| Empanelment of CA firms with Coal India Limited for Internal Audit for the Year 2011-2012 Posted: 10 Mar 2011 06:14 PM PST 
Applicaions are invited from Partnership Firms only indicating details of the Firms as indicated below for appointment. The application shall contain the following details : (1) Year of establishment (2) Details of Partners (3) Photo copy of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Due Date for submission of statutory forms under CST Act for year 2009-10 extended to 31st March 2011 in Punjab Posted: 10 Mar 2011 06:06 PM PST 
The Punjab Government has extended the due date for submission of all statutory forms under CST Act (C,E-I, E-II, F forms etc) from 20th November 2010 to 31st March 2011 by an official notification dated 16th February 2011. It is here to be noted... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Circular on monetary limits for filing Income Tax appeals does not apply to pending appeals Posted: 10 Mar 2011 06:20 AM PST 
Circular dated 15.5.2008 laying down monetary limit controls the filing of the appeals and not their hearing. Appeals filed as per applicable limit at the time of filing cannot be governed by circular applicable at the time of hearing. The object of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| In case of under-assessment or a mistaken order, A.O. can rectify the mistake u/s 154 or make a reassessment u/s 147 Posted: 10 Mar 2011 06:03 AM PST 
If an assessment happens to be an under-assessment or a mistaken order, the course open to the AO is either to rectify the mistake u/s 154 or to make a reassessment u/s 147. While, it is correct, as held in EID Parry 216 ITR 489 (Mad), that the AO... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Taxability Of Loan Waiver depends on whether loan was used for capital or revenue purposes Posted: 10 Mar 2011 05:56 AM PST 
Whether the waiver of a loan is taxable as income or not depends on the purpose for which the loan was taken. If the loan was taken for acquiring a capital asset, the waiver thereof would not amount to any income exigible to tax u/s 28(iv) or 41(1).... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Service Tax Becomes an Inflationary Tax Posted: 10 Mar 2011 05:28 AM PST 
Service tax has been levied on two newly carved services viz, air conditioned restaurants with license to serve alcoholic beverages and hotel accommodation. The restaurants may or may not be serving alcoholic beverages but it must be air conditioned... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Ups and Downs of Service Tax on Goods Transport Operators Posted: 10 Mar 2011 05:24 AM PST 
Service tax on transportation had a bad innings right from its first levy. It has gone through the ups and downs since it was levied for the first time on 16.11.1997. The levy was challenged and was withdrawn on 2.6.1998 just after few months.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Assessee covered by DTAA will be eligible for credit of State taxes u/s 91 despite DTAA not providing for the same Posted: 10 Mar 2011 05:00 AM PST 
Section 91 of the Income Tax Act, 1961 allows credit for Federal & State taxes, the DTAA allows credit only for Federal taxes. The result is that the Section 91 is more beneficial to the assessee & by virtue of Section 90(2) it must... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Exemptions and deductions available to Indian enterprises would also be granted to the US enterprises if they are carrying on the same activities Posted: 10 Mar 2011 04:41 AM PST 
Article 26(2) means that taxation of a PE of a USA resident shall not be less favorable than the taxation of a resident enterprise carrying on the same activities. The result is that the exemptions and deductions available to Indian enterprises... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| MCA simplified procedure of company incorporation and establishment of principal place of business in India by Foreign Companies Posted: 10 Mar 2011 04:23 AM PST 
The Ministry has got the issue examined by Business Process Re-engineering Group under MCA-21 and in order to speed up and simplify the process of incorporation of Companies and establishment of principal place of business in India by Foreign... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Income-tax (First Amendment) Rules, 2011 – Amendment in rules 6DDA, 6DDB and Appendix-II Posted: 10 Mar 2011 03:00 AM PST 
In rule 6DDA of the Income-tax Rules, 1962,–(a) for clause (iv), the following clause shall be substituted, namely: – "(iv) the stock exchange shall ensure that transactions (in respect of cash and derivative market) once registered in the system... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| DGFT- Quantity restriction of 720 million Kg on export of cotton yarn during 2010-11 Posted: 10 Mar 2011 02:56 AM PST 
Notification No. 31(RE-2010)/2009-14, New Delhi, dated 10th March,2011 The existing entries in the column "Nature of Restriction" against Sl. No. 161 B of Notification No. 14(RE-2010)/2009-14 dated 22.12.2010 is substituted as follows with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Property tycoons under Income tax department scanner Posted: 10 Mar 2011 02:16 AM PST 
Suspecting the use of black money to finance deals in the country's booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers' lucrative projects. "The focus of the Income Tax Department is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| CBI registers three cases against Seven Customs Officials and conducts searches at various places Posted: 10 Mar 2011 02:03 AM PST 
The Central Bureau of Investigation have registered three separate cases against seven officials in the rank of Superintendent and Inspectors of Customs posted at various places in Gujarat and Authorized Signatory & two other employees of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| No blacklisted NGO can get central funds- Govt Posted: 10 Mar 2011 01:12 AM PST 
