Download Online Free Income Tax Return Filing Software for ITR 5 and ITR 6 – A.Y. 2011-12

Download Online Free Income Tax Return Filing Software for ITR 5 and ITR 6 – A.Y. 2011-12

Posted: 22 May 2011 07:45 PM PDT

Income Tax department on 22.05.2011 releases official Free Online Income Tax Return Preparation / Filing Software- ITR-5 (Applicable to partnership Firms and Limited Liability partnership) and ITR 6 (Applicable to Companies). These ITR are related...

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US market regulator SEC asks Wipro to prove its auditor KPMG India's independence

Posted: 22 May 2011 06:41 PM PDT

US market regulator SEC has asked IT major Wipro to prove independence of its auditor KPMG India, failing which the company may have to appoint new auditors or get its business books audited again. "We have received a voluntary document request from...

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Mortgagor can file suits for redemption as long as the mortgage subsists, Says SC

Posted: 22 May 2011 05:30 PM PDT

The Supreme Court ruled last week that a mortgagor can file suits for redemption so long as the mortgage subsists. Dismissal of an earlier suit for redemption would not bar the mortgagor from filing a second such suit, the court held in the case, L...

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SC dismisses Larsen & Toubro appeal in its lost bid for fast patrol vessels for Indian Coast Guard

Posted: 22 May 2011 05:16 PM PDT

The Supreme Court has upheld the Delhi high court ruling and dismissed the appeal of Larsen & Toubro in its lost bid for fast patrol vessels for the Indian Coast Guard. The government sent request for proposal to several parties, and L & T...

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Unless the correctness of facts, is put in issue, a question of law does not arise

Posted: 22 May 2011 06:09 AM PDT

Commissioner of Customs (Import) vs Stoneman Marble Industries and others [SUPREME COURT OF INDIA) - Apex Court do find some substance in the submission of learned counsel for the Revenue that a standard formula cannot be laid down for imposition of...

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Customs – Refund – Adjudicating Authority cannot permitted to circumvent the order passed by the High Court

Posted: 22 May 2011 06:03 AM PDT

RBF Rig Corporation, Mumbai Versus The Commissioner of Customs (Imports), - Supreme Court - Customs - Refund -Adjudicating Authority cannot permitted to circumvent the order passed by the High Court. High Court directs consideration of refund claim...

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Time limit prescribed for one scheme could be completely unwarranted for another scheme and time limit prescribed under Section 11A of the Central Excise Act, 1944 is no exception

Posted: 22 May 2011 05:33 AM PDT

M/s Hans Steel Rolling Mill Versus Commnr. of Central Excise, Chandigarh - (SUPREME COURT OF INDIA ) - Recovery of amount due under compounded levy scheme - application of period of limitation - Section 11A of the Central Excise Act, 1944 - Held...

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Supreme Court sets aside Allahabad Court judgement on tax exemption- U.P. Trade Tax Act, 1948 – Central Sales Tax Act, 1956

Posted: 22 May 2011 05:18 AM PDT

Sales Tax - Indirect Tax - U.P. Trade Tax Act, 1948 - Central Sales Tax Act, 1956 - Exemption - Notification No. 1166 dt. 10.4.2000 - Assessee, engaged in the manufacture and sales of various 'scientific and biological equipments/instruments',...

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IMF – Selection of new chief due on June 30

Posted: 22 May 2011 04:33 AM PDT

The International Monetary Fund's selection process for a new managing director will kick off with nominations on Monday,and the final decision expected by June 30, the institution has said. I am very pleased to announce that the Fund's Executive...

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Income-Tax Department starts scrutiny of over 6.5 lakh demat accounts

Posted: 22 May 2011 04:26 AM PDT

The Income-Tax Department has started scrutinising over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts. Investigation and intelligence wings...

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Ministry of Corporate Affairs asks SFIO to outsource job partly to private sleuths

Posted: 22 May 2011 04:22 AM PDT

Ministry of Corporate Affairs has asked corporate fraud investigating agency SFIO to outsource part of its work to private sleuths to overcome the problem of staff shortage that was causing delay in completing probes timely. The Ministry, in an...

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Finance Ministry to set up Directorate of Criminal Investigation

Posted: 22 May 2011 04:19 AM PDT

The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month. A dedicated unit called Directorate of Criminal...

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To reduce accidents in night govt may make anti-glare tech in vehicles mandatory

Posted: 22 May 2011 04:15 AM PDT

The government may consider bringing in a legislation to make anti-glare technology in automobiles mandatory in an effort to reduce night accidents caused due to blinding by lights of oncoming vehicles. The government has been supporting the...

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More foreigners than Indians receiving patents in India

Posted: 22 May 2011 03:59 AM PDT

There are more foreigners than Indians receiving patents in India, prompting the government to say much needs to be done to encourage more domestic innovations. The number of patents granted to Indian applicants has steadily decreased from a high...

