Fwd: TaxGuru : “Know your Provident Fund (PF) account details online from 1st July” plus 36 more

---------- Forwarded message ----------
From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Jun 10, 2011 at 10:04 AM
Subject: TaxGuru : "Know your Provident Fund (PF) account details online from 1st July" plus 36 more
To: palashbiswaskl@gmail.com

TaxGuru : "Know your Provident Fund (PF) account details online from 1st July" plus 36 more

---

• Know your Provident Fund (PF) account details online from 1st July
• Scrap sale charges and job work/labour charges not to be excluded for the purpose of giving effect to deduction under Section 80IB of the Income Tax Act
• No addition could be made in re-assessment if no additions in respect of the grounds on which the proceedings u/s 147 were initiated had been made by the A.O
• Allowability of liability of interest on damage in breach of export only when it gets crystallized into a certain liability
• CBDT Circular specifying monetary limits for filing appeals applies to pending appeals
• Mere fact that Assessee getting some works done on job basis from sister concern would not deprive the assessee of its entity to be an EOU manufacturing unit
• A mere omission or negligence would not constitute a deliberate act of suppressio veri or suggestio falsi for imposition of penalty
• Clarification Regarding Participation by Shareholders or Directors in Meetings Under the Companies Act, 1956 Through Electronic Mode
• No Review of a Judgment, If Appeal Already Decided
• Income Tax department raids 14 premises, surveys six for suspected tax evasion
• State Bank of India Interest Rate for Income Tax Purpose and Gold and Silver Rates as on April 1, 2011
• MCA lacks authority to probe Speak Asia flaws
• Orissa textile traders protest VAT levy
• Over 5 crore people expected to pay tax in Financial Year 2012
• Panel recommends MIS term to be reduced to five years from the current six-years
• RBI- Retail Electronic Payment Systems – NEFT / NECS / RECS / ECS – Levy of Processing Charges
• Remittance of assets by foreign nationals- Opening of NRO Accounts – A.P. (DIR Series) Circular No. 70
• Regulators should interact more frequently – Ministry of Corporate Affairs
• Section 10(23AAA) of the Income-tax Act, 1961 – Exemptions – Income received by any person on behalf of fund established for welfare of employees or their dependents – Notified purposes/conditions for establishment of fund
• Section 10(15)(i) of the Income-tax Act, 1961 – Exemptions – Income by way of interest, etc. , on bonds, securities – Specification of bonds, securities , etc., issued by Central Government – Amendment in Notification No.G.S.R. 607(E), dated 9-6-1989
• Banking – Report of the Committee on Comprehensive Review of National Small Savings Fund
• Insurance – Levy of Penalty under section 105B of the Insurance Act, 1938
• Cabinet approves plan to extend medical facilities to beedi workers under RSB Yojana
• Cabinet gives nod for lowering of age for pension under Old Age Scheme
• DGFT – Quantity restriction of 65 lakh bales on export of cotton during Cotton Season, 2010-11, Notification No.57 (RE-2010)/2009-14
• Empanelment of CAs with Official Liquidator Delhi
• SEBI circular on Pre-funded instruments / Electronic fund transfers
• Instructions regarding Monitoring of fresh Fruit and Vegetable Import from Europe for E.Colli bacterial contamination
• Ministry of Environment and Forest (MoEF) notifies e-waste management rules
• Difficult to recover Income Tax from Hasan Ali
• Bank FD still attractive than proposed rates of small savings
• SEBI plans to induct four new executive directors
• Reliance Securities settles Sebi probe for Rs 25 lakh
• 2G Scam – Raja threatened staff to favour Swan, Unitech over Tata group – CBI
• Need to amend Prevention of Corruption Act – SC
• Tata, Idea among 10 companies under 2G probe – ED tells JPC
• Internet Society Celebrate World IPV6 Day

