Changes in procedure relating to application for withholding tax at a lower / nil rate

Changes in procedure relating to application for withholding tax at a lower / nil rate

Posted: 11 May 2011 08:19 PM PDT

Where a taxpayer believes that its total income justifies withholding of tax at a lower rate, it can apply to the assessing officer for a certificate of withholding tax at a lower rate. The application by the taxpayer to the AO for a certificate of...

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If AO finds actual rent received is less than the fair market rent because of the abnormally high interest-free security deposit, he can adjust it

Posted: 11 May 2011 07:42 PM PDT

Tivoli Investment and Trading Co vs. ACIT (ITAT Mumbai)- the municipal value or standard rent is not binding on the AO but is a guiding factor for determining the reasonable rent expected to be fetched by the property. If the AO finds that the...

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Excise duty refund eligible for deduction u/s 80-IB

Posted: 11 May 2011 06:53 PM PDT

M/s J.K. Aluminium Co vs. ITO (ITAT Delhi) - The assessee is a firm engaged in the business of manufacture of aluminum wire rods at IGP, SIDCO, Phase-II Samba, Jammu & Kashmir. During the assessment proceedings, the assessee had filed...

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Transfers & Postings of Commissioners and Directors of Income-tax

Posted: 11 May 2011 06:30 PM PDT

Vide Order No. 85 of 2011 dated 11.5.2011, the CBDT has transferred & posted Commissioners & Directors of Income-tax. Order No. 85 of 2011 dated 11.5.2011

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Adani group challenge imposition of MAT on SEZs; Gujrat HC issues Notice to Ministry of Finance and I.T. dept

Posted: 11 May 2011 06:19 PM PDT

Gujarat High Court has issued notices to the Union Ministry of Finance and the Income Tax department in response to petitions by two companies of Adani Group, challenging the imposition of Minimum Alternative Tax (MAT) through an amendment in the...

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RBI Circular on Regulatory and Audit Compliance

Posted: 11 May 2011 09:59 AM PDT

It is observed that Indian operations of foreign banks functioning in India as branches of the parent banks generally do not have a separate Audit Committee vested with the responsibility of examining and reviewing inspection/audit reports for their...

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Regarding imports of goods under Chapter 84 of ITC (HS) and the requirement of compliance to Chapter 87 Import License Notes

Posted: 11 May 2011 09:57 AM PDT

Attention is drawn to Directorate General of Foreign Trade (DGFT) Policy Circular No. 21/2007, dated 14/12/2007, on applicability of Licensing Note No.1 and 2, of Chapter 87 of ITC (HS) classification on import of special purpose vehicles used in...

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ICAI invites comment on Accounting for Foreign Exchange Gains and Losses arising on Translation of Long Term Monetary Items

Posted: 11 May 2011 09:50 AM PDT

In March 2009, Ministry of Corporate Affairs (MCA), added paragraph 46 to the existing notified AS 11, The Effects of Changes in Foreign Exchange Rates, giving an option to companies to follow accounting treatment laid down in that paragraph....

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SBI to introduce green-channel banking at more branches

Posted: 11 May 2011 09:33 AM PDT

State Bank of India (SBI) will introduce "green-channel banking" at more of its branches to promote paperless work and to facilitate faster transactions for customers, SBI sources said. All major transactions, including withdrawals, deposits and...

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Govt approves FDI in Limited Liability Partnership firms

Posted: 11 May 2011 09:24 AM PDT

Approval for FDI in Limited Liability Partnership firms The Cabinet Committee on Economic Affairs today approved the proposal to amend the policy on allowing Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) firms. The FDI in...

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Amends Notification No. 21/2002 – Customs, dated 1st March, 2002

Posted: 11 May 2011 06:43 AM PDT

Notification No. 39/2011-Customs, G.S.R. 377(E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest...

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Monthly Technical Reports both Customs and (Central Excise and Service Tax) Annexures on litigation matters – revisions – regarding.

Posted: 11 May 2011 06:40 AM PDT

It has been noticed that several reports are received by the Judicial & Review Section and the Legal Section of the Board as well as the Directorate of Legal Affairs (DLA) in matters relating to litigation. Many of the reports contain similar...

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To Achieve Sustained GDP Growth Rate of 9 to 10 Percent with Fiscal Prudence and Moderate Inflation is a Major Challenge – Pranab Mukherjee

Posted: 11 May 2011 06:26 AM PDT

The Union Finance Minister Shri Pranab Mukherjee said that there are three major challenges before us today. The Finance Minister said that the first major challenge is how to bring entire society especially the poor and vulnerable section of...

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2011 to See an Improvement in World Economy- says Pranab Mukherjee

Posted: 11 May 2011 06:24 AM PDT

The Union Finance Minister Shri Pranab Mukherjee said that Indian diplomacy has to acquire a decisive economic perspective to its thinking and strategic approach. Elaborating the same, the Union Finance Minister said while anchoring our foreign...

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CCI Releases Regulation of Combinations for Corporate Sector

Posted: 11 May 2011 06:22 AM PDT

The Competition Commission of India (CCI) today released the regulation of Combinations related with the implementation of provisions of Section 5 & 6 of Competition Act (the Combination Provisions, which have been envisaged to prevent...

