Taxation - Corporate Law Reporter

Committee formed under CBDT to curb generation of black money, its illegal transit and for its recovery

ï»¿ Government has constituted a Committee under the Chairmanship of Chairman, Central Board of Direct Taxes (CBDT) to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery. The Committee includes Member (L&C), CBDT, Director, Enforcement Directorate(ED), Director General, Directorate of Revenue Intelligence… Read More

Instructions regarding Standard Operating Procedure on filing of appeals to High Court

CBDT'S INSTRUCTIONS REGARDING STANDARD OPERATING PROCEDURE ON FILING OF APPEALS TO HIGH COURT Section 260A of the Income-tax Act, 1961 - High Court - Appeal to - Instructions regarding Standard Operating Procedure on filing of appeals to High Court under section 260A and related matters INSTRUCTION NO. 7 /2011 [F.NO. 279/MISC./M-42/2011-ITJ], DATED 24-5-2011 The Government… Read More

Transparency in Survey Operations : CBDT

From the desk of Chairman,CBDT Transparency in Survey operations For bringing transparency in survey operations and obviate the possibility of any grievance to the taxpayers, it is decided that henceforth: I. Survey teams visiting taxpayer™s premises under the provisions of section 133 A of the Income tax Act will, before the commencement of survey proceedings,provide to the… Read More

Income-tax (Fifth Amendment) Rules, 2011 – Amendment in rule 114B

AMENDMENT IN RULE 114B OF THE INCOME-TAX RULES, 1962 Income-tax (Fifth Amendment) Rules, 2011 - Amendment in rule 114B NOTIFICATION NO. 27/2011 [F. NO. 149/122/2010-SO(TPL)], DATED 26-5-2011 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules… Read More

DEPB withdrawal to hurt Exports : CII

Lobbying hard for continuation of DEPB, industry body CII today said the termination of export incentive scheme will hurt exports in the absence of an alternative plan to neutralise local taxes on overseas shipments. "Export margins are in single digit 6-7 per cent. It is a volume game," CII Chairman on National Committee on Exports… Read More

Tyre Manufacturer’s Association picth for DEPB scheme extension

Automotive Tyre Manufacturers' Association (ATMA) today said it has requested the government to extend the Duty Entitlement Passbook (DEPB) scheme beyond its deadline on June 30, 2011, to continue availing tax benefits for exports. In a letter written to the Commerce and Industry Minister Anand Sharma, ATMA Chairman Neeraj Kanwar said the domestic industry is… Read More

Bonus benefit to silk carpets under ITC HS code 57019090 and drawback code 570102

To be published in the Gazette of India Extraordinary Part -I, Section-1) Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Public Notice No.50 (RE-2010)/ 2009-14 New Delhi, the 27th May, 2011 Subject: Bonus benefit to silk carpets under ITC HS code 57019090 and drawback code 570102… Read More

Amendment to Principal Notification No. 51/2008-Customs, dt 21st Apr, 2008

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 42 /2011-Customs New Delhi dated the 25th May, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52… Read More

Service Tax Regarding Processing for or on behalf of client, in relation to agriculture

Circular No. 143/12/ 2011 ST F.No.332/37/2010-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Tax Research Unit North Block, New Delhi 26th May, 2011 To Chief Commissioners of Central Excise and Service Tax (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director General (Audit), Commissioners of… Read More

India signs DTAA with Ethiopia to check tax Evasion

India has signed a Double Taxation Avoidance Agreement (DTAA) with Ethiopia to check tax evasion and facilitate exchange of banking information. The agreement was signed by External Affairs minister S M Krishna and Ethiopia's minister of Finance and Economic Development Sufian Ahmed, in the presence of Prime Minister Manmohan Singh and his Ethiopian counterpart Meles… Read More

No filing of IT return- if you are earning 5 lac annually

ï»¿ Finance Minister Pranab Mukherjee brought a sigh of relief for many whoes earnings are 5 lac per annum as they no longer have to file the Income Tax return. The only requirement that has been set for the people coming under this slab is that in case such a salary earner has income from… Read More

Tax collection in Delhi grows by 23% over last year

ï»¿ - Delhi The Delhi Government has collected a record tax revenue of Rs 16,478 crore in the year 2010-11, registering a growth of 23 per cent over 2009-10. "The collection has gone up from Rs 13,448 crore in 2009-10 to Rs 16,478 crore in 2010-11," Chief Minister Sheila Dikshit, who also holds the charge… Read More

ASSOCHAM – Seminar on Transfer Pricing

A seminar on Tranfer Pricing will be held on the 17th June, 2011 in Mumbai at the Hilton Mumbai International Hotel. The Tax authorities globally have been increasing scrutiny of taxpayer's transfer pricing policies, challenging companies with reduced profitability and imposing transfer pricing adjustments to increase tax payables. While the recessionary environment is mainly to blame,… Read More