Court should not compel Government to make appointments to post of ITAT Member from wait-listed candidates – SC Posted: 19 Nov 2011 07:52 PM PST Union of India & ANR. Vs. Pradip Kumar Kedia Etc. (Supreme Court)- The wait list of candidates recommended by the Selection Board, has not been given effect to. Under sub-rule (3) of Rule 4 of the Rules, the Central Government after taking...  |
| Get Income Tax Refund by making application under RTI Act Posted: 19 Nov 2011 07:14 PM PST If your refunds, rectifications, other matters like not getting orders to give effect to the Appellate orders, etc. are pending since long, reminders not bringing any results, you may make application under the RTI Act to the Commissioner of...
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| When non-resident technology partner does not pass on proprietary right to assessee on transfer of knowhow, the royalty paid by the assessee under a knowhow transfer agreement is revenue expenditure Posted: 19 Nov 2011 06:27 PM PST The original know-how license agreement was entered into on 14.1.1994 at the time of inception of business of the company and the payments of royalty under that agreement were made till August 2002 i.e. for a period of 7 years from the commencement... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Commission/bonus paid to the Directors of the assessee company for business expediency would not fall under section 36(1)(ii) Posted: 19 Nov 2011 06:10 PM PST DCIT Vs. M/s CMR Design Automation Pvt Ltd (ITAT Delhi)- Assessee was paying Shri Mahesh Chandra as share holder a sum of Rs. 25 lacs per annum as salary. This compared very favourably with the salary being disbursed in the industry in which the...  |
| ICAI asks questions on topics excluded from syllabus in question paper of Taxation, PCE Nov-2011 Posted: 19 Nov 2011 05:58 PM PST t is allged by few students that ICAI has asked question from the topics which were excluded by it from syllabus for November 2011 examinations by two separate Announcement published on its website. The allegation were made by students of November...  |
| If secured assets have been wrongfully transferred, an order for return of such assets can be passed by DRT Posted: 19 Nov 2011 05:36 PM PST (1) The main enforcing provision is Section 13 in Chapter III of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter called the Act). Section 13 provides that a secured creditor may... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| MCA requests to Expedite Filing Of Annual Return And Balance Sheet Posted: 19 Nov 2011 02:33 PM PST To Avoid Last Minute Rush And System Congestion In MCA21 Towards End Of November 2011, Kindly Expedite Filing Of Annual Return And Balance Sheet Without Waiting For The Last Days Of The Month. During This Period, Roc Facilitation Centers/ Help Desks... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SC admits plea for allowing tax exemption on the expenses incurred for heart surgery Posted: 19 Nov 2011 03:04 AM PST The Supreme Court on Monday admitted a special leave petition filed by former Union Law Minister and senior counsel Shanti Bhushan for treating his heart as a 'plant' for the purpose of granting him income tax wavier on expenses incurred on heart... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Empanelment for Concurrent Audit of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited Posted: 19 Nov 2011 02:11 AM PST Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited ("Company") is carrying on life insurance business in India. Company intends to identify and engage a firm of Chartered Accountant to conduct Concurrent Audit of Investment... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Listing Provides an Oppurtunity to the People of India to become Shareholders in CPSES while Government Retains Management Control – FM Posted: 19 Nov 2011 12:49 AM PST The Union Finance Minister, Shri Pranab Mukherjee has said that listing provides an opportunity to the people of India to become shareholders in Central Public Sector Enterprises(CPSEs); while Government retains management control and at least 51%... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Revised Concept Paper on Taxation of Services based on Negative List Posted: 19 Nov 2011 12:38 AM PST The earlier Paper had given the definition of service to 'mean anything which does not constitute supply of goods, money or immovable property' A number of specific inclusions or exclusions were further elaborated. Suggestions have been made that... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Minimum Export Price of Onion – Notification No 85 (RE – 2010)/2009-2014 Posted: 19 Nov 2011 12:30 AM PST Minimum Export Price (MEP) of all varieties of onions excluding Bangalore Rose Onions and Krishnapuram Onions will be US$ 350 per Metric Ton F.O.B. It was US$ 475 per Metric Ton for general category onion as notified on 20.09.2011.For Bangalore Rose... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Increase in FII debt limit in Government and Corporate debt category Posted: 19 Nov 2011 12:27 AM PST Government vide press release dated November 18, 2011 has decided to: a. Increase the current limit of FII investment in Government Securities by US $ 5 billion raising the cap to US $ 15 billion. The incremental limit of US $ 5 billion can be... