Fwd: TaxGuru : “Govt committee suggests Increase in PPF limit, Saving Interest rate, Withdrawal of KVP” plus 25 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Wed, Jun 8, 2011 at 9:57 AM
Subject: TaxGuru : "Govt committee suggests Increase in PPF limit, Saving Interest rate, Withdrawal of KVP" plus 25 more
To: palashbiswaskl@gmail.com

TaxGuru : "Govt committee suggests Increase in PPF limit, Saving Interest rate, Withdrawal of KVP" plus 25 more

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• Govt committee suggests Increase in PPF limit, Saving Interest rate, Withdrawal of KVP
• The Proviso to section 113 imposing surcharge on block assessments is retrospective in operation
• 6.58 crore PF scam – CBI withdraws cases against 18 accused
• Vijaya Bank – On Line Registration for Empanelment of Concurrent Auditors
• FM to Inaugurate Annual Conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax
• New rules namely Companies (Dematerialization of Certificates) Rules, 2011 on proposed by 30th June, 2011
• MCA Guidelines for Fast Track Exit mode for defunct companies under section 560 of the Companies Act, 1956
• Clarification regarding participation by shareholders or Directors in meetings under the Companies Act,1956 through Electronic mode
• Green Initiatives by India Inc
• If noting incriminating found in the course of search relating to any of the A.Y., the assessments for such years could not be disturbed
• Unabsorbed depreciation set off in earlier years could not be reduced from profits for computing deduction u/s. 80-IA
• Black Money – No need for more committees as these are only to stall action
• FM meets Institutional Investors; Confident of Reducing Fiscal Deficit
• Exemption under section 54, when can not be denied
• Professional Opportunities – Khadi and Village Industries Commission for audit Services
• RBI cautions public against fictitious offers
• CWA – President Communique June, 2011
• IRDA (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011
• Non-financial Reporting – What, Why and How – Indian Perspective
• Committee on black money likely to hold 1st meet on June 9
• RBI wants more banks to launch services on mobile
• India-Netherlands ink agreement on Corporate Governance and Corporate Social Responsibility
• 16 FDI Proposals Worth Rs. 923.55 Crore Approved
• DGFT – Export of River Sand to Maldives under Bi-lateral Trade Agreement
• DGFT – Export of Stone Aggregate to Maldives under Bi-lateral Trade Agreement between Government of India and Government of the Republic of Maldives
• DGFT – Exemption for export of wheat flour to Maldives for the years 2011-12, 2012-13 and 2013-14

Govt committee suggests Increase in PPF limit, Saving Interest rate, Withdrawal of KVP Posted: 07 Jun 2011 08:48 PM PDT A government committee has suggested raising interest rates on Post Office savings bank deposits to four per cent, a suggestion that could benefit lakhs of small depositors. The Committee on Small Savings also recommended linking returns on other... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The Proviso to section 113 imposing surcharge on block assessments is retrospective in operation Posted: 07 Jun 2011 06:11 PM PDT Rupa & Co. Ltd. Versus CIT (Calcutta HC) Honorable High Court has held that in the absence of any finding that any portion of the books of account maintained by the assessee was fictitious or contained wrong entry, the Assessing Officer was... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

