Notification No. 37/2011 – Income Tax [F. No. 149/68/2011-So (Tpl)], Dated 1-7-2011 Income-Tax (Sixth Amendment) Rules, 2011 – Amendment in Rule 12 – In the Income-tax Rules, 1962 in rule 12, in sub-rule (3), in the proviso, for clauses (a) and (aa) the following clause shall be substituted, namely :—(a) a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manner specified in clause (ii);
In a bid to tighten the noose around defaulters, the Income Tax Department will set up a centralised system to identify entities which deduct tax at source but do not deposit it with the government. ‘This Centralised Processing Centre (CPC) would be set up to process TDS (tax deducted at source) statements and to identify the defaults and PAN errors…,’ the Central Board of Direct Taxes (CBDT) said.
To speed up clearances of tax exemption cases, the Central Board of Direct Taxes (CBDT) will set up 11 more specialised offices in the country. CBDT plans to have directorate [exemptions] in all the states and to begin with we will be setting up 10-11 new directorates, a revenue official said.However, the official did not specify any timeframe for creation of the specialised offices (directorates).
As per the amendments in the income tax rules, coming into effect from July 1, quoting PAN (Permanent Account Number) will be mandatory for any payment of Rs five lakh or more for purchase of bullion or jewellery. High-value purchase of jewellery, among valuables, have often been feared to be a much favoured route for circulation of black money and quoting of PAN would help the tax authorities in tracking such transactions.
The Central government proposed to give investment subsidies to the tune of Rs 1 lakh crore to give a big boost to the country’s electronics industry in the next ten years, a key official said today. This push is expected to generate Rs 4 lakh crore of investment in the sector and also create 20 million jobs in this decade, Joint Secretary in the Department of Information Technology Ajay Kumar said here.
The free trade agreement (FTA) between India and Malaysia will come into force from July 1, giving Indian professionals like accountants, engineers and doctors access to the key South-East Asian nation. In addition, exports of items of considerable interest to India, like basmati rice, mangoes, eggs, trucks, motorcycles and cotton garments, will attract lower or no duty in Malaysia with the implementation of the Comprehensive Economic Cooperation Agreement (CECA), according to a statement of the Commerce Ministry issued today.
Amid a debate within the government on allowing foreign direct investment in multi- brand retail, the nodal Consumer Affairs Ministry is insisting on a FDI cap of 49% in the sensitive sector, sources said.
Dheeraj Construction and Industries Ltd. Versus CIT – Principle laid down in the case of Mc Dowel and Co. Ltd. (supra), has no application in deciding the dispute involved herein. It is absurd to suggest that even though the finding of fictitious claim is not based on any material discovered during search and seizure, by taking aid of the decision in the case of Mc Dowel and Co. Ltd. (supra), the special rate of tax specified in Section 113 of the Act would be applicable to such assessment instead of the rate fixed for regular assessment.
In just nine months since the launch of the Aadhaar project in Maharashtra, UIDAI has issued one crore Aadhaar numbers. 52 year old, NK Chheda from Maharashtra has the distinction of being the resident whose Aadhaar number was generated on reaching this milestone. Coincidentally, the first resident to get the Aadhaar number, Ranjana Sonawane, is also a resident of Maharashtra. She received her number on 29th September, 2010 in Tembhli village of Nandurbar district.
Notification No. 55/2011-Customs (N.T.) These rules may be called the Customs Tariff (Determination of Origin of Goods under the Comprehensive Economic Partnership Agreement between the Republic of India and Japan) Rules, 2011. They shall come into force on the 1 st day of August, 2011.
