"01 June 2011" Archive

To recover dues Income Tax Dept may use its power to arrest and prosecute

The Income Tax Department is all set to crack the whip on tax defaulters by invoking its power, which has not been used for many years, to arrest and prosecute evaders. The step comes in the backdrop of the government initiating various steps to curb generation of black money in the country and also recently notifying the creation of the ...

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Posted Under: Income Tax |

Clarifications issued by Income Tax Department on Form No. 24Q

Particulars to be filled in Annexures I, II and III: (i) In Annexure I, actual figures for the relevant quarter should be reported. (ii) In Annexures II & III, estimated/actual figures for the whole financial year should be given. However, Annexures II & III are optional for statement for the 1st, 2nd and 3rd quarters. Statement for th...

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Posted Under: Income Tax |

Consultation prior to filing of notice of the proposed combination under sub section (2) of section 6 of the Competition Act, 2002

The CCI under the draft regulations dated March 2, 2011 had first introduced the provision for pre-filing consultation. However, this found no mention in the recently issued final Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011, dated May 11, 2011. The CCI has...

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Posted Under: Income Tax |

Income Tax department continues to enjoy the power to tap telephone conversation

The Income Tax department today said it continues to enjoy the power to tap telephone conversations, as was given to it earlier in 2006. Power of interception stays with the CBDT and there is no change in the factual background when the power was given in 2006, and at present circumstances are identical, Sudhir Chandra, the outgoing chair...

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Posted Under: Income Tax |

Income Tax Department aims to disburse refunds of over Rs 1 lakh crore this fiscal – CBDT

The Income Tax Department today said it aims to disburse refunds of over Rs 1 lakh crore this fiscal, against Rs 73,000 crore given in the previous fiscal. We intend to refund approximately Rs 1 lakh crore this fiscal, the outgoing Chairman of Central Board of Direct Taxes (CBDT) Sudhir Chandra said here while exuding confidence of achiev...

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Posted Under: Income Tax |

RBI cancels licence of Jalagoan-based Chopda Urban Co-operative Bank

The Reserve Bank of India has cancelled the licence of Jalagoan-based Chopda Urban Co-operative Bank as it had ceased to be solvent and depositors were being inconvenienced by continued uncertainty. The banking regulator delivered the order cancelling the bank's licence after close of business on May 24, a release said on Tuesday....

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Posted Under: Income Tax |

Notification No. 31/2011 – Income Tax Dated 1-6-2011

Notification No. 31/2011 - Income Tax (01/06/2011)

Notification No. 31/2011 - Income Tax [F.NO.203/48/2010/ITA-II], DATED 1-6-2011 - It is hereby notified for general information that the organization American Institute of Indian Studies, New Delhi has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (sai...

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Compliance of Provision of the Companies Act,1956 and Rules made there under – General Circular No – 33/2011

General Circular No. 33/2011 (01/06/2011)

In order to ensure corporate governance and proper compliances of provisions of Companies Act, 1956, it has been decided that no request, whether oral, in writing or through e-forms, for recording any event based information / changes shall be accepted by the Registrar of Companies from such defaulting companies, unless they file their up...

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Regarding Writing off of arrears of Central Excise duty and Customs duty – Constitution of Committees to advise the authority for writing off of arrear

Circular No. 946/07/2011-CX (01/06/2011)

Circular No. 946/07/2011-CX In the context of revision of the delegated powers to write off irrecoverable tax arrears, most of the Chief Commissioners did not recommend any enhancement of the existing monetary limits prescribed vide Board’s Circular dated 21.9.1990. On the other hand, the Chief Commissioners suggested adoption of a Co...

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India to adhere global benchmarks for cell phones radiation

Shri Sachin Pilot, the Union Minister of State for Communications and Information Technology has said that while telecom is a huge success story in India, any possible health related effects of radiation emitted by mobile phones and towers are to be reflected and ensured in the guidelines. The final guidelines would take into account the ...

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Posted Under: Income Tax |