After having made 8.23 lakh refunds already in the first half of this month, the Income Tax Department today said it will settle all the pending claims in April itself. Refunds of Rs 78,000 crore to about 85 lakh assesses were made in 2010-11.
Recently, the Chennai bench of the Income-tax Appellate Tribunal in the case of Wheels India Ltd. v. ACIT I.T.A No. 1793/Mds/2006 (Chennai) held that payment made to US companies for ‘developing tooling’ and ‘validating new process for manufacture’ of wheels for commercial vehicle was ‘fees for included services’ as per Article 122 of the India-USA tax treaty.
The Supreme Court today said the right to property is a constitutional right and government cannot deprive a person of his land in an arbitary manner. A bench of justices G S Singhvi and A K Ganguly said in a judgement that courts should view with “suspicion” the action of the government in acquiring land for private parties in the name of urgency.
NOTIFICATION NO. LAD-NRO/GN/2011-12/02/12648, DATED 19-4-2011 – Section 4 of the Securities Contracts (Regulation) Act, 1956 – Recognized Stock Exchanges – Grant of recognition to stock exchanges – Renewal of recognition to Ludhiana Stock Exchange Ltd.
Pannalal Kejriwal Vs CIT (Calcutta High Court)- Whether in the facts of the present case the transactions relating to the shares of ITC Ltd. and Tata Tea Ltd. on behalf of the two partners where the assessee-firm apparently acted as broker could be said to be the transaction on behalf of the assessee-firm itself and the profit of the two partners can be added to the income of the assessee-firm.
Indian companies pay a salary of Rs 4.8 lakh to each of their employee on an average, but earn a profit of Rs 6 lakh per employee in return, says a new survey. According to a study by Pricewaterhouse Coopers (PwC) — Measuring Human Capital – Driving Business Results — organisations in India pay an average remuneration of Rs 4.8 lakh and earn Rs 6 lakh of profit per employee, which makes the human capital return ratio on investment to 1.79 for organisations in the country.
Download ICWAI Revision Test Papers(RTP) for JUNE 2011 EXAMS. Links of ICWAI RTPs : Group 1- Download. Group 2- Download. Group 3- Download. Group 4- Download.
As you are aware, the Elections to the 11th Council and four Regional Councils of the Institute of Company Secretaries of India were held in 2010 in accordance with the Company Secretaries (Election to the Council) Rules, 2006 read with the Company Secretaries Act, 1980 and the Company Secretaries Regulations, 1982. The elections to the Managing Committees to the Chapters were also held recently in terms of the Company Secretaries Chapter Guidelines, 1983.
MOU between ICWAI and CBEC entered into on 13th April 2010 to facilitate Cost Accountants to set up Certified Facilitation Centres (CFC) under the Automation of Central Excise and Services Tax (ACES) Scheme of CBEC has been extended with effect from 1st April 2011 for a period of two years and shall remain valid till 31st March 2013 unless the Scheme is withdrawn by CBEC.
Competition is the best means of ensuring that the ‘Common Man’ or ‘Aam Aadmi’ has access to the broadest range of goods and services at the most competitive prices. With increased competition, producers will have maximum incentive to innovate and specialize. This would result in reduced costs and wider choice to consumers. A fair competition in market is essential to achieve this objective. Our goal is to create and sustain fair competition in the economy that will provide a ‘level playing field’ to the producers and make the markets work for the welfare of the consumers.
