Under the new IRDA regime, the Life Insurance Corporation of India has launched two new non-linked plans Bima Account I and Bima Account II. The plans guarantee minimum returns, transparent charges and provide risk cover. According to the press relea
Market Linked Focus Product Scheme (MLFPS): 335 New Products incentivised under MLFPS at 8 digit level, eligible for benefits @ 2% of FOB value of exports to 15 specified markets. These markets are Algeria, Egypt, Kenya, Nigeria, Tanzania, South Africa, Ukraine, Mexico, Brazil, Australia, New Zealand, Cambodia, Vietnam, China and Japan.
The Union Cabinet approved the Press and Registration of Books & Publications Bill on 10/2/2011. In response, the Indian Newspaper Society (INS) has made certain observations that the proposed Bill was cleared ‘without any proper consultation’ and that it ‘contains a Section providing penalty which is draconian’.
INSTRUCTION NO. 3/2011 Reference is Invited to Board’s instruction No. 5/2008 dated 15-5-2008 wherein monetary limits and other conditions for filing departmental appeals (In Income-tax matters) before Appellate Tribunal, High Courts and Supreme Court were specified.
The Special Judge for CBI Cases, Bangalore convicted Shri H.A.Sitaram, the then Manager, Canara Bank, Main Branch, Hassan, (Karnataka) and Sh. T. Prakash Managing Director M/s Padmashree Products Private Limited, Mysore for causing loss of Rs. 1.97 c
The Centralized Processing Center of the Income Tax Department at Bengaluru had also completed processing of all e-filed tax returns for the current assessment year 2010-11. As such, all taxpayers who have filed e-returns and whose refund claim is be
In order to speed up refunds, TDS claims in all tax returns (ITR-1 to ITR-6) will be accepted without verification if the difference between the amount claimed in the return and the amount reflected in the TDS return (AS-26 statement) does not exceed
CBDT has decided to extend the time limit for filing ITR-V forms relating to income tax returns for A.Y.2010-11 filed electronically(without digital signature) on or after 1st April 2010. These ITR-V forms can now be filed upto 31st July, 2011or with
Section 8(6),8(7) and 8(8) of the CST Act deals with the exemptions available to a SEZ unit or SEZ developer from CST. When goods are sold to a SEZ unit or SEZ developer then no CST is payable by such unit or developer as per the above sub sections subject to fulfillment of certain conditions. The conditions and forms relating to such exemption are provided as follows for the benefit of all concerned.
GE India Technology Cen. (F) Ltd. v. CIT (Supreme Court) -It was held that the moment a remittance is made to a non resident; obligation to deduct tax at source under section 195 of the Act does not arise. It arises only when such remittance is a sum chargeable to tax under the Income Tax Act under sections 4, 5 and 9 of the Act.