Government today sought to allay members' apprehension in the Rajya Sabha that black listed NGOs could be getting funds from the Centre. "No blacklisted NGO can get grant-in-aid," Social Justice and Empowerment Minister Mukul Wasnik said in Question... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Budget 2011 to benefit Under developed states- Fitch Posted: 10 Mar 2011 01:07 AM PST 
The Union Budget 2011-2012 is likely to be more beneficial for the special and underdeveloped states, including J&K, Himachal Pradesh and Bihar, rating agency Fitch said on Wednesday."The Union budget 2011-2012 is a credit positive for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| ICSI ties up with USE for info sharing and consultation Posted: 10 Mar 2011 01:06 AM PST 
Company secretaries' body ICSI today said it has signed an agreement with United Stock Exchange of India (USE) for exchange of information, consultation and co-operation. Under the memorandum of understanding (MoU), the two organisations will share... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Karnataka State Sericulture Research and Development Institute Approved as scientific research associations/institutions u/s. 35(1)(ii) of the Income-tax Act, 1961 Posted: 09 Mar 2011 11:11 PM PST 
NOTIFICATION NO. 13/2011 [F.NO. 203/57/2009/ITA-II], DATED 7-3-2011. It is hereby notified for general information that the organization Karnataka State Sericulture Research and Development Institute, Bangalore has been approved by the Central... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| SEBI circular on Usage of load account Posted: 09 Mar 2011 10:36 PM PST 
CIRCULAR NO. IMD/DF/4/2011, DATED 9-3-2011- The upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor.1.3 Exit load... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Application under section 11 of the arbitration and Conciliation Act, 1996 – contract agreement between the parties got terminated Posted: 09 Mar 2011 10:13 PM PST 
The respondent raised certain claims against the appellant and invoked the arbitration agreement — the appointed Arbitrator adjusted Rs.11,10,662 awarded to the appellant, towards the sum of Rs.91,33,844 awarded in favour of the respondent and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Arbitration and Conciliation Act, 1996 —Inherent lack of jurisdiction Posted: 09 Mar 2011 10:07 PM PST 
Madhya Pradesh Madhyastham Adhikaran Adhiniyam, 1983 — provisions of — whether applicable — execution of an agreement in regard to maintenance of water supply and electrical works in different parts of Gwalior Municipal Corporation area — a work... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Amendment in para 2.21.1 of HBP, V-I – Revision of fee for issuance of Certificate of Origin (Preferential) for India's exports under Free Trade Agreements (FTAs) and Generalised System of Preferences (GSP) schemes. Posted: 09 Mar 2011 08:55 PM PST 
Public Notice No. 40 /2009-2014 (RE-2010), The 9th March, 2011 . The sentence "Authorised agencies may charge a fee, as approved by DoC, for services rendered." of the para 2.21.1 is substituted as follows : "The fee for issuance of Certificate... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| SION for new product "Woollen blended Worsted yarn" under Textiles Products Group Posted: 09 Mar 2011 08:50 PM PST 
PUBLIC NOTICE NO. 39 /(RE-2010)/2009-2014, NEW DELHI: DATED: 09 .03.2011. In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14 and Paragraph 1.1 of the Handbook of Procedures (Vol. I) (2009-14), the Director... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Amendment in Appendix 25A, HBP Vol.I (Appendices and Aayat Niryat Forms) regarding periodicity of Bank Guarantee (BG) to be executed with Regional Authorities in case of domestic procurement of goods against EPCG authorization Posted: 09 Mar 2011 08:46 PM PST 
Public Notice No. 38(RE:2010)/2009-2014, The 9th March, 2011 . In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in the Appendix... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| DGFT- Minimum Export Price(MEP) for export of Sona Masuri and Ponni Samba rice Posted: 09 Mar 2011 08:44 PM PST 
Public Notice No. 37(RE-2010)/2009-2014, New Delhi, the 8th March, 2011 . In exercise of the powers conferred by Para 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in Public... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| ICSI – 8th Residential Management Skills Orientation Program on May 14th to May 29th 2011 Posted: 09 Mar 2011 08:38 PM PST 
ICSI - Centre for Corporate Governance, Research & Training (CCGRT) is organizing its 8th Residential Management Skills Orientation Program (MSOP) from Saturday, May 14th to Sunday, May 29, 2011. All the final passed candidates from anywhere in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Sevottam Kendra of Income Tax, Kochi gains critical mass Posted: 09 Mar 2011 08:36 PM PST 
The Sevottam Centre, Kochi which had become operational from August 2009 has come of age and has attained critical mass now. Out of the total Dak of 13692 received, 11742 nos have been resolved till date – 86%. The centre has become fully functional... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
| Minimum Export Price of Onions- DGFT Notification No 30 (RE – 2010)/2009-2014 Posted: 09 Mar 2011 08:34 PM PST 
Notification No 30 (RE – 2010)/2009-2014, New Delhi, Dated: 8th March, 2011 . e "Minimum Export Price(MEP) of US$ 450 per Metric Ton or as notified by DGFT from time-to-time" as appearing in para 2 of Notification No 29(RE – 2010)/2009-2014 dated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]  |
