Fwd: TaxGuru : “Notification Exempting Individual having Income less then 5 lakh from furnishing Income Tax Return” plus 26 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Jun 24, 2011 at 9:51 AM
Subject: TaxGuru : "Notification Exempting Individual having Income less then 5 lakh from furnishing Income Tax Return" plus 26 more
To: palashbiswaskl@gmail.com

TaxGuru : "Notification Exempting Individual having Income less then 5 lakh from furnishing Income Tax Return" plus 26 more

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• Notification Exempting Individual having Income less then 5 lakh from furnishing Income Tax Return
• Salaried Taxpayers with total Income up to Rs. 5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12
• eTutorial – How to generate Form 16A online (Power Point Presentation)
• Cost Inflation Index for Financial Year 2011-12 / Assessment year 2012-13
• Soon you will be able to Check your balance in EPF account online
• Payment of commission in lieu of dividend is Tax Avoidance
• Service tax Payable on billing basis from July 1 2011
• Long Procedural Delay in Filing Dept Appeals cannot be condoned – SC
• Difference between agreed price for purchase of property and price registered in sale deed taxable
• Two chartered accountants held in fraud case
• No excise duty on school uniforms, towels – CBEC
• MVAT – Budget 2011-12 – Filing of Returns by dealers dealing in liquor
• Refund money raised via OFCDs with 15% interest – SEBI to Sahara
• Extension of date for registration for Integrated Professional Competence Course (IPCC)
• Exclusion of certain topics in the CA Final Examination to be held in November, 2011 and thereafter
• India and the Global Financial Crisis What Have We Learnt?
• Home Ministry orders probe into ex-CJI Balakrishnan's assets
• Special Drive to clear pendency of e-forms filed with ROC prior to implementation of revised Regulation 17 of the Companies Regulation, 1956
• Discussion on India´s Progress in the Financial Action Task Force Plenary in Mexico
• Beg to Differ-Delhi HC Judgment u/s 138 of Negotiable Instrument Act
• India Inc raises $2 bn in April through ECBs, FCCBs
• Custom Duty – Seeks to extend DEPB scheme upto 30th September, 2011 thereby amending Notification No.97/2009-Customs, dated 11th September, 2009
• Regarding imposition of definitive anti-dumping duty on import of sewing machine needles from China PR – Notification No. 50/2011-Customs
• A Committee constituted to examine ways to strengthen laws to curb generation of black-money in India, its illegal transfer abroad and its recovery
• IRDA – Exposure Draft on IRDA (Issue of Capital and Disclosure Requirements for Life Insurance Companies) Regulations, 2011
• Period of Validation of Registration in Chartered Accountancy Course
• Direction by Regional Director to professional for proper verification of information furnished by the Company

Notification Exempting Individual having Income less then 5 lakh from furnishing Income Tax Return Posted: 23 Jun 2011 09:29 AM PDT NOTIFICATION NO. 36/2011 Exemption u/s 139(1) to Specified Person from the requirement of furnishing a return of income for Assessment year 2011-12. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Salaried Taxpayers with total Income up to Rs. 5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12 Posted: 23 Jun 2011 09:21 AM PDT Individuals having total income up to Rs. 5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs. 10,000 are not required to file their... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

