Salary Income – Who Is Exempted from Filing Tax Return?

Grievance Redressal Mechanism in Banks – Display of Names of Nodal Officers Posted: 05 Mar 2012 07:55 PM PST Please refer to our Circular DBOD.No.Leg.BC.24 /09.07.005/2009-10 dated July 21, 2009 wherein banks were, inter alia, advised to display the names and other details of the officials at their Head Office / Zonal Offices / Regional Offices including... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Bank Audit – ICAI request members to avoid circulation of personal views by emails / letters to Government and Regulatory authorities Posted: 05 Mar 2012 07:50 PM PST The office bearers and Council Members of the Institute have been in receipt of a representation from various members in regard to certain issues concerning the profession and in particular re: matters relating to bank branch audit, appointment... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Service tax payable on Gross Amount of Commission Posted: 05 Mar 2012 05:09 AM PST The appellant/assessee provided services of Authorized Service Station and Business Auxiliary Services. They had acted as agent for promoting vehicle loans for which the Bank paid them commission. Out of the commission paid by the Bank, they were in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Income Tax – Relief before Budget Posted: 05 Mar 2012 04:50 AM PST The economic growth is now expected to be marginally over 7 percent, though capital formation and investments have slowed down, global economic and financial conditions are under pressure, inflation has declined but still a cause of worry and fiscal... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Salary Income – Who Is Exempted from Filing Tax Return? Posted: 05 Mar 2012 04:44 AM PST Salaried employees earning up to Rs 5 lakh a year will not be required to file income tax returns from this year, says Finance Ministry notification No. 9/2012, dated: February 17, 2012. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Order passed ex-parte may be refereed back to CIT(A) for fresh consideration if Assessee under the bonafide belief that he duly informed to the Income Tax Department about change in address Posted: 04 Mar 2012 08:54 PM PST Perusing the material available on record including the affidavit filed by the assessee to show that the assessee was under the bonafide belief that the change of address was informed /known to the Department; we are of the view that the assessee... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Addition for Gift recd not warranted if Assessee proves identity, credit-worthiness and genuineness of donor Posted: 04 Mar 2012 08:45 PM PST The issue for consideration before is whether the gift received by the assessee is genuine or not? As per the AO, gift of such a substantial amount was not justified to a nonrelative/ no blood relation and the creditworthiness of the donor is not... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ITAT may accept additional evidence if same goes to the root of the matter and refer the matter back to A.O. Posted: 04 Mar 2012 08:34 PM PST At the time of hearing, the ld.counsel for the assessee submits that the assessee has filed certain additional evidences i.e. vouchers relating to expenses, balances sheet for the period from 31.3.1999 to 31.3.2005 and bank statement of the assessee... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Vacancies for Empanelment of Senior / Junior Standing Counsel to represent the Income Tax Department Posted: 04 Mar 2012 08:14 PM PST The Chief Commissioner of Income Tax, Jaipur invites applications from the Advocates for Empanelment of Senior / Junior Standing Counsel to represent the Income Tax Department before the honorable Rajasthan High Court. [[ This is a content summary only. Visit www.taxguru.in for full article.]] DGFT – Grant of export benefits / incentives to export proceeds realized even in Indian rupees – Exports to Iran regarding Posted: 04 Mar 2012 08:03 PM PST Notification No.105 (RE-2010)/2009-2014 In respect of exports to Iran, export proceeds realized even in Indian rupees will be eligible to avail export benefits and incentives. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Exemption of Bhutan from the application of export bans by India on export of Milk Powder, Wheat, Edible Oils, Pulses and Non Basmati Rice Posted: 04 Mar 2012 08:02 PM PST Notification No 104 (RE – 2010)/2009-2014 As per Notification No. 87(RE-2010)/2009-14 dated 05.12.2011, export of following items to Bhutan was exempted from any export ban with the annual limits indicated against each: (i) Milk powder- 1,600... