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Thursday, April 28, 2011

Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Apr 28, 2011 at 9:51 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

New Income tax Return ITR 3 and ITR 4 in Excel Format for A.Y. 2011-2012 / F.Y. 2010-11

Posted: 27 Apr 2011 08:00 PM PDT

Download New Income Tax Return Form ITR-3 and ITR 4 in Excel Format for A.Y. 2011-12 / Financial Year 2010-11. ITR -3 :- This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where income...

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Despite concealment, no penalty u/s. 271(1)(c) if book profits assessed u/s. 115JB

Posted: 27 Apr 2011 06:11 PM PDT

Recently ITAT Mumbai in the case of Ruchi Strips & Alloys Ltd vs. DCIT held that the concealment of income had its repercussions only when the assessment was done under the normal procedure. If the assessment as per the normal procedure was not...

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Disallowance u/s 14A of interest on borrowed funds was not permissible if the investment in shares was made out of own funds

Posted: 27 Apr 2011 05:42 PM PDT

The AO's argument that the assessee could have utilized its surplus funds for repaying the borrowings instead of investing in shares and by not doing so, there was diversion of borrowed funds towards investment in shares to earn dividend income is...

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New Income tax Return ITR 1 Sahaj and ITR 2 in Excel Format

Posted: 27 Apr 2011 05:08 PM PDT

ITR-1 SAHAJ and ITR 2 in Excel Format for A.Y. 2011-12 / Financial Year 2010-11. ITR 1 Sahaj in Excel Format for A.Y 2011-12 Financial year 2010-11.ITR 1 Sahaj in Excel Format for A.Y 2011-12 Financial year 2010-11 (ZIP FILE). itr2 in Excel Format...

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No Penalty u/s. 271(1)(c) for Failure To Offer Income u/s 50C of the Income Tax Act

Posted: 27 Apr 2011 10:22 AM PDT

Renu Hingorani vs. ACIT (ITAT Mumbai) - The AO had not questioned the actual consideration received by the assessee but the addition was made purely on the basis of the deeming provisions of s. 50C. The AO had not doubted the agreement or given any...

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Society Redevelopment is Not Transfer and consideration not assessable in society's hands

Posted: 27 Apr 2011 10:12 AM PDT

Raj Ratan Palace Co-op Hsg Soc vs. DCIT (ITAT Mumbai)- The assessee-society had merely given permission to the developer to construct on the society's land. No part of the land was ever transferred by the society. The Society continued to be the...

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Delhi HC – Revenue can reopen the assessment proceedings on change of opinion

Posted: 27 Apr 2011 09:44 AM PDT

Recently Delhi High Court in the case of Areva T&D vs. ADIT ruled that the Revenue can reopen the assessment proceedings on change of opinion that the income of the assessee has escaped assessment. Such re-opening of the assessment by the...

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Etds – FVU 3.1 – Rounding Off problem leading to T-FV-4278 Error

Posted: 27 Apr 2011 09:06 AM PDT

FVU 3.1 was launched on March 18,2011 and is applicable for Q4 eTDS Statements for FY 2010-11 and 2011-12. Many deductors are not able to create eTDS statement and are getting the following error: T-FV-4278 Invalid tax deducted amount. Enter...

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Beg to Differ – SC Judgment in Sita Ram Gupta Vs Punjab National Bank and Ors

Posted: 27 Apr 2011 08:43 AM PDT

Hon'ble Supreme Court in Provash Chandra Dalui & Anr (supra) has held that the essential element of waiver is that there must be a voluntary and intentional relinquishment of a known right or such conduct as warrants the inference of the...

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Arbitration Clause in General Insurance Policies – A Legal Gimmick to Avoid Liability

Posted: 27 Apr 2011 08:33 AM PDT

Purpose of Arbitration Act : The purpose of Arbitration and Conciliation Act, 1996 ('the Act') is to provide quick redressal to commercial dispute by private Arbitration. Quick decision of any commercial dispute is necessary for smooth functioning...

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Indian names in Swiss bank data list, says WikiLeaks founder Julian Assange

Posted: 27 Apr 2011 06:55 AM PDT

In comments that could fuel a fresh controversy over the black money issue, WikiLeaks founder Julian Assange on Tuesday said there are Indian names in the Swiss bank data list that are going to be made public. "Yes, there are Indian names in the...

