| All about New Income tax Return Form Sahaj (ITR-1) Posted: 20 Apr 2011 09:12 PM PDT 1. What is SAHAJ? 2. Who can use SAHAJ? 3. Who cannot use SAHAJ? 4. Can I annex Form 16/FORM 16A to SAHAJ? 5. Who are obligated to File SAHAJ? 6. In what ways can I file this return? 7. What are the unique features of SAHAJ? How is SAHAJ Better... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Common Questions on SAHAJ and SUGAM and How these are diffrent from OLD ITR forms? Posted: 20 Apr 2011 08:39 PM PDT 1. Why are the forms being Modified – Key Imperatives? Centralized Processing Center's have been set up all over the country with the primary objective of processing returns on a bulk processing basis instead of case by case Processing. CPC would be... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Income Tax Notification notifying ITR applicable for Assessment year 2011-12 Posted: 20 Apr 2011 07:35 PM PDT NOTIFICATION NO 18/2011 - The return of income required to be furnished in Form SAHAJ (ITR-1) or Form No. ITR-2 or Form No. ITR -3 or Form SUGAM (ITR-4S) or Form No. ITR -4 or Form No. ITR-5 or Form No. ITR -6 shall not be accompanied by a statement... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Service tax – Accounting Codes for Hotel and Restaurant Services Posted: 20 Apr 2011 07:30 PM PDT CIRCULAR NO 136/5/2011-ST - Service provided by a restaurant having air-conditioning and license to serve alcoholic beverages in relation to serving of food or beverage, including alcoholic beverages or both, in its premises [Finance Act 1994,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Simplified Procedure for amalgamation of Government Companies U/s 396 of the Companies Act, 1956 Posted: 20 Apr 2011 06:32 PM PDT GENERAL CIRCULAR NO. 16/2011 Every Central Government Company which is applying to the Central Government for amalgamation with any other Government Company or Companies under the simplified procedure prescribed in this circular, shall obtain... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Supreme Court bans employment of children in circuses Posted: 20 Apr 2011 06:30 PM PDT The Supreme Court today banned the employment of children in circuses and directed the government to rescue children employed in the sector and formulate a rehabilitation programme for them. A bench headed by Justice Dalveer Bhandari said that in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Regarding Import of Gummy Pizza containing beef from China and Indonesia Posted: 20 Apr 2011 06:27 PM PDT Import of Beef in any form and import of products containing beef in any form is prohibited; (b) All consignments of edible oils and processed food products, imported in bulk, shall carry a declaration from the concerned exporter on the shipping... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Punjab Vat- Govt confirms Surcharge on Declared goods other than Wheat and Paddy Posted: 20 Apr 2011 06:05 PM PDT I had given a clarification two days back in an article titled 'PVAT Act 2005 – Declared Goods except wheat and paddy will be taxable @ 4.4% w.e.f 08/04/2011' that surchage is also applicable on declared goods other than Paddy and wheat, since the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Royalty received in pursuance to agreement entered into before 1976 is not covered u/s. 115A of the Income Tax Act Posted: 20 Apr 2011 05:52 PM PDT Siemens Aktiencesellschaft v. DCIT - ITAT Mumbai held that royalty received by the taxpayer was in pursuance to agreement entered into before 1976 and therefore not covered under Section 1 15A of the Act. The Tribunal has meticulously examined... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Lifting of Corporate Veil to tax sale of Foreign Company shares by one Non-Resident to another Non-Resident if Foreign Co holds shares in Indian Company Posted: 20 Apr 2011 05:28 PM PDT Richter Holding Ltd v. ADIT - The Vodafone controversy continues - To determine taxability of acquisition of shares of a non-resident company holding majority shares in an Indian company by another non-resident, it may be necessary for the fact... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Income Tax official – Books completely manufactured in diamond trade Posted: 20 Apr 2011 10:04 AM PDT A top Income Tax official has said that the diamond trade has one of the highest prevalence of black money, with investigations revealing that books in the sector are "completely manufactured". "(In) certain areas like real estate or diamond trade... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| FinMin likely to finalise proposed changes in takeover code on mergers and acquisitions Posted: 20 Apr 2011 10:00 AM PDT Finance Ministry is likely to finalise the proposed changes in the takeover code on mergers and acquisitions after a meeting with industry and other stakeholders tomorrow. The Takeover Regulations Advisory Committee chaired by Chief Economic Advisor... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Bombay HC – Govt cannot ban exports of any product with retrospective effect Posted: 20 Apr 2011 09:58 AM PDT In a significant order, the Bombay High Court has held that the Union Government cannot ban exports of any product with retrospective effect, while allowing a private company to go ahead with exports of milk powder. It also said that such... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SC to decide whether to treat interest on DoT dues as operating expenditure Posted: 20 Apr 2011 09:55 AM PDT The Supreme Court will decide whether the interest paid on overdues to the Department of Telecom (DoT) can be treated as operating expenditure by operators. A three-judge bench has admitted a petition filed by Vodafone Essar Gujarat and decided to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBEC approves Service Tax Audit Manual 2011 – Circular No. 135/4/2011-ST, Dated- April 19, 2011 Posted: 20 Apr 2011 09:13 AM PDT CIRCULAR NO 135/4/2011-ST - The existing Service Tax Audit Manual has been in use since 2003. With experience gained while conducting audits and rapid change in service tax law over the years, growth in service tax categories, assessee base as well... