"01 April 2011" Archive

ICICI Bank is a foreign Company, investment subject to FDI law – Govt

"ICICI is an Indian bank, but it is over 50 per cent (equity) foreign owned, it is owned by foreigners in that sense...for downstream investment it is a foreign company...," Department of Industrial Policy and Promotion (DIPP) Secretary R P Singh told reporters here.The government today said that ICICI Bank and other lenders whose more th...

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Posted Under: Corporate Law |

Government to appoint officers to deal with indirect tax complaints

The government will set up seven Indirect Tax Ombudsmen for quick redressal of grievances relating to customs, excise and service taxes. These adjudicating offices will be set up in Delhi, Mumbai, Kolkata, Chennai, Bangalore, Ahmedabad and Lucknow. The decision was approved in a meeting of the Union Cabinet chaired by Prime Minister Manmo...

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Posted Under: Corporate Law |

Professional tax to be imposed in Bihar

Bihar government has decided to impose professional tax on central and state governments officers and employees, Railways, boards and corporation on the pattern of Maharashtra, West Bengal and other states, official sources said today. The state assembly adopted the Bihar Profession, Trade, Livelihood and Employment Tax Bill, 2011, yester...

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Posted Under: Corporate Law |

Service Tax – Clarifications on amendments in Point of Taxation Rules, 2011

LETTER [F.NO.341/34/2010-TRU] 31/03/2011

As you are aware, the Point of Taxation Rules (PTR) were formulated vide Notification No.18/2011-ST dated 01.03.2011. Based on the feedback, certain amendments are being carried out in these rules vide Notification No. 25/2011-ST dated 31.03.2011. The highlights of the changes are discussed in the following paragraphs. 2. While the rul...

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Income-tax – Taking opinion of technical experts and bringing on record technical evidence in cases involving complex issues of technical nature and substantial revenue – Directions of the Hon’ble Supreme Court

INSTRUCTION No. 5/2011 30/03/2011

INSTRUCTION No. 5/2011 [F.No. 225/61/2011-IT(A-II)], dated 30-3-2011- The Hon’ble Supreme Court has made the following observations in an order dated 12-8-2010 in the case of CIT, Delhi v. Bharti Cellular Ltd. [2010] 193 Taxman 97 (SC): "We are directing CBDT to issue directions to all its Officers, that in such cases, the Department n...

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Income-tax – Section 144C of the Income-tax Act, 1961 – Reference to Dispute Resolution Panel (DRP) – Constitution of DRP at Ahmedabad & Kolkata – Modification of Order No. 1/FT&TR/2011, dated 12-1-2011

ORDER NO. 3/FT&TR/2011 31/03/2011

ORDER NO. 3/FT&TR/2011 [F. NO. 500/15/2011-FTD-I], DATED 31-3-2011. In partial modification of Order No. 1/FT&TR/2011, dated 12th January, 2011 and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/...

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Postings and transfers of officers in the grade of Commissioners/Directors of Income Tax

ORDER NO. 58 OF 2011 01/04/2011

ORDER NO. 58 OF 2011- The following postings and transfers of officers in the grade of Commissioners/Directors of Income Tax are hereby ordered with immediate effect and until further orders:-'...

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Notification No. 17/2011 – Income Tax Dated 1/4/2011

Notification No. 17/2011 - Income Tax 01/04/2011

Notification No. 17/2011 - Income Tax [F.NO. 203/16/2009/IT (A-II)], DATED 1-4-2011 - Income-tax : Section 35(1)(ii) of the Income-tax Act, 1961 - Scientific research expenditure - Approved scientific research associations/institutions- It is hereby notified for general information that the organization Physical Research Laboratory, Ah...

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5 crore special coins to mark 150 years of taxation

Five crore commemorative coins of Rs 5 denomination, unveiled recently to celebrate 150 years of taxation, will be minted for public distribution soon. The coins, released by Finance Minister Pranab Mukherjee on February 26, will be put in public domain and will be a collector's item. These will have no extra price, a senior Finance Minis...

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Posted Under: Corporate Law |

Income Tax Rates Assessment Year 2011-2012

Rates of Income Tax as applicable to Individuals, Hindu Undivided Families (HUF) and Artificial Jurisdictional Person: Rates For the Assessment Year 2011-2012 Net Income Range Income Tax Rates Tax Upto Rs. 1,60,000 Nil Nil Rs. 1,60,000 – Rs. 5,00,000 10% 10% of total income minus Rs. 1,60,000 See Notes Rs. 5,00,000 – Rs. 8,00,...

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Posted Under: Corporate Law |

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