An Overview of The Companies Bill, 2011 Posted: 02 Jan 2012 07:30 PM PST Background of Companies Bill, 2011 - The Ministry of Corporate Affairs took up a comprehensive revision of the Companies Act, 1956 (the Act) in 2004 keeping in view that not only had the number of companies in India expanded from about 30,000 in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| The designation 'Chartered Accountant' do not have a colonial baggage in it ; All that is English or British is not colonial Posted: 02 Jan 2012 06:22 PM PST Our accession to the designation 'chartered accountant' turned into reality after a prolonged struggle of our accountants, who were trained and educated in India, and were socially and professionally perceived different despite an equality in their... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Download Section 89(1) Salary Arrear Tax Relief Calculator for A.Y. 2012-13 / F.Y. 2011-12 Posted: 02 Jan 2012 06:06 PM PST We have uploaded Calculator to calculate relief Under section 89(1) of the Income Tax Act, 1961 in respect of Arrears of salary received during the financial year 2011-12. The Calculator will calculate relief if any which Assessee can claim U/s.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Tedious (TDS) Deduction Scheme- Practical Issues Posted: 02 Jan 2012 04:54 AM PST In business parlance these days, the word 'TDS' has become synonymous with 'tedious'. The deductor and the deductees who are the affected parties in these transactions are having a tough time. They not only have to ensure their role and play it... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Order passed under section 143(3) not valid if passed without the valid service of notice under section 143(2) with in the limitation period of 12 months Posted: 02 Jan 2012 01:51 AM PST Adarsh Kanch Udyog Pvt. Ltd. vs. ITO (ITAT Delhi) - Assessee has raised a specific ground that order passed u/s 143(3) was not valid in as much as there is no proof of valid service of notice u/s 143(2) within the limitation period of 12 months, as... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| ITAT held that sale of shares by the assessee to the firm in which he is a Partner as a genuine transaction Posted: 01 Jan 2012 09:30 PM PST ACIT Vs Chetan Durgadas Mehra (ITAT Mumbai)- Assessing Officer considered the sale of shares by the assessee to the firm in which he is a Partner as a non genuine transaction. Consequently he re-worked out the P&L account as stated in page 8... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Public sector financial institutions under obligation to fairly consider OTS proposal keeping in mind the RBI guidelines – Delhi HC Posted: 01 Jan 2012 08:30 PM PST Arjun Industries Ltd & Anr Vs. Industrial Development Bank Of India & Anr.(Delhi HC) - Para 7 of the order dated 23.05.2007 reads as under:- 'During the course of arguments, we had put to learned counsel for the parties that prima facie... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Foreign individuals can invest directly in public issues Posted: 01 Jan 2012 08:30 PM PST In a major policy decision, the Central Government has decided to allow Qualified Foreign Investors (QFIs) to directly invest in Indian equity market in order to widen the class of investors, attract more foreign funds, and reduce market volatility... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Soon companies may be allowed to sell shares through electronic Initial Public Offers (e-IPOs) Posted: 01 Jan 2012 08:25 PM PST A committee set up by market regulator Sebi to examine IPO-related issues is looking into a proposal to allow companies to sell shares through electronic Initial Public Offers (e-IPOs). The proposed move would enable companies to sell shares... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| India's Foreign Trade – November, 2011 Posted: 01 Jan 2012 08:20 PM PST India's exports during November, 2011 were valued at US$ 22321.64 million (Rs.113519.82 crore) which was 3.87 per cent higher in Dollar terms (17.34 per cent higher in Rupee terms) than the level of US$ 21489.49 million (Rs. 96742.01) during... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| RRBs – Implementation of Section 51-A of UAPA, 1967-Splitting of UNSC 1267 Committee's list of individuals and entities linked to Al-Qaida and Taliban Posted: 01 Jan 2012 08:10 PM PST Please refer to the UN Security Council's 1267 Committee's Consolidated List of individuals and entities linked to Al-Qaida and Taliban who are subject to the assets freeze, travel ban and arms embargo as set out in relevant Security Council...
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