eTutorial – How to generate Form 16A online (Power Point Presentation) Posted: 23 Jun 2011 08:59 AM PDT Download e-Tutorial – Form 16A (PPT) As per Income Tax Department (ITD) circular no. 03/2011 dated May 13, 2011 Companies and Banks are required to issue Form 16A from TIN to their deductees for deductions made from April 1, 2011 (F.Y. 2011-12).... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cost Inflation Index for Financial Year 2011-12 / Assessment year 2012-13 Posted: 23 Jun 2011 08:51 AM PDT CBDT has vide Notification No. 35/2011 dated declared cost inflation Index for the financial year 2011-12. Cost inflation index for the financial year 2011-12 (Assessment year 2012-13) is 785. Full text of the Notification is as follows:- [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Soon you will be able to Check your balance in EPF account online Posted: 23 Jun 2011 08:50 AM PDT Speaking on the occasion the Minister said 4.72 crore accounts up to 2008-09 are likely to be updated online by 15.7.2011 to ensure more transparency. He said that the Provident Fund Organisation has been directed to update all accounts by December... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Payment of commission in lieu of dividend is Tax Avoidance Posted: 23 Jun 2011 08:24 AM PDT Dalal Broacha Stock Broking Pvt Ltd vs. ACIT (ITAT Mumbai – Special Bench)- Provisions of section 36(1)(ii) will apply in case of all employees including share holder employees irrespective of the fact whether any extra services have been rendered... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax Payable on billing basis from July 1 2011 Posted: 23 Jun 2011 08:09 AM PDT The Finance Act, 2011 has introduced with effect from April 1, 2011, Point of Taxation Rules in which, these rules will determine the point in time when the services shall be deemed to be provided. The general rule will be that the time of provision... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Long Procedural Delay in Filing Dept Appeals cannot be condoned – SC Posted: 23 Jun 2011 07:48 AM PDT CIT vs. Indian Hotels Co Ltd (Supreme Court) - The department filed a SLP challenging the order of the Bombay High Court declining to condone delay of 656 days in filing the appeal. The delay was explained as having been caused by several facts... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Difference between agreed price for purchase of property and price registered in sale deed taxable Posted: 23 Jun 2011 07:40 AM PDT Bela Juneja v CIT (Delhi High Court) - Additions under s 69 was justified since finding of facts has been arrived by lower authorities that assessee had made unexplained investment and there was huge difference between agreed price for purchase of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Two chartered accountants held in fraud case Posted: 23 Jun 2011 07:30 AM PDT The Economics Offences Wing (EOW) of Chandigarh police Wednesday evening booked two city-based chartered accountants in a land-related fraud case, said the police. According to the police, they have booked the accused for cheating and criminal... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No excise duty on school uniforms, towels – CBEC Posted: 23 Jun 2011 01:30 AM PDT In a relief to the garment industry, the government today said no excise duty will be imposed on uniforms and items like towels if they merely bear logo of the institution or company they are made for. .Such products would not merit treatment as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MVAT – Budget 2011-12 – Filing of Returns by dealers dealing in liquor Posted: 23 Jun 2011 12:25 AM PDT Trade Circular No. 10T of 2011 The amendments carried out in respect of taxation of liquor have been explained in details in the Trade Circular No. 8T of 2011 referred here in above at Sr. No.(3). The procedure to fill up the information about... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Refund money raised via OFCDs with 15% interest – SEBI to Sahara Posted: 22 Jun 2011 11:25 PM PDT Market regulator SEBI today asked two Sahara group entities to return money collected from millions of investors through an instrument named Optionally Fully Convertible Debentures (OFCD), citing violation of regulatory norms. As per a Sebi order,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Extension of date for registration for Integrated Professional Competence Course (IPCC) Posted: 22 Jun 2011 10:41 PM PDT In order to mitigate the hardship being faced by the students in registering for Integrated Professional Competence Course (IPCC), the Council at its 306th Meeting held from 7-9th June, 2011 decided that candidates who register for Integrated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exclusion of certain topics in the CA Final Examination to be held in November, 2011 and thereafter Posted: 22 Jun 2011 10:40 PM PDT On a review of the syllabus for the Final Course, the Council has decided to exclude the following topics from the Final Examination to be held in November, 2011 and thereafter:- Paper 1 Financial Reporting - Inflation Accounting [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India and the Global Financial Crisis What Have We Learnt? Posted: 22 Jun 2011 10:33 PM PDT By all accounts the 2008/09 crisis has been the deepest financial crisis of our times. It has taken a devastating toll on global output and welfare. Arguably, the fundamental causes of all financial crises are the same - global imbalances, loose... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Home Ministry orders probe into ex-CJI Balakrishnan's assets Posted: 22 Jun 2011 10:28 PM PDT The Home Ministry has asked the Revenue Department to conduct a probe into the allegations of disproportionate assets against former Chief Justice of India KG Balakrishnan. In a letter to the Revenue Secretary, the Home Ministry asked him to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Special Drive to clear pendency of e-forms filed with ROC prior to implementation of revised Regulation 17 of the Companies Regulation, 1956 Posted: 22 Jun 2011 09:46 PM PDT Circular No.40/2011 It is noticed that a large number of e-forms filed by the companies with the ROCs prior to implementation of revised regulation 17 of the Companies Regulation, 1956 (i.e. 15.02.2009) are still pending in folders like RESUB, PUCL... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Discussion on India´s Progress in the Financial Action Task Force Plenary in Mexico Posted: 22 Jun 2011 09:44 PM PDT India joined the Financial Action Task Force (FATF) as its 34th member in June 2010. At present FATF has 36 members comprising of 34 countries and two organizations namely, the European Union and the Gulf Cooperation Council. At the time of joining... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Beg to Differ-Delhi HC Judgment u/s 138 of Negotiable Instrument Act Posted: 22 Jun 2011 09:38 PM PDT Since sending of notice from Delhi to Raipur does not confer jurisdiction on Delhi Court in view of the decision of the Hon'ble Supreme Court in the case of Harman Electronics Private Limited (supra) and the deposit of cheque with the banker of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India Inc raises $2 bn in April through ECBs, FCCBs Posted: 22 Jun 2011 09:35 PM PDT India Inc raised over $ 2.06 billion from overseas markets in April through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), the Reserve Bank said. Around 55 companies raised over $ 1.54 billion for various... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Custom Duty – Seeks to extend DEPB scheme upto 30th September, 2011 thereby amending Notification No.97/2009-Customs, dated 11th September, 2009 Posted: 22 Jun 2011 09:31 PM PDT Notification No. 51/2011 - Customs This notification shall be valid in respect of the Duty Entitlement Pass Book Scrips issued by the Licensing Authority against exports having Let Export Order up to and inclusive of the 30th day of September,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding imposition of definitive anti-dumping duty on import of sewing machine needles from China PR – Notification No. 50/2011-Customs Posted: 22 Jun 2011 09:30 PM PDT Notification No. 50/2011-Customs Whereas, in the matter of import of the Sewing Machine Needles (hereinafter referred to as subject goods), falling under sub-heading 8452.30 of chapter 84 of the First Schedule to the Customs Tariff Act, 1975 (51 of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

