A new online tracking system will allow websites to pinpoint your location to within a few hundred metres, without your permission. Internet sites will be able to work out where users are within an average of 690 metres, using information about their internet connection. At the moment they can only track users’ locations to within a radius of about 200 km, but the new technique will narrow this down to as little as 100 metres, the Daily Mail reports.
The Cabinet is likely to approve a proposal to allow foreign direct investment (FDI) in Limited Liability Partnership firms tomorrow. The proposal to allow FDI in LLPs in on the agenda of the Cabinet. It is likely to be approved,” a source said. Giving go ahead to FDI in LLPs would enable them to choose among domestic and foreign investors and make these more competitive. This move will also encourage more partnership firms to convert into LLPs.
Case continued to be argued at length by Mr. A S Chandiok, ASG, UOI for the third session also. He has argued the matter now for nearly 7 hours, by painstakingly taking the Court through allied laws, judgements of the constitutional benches, orders passed by the Courts in other Service tax matters. Case continued to be argued at length by Mr. A S Chandiok, ASG, UOI for the third session also. He has argued the matter now for nearly 7 hours, by painstakingly taking the Court through allied laws, judgements of the constitutional benches, orders passed by the Courts in other Service tax matters. Petitoners were awaiting their chance to present their final arguments as rejoinder, but that could not happen, as the ASG concluded when hardly any time was left for Mr. Abhishek Manu Singhvi and Mr. Ganesh, Sr. Advocates.
Reserve Bank of India has liberalised opening of Escrow Accounts for Foreign Direct Investment transactions vide A. P. (DIR Series) Circular No. 58 dated 2 May 2011. Hitherto, opening of Escrow / Special Bank Account by Non-resident Corporate(s) for the purpose of acquisition/transfer of shares / convertible debentures of an Indian Company was permitted only in cases of Open Offers / Delisting / Exit Offers subject to compliance with Securities and Exchange Board of India (SEBI) Regulations.
As we know C forms are required to be submitted by a seller with the sales tax authorities after obtaining the same from the purchaser of goods if the sale is an interstate sales and CST has been charged at concessional rate of 2% as per the requirement of section 8(4) of CST Act 1956. Sometimes a dealer if has made an interstate sales at concessional rate of CST against C form then afterwards, the purchaser doesnot provide the requisite C form to the seller then in such case difficulties are faced by the seller at the time of finalizing of his assessment proceedings.
In accordance with the decision taken by institute recently, it is brought to the notice of the students that effective from June, 2011 Session, the system of dispatch of Admit Cards in physical form will be discontinued. The Institute will arrange to upload the E-Admit Cards on the website of the Institute which can be downloaded by the students.
With a mammoth exercise on to issue an Aadhar number to each of India’s 1.2 billion citizens and interested residents, IANS tracks the process involved for getting what will become a unique identity for people in India to access all public or private services.
Susi Sea Foods Pvt. Ltd. v. ACIT – Business losses carried forward beyond a period of eight years could be deducted in computing the book profit and hence the limitation of eight years for carry forward and set off of business losses under the normal tax provisions is not applicable while computing book profit under section 115JA of the Income tax Act, 1961.
As many as 85 lakh tax payers will benefit from the government’s decision to exempt persons earning less than Rs 5 lakh a year from filing I-T returns, a finance ministry official said. The decision, which will come into effect from June 1, 2011, will reduce the compliance burden about 85 lakh small taxpayers, he said.
Desperate to curb the flow of blackmoney into the country’s economy, the Income Tax department has now begun to track all fliers and visitors who travel to tax havens like Switzerland, Virgin Islands and Bahamas for personal or business purposes secretly. The department has focussed its intelligence and investigation scanner on all such travellers who have visited tax haven nations last year and have not disclosed the expenditure and instances of such tours in their Income Tax returns.
