Fwd: TaxGuru : “House Rent Allowance (HRA) taxability and working/calculation of taxable HRA” plus 24 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sat, Jun 11, 2011 at 9:37 AM
Subject: TaxGuru : "House Rent Allowance (HRA) taxability and working/calculation of taxable HRA" plus 24 more
To: palashbiswaskl@gmail.com

TaxGuru : "House Rent Allowance (HRA) taxability and working/calculation of taxable HRA" plus 24 more

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• House Rent Allowance (HRA) taxability and working/calculation of taxable HRA
• How to file Financial Statements / Annual Returns with ROC in XBRL Form?
• Company Law – Video conference mandatory for AGM from next fiscal
• IT department to seek public comments on black money recovery
• NSDL Return Preparation Utility (RPU) version 2.5 for preparing quarterly regular and correction TDS/TCS statement (using only consolidated TDS/TCS file) released June 10, 2011
• SBI breaches RBI norms on Reliance Industries exposure for third straight year
• 12 Cases of Wrong E-Filing Detected -MCA Directs Inquiry against professionals
• Share transactions declared by assessee cannot be doubted merely on ground that shares were of lesser known companies and their value cannot appreciate to the level claimed by the assessee
• ITAT imposes costs for 'recovery harassment' on Assessing Officer
• Export Grows 56.9 per cent at US Dollar 25.9 Billion in May 2011- Commerce Secretary
• Income Tax Law does not mandate the AO to suo moto supply the reasons for reopening / reassessment to the assessee
• Whether AO can deny exemption u/s 80IB(10) without commenting on assessee's claim
• Unsafe to convict on doubtful statements – SC
• Seizure of 06.050 kgs of Ketamine Hydrochloride valued at Rs.60 lakhs by Air Intelligence Unit, Cochin International Airport
• Govt notifies Collection of Statistics Rules, 2011
• CoS gives nod for revision of Base Year of All India Index of Industrial Production
• RBI Governor pitches for greater autonomy for RBI to deal with inflation
• MCA organises Lok Adalat for companies for the first time in Chandigarh
• HC can decline to exercise jurisdiction if previously on similar matters he approached some other HC
• CBI registers a case against certain officers of MTNL; unknown officials of a pvt. company and others for alleged irregularities in awarding work of broadcast network for CWG-2010
• ICWAI Request for comments on Exposure Draft of Guidance Manual for Audit Quality.
• RBI releases June Issue of Its RBI Bulletin
• RBI – Non-implementation of Senior Citizens Savings Scheme- 2004(SCSS) by certain banks on deposit by Army Personnel
• Prudential Guidelines on Restructuring of Advances by Banks – Circular No. DBOD.BP.BC.No.99 /21.04.132/2010-11, Dated Jun 10, 2011
• How to create/change/update your Facebook URL

House Rent Allowance (HRA) taxability and working/calculation of taxable HRA Posted: 10 Jun 2011 08:05 PM PDT Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How to file Financial Statements / Annual Returns with ROC in XBRL Form? Posted: 10 Jun 2011 07:48 PM PDT Steps for filing financial statements in XBRL form in MCA21 system - Companies have the option to create their own XBRL documents in house or to engage a third party to convert their financial statements into XBRL form. The first step in creation of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Company Law – Video conference mandatory for AGM from next fiscal Posted: 10 Jun 2011 07:37 PM PDT The Ministry of Corporate Affairs on Thursday said it would be mandatory for listed companies to provide the option of video conferencing for shareholders to participate in the annual general meeting from next fiscal. 'In respect of shareholders'... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IT department to seek public comments on black money recovery Posted: 10 Jun 2011 07:35 PM PDT The High Level Committee constituted by Finance Minister Pranab Mukherjee, in its first meeting held today, decided to seek public comments on ways to unearth black money. The Committee, headed by CBDT Chairman Prakash Chandra, was set up last month... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NSDL Return Preparation Utility (RPU) version 2.5 for preparing quarterly regular and correction TDS/TCS statement (using only consolidated TDS/TCS file) released June 10, 2011 Posted: 10 Jun 2011 07:00 PM PDT A. Procedure for preparation of return -Deductors' Manual for quarterly returns -Dos and Don'ts for Deductors/Collectors B. Forms Form 24Q Form 26Q Form 27Q Form 27EQ Form 27A or statement pertaining to FY 2010-11 and onwards ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SBI breaches RBI norms on Reliance Industries exposure for third straight year Posted: 10 Jun 2011 05:33 PM PDT Country's largest bank SBI has breached RBI's credit exposure norms during three consecutive years with regard to its loans provided to Mukesh Ambani-led Reliance Industries (RIL). The public sector lender, which also has significant exposures to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

