Fwd: TaxGuru.in : Legal & Tax Updates

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Date: Fri, Feb 4, 2011 at 9:43 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• Extension Of Date For Registration For Integrated Professional Competence Course IPCC
• SEBI Bars 39 Entities From Accessing Securities Market
• Kerala HC Gives Nod For Country S First Islamic Bank
• Priyanka To Pay Income Tax On Rs 6 Crore And Kasbekar On Rs 4-crore
• Market Rate For Inter Divisional Notional Transfer Price Cannot Be Based On Rate Determined By The Regulator
• RBI Sponsored Survey Revises GDP Growth To 8 7 Pc In FY 11
• Air Travellers And Courier Service Companies Under Income Tax Department Scanner
• U K Sinha Appointed As Chairman Of SEBI
• CPC Commences Issue Of Income Tax Refunds For AY 2010-11 Returns
• Filing Stay Application Before The Lower Authorities Is Directory And Mandatory For Filing Stay Application Before ITAT
• Allowability Of Premium Paid In Excess Of Face Value Of Investments Under HTM Category
• Allowability Of Contributions To Superannuation Fund Not In The Nature Of Initial Or Ordinary Annual Contribution
• Transactions Which Requires PAN Compulsorily And Consequence Of Not Having PAN
• Concealment Penalty Cannot Be Imposed Merely On Ground That Tribunal Disallowed The Expenditure
• Section 119 Of The Income-tax Act 1961 - Instructions To Subordinate Authorities - Instructions Regarding Income Limits For Assigning Cases To Deputy Commissioners Assistant Commissioners ITOs
• Easy Exit Scheme Extended Upto 30th April 2011
• Amends Determination Of Origin Of Goods Under The Preferential Trade Agreement Between Member States Of ASEAN And The Republic Of India Rules 2009

Extension Of Date For Registration For Integrated Professional Competence Course IPCC Posted: 04 Feb 2011 01:40 AM PST Extension of date for registration for Integrated Professional Competence Course IPCC BoS Announcement 227 10 nbsp February 2 2011 Sub Extension of date for registration for Integrated Professional Competence Course IPCC [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI Bars 39 Entities From Accessing Securities Market Posted: 04 Feb 2011 01:22 AM PST Market regulator SEBI today barred 39 entities from accessing securities markets for allegedly creating artificial volumes and price rise in certain scrips nbsp The 39 entities persons are restrained from accessing the securitie [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Kerala HC Gives Nod For Country S First Islamic Bank Posted: 04 Feb 2011 01:14 AM PST The Kerala High Court Thursday gave the green signal to a company registered under the tenets of sharia to start operating a financial institution based on the principles of Islamic banking with the participation of a state-run firm [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Priyanka To Pay Income Tax On Rs 6 Crore And Kasbekar On Rs 4-crore Posted: 04 Feb 2011 01:10 AM PST Actress Priyanka Chopra and photographer Atul Kasbekar will pay income tax on some undisclosed transactions Priyanka will pay tax on Rs 6 crore of cash transactions and Kasbekar on a Rs 4-crore gift a senior income-tax official sa [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Market Rate For Inter Divisional Notional Transfer Price Cannot Be Based On Rate Determined By The Regulator Posted: 04 Feb 2011 01:03 AM PST Market rate for the purpose of inter divisional notional transfer price cannot be based on the rate determined by the Regulator nbsp Facts nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp Taxpayer is a co [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Sponsored Survey Revises GDP Growth To 8 7 Pc In FY 11 Posted: 04 Feb 2011 12:58 AM PST A survey sponsored by the Reserve Bank has revised the country s economic growth projections for the current fiscal to 8 7 per cent from 8 5 per cent earlier Forecasters have revised their real GDP growth rate forecasts upwards t [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Air Travellers And Courier Service Companies Under Income Tax Department Scanner Posted: 04 Feb 2011 12:53 AM PST The air travellers and courier service companies are under the scanner of air intelligence unit AIU of the Income Tax I-T department which is trying to get to the black money trail in India The AIUs conducted a series of searc [[ This is a content summary only. Visit www.taxguru.in for full article ]]

