Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Apr 14, 2011 at 9:58 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• IDBI Home Finance gets MCA nod for merger with parent IDBI Bank
• Penalty U/s. 271C for non deduction of TDS not leviable if no "mala fide intention" or "deliberate defiance" of law
• A notice issued on a non-existent person is void. The fact that the assessee has filed a return in response to the notice makes no difference
• BIS Certification for Aayakar Seva Kendra, Kochi
• FAQs on Revised DIN Process (w.e.f. 27 March'11)
• Exemption under s 11 to charitable trust, if it acquires tenancy right in respect of some immovable property owned by a different person
• Certificate under s 68(2) of Finance Act, 1997 cannot be issued if the assessee fails to deposit tax within the stipulated period provided under the VDIS Scheme
• E-Filing for AY 10-11 – Quick Statistics and Highlights (as on 31st March 2011)
• "Accounting companies should be entrusted with audit of Corporates"
• RBI – Monthly Bulletin – April 2011
• VAT Cir – 5T of 2011 – Grant Of Refunds against Bank Guarantee in Maharashtra
• Murli Deora to Chair a Special Meeting to Listen the Views of Corporate India on Issues Relating to Competition
• Govt fixes revenue target at Rs 9 lakh crore this fiscal
• Takeover Code – SEBI to take a call later this month
• Sebi working on alternative of corporate governance
• Enhancement in limit for Obtaining Approval of Central Government for Payment of Remuneration to Office or Place of Profit u/s. 314(1b) of Companies Act 1956
• Enhancement in Limit For Disclosure of Particulars of Employees u/s. 217(2A) of the Companies Act 1956
• Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2011

IDBI Home Finance gets MCA nod for merger with parent IDBI Bank Posted: 13 Apr 2011 08:42 PM PDT IDBI Home Finance today said it has got approval from the Corporate Affairs ministry for merging with its parent IDBI Bank. The Ministry of Corporate Affairs has sanctioned the scheme of amalgamation vide its order dated April 8, 2011, IDBI Home... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Penalty U/s. 271C for non deduction of TDS not leviable if no "mala fide intention" or "deliberate defiance" of law Posted: 13 Apr 2011 08:25 PM PDT CIT vs. Cadbury India Ltd (Delhi High Court) - Levy of penalty under section 271C is not automatic. Before levying penalty, the concerned officer is required to find out that even if there was any failure referred to in the concerned provision the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

A notice issued on a non-existent person is void. The fact that the assessee has filed a return in response to the notice makes no difference Posted: 13 Apr 2011 07:56 PM PDT I. K. Agencies Pvt Ltd vs. WTO (Calcutta High Court) - The authorities below totally overlooked the fact that initiation of the proceedings for reassessment was vitiated for not giving notice under Section 17 of the Wealth Tax Act to the Appellant... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

BIS Certification for Aayakar Seva Kendra, Kochi Posted: 13 Apr 2011 07:37 PM PDT The Aayakar Seva Kendra (ASK) at the Income-tax Office at Cochin has obtained quality certification under IS : 15700 : 2005 for sustained quality of work and procedure in the area of tax payer services. The certification for quality was the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FAQs on Revised DIN Process (w.e.f. 27 March'11) Posted: 13 Apr 2011 07:34 PM PDT 1. What is Director Identification Number (DIN)? It is an unique Identification Number allotted to an individual who is an existing director of a company or intends to be appointed as director of a company pursuant to section 266A & 266B of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exemption under s 11 to charitable trust, if it acquires tenancy right in respect of some immovable property owned by a different person Posted: 13 Apr 2011 07:11 PM PDT DIT v Sahu Jain Trust - Exemption under s 11 — A charitable trust, if acquires tenancy right in respect of some immovable property owned by a different person, and thereafter sublets the said tenancy right and in the process earns some income, such... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Certificate under s 68(2) of Finance Act, 1997 cannot be issued if the assessee fails to deposit tax within the stipulated period provided under the VDIS Scheme Posted: 13 Apr 2011 07:01 PM PDT Kalpesh Ratilal Kalathia v CIT- Following the course of action adopted by the Supreme Court in the aforesaid decision, having held that the petitioner is not entitled to the benefit of the Scheme since the payment was not made in terms of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