12 Cases of Wrong E-Filing Detected -MCA Directs Inquiry against professionals Posted: 10 Jun 2011 07:42 AM PDT The Ministry of Corporate Affairs has directed its Regional Directors to initiate inquiry against those practicing professionals who had certified 12 cases of wrong e-filing by certain listed companies in their e-forms. During the examination it was... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Share transactions declared by assessee cannot be doubted merely on ground that shares were of lesser known companies and their value cannot appreciate to the level claimed by the assessee Posted: 10 Jun 2011 06:32 AM PDT CIT v Atma Ram Tulsyan and Others (Allahabad High Court) - AO was of the view that the possibility of appreciation in the price of shares of lesser known companies in such short period appears to be remote. On this premise, the benefit of capital... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ITAT imposes costs for 'recovery harassment' on Assessing Officer Posted: 10 Jun 2011 05:54 AM PDT Shramjivi Nagari Sahakari Pat Sanstha vs. ACIT (ITAT Pune)- The Hon'ble Bombay High Court in the case of KEC Interntional Ltd v/s. B.R. Balakrishnan (Supra) has been pleased to hold that generally coercive measures may not be adopted during the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Export Grows 56.9 per cent at US Dollar 25.9 Billion in May 2011- Commerce Secretary Posted: 10 Jun 2011 05:43 AM PDT India's exports have registered a growth of 56.9% during May 2011, at US $ 25.9 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-May 2011, exports have reached a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Law does not mandate the AO to suo moto supply the reasons for reopening / reassessment to the assessee Posted: 10 Jun 2011 05:25 AM PDT CIT vs. Safetag International India Pvt Ltd (Delhi High Court)- In the present case, the assessee did not ask for these 'reasons to believe'. The assessee rather participated in the reassessment proceedings. When the reassessment orders were passed... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether AO can deny exemption u/s 80IB(10) without commenting on assessee's claim Posted: 10 Jun 2011 01:55 AM PDT M/s Varun Developers Vs CIT, Bangalore (Karnataka High Court)- In view of the submission made to consider whether the calculations have to be made on completion of the project after registering the plots in favour of the intended purchasers or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Unsafe to convict on doubtful statements – SC Posted: 09 Jun 2011 10:12 PM PDT The Supreme Court has ruled that omissions in the statements of witnesses creating serious doubts about truthfulness of the testimony should be discarded as it is unsafe to convict a person based on that. Where the omissions amount to a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Seizure of 06.050 kgs of Ketamine Hydrochloride valued at Rs.60 lakhs by Air Intelligence Unit, Cochin International Airport Posted: 09 Jun 2011 10:07 PM PDT Based on intelligence from Narcotics Control Bureau, Chennai, the Officers of the Air Intelligence Unit, Cochin International Airport, Nedumbassery had effected a seizure of 06.050 kgs of Ketamine Hydrochloride valued at Rs.60 lakhs(international... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt notifies Collection of Statistics Rules, 2011 Posted: 09 Jun 2011 10:05 PM PDT The Collection of Statistics Act, 2008 was enacted by the Parliament on 7th January 2009. It was brought into force on 11th June 2010. The Act repealed the Collection of Statistics Act, 1953. Rules under the Act, namely, the Collection of Statistics... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CoS gives nod for revision of Base Year of All India Index of Industrial Production Posted: 09 Jun 2011 10:02 PM PDT The Committee of Secretaries (COS) in its meeting held on 10th May, 2011 approved the release of the new series of Index of Industrial Production (IIP) with 2004-05 as its base and directed that the new series of IIP may be released for the month of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Governor pitches for greater autonomy for RBI to deal with inflation Posted: 09 Jun 2011 09:59 PM PDT Amid rising inflation, Reserve Bank Governor D Subbarao today pitched for greater autonomy for the central bank saying that operational freedom would help it focus better on management of prices. Having autonomy frees the central bank from the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA organises Lok Adalat for companies for the first time in Chandigarh Posted: 09 Jun 2011 09:58 PM PDT Union Ministry of Corporate Affairs today said it will organise a Lok Adalat for companies for the first time on June 11, with an intention of minimising litigation and avoid unnecessary prosecution against defaulting companies. The Ministry of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

HC can decline to exercise jurisdiction if previously on similar matters he approached some other HC Posted: 09 Jun 2011 09:55 PM PDT Indore Mahavidyalaya versus National Council for Teachers Education(Delhi HC)- While the learned Single Judge noticed that the office of the respondent falls within the territorial jurisdiction of this Court, yet he declined to exercise jurisdiction... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI registers a case against certain officers of MTNL; unknown officials of a pvt. company and others for alleged irregularities in awarding work of broadcast network for CWG-2010 Posted: 09 Jun 2011 09:30 PM PDT The Central Bureau of Investigation has registered a case against the then certain officers of MTNL and other unknown private persons of a Noida- based Private Company dealing in Optical Fibre Transmission U/s 120-B IPC and 13(2) r/w 13(1)(d) of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICWAI Request for comments on Exposure Draft of Guidance Manual for Audit Quality. Posted: 09 Jun 2011 09:30 PM PDT The Quality Review Board of the Institute, in its meeting held on 4th June 2011, has approved the release of Exposure Draft of Guidance Manual for Audit Quality. The proposed manual may be modified in light of comments / suggestions received. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI releases June Issue of Its RBI Bulletin Posted: 09 Jun 2011 09:30 PM PDT The Reserve Bank of India today released the June Issue of its RBI Bulletin. June issue of the Bulletin carries four special articles: i. India's Foreign Trade, 2010-11 (April-March)ii. Inflation Expectations Survey of Households: March 2011 (Round... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI – Non-implementation of Senior Citizens Savings Scheme- 2004(SCSS) by certain banks on deposit by Army Personnel Posted: 09 Jun 2011 09:25 PM PDT DGBA. CDD. No. H-8545/15.15.001/2010-11 It has been brought to our notice that some of the agency banks do not implement the instructions given in Government of India's Office Memorandum F. No. 2-8/2004-NS-II dated October 29, 2004 and circulated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Prudential Guidelines on Restructuring of Advances by Banks – Circular No. DBOD.BP.BC.No.99 /21.04.132/2010-11, Dated Jun 10, 2011 Posted: 09 Jun 2011 09:25 PM PDT DBOD.BP.BC.No.99 /21.04.132/2010-11 Banks were advised that if due to lack of expertise / appropriate infrastructure, they find it difficult to ensure computation of diminution in the fair value of advances extended by their small / rural branches,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How to create/change/update your Facebook URL Posted: 09 Jun 2011 06:24 PM PDT I have found it's almost impossible to find clear information on how to create/change/update an existing Facebook Profile or Page URL into a 'pretty' URL. Because Profiles and Pages are now indexed on search engines, many people would prefer to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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