Know your Provident Fund (PF) account details online from 1st July Posted: 09 Jun 2011 06:35 PM PDT The Employees Provident Fund Organisation (EPFO) on Wednesday said account details would be available online from July 1. You can watch the account balance of your PF online from July 1, Assistant PF Commissioner Kanchan Roy said at an interactive... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Scrap sale charges and job work/labour charges not to be excluded for the purpose of giving effect to deduction under Section 80IB of the Income Tax Act Posted: 09 Jun 2011 06:32 PM PDT CIT Versus Sadhu Forging Ltd (Delhi HC) - Assessee in giving heat treatment for which it had earned labour charges and job-work charges, it can thus be said that the appellant had done a process on the raw material which was nothing but a part and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No addition could be made in re-assessment if no additions in respect of the grounds on which the proceedings u/s 147 were initiated had been made by the A.O Posted: 09 Jun 2011 06:23 PM PDT CIT Versus Narayan Securities Pvt. Ltd. (Delhi HC)- The Tribunal relied upon the case of ITO v. Smt. Darshan Kaur of the Amritsar Bench of the Tribuanl and also the case titled CIT v. Atlas Cycle Industries, 180 ITR 319 and CIT v. M.P. Iron... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Allowability of liability of interest on damage in breach of export only when it gets crystallized into a certain liability Posted: 09 Jun 2011 06:16 PM PDT National Agricultural Co-Operative Marketing Federation of India Ltd. Versus CIT (DELHI HC)- In fact the liability on account of interest was to be deductable only when it gets crystallized into a certain liability and that took place only on this... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT Circular specifying monetary limits for filing appeals applies to pending appeals Posted: 09 Jun 2011 06:15 PM PDT ITO vs. Laxmi Jewel Pvt Ltd (ITAT Mumbai)- As per Instruction No. 3 of 2011 dated 09.02.2011 appeal before appellate Tribunal can be filed where the tax effect exceeds the monitory limit of 3,00,000/-. However, considering the similar situation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mere fact that Assessee getting some works done on job basis from sister concern would not deprive the assessee of its entity to be an EOU manufacturing unit Posted: 09 Jun 2011 06:03 PM PDT CIT Versus Continental Engines Ltd. (Delhi HC) - There is no dispute that the assessee is an approved EOU unit approved by the NEPZ authorities and there is also no dispute that the assessee was having two units described as CEL-I and CEL-II and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

A mere omission or negligence would not constitute a deliberate act of suppressio veri or suggestio falsi for imposition of penalty Posted: 09 Jun 2011 05:54 PM PDT Astra Housing & Investment P. Ltd v CIT (Delhi HC) The crux of the ratio of above decisions is that a mere omission or negligence would not constitute a deliberate act of suppressio veri or suggestio falsi. In order to be covered within the... [[ 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: 09 Jun 2011 05:50 PM PDT The Ministry of Corporate Affairs has clarified that - (i) It is not mandatory for companies to provide its directors, the facility to attend meetings through video conferencing. (ii) In respect of shareholders meetings to be held during financial... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Review of a Judgment, If Appeal Already Decided Posted: 09 Jun 2011 05:45 PM PDT Recently, hon'ble Supreme Court in Gangadhara Palo Vs The Revenue Divisional Officer & Another {(2011) 4 SCC 602; Decided on 08.03.2011} has held that there can be no review of a judgment, if appeal has already been decided. The Court observed... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax department raids 14 premises, surveys six for suspected tax evasion Posted: 09 Jun 2011 05:44 PM PDT ) Income Tax department conducted raids at 14 premises and surveys at six places belonging to private doctors here for suspected tax evasion, officials said today. The raids launched yesterday were being carried out till late last night and are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

