Friday, May 6, 2011

Fwd: TaxGuru.in : Legal & Tax Updates



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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, May 6, 2011 at 9:59 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Download 21 useful Tax, Legal and Statutory Compliance Chart (Must have)

Posted: 05 May 2011 08:12 PM PDT

1. Income Tax Rates - Individual, 2. Income Tax Rates - Other than Individuals, 3. Securities Transaction Tax Rates, 4. TDS Rate Chart, 5. Capital Gain Tax Rates / Cost Inflation Index, 6. Interest Accrual: NSC, 7. Interest payable under Income Tax...

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TDS Rate Chart for F.Y. 2011-12, 2010-11, 2009-10

Posted: 05 May 2011 07:32 PM PDT

Download TDS Rate Chart for Financial Year (F.Y.) 2011-12 /Assessment Year (A.Y.) 2012-13. Download TDS Rate Chart for Financial Year (F.Y.) 2010-11 /Assessment Year (A.Y.) 2011-12. Download TDS Rate Chart for Financial Year (F.Y.) 2009-10...

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The owners granting the right, authority and power to develop the property in favour of the developers is considered as transfer of the land and building and thus liable to capital gain tax and section 50C of the Act is applicable

Posted: 05 May 2011 07:29 PM PDT

Recently ITAT Mumbai held that in the case of Chiranjeev Lal Khanna v. ITO held that considering the facts of the case and clauses in the agreement, the taxpayer has transferred land and building to the developer would be chargeable to tax as...

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Gift of property by a Muslim need not be registered – SC

Posted: 05 May 2011 06:49 PM PDT

A gift of immovable property made by a Muslim is valid even if it is not registered under the Transfer of Property Act or the Stamps and Registration Act, the Supreme Court today ruled. The apex court said though the TP Act mandates registration of...

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Lies Vs Truth Regarding Recovery of 'Industrial Loan'

Posted: 05 May 2011 06:40 PM PDT

The 'Industrial Loan' is required for an industry which is a social activity generating employment for the masses (direct as well as indirect), generation of public revenue by way of taxation for meeting public expenses through the government,...

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ICWAI President's Message May 2011

Posted: 05 May 2011 06:35 PM PDT

Indian economic success is being looked at with awe in Emerging markets like Latin America which are integral to India's strategy for inclusive growth. To reduce dependence on traditional markets like the US and Europe, Indian exporters have started...

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The Asian Century A Reality – Pranab Mukherjee

Posted: 05 May 2011 06:30 PM PDT

If Asia has to reach the level of an affluent region, achieving broad-based, inclusive and sustained growth would be a paramount necessity. Inclusive growth is critical for a sustained assault on poverty and for containing inequality. If we fail to...

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Company Secretaries (CS) Examinations – December 2010 Results

Posted: 05 May 2011 06:27 PM PDT

COMPANY SECRETARIES EXAMINATIONS – DECEMBER 2010 - THE ROLL NUMBERS OF THE CANDIDATES WHO HAVE PASSED THE foundation programme, executive programme, professional programme (new syllabus) and final (old syllabus) EXAMINATIONS OF The COMPANY...

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CBI arrests Chief Parliamentary Secretary, Punjab and an official of Registrar, Firms & Societies, Punjab in a bribery case

Posted: 05 May 2011 05:56 PM PDT

CBI has registered a case U/S 8 of Prevention of Corruption Act against an official of Registrar, Firms & Societies, Punjab on the basis of a complaint received from Secretary of an Association alleging demand of bribe of Rs.1.5 crore by the...

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RBI relaxes norms for making payments using mobile phones ; Raises Limit to 50K

Posted: 05 May 2011 04:15 PM PDT

Relaxing the norms for making payments using mobile phones, known as m-wallet, the Reserve Bank today decided to increase the limit of money-loading to Rs 50,000 from the existing limit of Rs 5,000. The maximum value of such prepaid semi-closed...

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Cost Audit Order for Bulk Drugs, Fertilizers, Sugar, Petro, Electricity, Telecom, Alcohol and Petroleum Industry

Posted: 05 May 2011 11:00 AM PDT

In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government,being of the opinion that it is necessary to do so, hereby directs that all companies to which any of the following...

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Cost Audit Order for Cement, Tyres, Tubes, Steel Tubes, Steel Pipes, Paper, Insecticides Industries

Posted: 05 May 2011 10:39 AM PDT

In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to do so, hereby directs that all companies to which any of the...