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Frauds cost Indian Banks over Rs. 2000 crore during 2009-2010 – CBI chief

Posted: 22 May 2011 03:53 AM PDT

Over Rs 2,000 crore was lost by the country''s banking sector in frauds during 2009-10 with more than 200 of these incidents involving deception of above one crore each, CBI Director A P Singh has said. The CBI chief has warned the banks of latest...

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EPFO not to look at past performance while appointing new Asset Management Companies (AMCs)

Posted: 22 May 2011 03:50 AM PDT

Retirement fund body EPFO will not take into account the past performance of previously engaged ICICI Pru, HSBC AMC, SBI and Reliance Capital while finalising the new asset management companies (AMCs) for managing its Rs 3 lakh crore corpus. Since...

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Annual Confidential Reports of government officials not personal, says CIC

Posted: 22 May 2011 03:46 AM PDT

Annual Confidential Reports of government officials are not personal information and they should be provided to the public under the Right to Information Act, the Central Information Commission has held.The case relates to RTI applicant V R Sharma...

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XBRL reporting will possible better vigilance over activities of Companies

Posted: 22 May 2011 03:28 AM PDT

The Government today said financial reporting in the new technology format XBRL will enable regulators to keep a better vigilance over activities of companies. Speaking at an ICSI seminar on eXtensible Business Reporting Language (XBRL), the...

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Foreign exchange –Contravention of provisions of Act–Liable to prosecution as well as penalty by adjudicating officer

Posted: 22 May 2011 02:22 AM PDT

Foreign exchange --Contravention of provisions of Act--Liable to prosecution as well as penalty by adjudicating officer--Proceeding before adjudicating officer for acts considered offence--Exoneration in adjudication proceedings--No case for...

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Bank cannot be compelled to give loan -consumer court

Posted: 22 May 2011 02:17 AM PDT

A bank cannot be compelled to provide loan under any law or procedure to a consumer and the latter cannot demand compensation for expenses incurred in applying for the process, the Delhi State Consumer Forum has ruled. Under no law and procedure, a...

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UP Trade Tax – Stainless steel wire not covered within entry (ix) of clause (iv) of S. 14 of CST Act

Posted: 22 May 2011 02:00 AM PDT

M/s. Bansal Wire Industries Ltd. & ANR Vs. State of U.P. & Ors (Supreme Court) - UP Trade Tax - stainless steel wire is not covered within entry (ix) of clause (iv) of Section 14 of Central Sales Tax Act: the language used in entry no....

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Retail investors may get unused staff quota in IPOs

Posted: 22 May 2011 12:57 AM PDT

Market regulator Securities and Exchange Board of India (SEBI) is considering allowing companies to allocate the unused quota in public offers exclusively to retail investors. The move is expected to further increase retail participation in...

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New Internet rules – Govt asks why critics were silent on draft

Posted: 22 May 2011 12:01 AM PDT

Under flak for the new Internet rules which are being interpreted as an attack on privacy of a user, the government while clarifying the rules questioned the why critics were silent when the draft rules were opened for public opinion. R...

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CBDT to continue to enjoy phone tapping power

Posted: 21 May 2011 10:04 PM PDT

The Central Board of Direct Taxes (CBDT) will continue to enjoy the power of telephone tapping despite a strong recommendation by a Committee of Secretaries against it following a controversy in the wake of the Niira Radia episode. "The CBDT will...

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2 Customs officials booked for demanding bribe in Andhra

Posted: 21 May 2011 09:57 PM PDT

The Shamshabad airport police here have registered a case of extortion against two inspectors of the Customs department after a woman passenger accused them of demanding bribe from her, police said today. The woman, who landed at Rajiv Gandhi...

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Asset quality of banks is a matter of concern – Pranab

Posted: 21 May 2011 09:35 PM PDT

In the backdrop of banks', including State Bank of India's, rising non-performing assets, Finance Minister Pranab Mukherjee today said their asset quality is a matter of concern. The asset quality of the banks is a matter of concern. Banks have to...

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PM's address at release of Report to The People 2010-11

Posted: 21 May 2011 09:30 PM PDT

Following is the address of the Prime Minister, Dr. Manmohan Singh at release of Report to the People 2010-11: We are meeting here again to present our Report to the People. I have viewed this initiative as a symbol of our commitment to transparency...

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Its Appellant who have to show that despite the right to possess the demised premises exclusive, a right or interest in the property had not been created – SC

Posted: 21 May 2011 09:30 PM PDT

Pradeep Oil Corporation Vs. Municipal Corporation of Delhi and ANR (Supreme Court) Income Tax & Direct Taxes - Municipalities & Local Governments - Delhi Municipal Corporation Act, 1957, ss. 20(2) and 119 - Government Grant Act, 1895 -...

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