"06 July 2011" Archive

Taxmen Now Eye Jewellery Purchases

Recently, Income Tax Department searched a large number of private lockers and vaults in the city which resulted in unearthing of unaccounted or unexplained jewellery, gold, diamonds and cash in the lockers belonging to people whose whereabouts are not known ie, benami holdings. While this was going on, separately, Income tax department h...

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Posted Under: Income Tax | ,

Small Scale Unit (SSI) and Clubbing of Turnover

While presenting his budget proposals for 2011-12 on 28th February 2011 the Finance Minister Shri Pranab Mukherjee proposed certain changes in the Central Excise rate structure to prepare the ground for the transition to GST, beginning with a reduction in the number of exemptions. He accordingly withdrew the exemption on 130 of these ite...

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Posted Under: Income Tax | ,

Constitution of Senior and Junior Standing Counsels for handling Indirect Tax Cases before HC

Constitution of panel of Senior Standing Counsels and Junior Standing Counsels for handling cases of Indirect Taxation cases before the Hon'ble High Courts/other Judicial forums...

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Posted Under: Income Tax |

CBI registers a case against the then Additional Central Provident Fund Commissioner and eight officers of EPFO

The Central Bureau of Investigation has registered a case u/s 120B IPC r/w 420 IPC and 13(2) r/w 13(1)(d) of P.C. Act 1988 against the then Additional Central Provident Fund Commissioner and other 8 then officers of EPFO Delhi who had entered into a criminal conspiracy with Managing Directors, two Director & one General Manager, HR of Del...

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Posted Under: Income Tax |

Draft Guidelines on Equity Investments by scheduled commercial banks in subsidiaries and other companies

Following the announcement in the Second Quarter Review of Monetary Policy 2010-11 (paragraph 107) that guidelines stipulating the prudential limits to regulate the investment of banks in companies engaged in forms of business other than financial services will be issued separately, the Reserve Bank of India the Reserve Bank of India toda...

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Posted Under: Income Tax |

FM Says Major Challenge in Short Term is Inflation and Government Takes Various Steps to Contain it

The Union Finance Minister Shri Pranab Mukherjee said that during the global financial crisis of 2008, our GDP growth rate lowered to 6.8 per cent in 2008-09 but the economy rallied back with an 8 per cent growth in 2009-10. Shri Mukherjee said that the overall GDP growth in 2010-11 was estimated at 8.5 per cent and there is no reason wh...

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Posted Under: Income Tax |

Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011

Notification No. G.S.R. 506(E) (05/07/2011)

These rules may be called the Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011. Designated Partnership Identification Number (DPIN) means an identification number which the Central Government may allot to any individual, intending to be appointed as designated partner of a Limited Liability Partnership for the purpose of ...

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Spice Communications – HC rejects Application filed under rule 6 and 9 of the Companies Rule, 1959

M/S. Spice Communications Limited & Anr. (Delhi High Court)

SPICE COMMUNICATIONS LIMITED & ANR Company Applications No. 578-579/2011 have been filed by the Department of Telecommunication (in short ‘DOT’) under Rules 6 and 9 of the Companies (Court) Rules, 1959 for recall and stay of this Court’s order dated 5th February, 2010 by virtue of which amalgamation of Spice Communication Limited (f...

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VAT department of Government of Delhi confiscate 56 trucks for evading taxes

In a major haul, the VAT department of Government of Delhi has confiscated 56 trucks in the capital for transporting goods without paying the required taxes. The trucks were confiscated in an operation carried out by 15 teams comprising officials of VAT department last night during which checkings were carried out on 463 vehicles on all i...

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Posted Under: Income Tax |

Govt extends duty-free sugar import deadline till August 31

The government today extended duty-free import of sugar for two months till August-end amid inflationary pressure. The zero-duty sugar import deadline, which expired on June 30, has been extended till August 31, this year, a notification issued by the Finance Ministry said. The government had abolished import duty on sugar in February 200...

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Posted Under: Income Tax |