Fwd: TaxGuru : “How to track your Income tax Refund online” plus 23 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Tue, Aug 9, 2011 at 10:15 AM
Subject: TaxGuru : "How to track your Income tax Refund online" plus 23 more
To: palashbiswaskl@gmail.com

TaxGuru : "How to track your Income tax Refund online" plus 23 more

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• How to track your Income tax Refund online
• Income arising from activities which are only incidental to the business of developing, operating and maintaining infrastructure facility will not qualify for deduction under s. 80IA
• Compounding of offence is impermissible after the filing of the complaint, or where the person has already been convicted by a competent court
• Whether when the assessee is engaged in the travel business, income can be said to have accrued only after the customer boards for the cruise and departs or immediately after the ticket is booked?
• For the Purpose of sub-section 14(c) of s. 80-IB term 'begins to manufacture or produce articles or things' means the manufacture or production for the purpose of commerce and not for the purpose of testing
• Presence of a profit motive cannot lead to a conclusion that the transaction has been entered into as an adventure in the nature of trade ; Profit on Sale of TDR held as Capital Gain
• SEBI – Foreign investors who meet KYC requirement may invest in equity and debt schemes of Mutual Funds
• Investment in the units of Domestic Mutual funds
• Fm confident of Applicability of Direct Tax Code from 1st April 2012
• Companies Bill 2011 under finalization and will enable shareholders to file 'class action suits' in case of fraud
• Govt taking action against companies misusing IPO money
• Foreign Companies – 3112 companies incorporated outside India are having place of business in India but none in Bihar
• No proposal to close the inoperative Employees Provident Fund accounts
• 126102 Trade mark Disputes are under opposition and pending and 8183 files are missing
• Finance Minister Confident that Our Economy is Strong Enough to Address Any Concern Arising Out of Recent Delevements in USA and Eurozone
• Recommendations of Supreme Court about Tribunals
• ICAI issues clarification on filling of Roll Number in IPCE and CA Final Examination Form
• CA Final November 2011 Examination Application Form – Clarification on error
• RBI Statement on Recent Global Developments
• Taxability in respect of International Private Leased Circuit (IPCL) charges and amendment in the definition of Telegraph Authority u/s 65 (111) of the Finance Act, 1994
• Opening of 'Small Bank Account' – NREGA job card and letters issued by the UIDAI can be treated ac KYC documents
• Trade Restrictions by WTO
• US Employment…….. Dow Jones Bubble
• Seeks to levy anti-dumping duty on imports of Sodium Formaldehyde Sulphoxylate (SFS) originating in, or exported from, China PR for a further period of five years pursuant to the final findings of Sunset review investigations conducted by the Directorate General of Anti-dumping and Allied duties

How to track your Income tax Refund online Posted: 08 Aug 2011 07:59 PM PDT The Income Tax Department entertains queries for all assessees regarding the refunding of income tax through the Tax Information Network (TIN). The SBI has been appointed as the refund banker, which processes refunds and routes them to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income arising from activities which are only incidental to the business of developing, operating and maintaining infrastructure facility will not qualify for deduction under s. 80IA Posted: 08 Aug 2011 07:15 PM PDT L&T Transportation Infrastructure Limited. vs. ITO (ITAT Chennai) - The business of developing, operating and maintaining roads would not include the activity of business of developing operating and maintaining way side amenities, though such... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Compounding of offence is impermissible after the filing of the complaint, or where the person has already been convicted by a competent court Posted: 08 Aug 2011 06:47 PM PDT Anil Batra Vs CCIT (Delhi HC) - The conditions stipulated for the compounding of a technical offence under the revised guidelines of 29 July 2003 are very clear and unambiguous. The compounding of such an offence was not permissible after the filing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether when the assessee is engaged in the travel business, income can be said to have accrued only after the customer boards for the cruise and departs or immediately after the ticket is booked? Posted: 08 Aug 2011 06:37 PM PDT CIT vs Gautam R. Chadha (Delhi HC) - 25% of the booking advances received by the assessee-representative of M/S Royal Caribbean Cruise Limited against the bookings by customers for boarding the cruise should be treated as income of the assessee,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

