Centre moves SC seeking review of verdict in Vodaphone issue

Centre moves SC seeking review of verdict in Vodaphone issue Posted: 17 Feb 2012 08:01 PM PST Centre has moved the Supreme Court seeking review of its verdict on the Income Tax issue of Vodophone . The court had earlier held that the Indian Income Tax Department does not have jurisdiction to levy 11,000 crore as tax on the overseas deal... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Feature of NRE & NRO Account with comparison Posted: 17 Feb 2012 06:47 PM PST An NRE account is a Rupee denominated account. That is, funds in an NRE account are maintained in Indian Rupees. It can be a savings, current or a fixed / term deposit account. NRE accounts can be opened by NRIs. Funds can be repatriated from an NRE... [[ This is a content summary only. Visit www.taxguru.in for full article.]] It is enough if bad debt written off as irrecoverable in the accounts of assessee, subject to provisions of S. 36(2) Posted: 17 Feb 2012 06:27 PM PST After 1-4-1989, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable. It is enough if the bad debt is written off as irrecoverable in the accounts of the assessee, subject to the provisions of section... [[ This is a content summary only. Visit www.taxguru.in for full article.]] If AO wants to use any witness against the Assesee then principle of natural justice demands offering the witness for cross-examination of the assessee Posted: 17 Feb 2012 06:20 PM PST Kirti Realtors Pvt. Ltd. Vs. ITO (ITAT Delhi) - The remand report submitted by AO does not deny the fact that Mr. Jagdish Beniwal was acting as a coordinator for facilitating the purchase of pieces of lands in Alwar for and on behalf of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] New Syllabus for the Foundation Programme of the Company Secretaryship Course Posted: 17 Feb 2012 02:42 PM PST The Council of the Institute of Company Secretaries of India in exercise of the powers vested under clause (a) of sub¬section (2) of Section 15 of the Company Secretaries Act, 1980, as amended by the Company Secretaries (Amendment) Act, 2006 has... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Payments received by the applicant from the distributor for sale of software product is in the nature of royalty Posted: 17 Feb 2012 02:20 AM PST In re Citrix Systems Asia Pacific Pty. Ltd.(AAR) - We find from the decision of the Karnataka High Court in CIT v. M/s. Samsung Electronics Co. Ltd (ITA No. 2808 of 2005) and connected cases that that High Court has held that in that case, the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Clarification regarding admissibility of exemption under area-based Notifications No. 49/2003-CE and 50/2003-CE, both dated 10.06.2003 in specific situations – reg. Posted: 16 Feb 2012 09:09 PM PST Circular No. 960/03/2012-CX Your kind attention is invited to Notifications No. 49/2003-CE and 50/2003-CE, both dated 10.06.2003 which provide full exemption from excise duties to specified goods cleared from industrial units in the states of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Interest on bonds/debentures – Notified bonds/debentures of Rural Electrification Corporation Posted: 16 Feb 2012 09:05 PM PST Notification No. 7/2012 In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorises the Rural Electrification Corporation... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Interest on bonds/debentures of Indian Railway Finance Corporation Ltd exempt u/s. Section 10(15)(iv)(h) of Income-tax Act, 1961 Posted: 16 Feb 2012 09:03 PM PST Notification No.6/2012 In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes following amendment to the notification of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Income-tax (Second Amendment) Rules, 2012 – Insertion of rule 114DA and Form No.49C Posted: 16 Feb 2012 09:02 PM PST Notification No.5/2012 These rules may be called the Income-tax (2nd Amendment) Rules, 2012. (2). They shall come into force on the 1st day of April, 2012. 2. In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), - [[ This is a content summary only. Visit www.taxguru.in for full article.]] Lead Bank Scheme – Participation of Public Representatives like MPs/MLAs/Zilla Panchayat Chiefs in District Level Review Committees (DLRC) Posted: 16 Feb 2012 08:29 PM PST Kindly refer to circular letter RPCD.CO.LBS.BC.No. 6855/02.01.01/2006-07 dated January 22, 2007 wherein Lead banks were requested to ensure the presence of MPs/MLAs in DLRC meetings as far as possible. Reference is also invited to circular... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Adoption of uniform Customs Procedure for calculating the contents of Iron Ore for the purpose of charging of export duty Posted: 16 Feb 2012 08:26 PM PST CIRCULAR NO. 04/2012-Cus Several references have been received in the Board highlighting divergent practices for calculation of iron contents from Iron Ore being followed at different Ports for charging Export duty. In this regard two types of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI announces setting up WICASA Branch at Navi Mumbai Posted: 16 Feb 2012 07:54 PM PST In pursuance of Regulation 81(5) of the Chartered Accountants Regulations, 1988, read with Rule 4 of the Chartered Accountants Students' Association Rules (as contained in Appendix No. (5) to the Chartered Accountants Regulation 1988), the Council... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Allocation of Corporate debt long term category to FIIs – Circular No. CIR/IMD/FIIC/5/2012 Posted: 16 Feb 2012 07:38 PM PST Based on the assessment of the utilization of the limits to FIIs for investments in corporate debt long term infra category (with one year lock in and one year residual maturity clause), it has been decided to allocate the unutilized limits. The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Fight against corruption is incomplete unless illegal assets are recovered Posted: 16 Feb 2012 07:33 PM PST it is high time we should realize the fallout of corruption. He said the fight against corruption is incomplete unless we recover the illegal assets and wealth amassed by corrupt persons. Shri Misra said the corrupt should be not only brought to... [[ This is a content summary only. Visit www.taxguru.in for full article.]]