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Exemption from Liability for Hosting Third Party Information – Diligence to be Observed under Intermediary Guidelines Rules

Posted: 11 May 2011 06:19 AM PDT

The attention of Government has been drawn to news items in a section of media on certain aspects of the Rules notified under Section 79 pertaining to liability of intermediaries under the Information Technology Act, 2000. These items have raised...

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Clarification Regarding Effective Date of Companies (Particulars of Employees) Amendment Rules, 2011

Posted: 11 May 2011 06:17 AM PDT

The Ministry of Corporate Affairs has clarified that its notification of 31st March, 2011 regarding Companies (Particulars of Employees) Amendment Rules, 2011 raising the limit of employee's salary to be disclosed in the Directors Reports shall be...

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Govt to redraft norms for appointing merchant bankers for PSU issues

Posted: 11 May 2011 06:15 AM PDT

The government is in the process of redrafting the proposal document format for appointment of merchant bankers to avoid the conflict of interest between the public and private share sale issues.

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SC allows prosecution of Reliance honchos under Official Secrets Act

Posted: 11 May 2011 06:09 AM PDT

Three top executives of the undivided Reliance Group - AN Sethuraman , Shankar Adawal and V Balasubramanium - will face criminal proceedings on charges of possessing confidential government documents after the Supreme Court on Tuesday refused to...

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RBI sets up committee on forex facilities to individuals

Posted: 11 May 2011 06:03 AM PDT

The Reserve Bank on Tuesday set up a committee for streamlining foreign exchange transactions and also invited comments from public and other stakeholders for improving facilities pertaining to investments and repatriation of funds.

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Union Finance Minister congratulates all the members of 'Aayakar Parivar'

Posted: 11 May 2011 05:58 AM PDT

There has been an unprecedented collection of tax revenues in the financial year 2010-11. Against an initial aggregate target of Rs.7,45,000 crore that we revised to Rs.7,82,000 crore, the total collections stand at nearly Rs.7,90.000 crore. This...

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CBDT committed to reduce the reporting burden of Ayakar Parivaar

Posted: 11 May 2011 05:47 AM PDT

New Reporting format CAP II though finalized, development of software to facilitate this process is taking time. While every effort is being made to complete the process quickly, field officers are advised to use the existing reporting format for...

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Observations of Hon'ble Justice Markandeya Katju on The Functioning Of Lower Judiciary?

Posted: 11 May 2011 05:04 AM PDT

I am extremely happy to listen to the discussion conducted by Mr.Arnab Goswamy of Times Now in his News Hour programme highlighting the observations made by Justice Markandeya Katju of Supreme Court on the functioning of lower judiciary. In any...

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Amendment to the Administrators-General Act, 1963 to raise the monetary limit from Rs. two lakh to Rs. ten lakh

Posted: 10 May 2011 10:31 PM PDT

The Union Cabinet today approved the proposal to amend the Administrators-General Act, 1963 to raise the monetary limit from Rs. two lakh to Rs. ten lakh by introducing the Administrators-General (Amendment) Bill, 2011 in the ensuing session of...

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Shri Salman Khurshid Launches the New Website of the Ministry of Minority Affairs

Posted: 10 May 2011 10:21 PM PDT

Shri Salman Khurshid, Minister of Minority Affairs, here today launched the new website of the Ministry of Minority Affairs. Shri Vincent H. Pala, Minister of State for Minority Affairs was also present on the occasion. The new website...

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SBI hikes lending rates by 75 bps , Other banks may follow

Posted: 10 May 2011 10:12 PM PDT

Country's largest lender SBI today announced a hike in lending rates by 75 basis points (bps), making housing, auto and other loans dearer for both new and existing borrowers. State-owned SBI has increased the base rate, or the minimum lending rate,...

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ICSI President's Communique – May, 2011

Posted: 10 May 2011 10:00 PM PDT

Online Certificate Course in Intellectual Property Rights - The Intellectual Property, one of the important assets of commercial transactions, has become an important measure for corporate viability, competitive edge and sustainable performance....

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RBI Circular on increase in Limit of Housing Loans Under Priority Sector Advances – UCBs

Posted: 10 May 2011 10:00 PM PDT

Please refer to our Circular UBD.PCB.Cir.No.11/09.09.01/2007-08 dated August 30, 2007 forwarding therewith the guidelines for UCBs on lending to priority sector. In terms of item (vi) under 'Categories of Priority Sector' and also para 7.1 of...

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CBI Arrests a Private Secretary of a Minister in Punjab Govt.

Posted: 10 May 2011 09:50 PM PDT

The Central Bureau of Investigation has arrested a Private Secretary to the Minister of Technical Education, Social Security, Women & Child, Govt. of Punjab in the on-going investigation of a bribery case. The arrested accused was produced...

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Drive against illegal selling of plastic pan masala pouches

Posted: 10 May 2011 09:30 PM PDT

Over 17,000 plastic pouches of gutka being sold illegally were recovered during a drive carried out by district municipal corporation authorities here, officials said today. The corporation carried out the drive yesterday after receiving repeated...

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