U K Sinha Appointed As Chairman Of SEBI Posted: 04 Feb 2011 12:48 AM PST Shri U K Sinha IAS 1976 Bihar voluntarily retired in 2008 presently Chairman and Managing Director UTI AMC has been appointed as the Chairman Securities and Exchange Board of India SEBI initially for a period of three y [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CPC Commences Issue Of Income Tax Refunds For AY 2010-11 Returns Posted: 04 Feb 2011 12:47 AM PST Centralized Processing Center CPC Bangalore has begun processing of returns for AY 2010-11 As on 31 1 2011 it has processed over 31 3 lakh e-filed returns of AY 2010-11 in ITRs 1 2 3 4 and issued refunds in over 8 3 lakh case [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Filing Stay Application Before The Lower Authorities Is Directory And Mandatory For Filing Stay Application Before ITAT Posted: 04 Feb 2011 01:29 AM PST Filing stay application before the lower authorities is directory and not mandatory for filing stay application before the ITAT In brief - In the case of DHL Express India P Ltd v ACIT SA No 119 Mum 2010 dated 19 November 2 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Allowability Of Premium Paid In Excess Of Face Value Of Investments Under HTM Category Posted: 04 Feb 2011 01:07 AM PST Premium paid in excess of the face value of the security held under Held to Maturity HTM category which has been amortised over the period remaining till maturity is allowable - rules Mumbai Tax Tribunal Facts The Ass [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Allowability Of Contributions To Superannuation Fund Not In The Nature Of Initial Or Ordinary Annual Contribution Posted: 04 Feb 2011 12:57 AM PST Contributions to a superannuation fund not being in the nature of initial or ordinary annual contribution is an allowable deduction nbsp Facts nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp During the assess [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transactions Which Requires PAN Compulsorily And Consequence Of Not Having PAN Posted: 04 Feb 2011 12:51 AM PST Transactions which requires PAN compulsorily Sale or purchase of any immovable property worth at least Rs5 lakh or purchase of certain vehicles which are not two-wheelers A time deposit with a banking company or a de [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Concealment Penalty Cannot Be Imposed Merely On Ground That Tribunal Disallowed The Expenditure Posted: 03 Feb 2011 12:31 AM PST Penalty under section 271 1 c - nbsp Leviability-Expenditure claimed by assessee disallowed by Tribunal-Concealment penalty cannot be imposed merely on the ground that Tribunal disallowed the expenditure claimed by the assessee 2011 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 119 Of The Income-tax Act 1961 - Instructions To Subordinate Authorities - Instructions Regarding Income Limits For Assigning Cases To Deputy Commissioners Assistant Commissioners ITOs Posted: 04 Feb 2011 01:38 AM PST Section 119 of the Income-tax Act 1961 - Instructions to subordinate authorities - Instructions regarding income limits for assigning cases to Deputy Commissioners Assistant Commissioners ITOs nbsp INSTRUCTION NO 1 2011 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Easy Exit Scheme Extended Upto 30th April 2011 Posted: 04 Feb 2011 01:26 AM PST General Circular No 1 2011- nbsp Dated the 3 rd Feb 2011 Issued by - Government of India nbsp Ministry of Corporate Affairs nbsp 5 th Floor A Wing Shastri Bhavan nbsp Dr R P Road New Delhi nbsp nbsp Issued [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Determination Of Origin Of Goods Under The Preferential Trade Agreement Between Member States Of ASEAN And The Republic Of India Rules 2009 Posted: 04 Feb 2011 01:12 AM PST Notification No 8 2011 Customs N T New Delhi the 2nd February 2011 nbsp G S R nbsp E In exercise of the powers conferred by sub-section 1 of section 5 of the Customs Tariff Act 1975 51 of 1975 the Centr [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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