The government is likely to announce opening of multi-brand retail to foreign investors after the state Assembly election results, in a move to revive confidence of global investors in the country. However, for starters, multi-brand retail giants like Wal-Mart, Carrefour and Tesco may be allowed only in 36 large cities which have population of over 1 million, according to 2001 census, high level sources said.The government is likely to announce opening of multi-brand retail to foreign investors after the state Assembly election results, in a move to revive confidence of global investors in the country.
Programmes to impart sexuality education to young people are more cost-effective when integrated and mandatory, according to the findings of a United Nations study released today at a symposium in New York. The cost per learner in well established programmes ranged from $6.90 in Nigeria to $32.80 in the Netherlands, while smaller pilot programmes in Kenya and Indonesia indicated significantly higher costs, according to the result of a six-country study released by the UN Education, Scientific and Cultural Organization (UNESCO) at the meeting of the Inter-Agency Task Team (IATT) on Education of the Joint UN Programme on HIV/AIDS (UNAIDS).
The Government has restructured the Technology Upgradation Fund Scheme (TUFS) – the flagship scheme of Ministry of Textiles for upgradation of technology in the textile and jute sectors. Ministry of Textiles has issued the Government Resolution on Restructured Technology Upgradation Fund Scheme for the period 28.04.2011 to 31.03.2012 (both the days inclusive) with an overall subsidy cap of Rs.1972 crore during the period. The Government Resolution lays down the financial and operational parameters and implementation mechanism for the Restructured TUFS.
Income Tax Department has released ITR 1 Sahaj and ITR 2 Income Tax Return Preparation Utility as applicable for Assessment Year (A.Y.) 2011-12 or Financial Year (2010-11) which can be used to file Income Tax Return Online. Filing of Income Tax returns is a legal obligation of every Individual/HUF whose total income for the previous year has exceeded the maximum amount that is not chargeable for income tax under the provisions of the I.T Act, 1961. Income Tax Department has introduced a convenient way to file these returns online using the Internet.
Under the new scheme Form 16/16A shall not be issued manually. A deductor shall download Form No. 16/16 A from the online system. The generation of firm 16/16A shall be based on the Form 26Q submitted by the Deductor. The tax credit shall be directly linked to the submission of TDS Returns. Every 16 /16A Form shall also have a unique Number and that number shall be used by the assessees for filling their returns.
Why a Bank does not agree to any of the rights conferred on sureties by section 133, 134, 135, 139 and 141 of Contract Act, and any Rule of Law or Equity? A Case Study– Dena Bank (Letter of Guarantee):- Extracts of Paragraph nos. 4, 5, 6, 10 and 15 of Letter of Guarantee of Dena Bank are reproduced below–
To cover up Rs 200 crore illegal gratification made to Kalaignar TV, agreements were executed after lodging of FIR in the 2G scam and money was channelled back to its source on A Raja’s resignation as Telecom Minister, the CBI has claimed. The agency has supported this contention on the basis of the statements of an accountant of DB Realty and Director of the Cineyug Films Pvt Ltd to establish that the money travelled between December 23, 2008 and August 7, 2009 from Shahid Balwa’s firm to Kalaignar TV in which DMK MP Kanimozhi has stake.
Vinod K Nevatia (2011-TIOL-65-ITAT-MUM) CIT (A) has rightly deleted the addition applying the decision of Kotak Securities Private Limited and Angel Broking observing that transaction fees paid to the stock exchange could not be said to be fees paid in consideration of stock exchange rendering any technical services to the assessee. Therefore, provisions of section 9(1)(vii) and section 40(a)(ia) are not applicable.
Since the taxes have been deducted from the payment made to the assessee and it is also in receipt of TDS certificate, the credit for TDS cannot be declined on the basis of an administrative action of refund which is neither envisaged by the provisions of the ITA nor in the control of the assessee. Tribunal directed the AO to grant credit to the assessee on the basis of original TDS certificates produced and in accordance with the provisions of the ITA uninfluenced by any refunds subsequently granted to R. Lucent Technologies GRL LLC v DCIT (9 taxmann.com 182) (Mumbai ITAT)
The assessee is a firm and engaged in business of financing and follows cash system of accounting. It gave a loan to a company on interest. The borrower while crediting the interest deducted TDS and issued TDS certificate. The assessee claimed the credit of TDS without offering the corresponding income to tax . The AO disallowed the claim of the assessee .The CIT (A) allowed the appeal of the assessee- ITO Business Ward –II (4) v. M/s Shri Anupallavi Finance & Investments (2011-TIOL-78-ITAT-MAD)