State Bank of India Interest Rate for Income Tax Purpose and Gold and Silver Rates as on April 1, 2011 Posted: 09 Jun 2011 05:40 PM PDT IT: Gold and Silver rates as on April 1, 2011 (Mumbai) : Standard Gold Rs. 20,775; Pure Gold Rs. 20,875; Silver Spot Rs. 56,900 : (Indian Express April 1, 2011). SBI lending rates are as follows— [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA lacks authority to probe Speak Asia flaws Posted: 09 Jun 2011 05:38 PM PDT Speak Asia is not registered in India so we cannot do any investigation against it. MCA does not have any database of the company," Corporate Affairs Secretary D K Mittal told reporters on the sidelines of an AIMA event here. Singapore-based Speak... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Orissa textile traders protest VAT levy Posted: 09 Jun 2011 05:37 PM PDT Textile traders in Orissa yesterday closed their outlets protesting the State Government's imposition of value added tax (VAT) on textile products. The All Orissa Textile Merchants' Association (AOTMA) said it has decided to keep shops closed today... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Over 5 crore people expected to pay tax in Financial Year 2012 Posted: 09 Jun 2011 05:36 PM PDT More than five crore people are estimated to pay tax in the current fiscal, of which two crore are likely to pay taxes through the online medium, an online tax service portal today said. These projections are on the basis of the trends seen over the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Panel recommends MIS term to be reduced to five years from the current six-years Posted: 09 Jun 2011 05:35 PM PDT Monthly Income Scheme (MIS) of the post office remains the flagship product under small savings scheme owning to better returns. MIS alone garnered Rs 54,302 crore against the total fund generation of Rs 2,50,931 crore during 2009-10. Thus, nearly... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI- Retail Electronic Payment Systems – NEFT / NECS / RECS / ECS – Levy of Processing Charges Posted: 09 Jun 2011 05:30 PM PDT As you are aware, the Reserve Bank of India has been waiving processing charges for retail electronic payment products (NEFT, NECS, RECS and ECS) since the year 2006 in order to promote the usage of these systems. The last waiver was valid up to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Remittance of assets by foreign nationals- Opening of NRO Accounts – A.P. (DIR Series) Circular No. 70 Posted: 09 Jun 2011 05:28 PM PDT A.P. (DIR Series) Circular No. 70 Attention of the AD Category-I banks is invited to paragraph 8 of Schedule 3 to the Notification No. FEMA 5 /2000-RB dated 3rd May 2000, viz. Foreign Exchange Management (Deposit) Regulations, 2000, as amended from... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regulators should interact more frequently – Ministry of Corporate Affairs Posted: 09 Jun 2011 03:33 PM PDT The Ministry of Corporate Affairs today said efforts were on to create a platform where different regulators could sit together with an aim to align regulatory overlaps for the benefit of corporates. When we have multiple regulators there has to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 10(23AAA) of the Income-tax Act, 1961 – Exemptions – Income received by any person on behalf of fund established for welfare of employees or their dependents – Notified purposes/conditions for establishment of fund Posted: 09 Jun 2011 07:56 AM PDT Notification No.33/2011 Section 10(23AAA) Of The Income-Tax Act, 1961 - Exemptions - Income Received By Any Person On Behalf Of Fund Established For Welfare Of Employees Or Their Dependents - Notified Purposes/Conditions For Establishment Of Fund -... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 10(15)(i) of the Income-tax Act, 1961 – Exemptions – Income by way of interest, etc. , on bonds, securities – Specification of bonds, securities , etc., issued by Central Government – Amendment in Notification No.G.S.R. 607(E), dated 9-6-1989 Posted: 09 Jun 2011 07:53 AM PDT Notification No. 32/2011- Section 10(15)(I) Of The Income-Tax Act, 1961 - Exemptions - Income By Way Of Interest, Etc. , On Bonds, Securities - Specification Of Bonds, Securities , Etc., Issued By Central Government - Amendment In Notification No.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Banking – Report of the Committee on Comprehensive Review of National Small Savings Fund Posted: 09 Jun 2011 07:50 AM PDT The Committee, while conscious of the multiplicity of schemes, recognised that most of the schemes serve the thrift needs of various sections of the population, especially small savers. It has, therefore, recommended closure of only one existing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance – Levy of Penalty under section 105B of the Insurance Act, 1938 Posted: 09 Jun 2011 07:39 AM PDT ORDER NO. IRDA/F&I/ORD/RSS/114/06/2011, DATED 7-6-2011 - The insurer was obliged under sections 32B and 32C of the Insurance Act, 1938 read with the IRDA (Obligations of Insurers to Rural or Social Sectors) Regulations, 2002, as amended from... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cabinet approves plan to extend medical facilities to beedi workers under RSB Yojana Posted: 09 Jun 2011 07:26 AM PDT The Cabinet today approved extension of medical facilities to beedi workers under the Rashtriya Swasthya Bima Yojana (RSBY). The beedi worker and his family (unit of five) will be covered and the total sum insured would Rs.30,000/-. The other... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cabinet gives nod for lowering of age for pension under Old Age Scheme Posted: 09 Jun 2011 07:24 AM PDT The Cabinet today approved lowering the age limit for the Indira Gandhi National Old Age Pension Scheme (IGNOAPS) from 65 years to 60 years and increasing the rate of pension from Rs. 200 to Rs. 500 to persons of 80 years and above. The revised... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Quantity restriction of 65 lakh bales on export of cotton during Cotton Season, 2010-11, Notification No.57 (RE-2010)/2009-14 Posted: 09 Jun 2011 07:07 AM PDT Notification No. 57 (RE-2010)/2009-14 Cap on export of cotton during the current Cotton Season is increased to 65 lakh bales from 55 lakh bales as was notified earlier. Other conditions remain unchanged. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment of CAs with Official Liquidator Delhi Posted: 09 Jun 2011 07:04 AM PDT Pursuant to Hon'ble Court's orders dated the 19.04.2011, Official Liquidator attached to the High Court of Delhi, invite bio data/Applications from qualified and desirous Chartered Accountants, who arc enrolled as Members of the Institute of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI circular on Pre-funded instruments / Electronic fund transfers Posted: 09 Jun 2011 06:56 AM PDT CIR/MIRSD/03/2011, Date- June 9, 2011 While receiving funds from the clients through pre-funded instruments, such as, Pay Order, Demand Draft, Banker's cheque, etc., it is observed that the stock brokers are unable to maintain an audit trail of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Instructions regarding Monitoring of fresh Fruit and Vegetable Import from Europe for E.Colli bacterial contamination Posted: 09 Jun 2011 06:49 AM PDT It has been decided, as precautionary measure, that Food Safety and Standards Authority of India (FSSAI) would test samples of fresh Fruits and Vegetables consignments imported from Europe into India for E.Colli bacteria. FSSAI has directed their... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Ministry of Environment and Forest (MoEF) notifies e-waste management rules Posted: 09 Jun 2011 02:16 AM PDT The Ministry of Environment and Forest (MoEF) has for the first time notified e-waste management rules. The e-waste (management and handling) Rules, 2011 would recognise the producers' liability for recycling and reducing e-waste in the country. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Difficult to recover Income Tax from Hasan Ali Posted: 08 Jun 2011 10:09 PM PDT The Income Tax department on Thursday expressed difficulty in recovering Rs 74,000 crore tax claims from Pune-based stud-farm owner Hasan Ali Khan, saying he does not have enough assets. 'Hasan Ali does not have enough assets to meet the tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bank FD still attractive than proposed rates of small savings Posted: 08 Jun 2011 10:04 PM PDT Bank fixed deposits would continue to remain more attractive for savers than long-term deposits under small savings schemes of post office despite the hike in interest rates proposed by the government panel. At the current market condition, the term... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI plans to induct four new executive directors Posted: 08 Jun 2011 10:02 PM PDT Market regulator Sebi today said it plans to induct four new executive directors, who would replace some key incumbent directors handling important departments like mutual funds and secondary markets. Starting the process for hiring new directors,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reliance Securities settles Sebi probe for Rs 25 lakh Posted: 08 Jun 2011 09:51 PM PDT Market regulator Sebi on Thursday agreed to settle a probe against Reliance Securities for a suspected breach of regulations, after the Anil Ambani group firm offered to pay Rs 25 lakh among various settlement terms. Brokerage firm Reliance... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G Scam – Raja threatened staff to favour Swan, Unitech over Tata group – CBI Posted: 08 Jun 2011 09:49 PM PDT Former telecom minister A Raja and his staff threatened and coerced officials in giving preference to Swan Telecom and Unitech over Tata group in the award of telecom licences, CBI has informed the Joint Parliamentary Committee probing the 2G scam. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Need to amend Prevention of Corruption Act – SC Posted: 08 Jun 2011 09:48 PM PDT Amidst growing demand of the civil society for a strong anti-graft law and confiscation of black money, the Supreme Court sought amendment to the Prevention of Corruption Act (PCA) to root out corruption in the country. A bench of justices B S... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tata, Idea among 10 companies under 2G probe – ED tells JPC Posted: 08 Jun 2011 09:45 PM PDT ED Director Arun Mathur, in a presentation to the Joint Parliamentary Committee examining the spectrum allocation, on Wednesday said that the probe agency has been investigating 10 telecom companies for allegations of violation of the Foreign... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Internet Society Celebrate World IPV6 Day Posted: 08 Jun 2011 09:30 PM PDT India IPV6 Task Force Newsletter and Compendium on IPV6 Activities Released. Sh. R Chandrashekhar, Secretary (Telecom) released the first India IPv6 (Internet Protocol IPv6 )Task Force Newsletter and technical compendium on IPv6 activities at a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

You are subscribed to email updates from TaxGuru.in - Daily Tax and Corporate Law Update To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/