Valuation of Interest free/ concessional loan to employee

Vodafone ruling effect – Exporters question TDS on foreign payment post Posted: 24 Jan 2012 07:58 PM PST The Supreme Court judgement on Vodafone tax case seems to have opened a Pandora's box with exporters too expressing reservation on tax deducted at source (TDS) for payment with regard to overseas transactions. Exporters' body FIEO today questioned... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Valuation of Interest free/ concessional loan to employee – SBI Interest rate on 01.04.2011 for computing Perquisite Value Posted: 24 Jan 2012 07:26 PM PST Rule 3(7)(i): Interest free / concessional loan Any loan given free of interest or concessional interest shall be a taxable perquisite and calculated as follows: • Interest calculated at the rate charged by State Bank of India as on 1st day of pr [[ This is a content summary only. Visit www.taxguru.in for full article.]] Maharashtra VAT – Extension of last date for filing of e-return & e-refunds application. Posted: 24 Jan 2012 07:18 PM PST The Internet Service Provider for website of the Maharashtra Sales Tax department is M/s Airtel Major fire broke out in one of the network centers of the said service provider on 27.12.2011. Due to the fire, the web site www.mahavt.gov.in was not... [[ This is a content summary only. Visit www.taxguru.in for full article.]] No addition can be made U/s. 68 if Assessee furnished Acknowledgement of Income Tax Returns of persons who advanced money Posted: 24 Jan 2012 07:12 PM PST ACIT  Vs. M/s Kiran Pal Singh (ITAT Delhi)-   In this case also before the Assessing Officer, the assessee had stated that all the partners are assessed to income tax and they have also furnished the acknowledgement of the returns filed by all the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] If Quantum appeal restored back to AO for de novo adjudication then penalty proceeding too deserves to be restored back Posted: 24 Jan 2012 07:05 PM PST DCIT Vs.  Shri Jayesh Chandulal Patel (ITAT Ahmedabad)-  Parties appearing before us have fairly expressed that since the issue pertaining to the quantum addition had already been restored back to the file of the Assessing Officer with certain... [[ This is a content summary only. Visit www.taxguru.in for full article.]] New Initiatives under MCA 21 System- Integration with Trade Mark Authority, XBRL reporting Posted: 24 Jan 2012 07:16 AM PST The Ministry of Corporate Affairs has established an added facility under MCA 21, integration with Trade Mark Authority recently. The added feature facilitates professional / public to cross verify Company name before applying for ROC approval. In... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Third Quarter Review of Monetary Policy 2011-12 Press Statement by Dr. D. Subbarao, Governor Posted: 24 Jan 2012 07:13 AM PST A short while ago, we put out the monetary policy measures accompanying this Review. Based on an assessment of the current macroeconomic situation, we have decided to: Cut the cash reserve ratio (CRR) of scheduled banks by 50 basis points from... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI – Third Quarter Review of Monetary Policy 2011-12 Posted: 24 Jan 2012 06:10 AM PST Since the Second Quarter Review (SQR) of Monetary Policy in October 2011, there have been significant changes in the global scenario. On the one hand, concerns over the sustainability of sovereign debt problem in the euro area have intensified. On... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI reduces Cash Reserve Ratio (CRR) by 50 basis points to 5.50 per cent Posted: 24 Jan 2012 06:01 AM PST The Reserve Bank in its Third Quarter Review of Monetary Policy 2011-12 issued on January 24, 2012, decided to reduce the Cash Reserve Ratio (CRR) of Scheduled Commercial Banks by 50 basis points from 6.00 per cent to 5.50 per cent of their Net... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Law ministry demands more info in ITAT case Posted: 24 Jan 2012 05:06 AM PST The Law Ministry is in the process of seeking more information from CBI and other agencies to take a final call on the investigative agency's request seeking sanction to prosecute 20 members of IT tribunal for their alleged role in outsourcing... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Aadhaar is reliable and fool-proof – UIDAI Posted: 24 Jan 2012 05:02 AM PST The Unique Identification Authority of India, UIDAI, has asserted that its system is reliable and can achieve the task of providing unique ID cards to the entire population of the country. It dispelled fears that the biometric technology being... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 35 Customs and Central Excise Dept officers selected for Presidential Award Posted: 24 Jan 2012 05:00 AM PST 35 officers of the Customs and Central Excise Department have been selected for grant of Presidential Award of Appreciation Certificate for Specially distinguished record of service on the occasion of Republic Day this year. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Appointment of 13 Hon'ble Members to the Appellate Tribunal Posted: 23 Jan 2012 08:02 PM PST 5 Accountant Members and 8 Judicial Members were administered oath of office on Monday 23.01.2012 in Court Room No 1 in Mumbai by Shri G.E. Veerabhadrappa, Hon'ble President who welcomed them to the ITAT Family. They are [[ This is a content summary only. Visit www.taxguru.in for full article.]] Macroeconomic and Monetary Developments -Third Quarter Review 2011-12 Posted: 23 Jan 2012 08:01 PM PST The Reserve Bank of India today released the Macroeconomic and Monetary Developments Third Quarter Review 2011-12. The document serves as a backdrop to the Monetary Policy Statement to be announced on January 24, 2012. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Appointment of 5 Hon'ble Judges to the Bombay High Court Posted: 23 Jan 2012 08:01 PM PST Hon'ble Chief Justice Mr. Mohit S. Shah of Bombay High Court has administered oath to the following new Judges on 23/1/2012. 1. Hon'ble Justice Mr. M.S. Sanklecha 2. Hon'ble Justice Mr. R.D. Dhanuka 3. Hon'ble Justice Mr. S.P. Deshmukh [[ This is a content summary only. Visit www.taxguru.in for full article.]]