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Archive: August, 2011

Posts in August, 2011

Rahul Gandhi's speech in the Lok Sabha on the issue of corruption and Jan Lokpal Bill

August 26, 2011 823 Views 0 comment Print

I have been deeply distressed at the developments of the last few days. Many aspects of the situation have caused me anguish. We are all aware that corruption is pervasive. It operates at every level. The poor may carry its greatest burden but it is an affliction that every Indian is desperate to be rid of. Fighting corruption is as integral to eliminating poverty as is Mahatma Gandhi NREGA or the Land Acquisition Bill. Yet it is equally imperative to the growth and development of our nation.

Bar Council of India ensures that each law college follows the Bar Council of India Rules, 2008

August 26, 2011 822 Views 0 comment Print

The recommendations made in the 184th Report of the Law Commission on The Legal Education & Professional Training and Proposals for Amendments to the Advocates Act, 1961 and the University Grants Commission Act, 1956 are being examined in consultation with the Department of Higher Education and the Bar Council of India. Giving this information in written reply to a question in the Lok Sabha, Shri Salman Khurshid, Minister for Law & Justice, said that the Bar Council of India has informed that after due inspection and opportunity given for improvement, the colleges were directed by them to discontinue admission of students.

Income Tax Dept to investigate if banks helped people hide black money

August 26, 2011 1238 Views 0 comment Print

In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts. We have found instances where banks are running multiple accounts of certain customers for the purpose of hiding black money, a senior official of Central Board of Direct Taxes (CBDT) said, although refusing to name the banks.

IT Department collecting information on tax returns filed by political parties

August 26, 2011 537 Views 0 comment Print

The government today said the Income Tax Department is collecting information on tax returns filed by various political parties and would place it in Parliament. The information is being collected from the field formations spread all over the country and to the extent possible shall be laid on the Table of the House, Minister of State for Finance SS Palanimanickam said in a written reply in the Lok Sabha.

Change of designation of officers representing CBEC in the CESTAT

August 26, 2011 2269 Views 0 comment Print

With the approval of the Competent Authority it has been decided to re-designate the officers representing the Department before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) with immediate effect.

Clarificatory Note – Reg. provisions of section 147 r.w. Explanation 3 thereto, of I.T. Act, 1961

August 26, 2011 3780 Views 0 comment Print

Explanation 3.—For the purpose of assessment or reassessment under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped assessment, and such issue comes to his notice subsequently in the course of the proceedings under this section, notwithstanding that the reasons for such issue have not been included in the reasons recorded under sub-section (2) of section 148.

Constitution Of New DRP At Specified Places – Modification Of Order No. 4/Ft&Tr/2011 And Suppression Of Order No. 5/Ft&Tr/2011

August 26, 2011 1090 Views 0 comment Print

ORDER NO.6/FT&TR/2011 In partial modification of Order No. 4/FT&TR/2011 and in supersession of Order No. 5/FT&TR/2011, and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panels (DRPs) comprising of three Commissioners of Income Tax/Directors of Income Tax as Members of DRP – I & II at Delhi, DRP-II at Mumbai, DRP at Bangalore, Chennai and Kolkata, who shall perform such duties in addition to their regular duties with immediate effect and until further order

Section 120(1) and (2) of the Income-tax Act, 1961 – Income-tax authorities – Jurisdiction of DG (Investigation)/Commissioners – Amendment in Notification No. S.O. 734(E), dated 31-7-2001

August 26, 2011 968 Views 0 comment Print

Notification No. 46/2011 – Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India, Ministry of Finance, (Department of Revenue), Central Board of Direct Taxes, number S.O. 734(E), dated the 31st July, 2001, namely:-

FEMA – Section 41 of the Foreign Contribution (Regulation) Act, 2010 – Composition of certain offences – Specified offences and authority

August 26, 2011 1724 Views 0 comment Print

WHEREAS section 11 of the Act prescribes that no person, save as otherwise provided in the Act, shall accept foreign contribution unless such person obtains a certificate of registration or prior permission of the Central Government and therefore, acceptance of foreign contribution without obtaining registration or prior permission from the Central Government constitutes an offence under the Act.

Change of designation of officers representing CBEC in CESTAT

August 26, 2011 673 Views 0 comment Print

Circular No. 951/12/2011 -CX, dated the 26th August, 2011 With the approval of the Competent Authority it has been decided to re-designate the officers representing the Department before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) with immediate effect. The new designations will be as follows:-

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