6.58 crore PF scam – CBI withdraws cases against 18 accused Posted: 07 Jun 2011 03:31 PM PDT Acting on a court order, the CBI has withdrawn cases against 18 accused in the Rs 6.58 crore Provident Fund scam case, officials said on Tuesday. The report of withdrawal was filed in a special CBI court here yesterday after which judge Shyam Lal... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Vijaya Bank – On Line Registration for Empanelment of Concurrent Auditors Posted: 07 Jun 2011 10:04 AM PDT 1.Applicant should be a Partnership Firm with minimum of 2 partners. 2. The allocation of branches to the Auditors will be purely the prerogative of the Bank. 3. The Concurrent Audit firm should furnish the name and qualification of the persons, who... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM to Inaugurate Annual Conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax Posted: 07 Jun 2011 09:31 AM PDT The All India Annual Conference of the Chief Commissioners and Directors General of Customs , Central Excise and Service Tax will be held at Vigyan Bhawan , New Delhi on 8th and 9th June, 2011. The Union Finance Minister, Shri Pranab Mukherjee will... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New rules namely Companies (Dematerialization of Certificates) Rules, 2011 on proposed by 30th June, 2011 Posted: 07 Jun 2011 09:09 AM PDT No 17/143/2011-CL.V, Dated: 06.06.2011 The Ministry of Corporate Affairs is considering to issue Companies (Dematerialization of Certificates) Rules, 2011 so that all public Companies and their subsidiaries which have raised money by issue of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA Guidelines for Fast Track Exit mode for defunct companies under section 560 of the Companies Act, 1956 Posted: 07 Jun 2011 09:05 AM PDT General Circular No. 36/2011 In order to give an opportunity for fast track exit by a defunct company, for getting its name struck off from the register of companies, the Ministry has decided to modify the existing route through e-form – 61 and has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification regarding participation by shareholders or Directors in meetings under the Companies Act,1956 through Electronic mode Posted: 07 Jun 2011 09:01 AM PDT General Circular No. 35/2011 , The Ministry has issued General Circulars No. 27/2011 and 28/2011 dated 20.05.2011 whereby it was clarified that a shareholder or a director of the company may participate in meetings under the provisions of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Green Initiatives by India Inc Posted: 07 Jun 2011 08:39 AM PDT And now it is the turn of corporate India to go green and follow steps to ensure conserve nature and environment. Thanks to the green initiative taken by Ministry of Corporate Affairs (MCA) of Central Government recently whereby the age old system... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If noting incriminating found in the course of search relating to any of the A.Y., the assessments for such years could not be disturbed Posted: 07 Jun 2011 12:58 AM PDT Assistant Commissioner of Income tax v. Srj Peety Steels (P) Ltd. (ITAT Pune) - When noting incriminating was found in the course of search relating to any of the assessment years, the assessments for such years could not be disturbed; further,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Unabsorbed depreciation set off in earlier years could not be reduced from profits for computing deduction u/s. 80-IA Posted: 07 Jun 2011 12:49 AM PDT Commissioner of Income tax v. Emerald Jewel Industry (P) Ltd.( Madras High Court)- Assessee Company is eligible for deduction under Sec. 80-IA in respect of windmill installed by it and the unabsorbed depreciation set off in earlier years could not... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Black Money – No need for more committees as these are only to stall action Posted: 07 Jun 2011 12:26 AM PDT Delays in action against black money by way of committees and studies will give time to corrupt politicians, businessmen and bureaucrats to divert their ill-gotten funds into shell companies, an eminent JNU professor has said. More studies or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM meets Institutional Investors; Confident of Reducing Fiscal Deficit Posted: 06 Jun 2011 11:23 PM PDT Union Finance Minister meets Institutional Investors; Confident of Reducing Fiscal Deficit; Hopeful of Economic Growth around 8.5 per cent during 2011-12. Union Finance Minister Shri Pranab Mukherjee has expressed confidence in reducing the fiscal... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exemption under section 54, when can not be denied Posted: 06 Jun 2011 10:08 PM PDT Asstt. CIT v. Louis Berger International Inc. (ITAT Hyderabad) - We have also carefully gone through the provisions of DTAA and the provisions of section 115A of the Act. The contention of the DR is that tax has to be levied at 20 per cent under... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Professional Opportunities – Khadi and Village Industries Commission for audit Services Posted: 06 Jun 2011 09:54 PM PDT The Khadi and Village Industries Commission (KVIC) is seeking proposals from Audit firms with extensive audit experience to conduct Management Audit (II Phase) of its Khadi Institutions across India. The purpose of this audit is to assess the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI cautions public against fictitious offers Posted: 06 Jun 2011 09:40 PM PDT The Reserve Bank of India (RBI) has advised public not to fall prey to fictitious information of being beneficiary of funds such as those from winning lotteries. This misleading information claims remittance of such funds by overseas entities to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CWA – President Communique June, 2011 Posted: 06 Jun 2011 09:37 PM PDT I am happy to share with you a very significant development regarding the profession. In my last month's communiqué I had informed you that other issues concerning our profession as recommended by the Expert Group will be implemented shortly. You... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011 Posted: 06 Jun 2011 09:35 PM PDT These regulations may be called the Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011. They shall come into force on the date of their publication in the official... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Non-financial Reporting – What, Why and How – Indian Perspective Posted: 06 Jun 2011 09:32 PM PDT To be able to truly appreciate the importance of non-financial reporting, we have to step back in time to recollect how the parameters for evaluation of corporate performance have been changing over the years. During the initial phases, when... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Committee on black money likely to hold 1st meet on June 9 Posted: 06 Jun 2011 09:31 PM PDT The CBDT chairman-headed committee, set up to strengthen ways to curb black money in the country, is likely to hold its first meeting on June 9. The meeting, which comes in the backdrop of the agitation led by Yoga guru Baba Ramdev, will begin with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI wants more banks to launch services on mobile Posted: 06 Jun 2011 09:30 PM PDT The Reserve Bank of India wants more and more banks to launch services on mobile, its Deputy Governor Shyamala Gopinath said here today. Launching Canara Bank''s CanMobile, a mobile banking product, she said RBI has already enabled mobile banking... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India-Netherlands ink agreement on Corporate Governance and Corporate Social Responsibility Posted: 06 Jun 2011 09:29 PM PDT The Union Ministry of Corporate Affairs has inked an agreement with the Ministry of Economic Affairs, Agriculture and Innovation of Netherlands on Corporate Governance and Corporate Social Responsibility. The letters of Intent to this effect were... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

16 FDI Proposals Worth Rs. 923.55 Crore Approved Posted: 06 Jun 2011 09:29 PM PDT The government on Tuesday said it has cleared 16 foreign direct investment (FDI) proposals amounting to Rs 923.55 crore, including those of Star News Broadcasting Ltd and L&T Finance Holdings. A total of 38 FDI proposals were taken up by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Export of River Sand to Maldives under Bi-lateral Trade Agreement Posted: 06 Jun 2011 09:28 PM PDT Notification No 55 (RE – 2010)/2009-2014 Export of the quantities of River Sand with the annual ceiling indicated in Export Licensing Note 2 (i) above has been permitted for export to the Republic of Maldives under Bi-lateral Trade Agreement... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Export of Stone Aggregate to Maldives under Bi-lateral Trade Agreement between Government of India and Government of the Republic of Maldives Posted: 06 Jun 2011 09:26 PM PDT Notification No 54 (RE – 2010)/2009-2014 Export of the quantities of Stone Aggregate with the annual ceiling indicated in the respective columns in Export Licencing Note 1(i) above has been permitted for export to the Republic of Maldives under... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Exemption for export of wheat flour to Maldives for the years 2011-12, 2012-13 and 2013-14 Posted: 06 Jun 2011 09:25 PM PDT Notification No. 53 (RE-2010)/2009-2014 Export of 32,094.70 MTs of wheat flour to Maldives for the year 2011-12 was permitted through Notification No. 43 of 20.04.2011. Now, the quantity of wheat flour, as indicated above, is permitted to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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