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Amends Notification No. 21/2002-Customs, dated the 1st March, 2002, thereby removing the actual user condition and restricting the exemption to LCD TV panels of 20 inches and above Posted: 19 Nov 2011 12:20 AM PST Notification No. 101/2011-Customs, New Delhi, the 17th November, 2011 G.S.R. (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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SEBI – Review of limits for foreign institutional investors (FII) investments in Government Securities and Corporate Bonds Posted: 19 Nov 2011 12:03 AM PST It has now been decided to i. increase the current limit of FII investment in Government Securities by US $ 5 billion raising the cap to US $ 15 billion. The incremental limit of US $ 5 billion can be invested in securities without any residual... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| RBI – Minutes of the October 19, 2011 Meeting of the Technical Advisory Committee on Monetary Policy Posted: 18 Nov 2011 11:53 PM PST The Reserve Bank has been placing the main points of discussion of the Technical Advisory Committee (TAC) on Monetary Policy meeting in public domain with a lag of roughly four weeks after its meeting. The minutes of the twenty-fifth meeting of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Direct Access to Negotiated Dealing System-Order Matching (NDS-OM) Posted: 18 Nov 2011 11:48 PM PST With a view to widening the secondary market in Government Securities to more number of participants, it has been decided to extend direct access to NDS-OM to licensed Urban Co-operative Banks (UCBs) and Systemically Important Non-Deposit taking... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| FEMA – "Set-off" of export receivables against import payables – Liberalization of Procedure Posted: 18 Nov 2011 11:41 PM PST Attention of Authorized Dealer Category – I (AD Category – I) banks is invited to the fact that the requests received from the exporters through their AD branches for set-off of export receivables against import payables are considered by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| NEFT – Access Criteria for Regional Rural Banks (RRBs) Posted: 18 Nov 2011 11:36 PM PST Those RRBs which meet the access criteria requirements for centralised payment systems as prescribed in our circular DPSS.CO.OD. 494 / 04.04.009 / 2011-12 dated September 21, 2011 and have the necessary financial, technical and operational resources... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Repayment of Term/Fixed Deposits in banks in respect of a/c having 'Former or Survivor' OR 'Former or Survivor' Posted: 18 Nov 2011 11:32 PM PST It has come to our notice that some banks insist on the signatures of both the depositors to allow repayment of money in fixed/term deposits, though the deposit account is opened with operating instructions (sometimes called 'repayment... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Overseas forex trading through electronic / internet trading portals – A.P. (DIR Series) Circular No. 46 Posted: 18 Nov 2011 11:25 PM PST A.P. (DIR Series) Circular No. 46 It has been observed that overseas foreign exchange trading has been introduced on a number of internet /electronic trading portals luring the residents with offers of guaranteed high returns based on such forex... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Rescinds Notification No. 14/2007-Central Excise, dated the 1st March, 2007 Posted: 18 Nov 2011 11:12 PM PST Notification No. 40 /2011-Central Excise, hereby rescinds the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 14/2007-Central Excise, dated the 1st March, 2007, published in the Gazette of India,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Citibank fraud – Income Tax department initiates re-assessment of investors Posted: 18 Nov 2011 09:32 PM PST NEW DELHI: In a double whammy for investors who lost their money in the Rs 400 crore Citibank Gurgaon scam as the Income Tax department has initiated a re-assessment of tax returns of these people to ascertain whether the money invested was... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Section 83A of the finance act, 1994 – power of adjudication – Assignment of specified cases to commissioner of Service Tax, Delhi Posted: 18 Nov 2011 08:34 PM PST ORDER NO. 03/2011 - Service Tax, dated 10-8-2011- In exercise of the powers conferred by Notification No. 16/2007 - Service Tax, dated 19th April, 2007, Central Board of Excise and Customs hereby assigns to the Commissioner of Service Tax, Delhi the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Govt Increases Current Limit of FIIS Investments by US$ 5 Billion Each in Government Securities and Corporate Bonds Posted: 18 Nov 2011 08:15 PM PST Ministry of Finance Increases the Current Limit of Foreign Institutional Investors' (FIIS) Investments by US$ 5 Billion Each in Government Securities and Corporate Bonds Raising the Cap to US$ 15 Billion and to US$ 20 Billion Respectively [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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