PPF Investment Limit increased to 1 lakh from 1.12.2011 and interest on loan against PPF will cost 2 percent extra

PPF Investment Limit increased to 1 lakh from 1.12.2011 and interest on loan against PPF will cost 2 percent extra Posted: 26 Nov 2011 06:30 PM PST Public Provident Fund (Amendment) Scheme, 2011 - Amendment in paragraphs 3, 11 and Form A NOTIFICATION [F.No. 1/9/2011-NS-II], dated 25-11-2011 In exercise of the powers conferred by sub-section (4) of section 3 of the Public Provident Fund Act,... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] All you want to know about Public Provident Fund Scheme (PPF), 1968 (Updated) Posted: 26 Nov 2011 06:29 PM PST Every individual desirous of subscribing to Fund under the Scheme for the first time either on his own behalf or on behalf of a minor of whom he is the guardian or on behalf of a Hindu Undivided Family of which he is a member or on behalf of an... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] National Small Savings Fund (Custody and Investment) amendment Rules, 2011 – Amendment in rule 9 Posted: 26 Nov 2011 06:24 PM PST NOTIFICATION [F.No.1/12/2011-NS-II], dated 25-11-2011 In exercise of the powers conferred by clause (1) of article 283 of the Constitution, the President hereby makes the following further amendments in the National Small Savings Fund (Custody and... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Post Office Time Deposit (Second Amendment) Rules, 2011 – Amendment in Rules 7 and 8 Posted: 26 Nov 2011 06:22 PM PST NOTIFICATION [F.No.1/11/2011-NS-II], dated 25-11-2011- In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Post Office Savings Account Rules – Interest with effect from 1-12-2011 notified Posted: 26 Nov 2011 06:20 PM PST NOTIFICATION [F.No. 1/10/2011-NS-II], dated 25-11-2011- In pursuance of rule 6 of the Post Office Savings Account Rules, 1981, the Central Government hereby notifies that, with effect from the 1st day of December, 2011, interest on the balance at... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Post Office Recurring Deposits – Interest w.e.f. 1-12-2011 notified Posted: 26 Nov 2011 06:19 PM PST Post Office Recurring Deposit (Second Amendment) Rules, 2011 - Amendment in rules 9. 10, 11, 12 and insertion of tables 44 to 46 NOTIFICATION [F.No. 1/7/2011-NS-II], dated 25-11-2011 In exercise of the powers conferred by section 15 of the... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] NSC – Interest with effect from 1-12-2011 notified Posted: 26 Nov 2011 05:50 PM PST National Savings Certificates (VIII Issue) (Second Amendment Rules, 2011 - Amendment in rules 15 and 16- NOTIFICATION [F.No.1/7/2011-NS-II], dated 25-11-2011 In exercise of the powers conferred by section 12 of the Government Savings Certificates... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Post Office (Monthly Income Account) Second Amendment Rules, 2011 – Amendment in Rules 8 and 9 Posted: 26 Nov 2011 05:44 PM PST NOTIFICATION [f.no.1/11/2011-ns-ii], dated 25-11-2011 In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Kisan Vikas Patras – Discontinuance of sale w.e.f. 30-11-2011 Posted: 26 Nov 2011 05:41 PM PST NOTIFICATION [F.No. 1/10/2011-NS-II], dated 25-11-2011 It is notified for general information that the sale of Kisan Vikas Patras shall be discontinued with effect from the close of business on Wednesday, the 30th November, 2011. [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Small savings schemes – Notified rate of commission for canvassing/securing investment in Posted: 26 Nov 2011 05:22 PM PST The Central Government hereby notifies that the authorised Standardised Agency System (SAS) and Mahila Pradhan Kshetriya Bachat Yojana (MPKBY) agents for canvassing/securing investments in the small savings schemes as per the terms of agreement... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Commission paid to a foreign agent without deduction of tax for services rendered outside India cannot be disallowed under the Income-tax Act Posted: 26 Nov 2011 01:20 AM PST Dy. CIT VS M/s. Divi's Laboratories Ltd. (ITAT Hyderabad) - Section 195 of the Act has to be read along with the charging sections 4, 5 and 9 of the Act. One should not read section 195 to mean that the moment there is a remittance; the obligation... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Mumbai – Fire in local market, many shops gutted Posted: 26 Nov 2011 12:53 AM PST Mumbai, Nov 26 A major fire gutted three popular shopping complexes in south Mumbai early Saturday, the fire brigade said. There were no casualties. According to a fire brigade official, the fire broke out around 3.30 a.m. in the Sara-Sahara Mall,... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Tax paid by the employer on behalf of the employee is perquisite and can not be included in salary for valuation of concessional accommodation Posted: 26 Nov 2011 12:26 AM PST Mr. Isao Sakai Vs. JCIT (ITAT Delhi) On the comparison of definition of the word 'salary' before and after 01.04.2001, it is clear that for the purpose of determination of perquisite value of rent-free accommodation with effect from 01.04.2001, as... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Proof of service outside India pre-requisite for beneficial tax claim – ITAT Pune Posted: 25 Nov 2011 11:44 PM PST Madhukar Vinayak Dhavale Vs. ITO, International taxation (ITAT Pune)- An individual who leaves India as a crew member of an Indian ship will be a non-resident if his stay in India is less than 182 days in the tax year.The assessee has not produced... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Transfer Pricing – Comparable rejected by TPO without giving cogent reasons must be presumed to be comparable and DR cannot argue to the contrary Posted: 25 Nov 2011 10:13 PM PST ACIT vs. Maersk Global Service Center (ITAT Mumbai) -The Special Bench of the Tribunal in Mahindra & Mahindra Limited Vs. DCIT [(2009) 122 TTJ (Mum.) (SB) 577] has laid down the proposition to the effect that the Departmental Representative has... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Gujrat HC decides at what stage it can be held that there had been an international transaction between taxpayer and its Associated Enterprises Posted: 25 Nov 2011 09:50 PM PST HC decides at what stage it can be held that there had been an international transaction between taxpayer and its Assocaited Enterprises [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] TDS – AO not having jurisdiction cannot pass the order just because assessment was getting time barred – Bombay HC Posted: 25 Nov 2011 09:29 PM PST Indian Newspaper Society vs. ITO (TDS) (Bombay High Court) - The Petitioner is assessed at New Delhi. The PAN and TAN numbers are allotted to the Petitioner under Sections 139A and 203A by the Assessing Officer at New Delhi. All returns including... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Income of non-resident for production of television signals for broadcasting of cricket matches in India taxable as fees for technical services on gross basis Posted: 25 Nov 2011 09:22 PM PST Nimbus Sport International Pte. Ltd. v. DDIT (ITAT Delhi) -Coming to the issue about the advertisement revenue received by the assessee in Singapore for matches played abroad, it has not been disputed that the matches in question for which... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Non-resident lessor does not have PE or business connection in India on account of leased assets used in India but delivered outside India, provided the lease agreement is entered on principle to principle basis Posted: 25 Nov 2011 09:00 PM PST DCIT vs. M/s Calcutta Test House Pvt. Ltd. (ITAT Delhi) - Agreement signed on 18.1.1997 between the assessee and M/s Oceaneering International AG (OIAG) registered at Switzerland. The OIAG was stated to be sole, lawful and absolute owner of the... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] India and Nepal to Sign Revised Double Taxation Avoidance Agreement Posted: 25 Nov 2011 08:54 PM PST  Double Taxation Avoidance Agreement (DTAA) between India and Nepal will be signed tomorrow by the Finance Ministers of both the countries in Kathmandu. This Agreement (DTAA) would replace an earlier Agreement between two countries which was signed... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Frequently Asked Questions on SEBI complaints Redress System (SCORES) Posted: 25 Nov 2011 08:40 PM PST 1. Which are the complaints dealt by SEBI? Complaints arising out of issues that are covered under SEBI Act, Securities Contract Regulation Act, Depositories Act and rules and regulation made thereunder and provisions that are covered under section... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] IRDA – Guidelines on Persistency of Life Insurance Policies Posted: 25 Nov 2011 08:25 PM PST IRDA/CAD/ GDL/AGN/016/ 02/2011, dated 11-2- 2011 regarding 'Guidelines for Individual Agents for Persistency of Life Insurance Policies'. In partial modification to Clause III (e) of the said guidelines, it is clarified that the requirement of... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Where the Money and Risk Flows? Posted: 25 Nov 2011 08:21 PM PST Their was a time when diversification was the prime strategy to alleviate risk. Diversification now stands to be safest bet for investors and a worst game for the financial market players. Diversification has resulted loss in pooling of funds for... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]]