Fwd: TaxGuru : “Firm or individual/HUF covered under section 44AB are mandatorily required to file ITR-5 or ITR-4 electronically using digital signature” plus 25 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sat, Jul 2, 2011 at 10:01 AM
Subject: TaxGuru : "Firm or individual/HUF covered under section 44AB are mandatorily required to file ITR-5 or ITR-4 electronically using digital signature" plus 25 more
To: palashbiswaskl@gmail.com

TaxGuru : "Firm or individual/HUF covered under section 44AB are mandatorily required to file ITR-5 or ITR-4 electronically using digital signature" plus 25 more

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• Firm or individual/HUF covered under section 44AB are mandatorily required to file ITR-5 or ITR-4 electronically using digital signature
• Things People should know about Employees Provident Fund
• 63rd foundation day of the Institute of Chartered Accountants of India (ICAI)
• Know /Check Your EPF Balance online
• Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 vide Notification No. 38/2011 – Customs (N. T.)
• RBI issues Master Circulars as amended up to 30th June 2011
• Challenges for Next Generation Banking
• RBI – Sectoral Deployment of Bank Credit – May 2011
• The monetary limit provided by Board Circular dated 27 March 2000 applies even to old references which are still pending and are undecided
• Validity of charge created against the property by mortgaging the property in favour of financial institutions by the borrower Assessee during pendency of any of the proceedings under the Income-tax Act, 1961
• Payment for advisory services and opinions for improvement of existing facilities in the hotels for meeting international standards would not fall within ambit of 'fees for included services' under India USA Treaty
• Instructions Regarding issues relating to Customs clearance at International Airports in India
• Prescribes simplified form for quarterly return of excisable goods cleared @ 1% Excise duty
• Carve Outs provided in Ind AS
• Cost Audit Order dated 30th June 2011 in modification of Order dated 3rd May 2011
• India's Foreign Trade – May, 2011
• Liberalise FDI policy in financial services sector – US
• New Law for the Rights of Persons with Disabilities
• Report fraud cases of Rs 1 cr and above to CBI – RBI to banks
• Conditions and modalities for registration of contracts of cotton waste including yarn waste and garneted stock [ITC(HS) Code 5202] with DGFT
• Clarification regarding import of Fuel under Advance Authorisation / DFIA Scheme
• Exemption for export of cotton waste including yarn waste and garneted stock [ITC (HS) Code 5202] from the quantity restriction on export of cotton during Cotton Season, 2010-11
• RBI asks banks to rotate staff to check loan fraud
• DGFT- Trade in Border Haats across the border at Meghalaya between Bangladesh and India
• RBI allows issuing equities against capital good imports
• Establishment of Connectivity with both depositories NSDL and CDSL – SEBI CIR/MRD/DP/09 /2011

Firm or individual/HUF covered under section 44AB are mandatorily required to file ITR-5 or ITR-4 electronically using digital signature Posted: 01 Jul 2011 09:01 PM PDT Notification No. 37/2011 [F. No. 149/68/2011-So (Tpl)], Dated 1-7-2011 Income-Tax (Sixth Amendment) Rules, 2011 - Amendment in Rule 12 - In the Income-tax Rules, 1962 in rule 12, in sub-rule (3), in the proviso, for clauses (a) and (aa) the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Things People should know about Employees Provident Fund Posted: 01 Jul 2011 08:48 PM PDT Despite the popularity of the EPF as a saving tool, not many people are enthused by or even aware of the Employees' Pension Scheme. Introduced in 1995, it is funded by diverting 8.3%, or a little more than a third of your PF contribution. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