A Committee constituted to examine ways to strengthen laws to curb generation of black-money in India, its illegal transfer abroad and its recovery Posted: 22 Jun 2011 09:30 PM PDT It has been decided with the approval of competent authority to constitute a Committee to examine ways to strengthen laws to curb the generation of black-money in India, its illegal transfer abroad and its recovery. The Committee shall consist of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA – Exposure Draft on IRDA (Issue of Capital and Disclosure Requirements for Life Insurance Companies) Regulations, 2011 Posted: 22 Jun 2011 09:25 PM PDT The Authority proposes to issue the Regulations on IRDA (Issue of Capital and Disclosure Requirements for Life Insurance Companies) Regulations, 2011. Accordingly, the Authority has prepared the Draft Regulations (attached as pdf and doc. documents)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Period of Validation of Registration in Chartered Accountancy Course Posted: 22 Jun 2011 09:24 PM PDT In order to streamline the period of validity of registration for Common Proficiency Course (CPC), Professional Competence Course (PCC)/ Integrated Professional Competence Course (IPCC) and Final levels of Chartered Accountancy Course, the Council... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direction by Regional Director to professional for proper verification of information furnished by the Company Posted: 22 Jun 2011 09:01 PM PDT Ministry has observed that some listed companies have shown abnormal figure of their shareholders in their Annual Return (e-form no. 20B) filed with the Registrar of Companies. It appears that the signatories of e-form 20B of above companies... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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