Splitting of Minimum Wages for the purpose of PF contribution not permissible

Splitting of Minimum Wages for the purpose of PF contribution not permissible Posted: 24 May 2011 08:32 PM PDT Attention of all concerned is invited towards this office circular no. Coord./4(6)2003/Clarification/13633 dated 06.06.2008 vide which it was advised to ensure that P.F. Contributions on at least Minimum Wages are remitted by the establishments.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Exemption from filing IT return for salaried taxpayers with annual income below 5 lakh rupees Posted: 24 May 2011 07:12 PM PDT Salaried taxpayers who do not have other sources of income and whose income are below5 lakh rupees per annum, are being exempted from filing income tax return. The Finance Minister Mr. Pranab Mukherjee said on Tuesday that this will apply in 2011-12... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Clarification on applicability of service tax on overseas Trade Fairs/Exhibition under 'Business Exhibition Services' Posted: 24 May 2011 07:02 PM PDT The matter has been examined. As per your letter, organizing a business exhibition involves three activities viz. (a) hiring of premises outside India, (b) arranging/coordinating installation of stalls and (c) renting of stalls to Indian Exhibitors.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Sachin Tedulkar can claim deduction u/s. 80RR on advertisement Income Posted: 24 May 2011 07:02 PM PDT : An Income Tax tribunal has allowed ace cricketer Sachin Tendulkar to claim deductions from his taxable income pertaining to earnings from modelling in advertisements. The two-member tribunal, which gave its order on May 20, upheld the cricket... [[ This is a content summary only. Visit www.taxguru.in for full article ]] TDS to be deducted on tips passed to employees by Hotel employers who have collected them from customers Posted: 24 May 2011 07:01 PM PDT Recently in the case of ITC Ltd v. CIT [2011-TIOL-287-HC-DEL-IT], the Delhi High Court (HC) held that the tips or service charges distributed to employees are to be treated as part of salary and tax is required to be withheld under section 192 of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Consideration received under a composite contract for services which are ancillary to the main objective of providing a software user license held to be in the nature of Royalty Posted: 24 May 2011 07:01 PM PDT Recently in the case of Lanka Hydraulic Institute Limited In AAR No. 874 of 2010 , the Authority for Advance Rulings (AAR) held that where the scope of work under a contract is primarily related to technology transfer by way of software along with... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Central Governement specifies Limited Liability Partnership a body corporate Posted: 24 May 2011 07:01 PM PDT In exercise of the powers conferred by clause (c) of sub-section (7) of section 2 of the Companies Act, 1956 (1 of 1956), the Central Government hereby specifies, for the purpose of the said clause, the Limited Liability Partnership, a body... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Payments made to non-resident freight forwarders not chargeable to tax u/s. 9(1)(vii) of the Income-tax Act, 1961 hence the payer not liable to withhold tax u/s. 195 Posted: 24 May 2011 06:54 PM PDT Recently in the case of ACIT v. Indair Carriers Pvt. Ltd. [I.T.A. No. 1605 (Del) of 2010], the Delhi Income-tax Appellate Tribunal, held that payments made to non-resident freight forwarders are not chargeable to tax under section 9(1)(vii) of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Clarification on applicability of provisions of Section 108A to 108I of the Companies Act, 1956 Posted: 24 May 2011 06:53 PM PDT Circular 30/2011 Sections 108A to 1081 of the Companies Act, 1956 were inserted in the Companies Act, 1956 through Monopolies and Restrictive Trade Practices (Amendment) Act, 1991. Section 108G (applicability of sections 108A to 108F) and Section... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBDT briefs Baba Ramdev on govt steps to tackle black money Posted: 24 May 2011 10:53 AM PDT In a bid to reach out to yoga guru Ramdev who has threatened to go on hunger strike over blackmoney issue, the government has deputed a team of high ranking officials led by CBDT Chairman to brief him on the steps being taken by the Centre to deal... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CCI rules out any conflict with Sebi on merger and acquisitions norms Posted: 24 May 2011 10:46 AM PDT The Competition Commission of India (CCI) today ruled out any conflict with Sebi over the recently notified merger and acquisitions (M&A) norms, saying the new regime would not clash with the market regulator's takeover code. In an interview to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Finance Min may go slow on Income Tax refunds Posted: 24 May 2011 08:50 AM PDT Amid fears of slowdown in tax collection in the current fiscal, the Finance Ministry today indicated that it may go slow on disbursement of pending income tax refunds. The indication was given by Revenue Secretary Sunil Mitra at the annual... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Amended DTAA to help in dealing with black money – Pranab Posted: 24 May 2011 07:39 AM PDT Finance Minister Pranab Mukherjee today exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money. Income Tax Department is engaged in ways to tackle... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Government cautious in allowing FDI in Limited Liability Partnership (LLP) Posted: 24 May 2011 05:46 AM PDT The government has taken a cautious approach towards allowing FDI in the hitherto untried LLP format of business, mostly preferred by professionals, experts said today. The government has allowed FDI in Limited Liability Partnership (LLPs) only in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Finance Minister Inaugurates the 27th Annual Conference of Chief Commissioners and DGIT Posted: 24 May 2011 05:42 AM PDT The Union Finance Minister Shri Mukherjee said that for the Financial Year 2011-12, the Income-tax Department has been given a tax collections target of about Rs.5.33 lakh crores, which is at 20 per cent growth over the actual collections of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Policy Initiatives of Textile Ministry Bring Cotton and Yarn Price Stability Posted: 24 May 2011 05:38 AM PDT There have been newspaper reports on the Textile Mills stopping production for one day on 23.05.2011 to protest the withdrawal of incentives and curbs on cotton yarn exports. Of the 3300 registered textile mills, 1998 mills were reported to have... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Regarding anti-dumping duty on import of Vitrified Porcelain Tiles originating in, or exported from the People's Republic of China (China PR) and United Arab Emirates Posted: 24 May 2011 05:21 AM PDT Notification No. 41/2011-Customs, Whereas, in the matter of import of Vitrified Porcelain Tiles, (hereinafter referred to as the 'subject goods'), falling under Chapter 69 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Guidelines on Credit Default Swaps (CDS) for Corporate Bonds Posted: 24 May 2011 05:17 AM PDT IDMD.PCD.No. 5053 /14.03.04/2010-11 As indicated in paragraph 113 of the Second Quarter Review of Monetary Policy for year 2009-10, an Internal Group was constituted by the Reserve Bank to finalise the operational framework for the introduction of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Bank directors must furnish info on adverse strictures passed by financial sector regulators against them Posted: 23 May 2011 09:40 PM PDT In an effort to improve due diligence, the Reserve Bank of India (RBI) on Monday asked banks to seek information from their directors on any adverse strictures passed by financial sector regulators against them. The banking regulator has partially... [[ This is a content summary only. Visit www.taxguru.in for full article ]] US court direct Infosys documents related to the company's sponsorships and utilisation of B1 business visas Posted: 23 May 2011 09:38 PM PDT Amid controversies over its use of US business visas, Infosys today said an American court has sought documents and records related to the company's sponsorships and utilisation of B1 business visas. The development comes at a time when Infosys is... [[ This is a content summary only. Visit www.taxguru.in for full article ]] ICSI -9th All India Moot Court Competition 2011 Posted: 23 May 2011 09:30 PM PDT 9TH All India Moot Court Competition 2011 Organized by Western India Regional Council of ICSI And Hosted by Pune Chapter of WIRC of ICSI. Rules for the Competition -Eligibility - Only registered students of ICSI. Only team entries are allowed.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]