MAT credit to be first adjusted and then TDS and prepaid taxes should be set off against the total tax liability and the assessee is not entitled to interest under s 244A against the MAT credit Posted: 01 Jun 2011 08:29 PM PDT CIT Vs M/s Sami Labs Limited - Karnatka High Court (Dated: February 14, 2011)- Income tax – Section 115JAA, 263, 244A – Whether MAT credit is to be first adjusted and then TDS and pre paid taxed should be set off against the total tax liability –... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Proceedings under section 158BD are void if referral AO fails to record his satisfaction -Delhi High Court Posted: 01 Jun 2011 07:59 PM PDT CIT v Radhey Shyam Bansal and Others (Delhi HC) In the instant case, the referring AO has not recorded satisfaction that any undisclosed income belongs to the assessee. In the letter/communication dated 15 July 2003 by the referring AO to the AO of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Reimbursement of seconded employee salary to expatriate employees is fees for included services- AAR Posted: 01 Jun 2011 07:31 PM PDT Verizon Data Services India Private Limited (A.A.R. Nos. 865 of 2010) - The AAR held that the seconded personnel are employees of a foreign company and render managerial services to the Applicant. Hence, the payments made would be in the nature of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| india inks Double Taxation Avoidance Agreement (DTAA) with Mozambique Posted: 01 Jun 2011 06:30 PM PDT The Government of India notified the Double Taxation Avoidance Agreement (DTAA) with the Government of Mozambique for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 31st May, 2011. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| new security system for mobile business users Posted: 01 Jun 2011 06:20 PM PDT A security systems provider based in Dubai has announced the launch of its newest security camera product, the Zoom Mobile Surveillance Package. Security Zoom said this new product enables CCTV viewing over an Iphone, which allows the user to watch... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Govt efforts to detect unaccounted income starts yielding results Posted: 01 Jun 2011 06:07 PM PDT The government today said the series of steps taken by it to unearth unaccounted wealth have started yielding results. The income tax department, sources said, has detected unaccounted income of Rs 18,750 crore in the last two financial years and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Recent Initiatives of the Government for Justice Delivery and Legal Reforms Posted: 01 Jun 2011 06:01 PM PDT National Mission for Justice Delivery and Legal Reforms: The Government has 'in principle' approved setting up of National Mission for Justice Delivery and Legal Reforms. The National Mission would help implementing the two major goals of (i)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Maharashtra makes alcohol laws tougher; age for buying / Driniking Alcohal up Posted: 01 Jun 2011 05:10 PM PDT The Maharashtra Government today made it illegal for anyone below 25 years of age to consume or purchase alcohol. As of now, the legal drinking age in the state is 21. A meeting of the state cabinet here today, however, approved fixing the minimum... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| To recover dues Tncome Tax Dept may use its power to arrest and prosecute Posted: 01 Jun 2011 10:47 AM PDT The Income Tax Department is all set to crack the whip on tax defaulters by invoking its power, which has not been used for many years, to arrest and prosecute evaders. The step comes in the backdrop of the government initiating various steps to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Clarifications issued by Income Tax Department on Form No. 24Q Posted: 01 Jun 2011 10:35 AM PDT Particulars to be filled in Annexures I, II and III: (i) In Annexure I, actual figures for the relevant quarter should be reported. (ii) In Annexures II & III, estimated/actual figures for the whole financial year should be given. However,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| The Companies (Passing of the resolution by Postal Ballot) Rules, 2011 Posted: 01 Jun 2011 10:19 AM PDT (a) The company may issue notices either,- (i) under Registered Post Acknowledgement Due; or (ii) through any other secured mode of posting provided by Department of Post; or (iii) through electronic mail provided the company has obtained... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Consultation prior to filing of notice of the proposed combination under sub section (2) of section 6 of the Competition Act, 2002 Posted: 01 Jun 2011 10:04 AM PDT The CCI under the draft regulations dated March 2, 2011 had first introduced the provision for pre-filing consultation. However, this found no mention in the recently issued final Competition Commission of India (Procedure in regard to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Income Tax department continues to enjoy the power to tap telephone conversation Posted: 01 Jun 2011 09:49 AM PDT The Income Tax department today said it continues to enjoy the power to tap telephone conversations, as was given to it earlier in 2006. Power of interception stays with the CBDT and there is no change in the factual background when the power was... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Income Tax Department aims to disburse refunds of over Rs 1 lakh crore this fiscal – CBDT Posted: 01 Jun 2011 09:47 AM PDT The Income Tax Department today said it aims to disburse refunds of over Rs 1 lakh crore this fiscal, against Rs 73,000 crore given in the previous fiscal. We intend to refund approximately Rs 1 lakh crore this fiscal, the outgoing Chairman of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| RBI cancels licence of Jalagoan-based Chopda Urban Co-operative Bank Posted: 01 Jun 2011 09:45 AM PDT The Reserve Bank of India has cancelled the licence of Jalagoan-based Chopda Urban Co-operative Bank as it had ceased to be solvent and depositors were being inconvenienced by continued uncertainty. The banking regulator delivered the order... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| ICAI Announcement Regarding Non-Applicability of Revised Schedule VI in November, 2011 Examination Posted: 31 May 2011 10:25 PM PDT This is to bring to the attention of students that a decision has been taken to defer the applicability of the Revised Schedule VI for CA examination, consequent to which the same will not be applicable for the PCC, IPCC and Final examinations to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CWG scam – CBI to investigate Mauritius-based company for alleged irregularities Posted: 31 May 2011 10:21 PM PDT CBI is likely to investigate the role of a Mauritius-based company for alleged irregularities in executing over Rs 70 crore contracts for providing consultancy for Commonwealth Games-related works after receiving a reference from Sports Ministry in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| RBI includes 'Sberbank' in Second Schedule to the Reserve Bank of India Act, 1934 Posted: 31 May 2011 09:50 PM PDT Ref: DBOD. No.Ret. BC. 98/12.06.129/2010-11 We advise that the name of 'Sberbank' has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD IBD. No. 13982 / 23.03.022/2010-11 dated March 08, 2011,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| RBI launches the 24th Round of Inflation Expectations Survey of Households Posted: 31 May 2011 09:47 PM PDT The Reserve Bank of India today launched 24th round of the Inflation Expectations Survey with April-June 2011 as the current reference period. The Survey seeks qualitative responses from households on price changes (general prices as well as prices... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| RBI includes 'Credit Suisse A.G' in Second Schedule to the Reserve Bank of India Act, 1934 Posted: 31 May 2011 09:40 PM PDT Ref: DBOD. No.Ret. BC. 97/12.06.128/2010-11 We advise that the name of "Credit Suisse A.G" has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD IBD. No. 13983 / 23.03.025/2010-11 dated March 08, 2011,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Sunil Mitra Appointed as Finance Secretary Posted: 31 May 2011 09:30 PM PDT Shri Sunil Mitra, an IAS officer of the 1975 batch (West Bengal Cadre) has been appointed as the Finance Secretary and Secretary, Department of Revenue upon retirement of Smt. Sushama Nath, Finance Secretary and Secretary, Department of Expenditure... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Links to Download Online Admit Card for CS and CWA June 2011 session Posted: 31 May 2011 09:30 PM PDT Download Online admit card for CS examination June 2011 session. Download Admit Card for ICWAI & CAT Examination (June 2011 Term) [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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