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Net Direct Tax Collections during April-February-2011 Increase to Rs. 3,36,177 Crore, up by 20.75 Percent

March 9, 2011 630 Views 0 comment Print

Net direct tax collections during the period April-February 2011 stood at Rs.3,36,177 crore, up from Rs.2,78,411 crore in the same period during last fiscal, The collections thereby registered a growth of 20.75 percent. Growth in Corporate Income Tax during this period was 24.01 percent (Rs.2,23,612 crore as against Rs.1,80,318 crore), while Personal Income Tax (including STT, and residual FBT / BCTT) grew at 14.76 percent (Rs.1,12,114 crore as against Rs.97,692 crore). Growth of Securities Transaction Tax was 1.72 percent (Rs.6,078 crore as against Rs.5,975 crore).

Important changes/amendment in respect of Service tax

March 3, 2011 8267 Views 0 comment Print

Besides the legislative changes, a number of other changes have been made in rules and will become effective on the dates mentioned in the respective notifications. Point of Taxation Rules, 2011 have also been introduced by notification 18/2011-ST and made effective from 1-4-2011. Fresh exemptions have been granted while a few existing exemptions have been modified. These changes are contained in Notification Nos. 1/2011-ST to 17/2011-ST and will take effect on the dates mentioned in the respective notifications.

CBI Arrests Secretary-General & Director General of Organising Committee CWG-2010 in on-going Investigation of a CWG Case

February 25, 2011 289 Views 0 comment Print

The Central Bureau of Investigation has today arrested the Director General and the then Secretary-General of organising committee CWG-2010 in the on-going investigation of a CWG case pertaining to procurement of Timing, Scoring and Result (TSR) system.

India has signed its fourth TIEA with Bahamas

February 15, 2011 519 Views 0 comment Print

India has entered into a Tax Information Exchange Agreement (TIEA) with the Bahamas. The Agreement was signed on 11th February 2011 by the High Commissioner of India to Jamaica (concurrently accredited to the Commonwealth of The Bahamas) on behalf of

Income Tax Refund without verification, if difference in amount claimed and 26AS is less then one lakh

February 12, 2011 1391 Views 0 comment Print

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

Press Note No.5/2011 dated: 08/02/2011 – General Exemption under Section 211 08/02/2011

February 10, 2011 474 Views 0 comment Print

Section 211 of the Companies Act, 1956 requires that the balance sheet and profit and loss account of a company shall be in the form set out in Part I of Schedule VI or in such other form as may be approved by the Central Government either generally

Press Note 04/02/2011 – Easy Exit Scheme, 2011

February 9, 2011 393 Views 0 comment Print

In order to give an opportunity to the defunct companies, for getting their names strike off from the Register of Companies, the Ministry had decided to introduce a Scheme namely, “Easy Exit Scheme, 2011” under Section 560 of the Companies Act, 1956

Net Direct Tax Collections Register Growth of 20.37 Percent During April 2010 –January 2011

February 9, 2011 264 Views 0 comment Print

Net direct tax collections during the period April 2010 to January 2011 stood at Rs.3,17,501 crore, up from Rs.2,63,765 crore in the same period last fiscal, registering a growth of 20.37 percent. Growth in Corporate Income Tax was 24.78 percent (R

SEBI – Discussion Paper on outsourcing of activities related to Intermediation Services

January 21, 2011 546 Views 0 comment Print

PRESS RELEASE NO. 17/2011, DATED 19-1-2011 SEBI has prepared a discussion paper on outsourcing of activities related to the intermediation services. The paper proposes certain principles for outsourcing, and indicates activities presently being outsourced by the intermediaries along with the suggested list of activities which should not be outsourced by them. The discussion paper is […]

Seizure of unaccounted cash during search and seizure actions

January 20, 2011 447 Views 0 comment Print

In search & seizure actions conducted by the Income Tax department on 18th & 19 th January 2011, unaccounted cash amounting to Rs 44.20 crore was seized. This is the largest ever cash haul by the Income Tax department.

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