E-Filing for AY 10-11 – Quick Statistics and Highlights (as on 31st March 2011) Posted: 13 Apr 2011 05:48 PM PDT Highlights of e-filing in F.Y.10-11 - 80% Growth in e-filing from last year. 91.56 lac e-returns received in current year as against 50.73 lacs last year. 77.8 % i.e 71.24 lac returns are from category i.e non-compulsory assessees. 31%... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

"Accounting companies should be entrusted with audit of Corporates" Posted: 13 Apr 2011 05:39 PM PDT Making a strong plea to entrust the audit of Indian corporate with Indian Accounting firms, the Indian Institute of Chartered Accountants of India (ICAI) President G Ramaswamy, said this would help prevent massive frauds. It is time to entrust the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI – Monthly Bulletin – April 2011 Posted: 13 Apr 2011 05:38 PM PDT The Reserve Bank of India has released the April 2011 issue of its monthly RBI Bulletin. The April issue carries two special articles: (i) Inflation Expectations Survey of Households: December 2010 (Round 22) and (ii) International Banking... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

VAT Cir – 5T of 2011 – Grant Of Refunds against Bank Guarantee in Maharashtra Posted: 13 Apr 2011 07:27 AM PDT Trade Circular 5T of 2011 "The refunds against bank guarantee shall be granted any time for any period even after the due date of filing of audit form 704 is over. The condition of refund audit of previous period and major discrepancy will not be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Murli Deora to Chair a Special Meeting to Listen the Views of Corporate India on Issues Relating to Competition Posted: 13 Apr 2011 05:40 AM PDT Union Minister of Corporate Affairs Shri Murli Deora has convened a special meeting on 25th April, 2011 at Mumbai to listen the views of Corporate India on issues relating to competition. The meeting has been called after a discussion with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt fixes revenue target at Rs 9 lakh crore this fiscal Posted: 13 Apr 2011 05:30 AM PDT The government has set a revenue target of Rs nine lakh crore during the current financial year, a top official said here today. "We have set a target to collect Rs nine lakh crore through direct and indirect taxes during 2011-12", Revenue Secretary... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Takeover Code – SEBI to take a call later this month Posted: 13 Apr 2011 05:29 AM PDT Market regulator Sebi is likely to give its final view on the Takeover Code for merger and acquisition deals at its board meeting scheduled later this month. "We are in consultation process. Probably we will get it (Takeover Code) through in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi working on alternative of corporate governance Posted: 13 Apr 2011 05:27 AM PDT In a bid to bring in greater transparency and enhance accountability of India Inc, market regulator Securities and Exchange Board of India (SEBI) today said it is working on an alternative model of corporate governance. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Enhancement in limit for Obtaining Approval of Central Government for Payment of Remuneration to Office or Place of Profit u/s. 314(1b) of Companies Act 1956 Posted: 13 Apr 2011 04:58 AM PDT The Ministry of Corporate Affairs has notified vide NOTIFICATION [F.NO. 17/75/2011-C.L.V], DATED 6-4-2011 enhancement in previous limit of Rs. Fifty thousand per month given under Rule 3 of Director's Relative (Office or Place of Profit) Rules, 2003... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Enhancement in Limit For Disclosure of Particulars of Employees u/s. 217(2A) of the Companies Act 1956 Posted: 13 Apr 2011 04:50 AM PDT The Ministry of Corporate Affairs has vide notification dated 31st March 2011 enhanced the limits for the purpose of disclosure of particulars of employees in Directors Report as requisite under Section 217 (2A) read with Companies (Particulars of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2011 Posted: 12 Apr 2011 09:51 PM PDT This Act may be called the Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2011. (2) (a) Section 1 shall come into force on the date of the publication of this Act in the Official Gazette. (b) Section 19 (1) shall come into force with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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