63rd foundation day of the Institute of Chartered Accountants of India (ICAI) Posted: 01 Jul 2011 06:54 PM PDT The Ministry of Corporate Affairs had mandated certain class of companies to file their financial statements in XBRL format for the year ended 31st March, 2011. In order to educate members on XBRL and providing hands-on training on the process, XBRL... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Know /Check Your EPF Balance online Posted: 01 Jul 2011 06:40 PM PDT Please click on the following link to know the balance in your EPF Account upto the date, the accounts are updated, which also includes the latest approved transactions of settlement/advances/transfer-in/transfer-out, if any. Select the EPFO office... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 vide Notification No. 38/2011 – Customs (N. T.) Posted: 01 Jul 2011 06:26 PM PDT Notification No. 38/2011 - Customs (N. T.), New Delhi, 15th June, 2011 S. O… (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI issues Master Circulars as amended up to 30th June 2011 Posted: 01 Jul 2011 06:22 PM PDT RBI has issued Master Circulars on 01.07.2011 on the following subjects. These Master Circulars are updated till 30th June 2011. Full text of the Master circulars can be checked on the website of RBI. A link to master circulars is given at the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Challenges for Next Generation Banking Posted: 01 Jul 2011 06:10 PM PDT Indian economy is likely to register an average growth of above 8% in the Eleventh Five Year Plan and that the 12th Plan will see a growth of 9 to 10%. It is my view that it is possible for India to aim at a 10% growth for the next 20 years. Only... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI – Sectoral Deployment of Bank Credit – May 2011 Posted: 01 Jul 2011 06:07 PM PDT Data on sectoral deployment of credit collected on a monthly basis from select 47 scheduled commercial banks accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks for the month of May 2011 are set... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The monetary limit provided by Board Circular dated 27 March 2000 applies even to old references which are still pending and are undecided Posted: 01 Jul 2011 06:06 PM PDT CIT v Kewalchand Pratapchand (High Court of Madhya Pradesh) - From the perusal of aforesaid, it is apparent that the Board Circular dt.27.3.2000 was applicable even to the old references which are still pending and are undecided. By circular dated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Validity of charge created against the property by mortgaging the property in favour of financial institutions by the borrower Assessee during pendency of any of the proceedings under the Income-tax Act, 1961 Posted: 01 Jul 2011 05:13 PM PDT TRO v Industrial Finance Corpn. of India and Ors. (Gujrat HC)- The charges created against the property, by the mortgaging of the property by the assessee-borrower in favour of the financial institution during the pendency of any proceedings under... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Payment for advisory services and opinions for improvement of existing facilities in the hotels for meeting international standards would not fall within ambit of 'fees for included services' under India USA Treaty Posted: 01 Jul 2011 04:58 PM PDT ACIT v Viceroy Hotels Ltd. (ITAT Hyderabad) - The payment made by the assessee to the non-resident for only providing advisory services and opinions for the improvement of existing facilities in the hotels for meeting international standards would... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Instructions Regarding issues relating to Customs clearance at International Airports in India Posted: 01 Jul 2011 09:16 AM PDT Attention is invited to Notification No.74/2005-Customs (N.T.) & 75/2005-Customs (N.T.) both dated 30.8.2005 under Import Manifest (Aircraft) Regulations, 1976 and Export Manifest (Aircraft) Regulations, 1976, as amended, respectively. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Prescribes simplified form for quarterly return of excisable goods cleared @ 1% Excise duty Posted: 01 Jul 2011 08:45 AM PDT Notification No.15/2011-Central Excise (N.T.) New Delhi, dated the 30th June, 2011 G.S.R. (E). - In exercise of the powers conferred by sixth proviso to sub-rule (1) of rule 12 of the Central Excise Rules, 2002 the Central Board of Excise and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Carve Outs provided in Ind AS Posted: 01 Jul 2011 08:37 AM PDT The Ind As have been prepared by NACAS and with its recommendation submitted to MCA.NACAS adopted due consultative proposed of hosting the draft Ind As insisting comments/suggestions and therefore after deliberated with industries representative in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cost Audit Order dated 30th June 2011 in modification of Order dated 3rd May 2011 Posted: 01 Jul 2011 08:28 AM PDT F. No. 52/26/CAB-2010 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India's Foreign Trade – May, 2011 Posted: 30 Jun 2011 11:54 PM PDT India's Exports during May, 2011 were valued at US $ 25941.28 million (Rs. 116488.01 crore) which was 56.93 per cent higher in Dollar terms (53.82 per cent higher in Rupee terms) than the level of US $ 16530.85 million (Rs. 75730.31 crore) during... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Liberalise FDI policy in financial services sector – US Posted: 30 Jun 2011 11:30 PM PDT Asking India to liberalise its foreign investment policies, particularly in the financial services sector, the US today said further opening these areas can add about 1.5% to the country's economic growth. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New Law for the Rights of Persons with Disabilities Posted: 30 Jun 2011 10:57 PM PDT The Committee appointed by the Ministry of Social Justice and Empowerment, Government of India, to draft a New Legislation replacing the existing Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Report fraud cases of Rs 1 cr and above to CBI – RBI to banks Posted: 30 Jun 2011 10:10 PM PDT In order to check banking frauds, RBI today asked public sector lenders to promptly report cases of cheating involving Rs 1 crore and above to the CBI, and of the lesser amount to the police. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Conditions and modalities for registration of contracts of cotton waste including yarn waste and garneted stock [ITC(HS) Code 5202] with DGFT Posted: 30 Jun 2011 10:08 PM PDT Policy Circular No. 34 (RE-2010)/2009-14 Notification No. 57 (RE-2010)/2009-14 dated 09.06.2011 has raised the cap on export of cotton for the cotton season 2010-11 (upto 30.09.2011) to 65 lakh bales, thereby allowing export of additional 10 lakh... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification regarding import of Fuel under Advance Authorisation / DFIA Scheme Posted: 30 Jun 2011 10:05 PM PDT Policy Circular No. 33/2009-14 (RE 2010) (i) The General Note for Fuel has been incorporated in view of provisions at para 4.1.3 of FTP which allows fuel as an additional input to obtain export product. (ii) In cases where fuel is used as a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exemption for export of cotton waste including yarn waste and garneted stock [ITC (HS) Code 5202] from the quantity restriction on export of cotton during Cotton Season, 2010-11 Posted: 30 Jun 2011 10:02 PM PDT Notification No. 58(RE-2010)/2009-14, Cap of 10 lakh bales will not be applicable to export of cotton waste including yarn waste and garneted stock [ITC(HS) Code 5202]. However, condition regarding registration of contracts with DGFT will continue... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI asks banks to rotate staff to check loan fraud Posted: 30 Jun 2011 10:00 PM PDT In a bid to contain frauds in banks, the Reserve Bank today asked lenders to rotate staff and put in place check and balances before giving high value loans. Banks may put in place a system wherein the concurrent audit can be undertaken in order to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT- Trade in Border Haats across the border at Meghalaya between Bangladesh and India Posted: 30 Jun 2011 10:00 PM PDT Public Notice No.61/2009-2014 (RE-2010), - It operationlises the provisions of Memorandum of Understanding dated 23.10.2010 between India and Bangladesh and facilitates trade in Border Haats at Baliamari – Kalaichar and Lauwaghar –Balat across the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI allows issuing equities against capital good imports Posted: 30 Jun 2011 09:30 PM PDT The Reserve Bank today allowed domestic companies to issue shares against import of capital goods and machineries, making it easier for them to expand. However, companies will have to get prior approval of the government to trade equities for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Establishment of Connectivity with both depositories NSDL and CDSL – SEBI CIR/MRD/DP/09 /2011 Posted: 30 Jun 2011 09:25 PM PDT CIR/MRD/DP/ 09 /2011 At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement. For this... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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