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Sharad Pawar asks FM to consider income tax exemption to Indian cooperatives Posted: 20 Apr 2011 09:04 AM PDT Terming cooperatives as one of the strongest pillars of Indian agriculture, Farm Minister Sharad Pawar today said he has asked Finance Minister Pranab Mukherjee to consider income tax exemption to Indian cooperatives. "I have written a letter to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| income tax department to deploy its officials in tax havens to check evasion Posted: 20 Apr 2011 09:03 AM PDT The income tax department will soon post 10 of its officers in tax haven nations to collect information about alleged tax evasion by Indians from these countries, an official in the finance ministry said. Concerns have been raised in the recent past... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SBI discontinued teaser home loan scheme with effect from May 1 Posted: 20 Apr 2011 09:01 AM PDT Amid concerns expressed by the Reserve Bank of India, the country's largest lender State Bank of India on Wednesday announced withdrawal of special home loan schemes, or teaser rates, with effect from May 1. SBI Easy Home Loan and SBI Advantage... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Scheme for National Rollout of e-District Mission Mode Project Posted: 20 Apr 2011 08:45 AM PDT The Cabinet Committee on Infrastructure today approved the following proposals : Scheme of National Rollout of e-District Mission Mode Project at a cost of Rs 1663.08 crore to be implemented in all 640 districts (including the 41 districts where... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Prohibition on export of wheat Products– Exemption for export of wheat flour to Maldives for the year 2011-12 Posted: 20 Apr 2011 08:14 AM PDT Notification No.43 (RE-2010)/2009-2014 - In Notification No. 33(RE-2007)/2004-2009, dated 08.10.2007, sub para 2.11 was added on 28.02.2011 vide Notification No. 27(RE-2010)/2009-14. Now another sub-para 2.12 is added as under: "2.12 The... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| ITAT upheld CPIO's order against disclosing ex-CJI's I-T returns Posted: 20 Apr 2011 07:59 AM PDT An Income-Tax appellate authority here has upheld the order of Central Public Information Officer (CPIO) not to provide a copy of NHRC chairperson and former CJI K G Balakrishnan's I-T returns to an RTI applicant. Disposing off an appeal by the RTI... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| 2G Scam – Five corporate executives arrested and sent to Tihar Jail Posted: 20 Apr 2011 07:53 AM PDT Five corporate executives, named as accused by the Central Bureau of Investigation in the 2G scam, were today arrested and taken to Tihar Jail after a Delhi court rejected their bail pleas, saying the agency's apprehensions that they may tamper with... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Futures and Options are speculative transactions u/s 43(5). Section 43(5)(d) is not retrospective Posted: 19 Apr 2011 11:47 PM PDT Exchange traded derivative transactions carried on by the assessee during AY 2003-04 are speculative transactions covered under Section 43(5) of the Act and the loss incurred in those transactions are liable to be treated as speculative loss and not... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Coins of 25 Paise and below – Withdrawal from Circulation – RBi Circular No. RPCD.CO.No RRB. 60 /03.05.33 /2010-11 Posted: 19 Apr 2011 11:30 PM PDT RPCD.CO.No RRB. 60 /03.05.33 /2010-11- The Government of India has decided to withdraw coins of denomination of 25 paise and below from circulation with effect from June 30, 2011. The Reserve Bank of India has instructed the banks maintaining small... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Compact Disc (CD) containing recording of telephone conversation could be valid evidence Posted: 19 Apr 2011 11:11 PM PDT K.K. Velusamy Vs. N. Palanisamy (Supreme Court) - A compact disc containing recording of telephone conversation could be valid evidence according to Section 3 of the Evidence Act and Section 2(t) of the Information Technology Act, the Supreme Court... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SC set aside judgement granting exemption from trade tax to firm engaged in manufacture and sale of scientific and biological equipment used for research purposes Posted: 19 Apr 2011 11:05 PM PDT Recently Supreme Court set aside the judgement of the Allahabad high court which had granted exemption from trade tax to a firm which was engaged in the manufacture and sale of various scientific and biological equipment used by scientists for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Glass bottles used by soft drink company are "fixed capital investment" and exempt from trade tax- Supreme Court Posted: 19 Apr 2011 10:55 PM PDT Glass bottles used by a soft drink company are "fixed capital investment" and are exempted from trade tax, the Supreme Court ruled in the case, Commissioner of Trade Tax, Uttar Pradesh vs Varun Beverages Ltd. However, crates used to carry the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| No service tax on visa facilitators – Circular No. 137/6/2011– ST Posted: 19 Apr 2011 09:30 PM PDT Circular No. 137/6/ 2011– ST- Assistance provided by a visa facilitator, for obtaining visa, to a visa applicant or for foreign employer does not fall within the scope of supply of manpower service. Visa facilitators, while providing visa assistance... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Extortion charges- Indian investment banker convicted Posted: 19 Apr 2011 09:30 PM PDT An Indian investment banker has been convicted by a US federal jury on charges of extortion and threatening a New York state comptroller official to reveal an extramarital affair if a multi-million dollar pension contract was not awarded in his... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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