Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Apr 29, 2011 at 9:53 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Download ITR 5 in excel format for Assessment year 2011-12 / Financial year 2010-11
• Instructions for filling out New Income Tax Return Form ITR-5 applicable for A.Y. 2011-12
• Section 50C applies to immovable depreciable assets – ITAT Mumbai
• Income Tax Dept searches four real estate groups in Ahmedabad
• 'No return' scheme for salaried class earning less then Rs. 5 Lakh to be notified by June
• EPFO to pay 9.5 percent interest foe F.Y. 2011-12 till new rate is decided
• IRDA Request for Proposal for Analysis and Reporting of Industry – Wide Fraud Trends
• Corrigendum to Notification No. 29/2011-Service Tax, dated the 25th April, 2011
• Corrigendum to Notification No. 35/2011-Service Tax, dated the 25th April, 2011
• 2G Scam – ED Will attach property worth Rs 2,000 crore of companies involved in scam
• Indian economy may Grow at around 8 percent in FY12; more RBI rate hikes likely
• 2G scam – PAC meeting inconclusive; 11 of 21 members reject draft report
• ICAI'S annual international meet begins in Dubai
• Azim Premji expresses concern over various scandals
• Procedure for Refund of Excess TDS Deducted/ Paid
• Suspension of IAS couple extended
• US seeks changes in India's DTH satellite policy
• ICAI Commences Registration for the Certificate Course on International Taxation – Hyderabad
• RBI advises -Do Not Pay Money to receive Large Funds from Abroad

Download ITR 5 in excel format for Assessment year 2011-12 / Financial year 2010-11 Posted: 28 Apr 2011 09:18 PM PDT ITR 5 is applicable for assessment year 2011-2012 only, i.e., it relates to income earned in Financial Year 2010-11 and can be used a person being a firm, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Instructions for filling out New Income Tax Return Form ITR-5 applicable for A.Y. 2011-12 Posted: 28 Apr 2011 09:02 PM PDT ITR 5 Form can be used a person being a firm, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4)(a) or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 50C applies to immovable depreciable assets – ITAT Mumbai Posted: 28 Apr 2011 08:51 PM PDT Recently ITAT Mumbai in the case of ITO vs. United Marine Academy (Mumbai ITAT) held that Assessing Officer thus was right in applying the provision of section 50C to the transfer of depreciable capital assets covered by section 50 and in computing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Dept searches four real estate groups in Ahmedabad Posted: 28 Apr 2011 07:07 PM PDT In the first major operation in the current financial year, income tax (I-T) department officials cracked on four real estate groups in the city on Wednesday. Suspecting tax evasion and parking of black money, the IT officials began search and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

'No return' scheme for salaried class earning less then Rs. 5 Lakh to be notified by June Posted: 28 Apr 2011 06:37 PM PDT The Chairman of Central Board of Direct Taxes ( CBDT), Sudhir Chandra, today said the scheme to exempt salaried people earning up to Rs 5 lakh annually from filing income tax returns will be notified in the first week of June. The scheme was... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

EPFO to pay 9.5 percent interest foe F.Y. 2011-12 till new rate is decided Posted: 28 Apr 2011 06:18 PM PDT "Since the rate of interest (on deposits) for 2010-11 has been declared as 9.5 per cent per annum, settlement of claims of the EPF subscribers during 2011-12 shall be made at 9.5 per cent per annum till rate of interest is declared for 2011-12,"... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA Request for Proposal for Analysis and Reporting of Industry – Wide Fraud Trends Posted: 28 Apr 2011 06:06 PM PDT IRDA requests for proposal from reputed Firms/Organizations to report on industry-wide trends of fraudulent behaviour affecting the insurance industry. The detailed RFP document is attached (.pdf document) .Last date for receipt of BIDS is 20th May... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corrigendum to Notification No. 29/2011-Service Tax, dated the 25th April, 2011 Posted: 28 Apr 2011 05:49 PM PDT In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 29/2011-Service Tax, dated the 25th April, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corrigendum to Notification No. 35/2011-Service Tax, dated the 25th April, 2011 Posted: 28 Apr 2011 05:41 PM PDT In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 35/2011-Service Tax, dated the 25th April, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G Scam – ED Will attach property worth Rs 2,000 crore of companies involved in scam Posted: 28 Apr 2011 05:48 AM PDT The Enforcement Directorate on Wednesday told the Supreme Court that it will attach property worth Rs 2,000 crore of two companies involved in the 2G spectrum scam. The attachment process under the Prevention of Money Laundering Act (PMLA) and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Indian economy may Grow at around 8 percent in FY12; more RBI rate hikes likely Posted: 28 Apr 2011 05:30 AM PDT India's economy is expected to clock a growth rate of around 8 per cent this fiscal, lower than the government's projection, due to decline in investments and industrial production, global financial services firm Citigroup said today. It also said... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G scam – PAC meeting inconclusive; 11 of 21 members reject draft report Posted: 28 Apr 2011 04:44 AM PDT The Public Accounts Committee meeting on Thursday remained inconclusive. Eleven out of 21 members of the Committee rejected the draft report on 2-G scam prepared by the Chairman of the Committee Dr. Murli Manohar Joshi. The Committee was scheduled... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI'S annual international meet begins in Dubai Posted: 28 Apr 2011 04:39 AM PDT The Institute of Chartered Accountants of India (ICAI)'s annual international meet started in Dubai on Thursday. More than 800 delegates from various GCC countries attended the inaugural session of the two-day conference hosted by Dubai chapter of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Azim Premji expresses concern over various scandals Posted: 28 Apr 2011 03:57 AM PDT IT czar Azim Premji today expressed concern over various scandals that have surfaced in the country during the last one year and said good leadership in politics, bureaucracy, business and society would help end corruption in India. In the last one... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Procedure for Refund of Excess TDS Deducted/ Paid Posted: 28 Apr 2011 03:30 AM PDT CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011 - Board prescribes the following procedure for regulating refund of amount paid in excess of tax deducted and/or deductible in respect of TDS on residents covered under sections 192 to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Suspension of IAS couple extended Posted: 28 Apr 2011 02:05 AM PDT The Madhya Pradesh government has extended the suspension of 1978 batch IAS couple Arvind and Tinu Joshi, accused for amassing huge wealth, by another 180 days, official sources said here today. The government decided to extend the suspension period... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

US seeks changes in India's DTH satellite policy Posted: 27 Apr 2011 09:44 PM PDT The US has said it will "encourage" India to change its policies which give exclusive rights to the Indian Space Research Organisation (ISRO) for selling the satellite capacity to the lucrative direct—to—home television market. In a report, the US... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI Commences Registration for the Certificate Course on International Taxation – Hyderabad Posted: 27 Apr 2011 08:50 PM PDT We are pleased to announce that the Committee on International Taxation of ICAI has decided to commence the next Batch of the Certificate Course on International Taxation in Hyderabad from Saturday 21st May, 2011. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI advises -Do Not Pay Money to receive Large Funds from Abroad Posted: 27 Apr 2011 07:14 PM PDT The Reserve Bank has today once again issued an advisory cautioning the members of public against responding in any manner to offers of moneys from abroad. It has stated that such offers are fraudulent and has advised the public to immediately... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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