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Archive: 2011

Posts in 2011

Information technology skills will boost women’s participation in crucial sector – UN

May 1, 2011 789 Views 0 comment Print

Greater efforts to support girls and young women to acquire skills in information and communications technologies (ICTs) could help address projected shortages of manpower in those professions, the United Nations telecommunications agency said today, marking the first “Girls in ICT Day.”

Cyber crime – RBI advises banks to set up whistle blowing system

May 1, 2011 1384 Views 0 comment Print

Concerned over rising incidents of cyber crime, the Reserve Bank of India has suggested banks to put in place a strong whistle blowing system as well as reward employees who help prevent frauds. Appropriate mechanisms need to be established in banks…including transaction monitoring teams in banks and to investigate them (disputes or suspicions raised by stakeholders) thoroughly. Banks should have a well publicised whistle blowing mechanism, RBI said.

Download Capital Gain calculator on Sale of Shares and Mutual Funds – LTCG, STCG

May 1, 2011 12237 Views 7 comments Print

Calculator to calculate Capital Gain on Sale of Shares and Mutual Funds – LTCG, STCG

Complaint Quashed against Ex-Director-Section 138 of Negotiable Instrument Act – Dishonor of Cheque

May 1, 2011 1483 Views 0 comment Print

HARSHENDRA KUMAR D. V. REBATILATA KOLEY ETC In our judgment, the above observations cannot be read to mean that in a criminal case where trial is yet to take place and the matter is at the stage of issuance of summons or taking cognizance, materials relied upon by the accused which are in the nature of public documents or the materials which are beyond suspicion or doubt, in no circumstance, can be looked into by the High Court in exercise of its jurisdiction under Section 482 or for that matter in exercise of revisional jurisdiction under Section 397 of the Code. It is fairly settled now that while exercising inherent jurisdiction under Section 482 or revisional jurisdiction under Section 397 of the Code in a case where complaint is sought to be quashed, it is not proper for the High Court to consider the defence of the accused or embark upon an enquiry in respect of merits of the accusations. However, in an appropriate case, IF ON THE FACE OF THE DOCUMENTS

Powers and Functions Delegated To ROCs for Specified Provisions of Companies Act – Corrigendum

May 1, 2011 2298 Views 0 comment Print

Section 637 of the Companies Act, 1956 – Delegation by Central Government of its powers and functions under Act – Powers & functions delegated to Registrar of Companies for specified provisions of Act – Corrigendum to Notification No. G.S.R. 222(E), dated 17-3-2011. CORRIGENDUM [F.NO. 5/7/2011-CL V], DATED 1-5-2011

To qualify u/s. 194J, payment for technical services should be a consideration for acquiring or using technical know-how

April 30, 2011 1165 Views 0 comment Print

Payments made to NSICT were for container movement and there were no professional or technical services involved in the movements of containers. The contention was restricted only to the technical services and not towards managerial or consultancy services. AO has not pressed the later part of the Expl. 2, which deals with provision of services of technical or other personnel. The expression other personnel in this provision must fall within the category of services of technical personnel. It cannot be considered as any personnel unrelated to the managerial, technical or consultancy services.NSICT personnel, may not have possessed some technical expertise, and hence cannot be considered as other personnel. • Both the `managerial‟ and `consultancy‟ services are possible with human endeavor, the word technical‟ should also be seen in the same light. • There should be direct and live link between payment and receipt/use of technical services/information

Guwahati High Court stays notification levying service tax on lawyers

April 30, 2011 1203 Views 0 comment Print

The Bar Association of Gauhati has filed a Writ Petition in the Gauhati High Court to challenge the levy of service-tax on “Legal Consultancy Services”. The High Court has on 29th April 2011 said the matter requires in-depth scrutiny and directed that service-tax would not be recovered till the next date of hearing being 25th May 2011. Guwahati High Court’s Interim Order dated 29.04.11 staying service-tax on lawyers. Service Tax on Individual lawyers stayed by Delhi High Court

Rural households in India paid over Rs 470cr bribe for basic services

April 30, 2011 987 Views 0 comment Print

Ranging from Re one to Rs 950, rural households in the country could have paid a whopping Rs 471.8 crore last year as bribe to avail basic facilities such as ration, health, education and water supply, says a study. The ‘India Corruption Study 2010 report prepared by Centre for Media Studies (CMS), a survey of 9,960 households in 12 states, says on an average a rural household could have paid Rs 164 as bribe for availing these facilities in a year.

New Validation regarding TDS transactions not exceeding / exceeding threshold limit in quarterly e-TDS/TCS statement pertaining to FY 2010-11 and onwards

April 30, 2011 2578 Views 0 comment Print

A. Procedure for preparation of return. Deductors’ Manual for Quarterly Correction Returns B. Data structure (File Format) For statements pertaining to FY 2010-11 and onwards File Format for Form 24Q (1st, 2nd & 3rd Quarters). File Format for Form 24Q (4th Quarter).

Infrastructure claims paid to franchisees vs. Rent u/s 194I

April 30, 2011 915 Views 0 comment Print

Held that the agreement was in fact a franchisee agreement and it could not be said that the rent was being paid by the assessee company to the licensee franchisee. There was no payment of rent by the assessee company to the licensees/franchisees and hence the provisions of section 194I cannot be made applicable. CIT vs. NIIT Ltd. (184 Taxman 472) (Del.)

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