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Saturday, June 25, 2011

Fwd: TaxGuru : “Now file Income tax returns from your mobile phone” plus 26 more



---------- Forwarded message ----------
From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sat, Jun 25, 2011 at 10:01 AM
Subject: TaxGuru : "Now file Income tax returns from your mobile phone" plus 26 more
To: palashbiswaskl@gmail.com


TaxGuru : "Now file Income tax returns from your mobile phone" plus 26 more

Link to TaxGuru.in - Daily Tax and Corporate Law Update

Now file Income tax returns from your mobile phone

Posted: 24 Jun 2011 08:19 PM PDT

Online income tax return filing company TaxSpanner today announced launch of mobile version of its solution that would enable users to file income tax returns (ITR) from their handset. After introducing the eFile by eMail option where customers need...

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Penalty cannot be levied u/s 271(1)(c) for mere making of a claim of the expenditure which is not sustainable

Posted: 24 Jun 2011 08:16 PM PDT

ACIT vs M/s Seaways Shipping Ltd. (ITAT) (ITAT Hyderabad) - Non deduction of TDS by the assessee was resulted in disallowance of expenditure u/s 40(a) (ia), that itself cannot be construed as furnishing inaccurate particulars of income or...

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Claim of interest simpliciter not appeallable order before the CIT(A) under section 246A

Posted: 24 Jun 2011 08:06 PM PDT

Shantaben Karshanbhai Patel v Dy. CIT (ITAT Ahemdabad) - Merely because the AO passed the order u/s 154 of the IT Act would not make it appealable before the learned CIT(A) u/s 246A of the IT Act. The claim of interest simpliciter is not appeallable...

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SEBI Informal Guidance holds Call / Put Option in private agreement amongst shareholders as invalid

Posted: 24 Jun 2011 08:05 PM PDT

Recently, SEBI in an informal guidance to Vulcan Engineers Limited vide Informal Guidance Letter No. CFD/DCR/16403/11, DATED 23-5-2011, opined that a pre agreed purchase of shares of a listed company through call / put option is not valid under the...

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ITAT Mumbai – For 'Equipment Royalty' u/s 9(1)(vi), control of equipment by payer essential

Posted: 24 Jun 2011 08:04 PM PDT

Assessee company in the present case is a fully owned subsidiary of Yahoo Inc, USA, which is engaged in the business of providing consumer services such as search engine, content and information on wide spectrum of topics, e-mail, chat, etc. It...

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UIDAI – Aadhaar No is now valid ID proof for LPG gas connection

Posted: 24 Jun 2011 08:03 PM PDT

Applicants for new domestic LPG cooking gas connections can now produce the letters of allotment of Aadhaar numbers issued by Unique Identification Authority of India (UIDAI) as proof of identity and proof of address. State-owned fuel retailers have...

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Clarification on Ensuring Corporate Governance and Proper Compliance of Provisions of the Companies Act, 1956 and Rules made there Under

Posted: 24 Jun 2011 08:02 PM PDT

The Ministry of Corporate Affairs has clarified that its Circular No.33/2011 issued on June 01, 2011 shall be applicable to those defaulting companies and their Directors which have not filed their Balance Sheet and Annual Return for any of the...

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Commission received by foreign company for assistance in arranging cargo transportation was taxable in India on account of 'business connection'

Posted: 24 Jun 2011 07:57 PM PDT

Recently, ITAT Mumbai (the Tribunal) in case of ACIT v. ACM Shipping India Ltd (2011) ITA No. 5085/MUM/2009 held that the commission received by the UK company for assisting the taxpayer in arranging cargo transportation was taxable as business...

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Draft Rules for mandatory dematerialisation of share certificate by Public Companies

Posted: 24 Jun 2011 07:48 PM PDT

The Ministry of Corporate Affairs (MCA) has issued a draft of Companies Dematerialisation of Certificates) Rules, 2011 (Draft Rules) on 6 June 2011 for public comments. Comments are to be sent to MCA latest by 30 June 2011. The Draft Rules are...

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Summary of OECD Economic Surveys – India, June 2011 and comments on proposed Direct Taxes Code

Posted: 24 Jun 2011 07:39 PM PDT

The Survey; comments on the tax policy reforms - 1. The Survey acknowledges that the Government of India is pushing ahead with tax reforms. 2. Considering the level of development, there is a case for India to further move its income tax system...

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Govt hikes Diesel Price by Rs 3 per liter / kerosene Rs 2/lt, LPG Rs 50 per cylinder

Posted: 24 Jun 2011 06:26 PM PDT

The Empowered Group of Ministers on fuel headed by Finance Minister Pranab Mukherjee has decided to up diesel prices by Rs 3 per litre, confirmed oil minister Jaipal Reddy. While addressing the press post the EGoM meet, he said kerosene prices have...

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Mere possession of drugs by doctor not an offence

Posted: 24 Jun 2011 09:20 AM PDT

Quashing a case filed against a cardiologist for stocking various medicines in his hospital allegedly for sale without licence, Madras High Court Bench here on Wednesday ruled that mere possession of drugs would not constitute an offence under the...

