011-12, Government of India, Ministry of Finance notified the establishment of the Central Registry vide notification... [[ This is a content summary only. Visit www.taxguru.in for full article ]] UCBs – Enhancement in gratuity limits – Prudential Regulatory Treatment – UBD.BPD.(PCB) CIR No. 49/09.14.000/2010-11 Posted: 25 May 2011 10:05 AM PDT UBD.BPD.(PCB) CIR No. 49/09.14.000/2010-11 Consequent upon the enhancement in gratuity limits following the amendment to Payment of Gratuity Act 1972, UCBs and their Associations have expressed that it would be difficult to absorb the large amount... [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI – Bank can not Loan for subscription of Indian Depository Receipts (IDRs) or against security/collateral of IDRs Posted: 25 May 2011 10:03 AM PDT DBOD. Dir.BC. 96 /13.03.00/2010-11 The matter regarding extending of finance for subscription to the IDRs and loans thereagainst has been examined. It has been decided that no bank should grant any loan/advance for subscription to IDRs. Further, no... [[ This is a content summary only. Visit www.taxguru.in for full article ]] DGFT – Allocation of 10,000 MT of raw/white sugar for the fiscal year 2010-11 (October- September) for export to EU under CXL Quota Posted: 25 May 2011 09:45 AM PDT Public Notice No. 49 (RE-2011)/2009-2014 As per HS Code 1701 00 00 in the Schedule-2 of ITC(HS) Classification of Export and Import Items, as amended, M/s Indian Sugar Exim Corporation Limited, New Delhi is the designated agency for export of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI rate hike not just to fight inflation, but also to prevent the formation of asset bubbles Posted: 25 May 2011 09:38 AM PDT The Reserve Bank should keep its key rates high not just to fight inflation, but also to prevent the formation of asset bubbles, a top economist from Standard Chartered said today. I think the RBI needs to make sure that the monetary policy is tight... [[ This is a content summary only. Visit www.taxguru.in for full article ]] States Important Stakeholders in Inflation Management – RBI Governor Posted: 25 May 2011 08:23 AM PDT States are important stakeholders in inflation management as their contribution is important in addressing the supply side constraints. They could, for instance, help better management of public distribution system, improve productivity in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Competition Commission of India fines 27 film producers for colluding through cartel Posted: 24 May 2011 10:52 PM PDT The Competition Commission of India (CCI) today imposed a penalty of Rs one lakh each on 27 film producers on charges of colluding through a cartel to exploit theatre owners. The CCI imposed the fine on filmmakers after having found them guilty of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Do not reject MNP request if dues less than Rs. 10 – Trai Posted: 24 May 2011 10:43 PM PDT Concerned over subscribers facing problems in exercising Mobile Number Portability service, Trai has asked operators not to reject a request if the amount outstandings are less than Rs 10. Telecom regulator Trai's directive came in the wake of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] MP Govt's free dinner for IAS officers under Lokayukta scanner Posted: 24 May 2011 10:12 PM PDT The Madhya Pradesh government has come under the scanner of Lokayukta for allegedly organising a free dinner for about 250 serving IAS officers with taxpayers' money. Official sources said about Rs 1.5 lakh was allegedly routed from the exchequer's... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Mauritius provides first information about tax evader Posted: 24 May 2011 10:10 PM PDT Yielding under "pressure", Mauritius has for the first time provided banking information about a person being investigated by the Income Tax Department (ITD) for tax evasion and money laundering. "They (Mauritius) have given information related to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CCI founds NSE guilty of abusing its dominant market position by adopting unfair trade practices Posted: 24 May 2011 10:00 PM PDT Competition watchdog CCI on Wesdnesday pronounced the National Stock Exchange (NSE) guilty of abusing its dominant market position by adopting unfair trade practices in connection with currency derivatives trading. However, the quantum of fine to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt may miss tax revenue collection target for 2011-12 Posted: 24 May 2011 09:58 PM PDT The government could miss the revenue collection targets during 2011-12 mainly on account of high inflation and moderating economic growth, a senior Finance Ministry official said here on Tuesday. Inflation can affect domestic demand and thereby... [[ This is a content summary only. Visit www.taxguru.in for full article ]] BSE gets in-principle nod from Sebi for SME exchange Posted: 24 May 2011 09:55 PM PDT Asia's oldest bourse, the Bombay Stock Exchange (BSE), today said it has been granted an 'in-principle' approval by the capital market watchdog Sebi to launch an exchange exclusively for small and medium enterprises (SMEs). BSE today received an... [[ This is a content summary only. Visit www.taxguru.in for full article ]] DGFT – Regarding File applications for 24 SEZ ports codes Posted: 24 May 2011 09:45 PM PDT Policy Circular No. 31 (RE-2011) /2009-14 Dated the, 25th May, 2011 - Sub:- File applications for 24 SEZ ports codes - reg. - Director General (Systems) have accorded SEZ port codes to the following 24 SEZs which have been... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Seizure of 115 packets of cannabis weighing 2344.40 Kg. valued at Rs. 70.33 lakh – by DRI, Guwahati Regional Unit Posted: 24 May 2011 09:31 PM PDT Acting on a specific intelligence, officers of DRI, Guwahati Regional Unit under Kolkata Zonal Unit with the assistance of city police effected a seizure of 115 packets of cannabis weighing 2344.40 kg. valued at Rs. 70.33 lakh from a truck bearing... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CS – Payment of Annual Member ship / Certificate of Practice fee for the year 2011-12 Posted: 24 May 2011 09:30 PM PDT Payment of Annual Membership fee/Certificate of Practice fee -As you are kindly aware that the Annual Member s hip fee/Certificate of Practice fee for the year 2011-12 became payable on 1 s t April, 2011. The Annual Member ship fee and Certificate... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Seizure of Fake Indian Currency Notes (FICN) having total face value of Rs.12,90,500/- by DRI Siliguri Regional Unit Posted: 24 May 2011 09:30 PM PDT Acting on a specific intelligence, the officers of DRI Siliguri, Siliguri Regional Unit under Kolkata Zonal Unit effected a seizure on 21 .05.2011 at 16.00 hrs. and recovered Fake Indian Currency Notes (FICN) having total face value of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]