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As many as 85 lakh salaried tax payers with an annual income of up to Rs 5 lakh will not have to file income-tax return from now onwards, a finance ministry official said. No income-tax returns would be required for salaried persons earning up to Rs 5 lakh per annum. We would notify this in first week of June, outgoing Chairman of Central Board of Direct Taxes Sudhir Chandra told reporters here.
Shri Prakash Chandra, an IRS (IT) Officer of the 1973 batch, took over as Chairman of Central Board of Direct Taxes (CBDT) today afternoon. He will also continue to look after the work relating to Personnel and Vigilance matters. Shri Chandra was Director General of Income Tax (Investigation) in Rajasthan and later Director General of Income Tax (International Taxation) in Delhi before joining the CBDT as Member.
In the notification of the Government of India in the Ministry of Corporate Affairs, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), number S.O. 479(E), dated the 4th March, 2011, for section 31 of the said Act read section 31 of the said Act as amended by sections 4, 5, 14, 22, 23 and section 24 of the Competition (Amendment) Act, 2007 (39 of 2007).
n exercise of the powers conferred by sub-section (3) of section 1 of the Competition Act, 2002 (12 of 2003), the Central Government hereby appoints the 1st day of June, 2011 as the date on which section 44 of the said Act (inserted by section 37 of the Competition (Amendment) Act, 2007 (39 of 2007) shall come into force.
In exercise of the powers conferred by sub-section (3) of section 1 of the Competiotion Act, 2002 (12 of 2003), the Central Government hereby appoints the 1st day of June, 2011 as the date on which section 43A of the said Act (inserted by section 37 of the Competition (Amendment) Act, 2007 (39 of 2007) shall come into force.
Errant advertisers could face more heat from industry watch dog ASCI, which has jumped on the social networking bandwagon, encouraging youths to speak out against questionable campaigns through its Facebook and Twitter accounts. Within a month of making its debut on Facebook and Twitter, the Advertising Standards Council of India (ASCI) has already received ten times more complaints against advertisements than the earlier average of 15-20 complaints from individuals and industry against 12 advertisements in a month.
In exercise of the powers conferred by Sub-Section (2) of Section 22D of the Chartered Accountants Act, 1949 [as amended by the Chartered Accountants (Amendment) Act, 2006] read with Section 22A of the Company Secretaries Act, 1980 [as amended by the Company Secretaries (Amendment) Act, 2006] and Section 22A of the Cost and Works Accountants Act, 1959 [as amended by the Cost and Works Accountants (Amendment) Act, 2006], the Appellate Authority hereby makes the following rules, namely- These rules shall be called ‘Appellant Authority (Procedure) Rules, 2011’.
State-owned Bank of India (BoI) today raised fixed deposit rates on various maturities by up to 2.5 per cent. The bank increased the interest rate by 250 basis points (2.5 per cent) to 5.50 per cent for term deposits of 31-45 days” tenor. The deposit rate increase is the maximum in this slab, the bank informed the Bombay Stock Exchange (BSE).
The Government of India notified the Double Taxation Avoidance Agreement (DTAA) with the Government of Mozambique for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 31st May, 2011. The DTAA provides that business profits will be taxable in the source state if the activities of an enterprise constitute a permanent establishment in the source state. Examples of permanent establishment include a branch, factory, office, place of management, etc. Profits of a construction, assembly or installation projects will be taxed in the state of source if the project continues in that state for more than 12 months.