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICICI Bank, Bank of Baroda, CITI Bank and Life Insurance Corporation of India Sign an MoU to Set-Up India's First Infrastructure Debt Fund Posted: 04 Mar 2012 08:01 PM PST The Union Finance Minister Shri Pranab Mukherjee said that setting up of Infrastructure Debt Fund through public private partnership would meet the long term need of infrastructure sector funding. The Finance Minister Shri Mukherjee said that he is... [[ This is a content summary only. Visit www.taxguru.in for full article.]] DGFT – Amendment in the subject of Notification No. 99 (RE-2010)/2009-14 dated 23.02.2012 Posted: 04 Mar 2012 08:00 PM PST Notification No. 103 (RE-2010)/2009-2014 In Notification No. 99 (RE-2010)/2009-14 dated 23.02.2012, the "Subject" heading at the top was mentioned as Permission for export of wheat through Land Custom Stations (LCS) on Indo-Bangladesh and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] As soon as the registration certificate has been surrendered by appellant, duty is cast on the department to verify whether the appellant has rightly gone out of the ambit of service tax or not Posted: 04 Mar 2012 07:59 PM PST As soon as the registration certificate has been surrendered by appellant, duty is cast on the department to verify whether the appellant has rightly gone out of the ambit of service tax or not. The department has not done this exercise within one... [[ This is a content summary only. Visit www.taxguru.in for full article.]] DGFT – Prohibition on export of cotton(Tariff Codes 5201 and 5203) Posted: 04 Mar 2012 07:59 PM PST Notification No. 102 (RE-2010)/2009-14 (i) Export of cotton [ITC(HS) Codes 5201 & 5203] has been prohibited till further orders. (ii) Transitional arrangements will not be applicable for the export of cotton. (iii) Export against registration... [[ This is a content summary only. Visit www.taxguru.in for full article.]] The Framework for Pre-Empting Systemic Financial Risks Posted: 04 Mar 2012 07:52 PM PST (Inaugural Address delivered by Mr. V.K. Sharma, Executive Director, Reserve Bank of India, at the World Risk Workshop 2012, organized by R-square RiskLab at Mumbai, India, February 6-7, 2012) 1. For all the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Outward Indian FDI – Recent Trends & Emerging Issues Posted: 04 Mar 2012 07:45 PM PST Even though policy changes undertaken in respect of overseas investment have facilitated the growing cross-border acquisitions by the Indian corporate sector, other structural reforms undertaken since 1992, such as, industrial deregulation, trade... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Implications of Basel III for Capital, Liquidity and Profitability of Banks Posted: 04 Mar 2012 07:43 PM PST The Basel Committee published its Basel III rules in December 2010. I propose to discuss the major features of Basel III in a little more detail. Learning the lessons from the crisis, the objectives of Basel III are to minimise the probability of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SEBI – Clearing and Settlement of OTC trades in Commercial Paper (CPs) & Certificates of Deposit (CDs) Posted: 04 Mar 2012 07:41 PM PST SEBI vide circular No. CIR/IMD/DF/6/2010 dated July 30, 2010 made it mandatory for that all SEBI Regulated entities shall report their OTC transactions in CDs and CPs on the FIMMDA reporting platform within 15 minutes of the trade for online... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Settlement of OTC transactions in Certificates of Deposit (CDs) and Commercial Papers (CPs) Posted: 04 Mar 2012 07:35 PM PST In terms of circular IDMD.DOD.11/11.08.36/2009-10 dated June 30, 2010, all RBI-regulated entities are mandated to report their OTC transactions in CDs and CPs on the FIMMDA reporting platform within 15 minutes of the trade for online dissemination... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Grant of 'Certificate of Registration' – For carrying on the business of Credit Information – CIBIL Posted: 04 Mar 2012 07:33 PM PST We advise that, on March 5, 2012, we have issued 'Certificate of Registration' to Credit Information Bureau (India) Limited (CIBIL) to carry on the business of credit information. The address of the company is as follows: [[ This is a content summary only. Visit www.taxguru.in for full article.]]