It’s a big day for Federal Reserve Chairman Ben S. Bernanke. In a much-anticipated speech in Jackson Hole, Wyoming the world expects that the US FED will come up with another round of QE3. The main hope of the world is that quantitative easing 3 Fed would either buy more government bonds or shift existing holdings toward longer-term securities.
Loans are sanctioned by the Scheduled Commercial Banks (SCBs) as per financial viability, feasibility of the project and keeping in view their Bank approved policies. However, the Government has decided that the share of Microenterprises in Micro and Small Enterprise (MSE) lending needs to be increased to 60% in a phased manner viz. 50% in the year 2010-11, 55% in the year 2011-12 and 60% in the year 2012-13. It would be mandatory for the Public Sector Banks to achieve this target. Further, banks have been advised by Reserve Bank of India (RBI) to extend liberal moratorium on their term loans and working capital to MSE entrepreneurs by including interest during first 6-12 months of operation as part of the long term funding of the projects.
Notification No. 43/2011 – Service Tax In the Service Tax Rules, 1994, in rule 7, – (a) in sub-rule (2), the proviso shall be omitted; (b) after sub-rule (2) as so amended, the following sub-rule shall be inserted, namely:- (3) Every assessee shall submit the half-yearly return electronically.
Cine max India Limited Vs Union Of India & Anr. (Gujarat High Court)- While upholding Sec.65[105][zzzz] of Finance Act, 1994 as amended by Sec.75[5][h] and Sec.76 of the Finance Act, 2010, we hold that the provision of Sec. 65[105][zzzz] introducing service tax is not attracted if
With this Excel utility we can generate our Form 16 in few minutes without any difficulty, user just have to fill the simple form and data automatically get posted to Form 16. Utility is easy to understand and very simple. Automated Form 16 for Assessment Year 2011-12
ADIT Vs TII Team Telecom International Pvt. Ltd. (ITAT Mumbai)- In terms of the provisions of Article 12 (3) of the Indo Israel tax treaty, royalty is defined, for the purposes of this tax treaty, as “payments of any kind received as a consideration for the use of, or the right to use, any copyright of literary, artistic or scientific work including cinematography films, any patent, trade mark, design or model, plan, secret formula or process, or for information concerning industrial, commercial or scientific experience”.
DCIT Vs RBS Equities India Ltd. (ITAT Mumbai)- Rejection of most appropriate method selected by the assessee does not mean that assessee carried out transfer pricing study without good faith and due diligence and hence, penalty for concealment of income cannot be sustained.
Disposal of cases in the courts is within the domain of the judiciary. However, Government has requested all the High Courts to launch a Mission Mode Programme for reduction of pendency in courts from 01.07.2011 to 31.12.2011. Giving this information in written reply to a question in the Lok Sabha, Shri Salman Khurshid, Minister of Law & Justice, said that the High Courts have also been requested to give priority to disposal of long pending cases pertaining to senior citizens, minors, disabled and other marginalized groups.
Government has said that it has notified Section 30 of the Advocates Act, 1961 recently enabling the lawyers to practice in courts across the country irrespective of their enrolment in any Bar Council without the need to transfer license to their desired States. Giving this information in written reply to a question in the Lok Sabha, Shri Salman Khurshid, Minister of Law & Justice, said that subject to provision of the Advocates Act, 1961, every advocate whose name is entered in the State roll shall be entitled as of right to practice throughout the territories to which this Act extends. He informed the House that this section has come into force with effect from the 15th June, 2011.
The Department of Information Technology had notified Information Technology (Reasonable security practices and procedures and sensitive personal data or information) Rules, 2011 under section 43A of the Information Technology Act, 2000 on 11.4.2011 vide notification no. G.S.R. 313(E).