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RBI penalises Bank based in Gujrat for violation of KYC and AML Norms

Posted: 05 May 2011 10:28 AM PDT

The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Ahmedabad District Central Co-operative Bank Ltd., Ahmedabad, Gujarat in exercise of powers vested in it under the provisions of Section 46 read with...

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Early refunds saved interest outgo of Rs 4,000 cr- I-T Dept

Posted: 05 May 2011 09:56 AM PDT

The Income Tax Department has saved a potential interest outgo of up to Rs 4,000 crore by an early payout of refunds to taxpayers in April, a top official of the Department said today. In the month of April, we have issued more than 20 lakh refunds...

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Sebi to outsource investor helpline to third-party call centre

Posted: 05 May 2011 09:53 AM PDT

Market regulator Sebi has decided to outsource its investor helpline service to a third-party call centre, where at least 500 agents would be required to attend to investors' calls on issues like IPOs and trading. The decision to outsource its...

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FM holds bilateral talks with Japanese Finance Minsiter

Posted: 05 May 2011 06:09 AM PDT

In a bilateral meeting with the Japanese Finance Minister at Hanoi, Vietnam today, the Finance Minister Shri Pranab Mukherjee expressed deep concern and sympathy over the recent natural calamities in Japan and extended all possible assistance. Shri...

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FM's Intervention on 'Managing Inflation and Capital Flows'

Posted: 05 May 2011 06:08 AM PDT

Before the onset of global crisis, we faced food and fuel price volatility. During the global crisis of 2008-09, with collapse of demand, we experienced a broad flattening of prices. And, as the world experienced recovery from the crisis, different...

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Large companies may have to adopt IFRS from next financial Year

Posted: 05 May 2011 06:05 AM PDT

Large Indian firms may have to adopt international accounting norms, IFRS, from the next fiscal when the new direct tax regime comes into effect, bringing clarity on the tax structure for companies. In a meeting held recently, the Corporate Affairs...

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Indian Bank hikes Base Rate, BPLR by 50 bps each

Posted: 05 May 2011 06:03 AM PDT

Joining the rate hike bandwagon, state-run lender Indian Bank today raised its lending rates by 50 basis points, within days of the Reserve Bank announcing an increase in its short-term lending and bank savings rates.

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HC – Don't make retirees run pillar-to-post for benefits

Posted: 05 May 2011 05:41 AM PDT

The Rajasthan High Court has criticised the bureaucratic approach of government officials in releasing retirement benefits. The single judge bench said the benefits must be given timely, without making the retirees run from pillar to post.

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SC dissatisfied over tardy tax evasion probe into 2G scam

Posted: 05 May 2011 05:38 AM PDT

The Supreme Court today expressed displeasure over the tardy pace of probe by the Income Tax department into the tax evasion cases linked to 2G spectrum case, saying it wanted results. A bench of justices G S Singhvi and A K Ganguly directed the...

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ICAI-Cancellation of HINDI MEDIUM Paper -3 of PCE and Paper -2 of IPCE of 05 May 2011

Posted: 05 May 2011 05:25 AM PDT

Due to unavoidable reasons the examination of Paper –3- Law, Ethics and Communication of Professional Competence Examination and Paper -2- Business Laws, Ethics and Communications of integrated Professional Competence Examination which were...

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Cost Audit Order for Bulk Drugs, Fertilizers, Sugar, Petroleum, Electricity, Telecom, Alcohol and Petroleum Industry

Posted: 05 May 2011 02:57 AM PDT

Cost Audit made Applicable for the companies in Bulk Drugs, Fertilizers, Sugar, Petroleum, Electricity, Telecom, Alcohol and Petroleum Industry if aggregate value of net worth as on the last date of the immediately preceding financial year exceeds...

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Officials to face action for refusing postal orders as RTI fee

Posted: 05 May 2011 12:36 AM PDT

Government has decided to impose a penalty on officials who do not accept postal orders as fees for getting information under the Right to Information Act. The Department of Personnel and Training has issued a circular in this regard.

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Finance Minsiter calls on General Secretary of Communist Party of Vietnam in Hanoi today

Posted: 04 May 2011 10:10 PM PDT

Finance Minister Shri Mukherjee said that he met Vietnamese Prime Minister yesterday and requested him to resolve all the pending issues including setting up of a steel project in Vietnam by Tata Group of Industries. The General Secretary of...

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Palash Biswas
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