Amendment of section 40A – (i) New clause 7A of the Finance Bill,2011 7A. In section 40A of the Income Tax Act, in sub-section (9), after the words, brackets and figures “under clause (iv)”, the words, brackets, figures and letter “or clause (iva)” shall be inserted with effect from the 1st day of April, 2012. (ii) Amended section 40A(9).
Cyber crooks are on the prowl this financial year closing and are using phishing attacks and hoax-alerts to gain access to account details of individuals who have filed their Income Tax returns online, said experts.
Shri Kapil Sibal, Union Minister for Human Resource Development inaugurated, here today, a new web-based application for the All India Council for Technical Education (AICTE) that will provide for the information and data as filled in by the institutions to be available in the Public Domain. This is a bid to promote transparency and accountability in its functioning. Interested stake holders can thus view the information pertaining to any institution in the Public Domain.
1. The Institute is pleased to announce that the Part –I examination of the Post Membership Qualification (PMQ) in ‘Corporate Governance’ will be held from Sunday, June 5, 2011 to Thursday, June 9, 2011 at the centres where the company secretaries June 2011 examination would be held.
Vide Order No. 2/FT&TR/2011 dated 24th March 2011, the CBDT has revised the territorial jurisdiction of the Dispute Resolution Panels across the Country. dispute resolution panel w.e.f 24.02.2011. ection 144C of the Income-tax Act, 1961 – Reference to Dispute Resolution Panel (DRP) – Powers, functions and jurisdiction of DRP at Headquarters Delhi and Mumbai – Supersession of Order No. 3/JS (FT & TR-II)/2010, dated 8-3-2010
No.F. 5(54)/Policy-II/VAT/Amendment/2010 – WHEREAS the Ministry of External Affairs, Govt. of India have vide their letter No.D-II/451/12(7)/2009 dated 20th May, 2009 requested the Govt. of NCT of Delhi to grant facilities for VAT refund in favour of official purchases of the High Commission of the Republic of GAMBIA in New Delhi and personal purchases of its diplomats; and whereas I am of the opinion that it is expedient in the interest of general public so to do.
No.F. 5(45)/Policy-II/VAT/Amend/2010 -WHEREAS the Ministry of External Affairs, Govt. of India have vide their letter No.10105/Secy(W)/2010 dated the 7th December, 2010, requested the Govt. of NCT of Delhi to restore VAT refund privilege for the Mauritian High Commission in Delhi; and of reciprocity; and whereas I am of the opinion that it is expedient in the interest of general public so to do. NOW, THEREFORE, in exercise of the powers conferred by sub-section (2) of section 103 of the Delhi Value Added tax Act, 2004, (Delhi Act 3 of 2005), I, Jalaj Shrivastava, Commissioner, Value Added Tax, Govt. of NCT of Delhi, hereby, make the following amendment in the Sixth Schedule of the said Act, namely:-
A Mumbai Sessions court has sent Pune-based stud farm owner Hasan Ali, who is alleged to have stashed away over eight billion dollars in Swiss banks, to judicial custody till April 8. The Enforcement Directorate (ED) had produced Ali before a magistrate last night after his three-days custody with the probe agency ended.
Maharashtra government on Wednesday exempted transfer of copyrights of a film — relating to the exhibition in theatres — from VAT. This was announced in the Legislative assembly during the State budget presentation, Deputy Chief Minister and Finance Minister Ajit Pawar. He said VAT was currently levied on transfer of copyright of films for the purpose of exhibition in theatres.
Assessing Officer’s stand that ‘provision of computation of income under Section 11′ does not contain any provision which may entitle an assessee to claim weighted deduction for any expenses incurred’ is not acceptable as Section 11 provides that the income of the Trust is to be computed on commercial basis i.e. as per normal accounting principles. Normal Accounting Principles clearly provide for deducting depreciation to arrive at income. Income so arrived at (after deducting depreciation) is to be applied for charitable purpose.
