14 Bills (11 in the Lok Sabha and 3 in the Rajya Sabha) introduced during the Monsoon Session The Lok Sabha passes 13 Bills and the Rajya Sabha passes 09 Bills during the session.
The Reserve Bank of India today released its ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks, March 2011’. The publication contains data relating to deposits and credit of scheduled commercial banks including regional rural banks (RRBs) as on March 31, 2011. The data are based on Basic Statistical Return (BSR)-7 received from all scheduled commercial banks (including RRBs).
Last date for submission of hard copy of the Declaration of MEF 2011-12 has been extended upto 15th September, 2011.
All in one Income Tax Calculator for Financial year 2011-2012 and Assessment Year 2012-2013 – The Calculator have the the following features- 1. It calculate taxable Income and prepare Computation of Income. 2. It Prepares Form 16 Automatically 3. It Prepares and Fills Sahaj (ITR-1) Automatically
To Achieve the Target of Direct Tax Revenue Collections of Rs.8.3 Lakh Crore and Direct Tax to GDP Ratio at 7.62 % by 2014-15, CBDT to Continuously Evolve Processes, Procedures Innovative Ways of Taxation Especially Related to Cross Border Taxation: FM
RBI has been increasing policy rates to contain inflation and inflationary expectation to prevent the economy from getting overheated. The Reserve Bank of India (RBI) has raised the policy rate (the repo rate) eleven times by a cumulative 325 basis points (bps) since October 2009.
Ministry of Overseas Indian Affairs had brought out a guidance booklet on ‘Marriages to Overseas Indians’ in 2007 which contains information on safeguards available to women deserted by their NRI spouses, legal remedies available, authorities that can be approached for redressal of grievances etc. A pamphlet entitled ‘Thinking of the marriage of your daughter with an NRI?’ had also been brought out by the Ministry in 2007 highlighting the precautions to be taken before entering into marriage alliance.
Bombay High Court has extended the Stay until 30th September 2011, in the famous renting case – Retailers Association of India and others v Union of India .
DCIT Vs M/s Sri Shanmugavel Mills Ltd (Madras High Court)- The facts of the case, thus show that the provisions made was not tax payment of bonus but payment, as part of the wages and as an incentive for the performance of the workers.
Shyam Enteprises Vs CIT (Allahabad High Court)-Amendment in S. 43 (3) w.e.f. 1.4.2004 does not make any change in the definition of the word ‘plant’, which remains an inclusive definition. It includes buildings or furniture and fittings, which are other than, and are not integrally connected with the plant. The building, which does not have separate existence, and is integral part of the plant, used for the purposes of business or profession, is not to be treated separately for depreciation.