For the Purpose of sub-section 14(c) of s. 80-IB term 'begins to manufacture or produce articles or things' means the manufacture or production for the purpose of commerce and not for the purpose of testing Posted: 08 Aug 2011 06:23 PM PDT Tribunal has failed to appreciate that the term "begins to manufacture or produce articles or things" has been interpreted to mean the manufacture or production for the purpose of commerce and not for the purpose of testing. According to the learned... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Presence of a profit motive cannot lead to a conclusion that the transaction has been entered into as an adventure in the nature of trade ; Profit on Sale of TDR held as Capital Gain Posted: 08 Aug 2011 06:04 PM PDT ACIT Vs. S.K.M. Construction Pvt. Ltd. (ITAT Mumbai) - Land which forms part of investment in balance sheets is capital asset and hence profit derived from it is taxable under the head capital gain. Mere presence of profit motive not enough to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Foreign investors who meet KYC requirement may invest in equity and debt schemes of Mutual Funds Posted: 08 Aug 2011 04:45 PM PDT Investment by Foreign Investors in Mutual Fund Schemes. - Currently, only FIIs and sub-accounts registered with the SEBI and NRIs are allowed to invest in mutual fund schemes. To liberalise the portfoio investment route, it has been decided to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Investment in the units of Domestic Mutual funds Posted: 08 Aug 2011 04:34 PM PDT A.P. (DIR Series) Circular No. 08 Attention of Authorized Dealers Category – I (AD Category - I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Fm confident of Applicability of Direct Tax Code from 1st April 2012 Posted: 08 Aug 2011 07:21 AM PDT Union Finance Minister has said that there would be no difficulty to bring Direct Tax Code, DTC into operation from 1st of April next year. Mr. Pranab Mukherjee expressed hope that the Parliamentary Standing Committee will submit its report by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Companies Bill 2011 under finalization and will enable shareholders to file 'class action suits' in case of fraud Posted: 08 Aug 2011 07:16 AM PDT The Minister of State in the Ministry of Corporate Affairs today informed the Rajya Sabha that the Companies Bill 2011 is under finalization based on recommendations of the Parliamentary Standing Committee on Finance and inputs received from all... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt taking action against companies misusing IPO money Posted: 08 Aug 2011 07:13 AM PDT Replying to a written question the Minister said where any company is found violating the provisions of the Sections 62, 63, 68 and 628 of the Companies Act, 1956, prosecutions are filed against such companies and their officers in default. In case... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Foreign Companies – 3112 companies incorporated outside India are having place of business in India but none in Bihar Posted: 08 Aug 2011 07:09 AM PDT The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that As per latest information available, 3112 companies incorporated outside India and having place of business in India have registered... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No proposal to close the inoperative Employees Provident Fund accounts Posted: 08 Aug 2011 07:07 AM PDT There is no such proposal to close the inoperative Employees Provident Fund accounts. However, from 1st April, 2011, interest is not being credited to the account of a member from the date on which it has become inoperative account. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

126102 Trade mark Disputes are under opposition and pending and 8183 files are missing Posted: 08 Aug 2011 07:02 AM PDT Pending Trademark Disputes The number of trademark dispute applications/files, which are under opposition and pending in the various offices of the Trade Marks Registry, is as under:- Branch of Trade Marks Registry Number of opposition cases Mumbai... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Minister Confident that Our Economy is Strong Enough to Address Any Concern Arising Out of Recent Delevements in USA and Eurozone Posted: 08 Aug 2011 06:58 AM PDT The Union Finance Minister Shri Pranab Mukherjee said that the recent developments in the US and Eurozone have injected certain uncertainty in global markets. The Finance Minister said that these developments could have some impact on our economy as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Recommendations of Supreme Court about Tribunals Posted: 08 Aug 2011 06:57 AM PDT The Government has informed the Rajya Sabha that it is seized of the matter arising out of the judgement of the Supreme Court delivered on 11.05.2010 in the Civil Appeal No. 3067 of 2004 (Union of India Vs. R. Gandhi ) wherein the Court has affirmed... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI issues clarification on filling of Roll Number in IPCE and CA Final Examination Form Posted: 08 Aug 2011 06:53 AM PDT Integrated Professional Competence Examination (IPCE)/Final examination- November 2011 Application Form - IPCE/Final examination application forms for November 2011 examination provide for filling in passing details of PEE II/ PCE/IPCE examinations.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA Final November 2011 Examination Application Form – Clarification on error Posted: 08 Aug 2011 06:50 AM PDT Final examination- November 2011 Application Form - It is seen that Point 1.2(iv) of the eligibility criteria on Page no 1 of the Final examination form for November 2011 contains an error which has crept in inadvertently, through oversight [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Statement on Recent Global Developments Posted: 08 Aug 2011 06:14 AM PDT Developments relating to the US economy last week have significantly increased uncertainty about its prevailing condition. A sharp fall in US equity markets on Thursday was followed by a downgrade in the long-term US sovereign rating by rating... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Taxability in respect of International Private Leased Circuit (IPCL) charges and amendment in the definition of Telegraph Authority u/s 65 (111) of the Finance Act, 1994 Posted: 08 Aug 2011 05:51 AM PDT Representations have been received seeking clarification regarding taxability of IPCL charges incurred in foreign currency by BPO/MNCs against receipt of services from the service provider situated outside India/group companies under reverse charge... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Opening of 'Small Bank Account' – NREGA job card and letters issued by the UIDAI can be treated ac KYC documents Posted: 08 Aug 2011 01:30 AM PDT The Notification has also expanded the definition of 'officially valid document' as contained in clause (d) of Rule 2(1) of the PML Rules to include job card issued by NREGA duly signed by an officer of the State Government or the letters issued by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Trade Restrictions by WTO Posted: 08 Aug 2011 12:25 AM PDT The draft proposals being negotiated in the World Trade Organisation (WTO) for agricultural trade liberalisation include several special provisions for developing countries. These include, inter alia, lower tariff cuts than those to be undertaken by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

US Employment…….. Dow Jones Bubble Posted: 07 Aug 2011 05:52 AM PDT Another round cooked number were presented to keep the face of DOWJONES above 12000 marks. Obama administration has again and will try in future to keep the face of Wall Street to be promising when in real terms it has no words to make any promise.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Seeks to levy anti-dumping duty on imports of Sodium Formaldehyde Sulphoxylate (SFS) originating in, or exported from, China PR for a further period of five years pursuant to the final findings of Sunset review investigations conducted by the Directorate General of Anti-dumping and Allied duties Posted: 06 Aug 2011 10:15 PM PDT Notification No. 70/2011-Customs The anti-dumping duty imposed shall remain in force for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of this notification in the Official Gazette and shall be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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