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Govt to come out with market-friendly stamp duty norms shortly

Posted: 24 Jun 2011 08:58 AM PDT

The centre is likely to come out with a uniform and market-friendly stamp duty structure for transactions in the capital and commodities markets within two weeks, a senior finance ministry official said. Department of Economic Affairs and Department...

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CCI penalises NSE for abusing dominant market position

Posted: 24 Jun 2011 08:54 AM PDT

In the long-running tussle between the National Stock Exchange (NSE) and its younger rival MCX-SX, the Competition Commission is believed to have penalised NSE for abusing its dominant market position. As a penalty, NSE has been asked to pay 5% of...

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Make public RBI advisory note issued to ICICI – CIC

Posted: 24 Jun 2011 08:51 AM PDT

The Central Information Commission (CIC) has directed the Reserve Bank of India to disclose an advisory note it issued to ICICI Bank for alleged violation of any RBI guidelines or for contravention of the provisions of money laundering and foreign...

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India Signs Protocol Amending DTAA with Singapore; to help in Effective Exchange of Information in Tax Matters

Posted: 24 Jun 2011 08:28 AM PDT

The Government of India signed a Protocol, amending Double Taxation Avoidance Agreement (DTAA) with Government of Singapore for effective exchange of information in tax matters today. The Protocol was signed by Shri Prakash Chandra, Chairman,...

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DBRS Upgrades India's Ratings for the First Time to Stable Outlook

Posted: 24 Jun 2011 08:26 AM PDT

For the first time, DBRS has upgraded the trend of India's Long Term foreign and local currency debt ratings from BBB (low) Negative to stable outlook. DBRS, an international sovereign credit rating agency, has been rating India's debt since June...

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RBI to Issue Regulations for Setting-up of Infrastructure DEBT funds (IDFs) on Company Route

Posted: 24 Jun 2011 08:24 AM PDT

Broad Structure of Proposed Infrastructure DEBT funds (IDFs) Finalized; IDFs -- A Novel Attempt to address the Issue of Sourcing Long term DEBT for Infrastructure Projects; RBI to Issue Regulations for Setting-up of IDFs on Company Route

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SEBI pardons Pyramid director in accounts manipulation case

Posted: 24 Jun 2011 06:50 AM PDT

Market regulator Sebi today exonerated N Venkataraman, former director of Pyramid Saimira Theatre , saying that he was not a board member when financial irregularities took place at the firm. It said investigations into the company's affairs have...

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2G scam – CBI may get documents from Mauritius by next week

Posted: 24 Jun 2011 06:49 AM PDT

The CBI is likely to receive by next week the documents it sought from Mauritius through Letter Rogatory in connection with the companies allegedly involved in the 2G spectrum allocation scam. Sources in the probe agency said some parts of the...

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Visa fee hike – India asks US to exempt professionals from social security tax

Posted: 24 Jun 2011 06:09 AM PDT

India today asked the US to move ahead with an agreement which would exempt professionals from payment of security taxes to mitigate the impact of a visa fee hike last year. Both the sides are negotiating Bilateral Totalisation Agreement (BTA),...

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Over half of India's workforce self-employed – NSSO survey

Posted: 24 Jun 2011 06:07 AM PDT

More than half of the country's overall workforce is self-employed, even as female employees receive less remuneration than their male counterparts for doing similar jobs, as per the data of a government survey released today. While 51 per cent of...

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2G Scam – CBI to seek clarification from UB Group, India Cements

Posted: 23 Jun 2011 11:41 PM PDT

The Central Bureau of Investigation (CBI) will seek clarification from UB Group and India Cements over money given by them to Kalaignar TV to apparently help the channel return over Rs 200 crore allegedly received by it from DB Group of companies in...

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BABA Ramdev's letter to PM – Response of Government of India

Posted: 23 Jun 2011 10:14 PM PDT

Mauritius Treaty - A Joint Working Group (JWG) was constituted in 2006 for the purpose of renegotiating the Direct Taxation Avoidance Convention with Mauritius and its last meeting was held in 2008. Thereafter, India has successfully used the...

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Government to Provide Trainning to Advocates under Rajiv Gandhi Adhivakta Prashikshan Yojna

Posted: 23 Jun 2011 10:09 PM PDT

Government of India has evolved a Scheme named Rajiv Gandhi Adhivakta Prashikshan Yojna (Rajiv Gandhi Advocate's Training Scheme) to be launched on 27 June, 2011. The Scheme envisages selection of 10 young practicing Advocates from each State every...

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Govt approves proposal providing medical insurance benefits to Domestic helps

Posted: 23 Jun 2011 10:02 PM PDT

About 47.5 lakh domestic helps would soon get medical insurance benefits under the Rashtriya Swasthya Bima Yojana (RSBY) with the Union Cabinet approving the proposal on Thursday. The scheme, which envisages smart card-based cashless health...

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Constitution of Committee on National Competition Policy and related matters

Posted: 23 Jun 2011 09:28 PM PDT

A Committee comprising of following is appointed with the approval of competent authority, on framing of National Competition Policy and related matters: - 1. Shri Dhanendra Kumar, Chairman 2. Shri Sudhir Mital, Additional Secretary, MCA 3. Shri...

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--
Palash Biswas
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