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Apr 10, 2012

Tax treatment of Gratuity under the Income Tax Act, 1961

Tax treatment of Gratuity under the Income Tax Act, 1961

Posted: 10 Apr 2012 08:42 PM PDT

Gratuity' is a retirement benefit. Gratuity Act, 1972 act envisages in providing retirement benefit to the workman who have rendered long and unblemished service to the employer. Gratuity is a reward for long and meritorious service. Earlier, it was...


New One Page Form for New PAN Card or/And Changes or correction in PAN Data

Posted: 10 Apr 2012 08:40 PM PDT

Income tax department has released a new form for New PAN Card or/And Changes or correction in PAN Data. the new form is simple then earlier form 49A and easy to fill. the form also have column to fill AADHAAR.number for the applicants who...


Committee to review Scheme for Electronic Refund of Service Tax to Exporters

Posted: 10 Apr 2012 06:35 PM PDT

A Committee has been constituted with Director General of Service Tax Smt. Sanghamitra Panda as Chairperson to review the scheme for electronic refund of service tax paid on taxable services used for export of goods. Other members of the Committee...


Circular 1 of 2012- Consolidated FDI Policy Document

Posted: 10 Apr 2012 06:20 PM PDT

Policy for FDI in Commodity Exchanges- At present, foreign investment, within a composite (FDI & FII) cap of 49%, under the Government approval route-i.e. through the Foreign Investment Promotion Board (FIPB)-is permitted in commodity...


S. 263 order without giving reason for observing that order passed by AO was erroneous cannot sustain

Posted: 10 Apr 2012 04:29 PM PDT

In the present case, the findings recorded by the Tribunal are correct as the CIT has not gone into and has not given any reason for observing that the order passed by the Assessing Officer was erroneous. The finding recorded by the CIT is that...


Govt to make Payment above Rs.25,000 directly to bank account of payee

Posted: 10 Apr 2012 12:29 PM PDT

As part of the Government's commitment to good governance and elimination of corruption, the Ministry of Finance has amended the rules to enable all the Ministries and Departments to facilitate payments by direct credit to the bank accounts of the...


CBEC detects Service tax & Excise Evasion of Rs. 10286.73 Crore

Posted: 10 Apr 2012 12:26 PM PDT

The Central Board of Excise and Customs(CBEC ) has detected a total Central Excise and Service Tax evasion amounting to Rs.3333.28 crore and Rs.10286.73 crore respectively up to February, 2012 in the Financial Year 2011-12. Further, during the...


Constitution of Committee to frame National Corporate Governance Policy

Posted: 10 Apr 2012 12:24 PM PDT

The Ministry of Corporate Affairs has constituted a Committee under the Chairmanship of Shri. Adi Godrej for framing a 'National Corporate Governance Policy' to suggest a comprehensive policy frame work to enable corporate governance of highest...


CCI penalises Schott India for for violating provisions of Competition Act

Posted: 10 Apr 2012 12:21 PM PDT

Competition Commission of India (CCI) has imposed a penalty of Rs.5.66 crores on Schott Glass India Private Limited (Schott India) for violating the provisions of the Competition Act. The Commission in its order has held that Schott India has abused...


Notification seeking to grant a concession enabling schools to re- employ teachers cannot be treated as conferring any rights on the teachers to continue in employment till the age of 62 years

Posted: 10 Apr 2012 12:07 PM PDT

As per the judgment of the Division Bench of this Court in Kathuria Public School vs. Director of Education 123 (2005) DLT 89 and which had not been interfered with in judgment dated 27th August, 2010 in Ref. 1/2010 titled Delhi School Tribunal v....


RBI ask banks to pay 8% interest for loss due to late receipt/delayed credit of interest warrants/maturity value of Relief/Savings bonds

Posted: 09 Apr 2012 09:01 PM PDT

Under the present scenario of deregulated interest rate on the savings bank account, in order to avoid ambiguity and variation in compensation rates across different agency banks, these instructions have been reviewed. It has now been decided that...


FEMA – Rupee value of Special Currency Basket fixed at Rs.70.965327 with effect from March 13, 2012

Posted: 09 Apr 2012 07:00 PM PDT

A.P. (DIR Series) Circular No. 105 AD Category-I banks are advised that a further revision has taken place on March 7, 2012 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.70.965327 with effect from March 13,...

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