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

---

• New Income tax Return ITR 3 and ITR 4 in Excel Format for A.Y. 2011-2012 / F.Y. 2010-11
• Despite concealment, no penalty u/s. 271(1)(c) if book profits assessed u/s. 115JB
• Disallowance u/s 14A of interest on borrowed funds was not permissible if the investment in shares was made out of own funds
• New Income tax Return ITR 1 Sahaj and ITR 2 in Excel Format
• No Penalty u/s. 271(1)(c) for Failure To Offer Income u/s 50C of the Income Tax Act
• Society Redevelopment is Not Transfer and consideration not assessable in society's hands
• Delhi HC – Revenue can reopen the assessment proceedings on change of opinion
• Etds – FVU 3.1 – Rounding Off problem leading to T-FV-4278 Error
• Beg to Differ – SC Judgment in Sita Ram Gupta Vs Punjab National Bank and Ors
• Arbitration Clause in General Insurance Policies – A Legal Gimmick to Avoid Liability
• Indian names in Swiss bank data list, says WikiLeaks founder Julian Assange
• ITR A.Y. 2011-12 – Instructions for filling out ITR-4
• Instructions for filling out New Income Tax Return Form ITR-3 for assessment year 2011-2012
• Instructions for filling out FORM ITR-2 for assessment year 2011-2012
• 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
• Imports of goods under Chapter 84 of ITC (HS) and the requirement of compliance to Chapter 87 Import Licensing Notes
• SC instructs Income Tax dept to give transcript of Radia tapes to CBI, ED
• Custom Duty – Rate of exchange of conversion of each of the foreign currency with effect from 1st May, 2011
• SEBI Circular on Review of Annual Issuers charges
• RBI – Implementation of the Advanced Measurement Approach (AMA) for Calculation of Capital Charge for Operational Risk
• Kochi Tuskers in tax-evasion row over ticket sales
• US President Barack Obama seeks to end tax subsidies for oil companies
• ICSI Campus Placement for Members and Students at NOIDA- 30th April 2011
• Notified eligible projects or schemes u/s 35AC of Income Tax Act – Notification No. 3/2011, DATED 11-04-2011

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

You are subscribed to email updates from LEGAL & FINANCIAL UPDATES FROM TAX GURU 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/