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ITR A.Y. 2011-12 – Instructions for filling out ITR-4

Posted: 27 Apr 2011 06:47 AM PDT

Itr 4 -Who can use this Return Form? This Return Form is to be used by an individual or an Hindu Undivided Family who is carrying out a proprietary business or profession. Annexure-less Return Form- No document (including TDS certificate) should be...

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Instructions for filling out New Income Tax Return Form ITR-3 for assessment year 2011-2012

Posted: 27 Apr 2011 06:31 AM PDT

ITR-3 This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where income chargeable to income-tax under the head "Profits or gains of business or profession" does not include any income except...

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Instructions for filling out FORM ITR-2 for assessment year 2011-2012

Posted: 27 Apr 2011 06:31 AM PDT

FORM ITR-2 Who can use this Return Form? This Return Form is to be used by an individual or an Hindu Undivided Family whose total income for the assessment year 2011-12 includes:- (a) Income from Salary / Pension; or (b) Income from House...

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Regarding difficulties faced in establishing identity of CWG-2010 goods imported in terms of Notification No.13/2010-Cus., dated 19.02.2010 as amended by Notification No.9/2011-Cus., dated 14.02.2011

Posted: 27 Apr 2011 05:40 AM PDT

CBEC has taken note of the difficulties faced by the field formations in establishing identity of the goods imported for CWG-2010 Games since many of the imported items are reportedly generic in nature and do not bear any marks and numbers. In these...

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Imports of goods under Chapter 84 of ITC (HS) and the requirement of compliance to Chapter 87 Import Licensing Notes

Posted: 27 Apr 2011 05:19 AM PDT

Policy Circular No. 30 (RE-2010)/2009-14- Goods, that are in the nature of machine and equipments and are covered under Chapter 84 of ITC(HS), cannot be classified under Chapter 87 of ITC(HS). Therefore, Import Licensing Note No. 1 and 2 of Chapter...

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SC instructs Income Tax dept to give transcript of Radia tapes to CBI, ED

Posted: 27 Apr 2011 04:52 AM PDT

The Supreme court on Wednesday directed the Income Tax department to provide a transcript of tapped conversations of corporate lobbyist Neera Radia with corporate honchos, politicians and bureaucrats to CBI and ED which are probing 2G scam case. A...

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Custom Duty – Rate of exchange of conversion of each of the foreign currency with effect from 1st May, 2011

Posted: 27 Apr 2011 04:39 AM PDT

Notification No.32/2011 - Customs (N.T.),- Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency into Indian currency or vice versa with effect from 1st May, 2011 relating to...

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SEBI Circular on Review of Annual Issuers charges

Posted: 27 Apr 2011 04:33 AM PDT

CIR/MRD/DP/ 05 /2011 - It has been decided to modify the methodology of calculating the Annual Issuers charges. The annual issuer charges would be based on the average no. of folios (ISIN positions) during the previous financial year instead of the...

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RBI – Implementation of the Advanced Measurement Approach (AMA) for Calculation of Capital Charge for Operational Risk

Posted: 27 Apr 2011 04:30 AM PDT

DBOD.No.BP.BC. 88 /21.06.014/2010-11 - Banks intending to migrate to AMA for computing capital charge for operational risk are advised to assess their preparedness with reference to these guidelines. As and when they are ready for introduction of...

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Kochi Tuskers in tax-evasion row over ticket sales

Posted: 27 Apr 2011 03:48 AM PDT

Trouble for Kochi Tuskers Kerala never seems to end — a fresh row has broken out now between the franchise and Cochin Corporation over alleged tax evasion on ticket sales. Ahead of Wednesday night's match, when the tickets were brought...

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US President Barack Obama seeks to end tax subsidies for oil companies

Posted: 27 Apr 2011 03:28 AM PDT

US President Barack Obama on Tuesday urged Congressional leadership to take immediate action to eliminate unwarranted tax breaks for the oil and gas industry and to use those dollars to invest in clean energy and reduce America's dependence on...

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ICSI Campus Placement for Members and Students at NOIDA- 30th April 2011

Posted: 26 Apr 2011 09:55 PM PDT

The Institute is organizing a Campus Placement for the fresher members for job placement and for students for their 15 Months Training on Saturday, the 30th April, 2011 at NOIDA office of ICSI, C-37,Sector 62, NOIDA-201301. Process to be followed...

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Notified eligible projects or schemes u/s 35AC of Income Tax Act – Notification No. 3/2011, DATED 11-04-2011

Posted: 26 Apr 2011 09:28 PM PDT

Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below, and approves the...

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