Constitutional provisions relating to taxation-How important to understand tax laws

Constitutional provisions relating to taxation-How important to understand tax laws Posted: 14 May 2012 08:42 PM PDT Constitution is the foundation and source of powers to legislate all laws in India. Parliament, as well as State Legislatures gets the power to legislate various laws from the Constitution only and therefore every law has to be within the vires of the Constitution. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 80CCG – Deduction for Investment Made Under Any Equity Saving Scheme Posted: 14 May 2012 08:30 PM PDT Newly inserted Section 80CCG provides deduction wef assessment year 2013-14 in respect of investment made under notified equity saving scheme. The deduction under this section is available if following conditions are satisfied: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Online Return preperation Software for ITR 1, 2, 3, 4S of A.Y. 2012-13 Posted: 14 May 2012 08:25 PM PDT Income Tax Department has enabled online submission of ITR-1 (SAHAJ), ITR-2 & ITR-4S (SUGAM) for Assessment Year 2012-13. These software can be used to file Income Tax Return Online. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SC Upholds Powers of Central Excise Officers to Issue Summons for Recording Evidence During Investigations Posted: 14 May 2012 08:09 PM PDT The Supreme Court, in a recent case of M/s. Anmol Mishra V/s. Government of India, upheld the powers of Central Excise officers to issue summons for recording evidence during investigations. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Budget 2012 – Income of Prasar Bharati To Be Exempt From Tax Posted: 14 May 2012 07:34 PM PDT Finance Bill, 2012 - No provision was proposed in Finance Bill, 2012 to exempt the income of Prasar Bharati. Finance Bill, 2012 as passed by Lok Sabha - A new clause (23BBH) shall be inserted in Section 10 to exempt the income. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] EPF Returns to be submitted by employer in electronic format Posted: 14 May 2012 07:08 PM PDT Employees' Provident Funds (Second Amendment) Scheme, 2012 - Amendment in paragraphs 27, 27A, 27AA, 36, 36A, 38, 42, 43, 72, 82 and 83- This Scheme may be called the Employees' Provident Funds (Second Amendment) Scheme, 2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Share premium in excess of fair market value to be treated as income Posted: 14 May 2012 06:51 PM PDT It is proposed to insert a new clause in section 56(2). The new clause will apply where a company, not being a company in which the public are substantially interested, receives, in any previous year, from any person being a resident, any consideration for issue of shares. In such a case if the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Integration of LLP System into MCA-21 Posted: 14 May 2012 06:39 PM PDT The Ministry is in process of integration of LLP system into MCA-21 in the month of June 2012 by allowing filing & approval of LLP forms at MCA-21 website (www.mca.gov.in) for better e-governance facility for stakeholders, by making necessary changes in e-forms. On post integration, old... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Stopping of Form I- Cost Audit Report and Form A- Compliance Report Posted: 14 May 2012 06:36 PM PDT It has been decided by the Ministry of Corporate Affairs to mandate the cost auditors and the companies to file Cost Audit Reports (Form-I) and Compliance Reports (Form-A) for the year 2011-12 onwards (including the overdue reports relating to any previous year) in XBRL mode. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to amend notification No. 49/2008-Central Excise (N.T.), dated the 24th December, 2008, Posted: 14 May 2012 06:25 PM PDT Notification No. 26/2012-Central Excise (N.T.) In exercise of the powers conferred by sub-section (1) and (2) of section 4A of the Central Excise Act, 1944 (1 of 1944), the Central Government, hereby makes the following further amendments in the notification of the Government of India, in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Sugar Export – Prior registration of quantity with DGFT mandatory Posted: 14 May 2012 06:15 PM PDT Notification No 117 (RE – 2010)/2009-2014 With the issue of this notification, Export Licensing Note 1 of Chapter 17 would cease to be applicable for export of sugar which is not against Advance Authorisation. For such exports registration of quantity with DGFT would be mandatory. For export... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Jurisdiction of Registrar with regard to membership & Right of a particular member to vote at elections? Posted: 14 May 2012 09:48 AM PDT ROS has also gone into disputes with regard to registration of members and the list of voters of the petitioner society. This aspect was also clearly beyond his jurisdiction. A dispute with regard to the membership, and the right of a particular member to vote at the elections is a dispute which... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Suppressing Material facts & Filing of successive petition amounts to abuse of Court Process Posted: 14 May 2012 09:37 AM PDT After investigation, chargesheet has been filed against the petitioner and others under Sections 177, 181, 182 and 195 IPC. The petitioner has suppressed the material fact and has not disclosed anywhere in this petition that he had approached the High Court under Section 482 Cr.P.C. for quashing of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Know MVAT Return Periodicity for FY 2012-13 Posted: 14 May 2012 12:16 AM PDT The Government of Maharashtra VAT Department has displayed the periodicity for the Financial Year 2011-2012 on their website http://mahavat.gov.in under Know your TIN. To view the same - Go to http://mahavat.gov.in Click on Dealer Services. Drop Down with 3 options will open. Click on Second... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] International Worker allowed to withdraw full amount standing to his credit in PF fund Posted: 14 May 2012 12:12 AM PDT In accordance with amended para 69 (under para 83 of Employees' Provident Fund Scheme, 1952), an International Worker is allowed to withdraw the full amount standing to his credit in the fund: • on retirement from service in the establishment at any time after attaining the age of 58 years; [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Minimum Wages Act,1948 – No discrimination between men and women workers Posted: 14 May 2012 12:10 AM PDT The Minimum Wages Act, 1948 does not contain any provision for discrimination between men and women workers. All the provisions of the Act equally apply to both men and women workers. In other words, female workers working in any scheduled employment including agriculture sector are entitled for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Christian Lady in Parda Caught at Cochin Airport with Gold worth Rs.12 Lakhs Posted: 13 May 2012 11:02 PM PDT On 10-05-2012, one lady passenger dressed in the 'purdah ( abaya) and scarf was intercepted near exit gate of Customs Arrival hall, on suspicion while she was coming out with her husband and two children, opting customs clearance through green channel. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FAQ's on responsible handling of unauthenticated market related news or rumours by SEBI Registered Intermediaries Posted: 13 May 2012 10:41 PM PDT SEBI issued Circular No. Cir/ISD/1/2011 dated March 23, 2011 & an addendum to it on March 24, 2011 (available on www.sebi.gov.in) addressing the way unauthenticated market related news or rumours circulated by SEBI Registered Market Intermediaries through various modes of communication has to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tax on Re-Registration of Vehicles Posted: 13 May 2012 10:38 PM PDT Where an owner of a motor vehicle (other than transport vehicle) on which one-time or long-term tax has been paid, ceases to reside at the address recorded in the certificate of registration of the vehicle on account of his transfer on official duty or shift of residence, the registering authority... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] As on 01.05.2012, 1,93,500 CAs registered with ICAI Posted: 13 May 2012 10:15 PM PDT There is no shortage of Chartered Accountants in the country to meet the Global challenges. As on 1st May, 2012, 1,93,500 Chartered Accountants (CAs) were registered with the Institute of Chartered Accountants of India (ICAI). [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI – Review of Regulatory Compliance and Periodic Reporting Posted: 13 May 2012 09:48 PM PDT SEBI (Merchant Bankers) Regulations, 1992 have been amended vide notification no. LAD-NRO/GN/201 1-12/40/7335 dated March 29, 2012, a copy of which is available on SEBI website www.sebi.gov.in. With the said amendment, merchant bankers are required to submit a periodic report in such manner as may... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]