TaxGuru.in : Legal & Tax Updates 04.08.2010

TaxGuru.in : Legal & Tax Updates   How to know the status of Income Tax Return filed online without digital signature or say Status of ITR-V sent by Post to Bangluru Posted: 03 Aug 2010 08:51 PM PDT The Centralised Processing Centre of the Income Tax Department here has processed over 26 lakh e-filed returns in Forms 1-4 for the assessment year 2009-10. It has determined refunds in over five lakh cases. A release said refunds are being sent... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Know Your Income Tax Refund Status online Posted: 03 Aug 2010 08:44 PM PDT The Centralised Processing Centre of the Income Tax Department here has processed over 26 lakh e-filed returns in Forms 1-4 for the assessment year 2009-10. It has determined refunds in over five lakh cases. A release said refunds are being sent... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Centralised Processing Centre (CPC) At Bangalore Performing Successfully Posted: 03 Aug 2010 08:43 PM PDT Centralized Processing Centre (CPC) at Bangalore is performing successfully. Till date, 26.99 alkh returns hgave been processed and over 3 lakh refunds have been issued at the Centralized Processing Centre, Bangalore. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Investment Upto Rs. 20000/- In Long term Infrastructure Bonds Allowed As Deduction U/S 80ccf Of Income Tax Act 1961 Posted: 03 Aug 2010 08:42 PM PDT The Finance Act, 2010 has inserted a new section 80CCF in the Income Tax Act, 1961, which provides that an amount upto the extent of Rs. 20,000/- paid or deposited during the financial years 2010-11 as subscription to long-term infrastructure bonds... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Weighted Deduction Increased to 175% W.E.F 1st April 2010 For Sum Paid out of Buisiness Income to University and other Educational Institutions for Scientific Research And Development Posted: 03 Aug 2010 08:41 PM PDT The Income Tax Act, 1961, before amendment by Finance Act, 2010, allowed a weighted deduction of 125% for any sum paid out of business income to a university, college or other institution in case the amount is used for scientific research. Similar... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) ICAI Announcement regarding services in service tax for November 2010 examinations Posted: 03 Aug 2010 07:47 PM PDT Applicability of services for November 2010 examinations:-Professional Competence Examination. It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Only 25 Indian Agents Allowed by RBI to Route Cross Border Inward Personal Remittances Into India under MTSS Posted: 03 Aug 2010 07:40 PM PDT In terms of Section 4(1) of the payment and settlements Systems Act, 2007, no person other than the Reserve Bank shall commence or operate a payment system except under and in accordance with an authorization issued by the Reserve Bank under the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) RBI releases Discussion Paper on Engagement of 'for-profit' Companies as Business Correspondents (BCs) Posted: 03 Aug 2010 07:34 PM PDT The Reserve Bank of India today released on its website, a Discussion Paper on "Engagement of 'for profit' Companies as Business Correspondents (BCs)" to seek the views/comments of banks, non-banking financial institutions, 'for-profit' companies,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Procedure for application for Accounts Office Identification Number (AIN) for Government offices required to file Form 24G Posted: 03 Aug 2010 07:30 PM PDT Introduction :-The Pay and Accounts Office (PAO)/ District Treasury Office (DTO)/ Cheque Drawing and Disbursing Office (CDDO) are required to file Form 24G as per Income-tax Department Notification no. 41/2010 dated May 31, 2010. In case of an... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Government Sets up a Committee for Comprehensive Review of National Small Savaings Fun Posted: 03 Aug 2010 07:12 PM PDT The Government has set up a committee headed by Deputy Governor, Reserve Bank of India (RBI) for comprehensive review of National Small Savings Fund (NSSF) Structure, interest rate, tenor and other administrative matters. The Terms of reference of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) Directorate of Currency set up in Ministry of Finance to Monitor and Review Efficacy of Existing Security features in Currency Notes Posted: 03 Aug 2010 06:56 PM PDT The Directorate of Currency has been set up in the Ministry of Finance as a permanent body to monitor and review the efficacy of the existing security features in the currency notes, study best practices prevailing in other countries, drive and fund... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) A brief of report on Economic Outlook for 2010-2011 Posted: 03 Aug 2010 05:30 PM PDT The domestic savings rate which had fallen in 2008/09 is expected to pick up substantially in 2010-11. We estimate the savings rate at 34.3 per cent of GDP in 2010/11 and the corresponding investment rate will be 37.0 per cent. These savings and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119) With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai