The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs 10 lakh will not be scrutinised in a routine manner. “It has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns in ITR-1 and ITR-2 will be subjected to scrutiny only where the Income Tax department is in possession of credible information,”Central Board of Direct Taxes said in a statement.
. Deficiencies which were witnessed in liquidity risk management during the recent crisis included inadequate liquidity risk management governance, failure to address funding concentrations, lack of meaningful cash flow projections to assess the liquidity position, insufficient holdings of high quality liquid assets, gaps in stress testing and inappropriate linkage of the contingency plans with stress tests, etc. The crisis, thus, highlighted the need for banks to have adequate levels of liquidity and robust liquidity risk management systems.
The C & A G of India has pointed out that Banks are recovering Commitment charges for keeping available the undisbursed balance of a loan commitment and they are in the nature of charges for services provided. In this regard attention is invited to the letter F. No. 345/6/2008-TRU, dated 11.6.2008 (Annexure) wherein it has been clarified that any amount collected by the service provider on account of lending is either interest or service charges. Pre-closure/fore-closure charges are not charges collected for delayed payment. These charges not being ‘interest’ are to be appropriately treated as consideration for the services provided and accordingly leviable to service tax under Section 65(105)(zm).
Salient features of this multilateral convention are – It is based on international standard of transparency and exchange of information. – This instrument is multilateral and a single legal basis for multi-country co-operation as against the DTAAs/TIEAs which are bilateral. It provides for an extensive network and there will be consistent application of provisions leaving limited scope for deviation.
The Central Board of Direct Taxes has directed the Income Tax department to launch a special drive, from 20th January to 20th March 2012, for verifying high value transactions (investments / deposits / expenditure) from persons who are not assessed to income tax or who have not furnished their PAN while entering into such transactions. In an instruction issued today, the CBDT issued proforma for query letters and responses to be issued to the high value investors / depositors / spenders.
Department of Industrial Policy and Promotion Ministry of Commerce and Industry notified the decision to allow 100 per cent FDI in Single brand retail today via Press Note No.1 (2012 Series). The Union Minister for Commerce Industry and Textiles said Cabinet took the conscious decision to liberalise policy for FDI in single brand retail. FDI in single brand has led to emergence of some global majors in Indian market
Letter [F. No. 137/21/2011 – Service Tax], Dated 19-12-2011 Section 65(109a) of the Finance Act, 1994 – Telecommunication service – Clarification on taxability in respect of International Private Leased Circuit (IPLC) charges and amendment in the definition of Telegraph Authority under section 65(111) of the Finance Act, 1994. The IPLC services rendered by a person located outside to a person located in India, is neither taxable under the category of Telecommunication Services, nor taxable under the category of Business Support Services
SEBI had initiated preliminary investigations into certain recent Initial Public Offers (IPOs), on receipt of information of irregularities from various sources. Based on the findings of the preliminary investigations carried out, Shri Prashant Saran, Whole Time Member, SEBI, has passed ad interim, ex-parte orders dated December 28, 2011 in matters related to the IPOs by the following companies: PG Electroplast Limited, Brooks Laboratories Limited, RDB Rasayans Limited, Taksheel Solutions Limited, Tijaria Polypipes Limited, Onelife Capital Advisors Limited , Bharatiya Global Infomedia Limited
It is informed that under the Income Tax Act, search and seizure is conducted on the basis of specific and credible information regarding tax evasion, and after conducting necessary verification. Information technology tools, such as CASS and ITDMS, have been developed and are being extensively utilized by the Income Tax department to unobtrusively select cases for scrutiny or verify information before taking intrusive action. In the current year, the number of search warrants executed has declined compared to last year.
LETTER [F.No.137/131/2010-CX.40], dated 20-5-2011 Certain field formations have raised the issue of leviability of service tax on escort charges collected by State Police from banks for escorting cash, under ‘Security Agency service’. 2. While, most of the field formations are of the view that such charges should be leviable to service tax under Security Agency service, doubts have been expressed from certain formations.
