Fwd: TaxGuru : “Now file Income tax returns from your mobile phone” plus 26 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sat, Jun 25, 2011 at 10:01 AM
Subject: TaxGuru : "Now file Income tax returns from your mobile phone" plus 26 more
To: palashbiswaskl@gmail.com

TaxGuru : "Now file Income tax returns from your mobile phone" plus 26 more

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• Now file Income tax returns from your mobile phone
• Penalty cannot be levied u/s 271(1)(c) for mere making of a claim of the expenditure which is not sustainable
• Claim of interest simpliciter not appeallable order before the CIT(A) under section 246A
• SEBI Informal Guidance holds Call / Put Option in private agreement amongst shareholders as invalid
• ITAT Mumbai – For 'Equipment Royalty' u/s 9(1)(vi), control of equipment by payer essential
• UIDAI – Aadhaar No is now valid ID proof for LPG gas connection
• Clarification on Ensuring Corporate Governance and Proper Compliance of Provisions of the Companies Act, 1956 and Rules made there Under
• Commission received by foreign company for assistance in arranging cargo transportation was taxable in India on account of 'business connection'
• Draft Rules for mandatory dematerialisation of share certificate by Public Companies
• Summary of OECD Economic Surveys – India, June 2011 and comments on proposed Direct Taxes Code
• Govt hikes Diesel Price by Rs 3 per liter / kerosene Rs 2/lt, LPG Rs 50 per cylinder
• Mere possession of drugs by doctor not an offence
• Govt to come out with market-friendly stamp duty norms shortly
• CCI penalises NSE for abusing dominant market position
• Make public RBI advisory note issued to ICICI – CIC
• India Signs Protocol Amending DTAA with Singapore; to help in Effective Exchange of Information in Tax Matters
• DBRS Upgrades India's Ratings for the First Time to Stable Outlook
• RBI to Issue Regulations for Setting-up of Infrastructure DEBT funds (IDFs) on Company Route
• SEBI pardons Pyramid director in accounts manipulation case
• 2G scam – CBI may get documents from Mauritius by next week
• Visa fee hike – India asks US to exempt professionals from social security tax
• Over half of India's workforce self-employed – NSSO survey
• 2G Scam – CBI to seek clarification from UB Group, India Cements
• BABA Ramdev's letter to PM – Response of Government of India
• Government to Provide Trainning to Advocates under Rajiv Gandhi Adhivakta Prashikshan Yojna
• Govt approves proposal providing medical insurance benefits to Domestic helps
• Constitution of Committee on National Competition Policy and related matters

Now file Income tax returns from your mobile phone Posted: 24 Jun 2011 08:19 PM PDT Online income tax return filing company TaxSpanner today announced launch of mobile version of its solution that would enable users to file income tax returns (ITR) from their handset. After introducing the eFile by eMail option where customers need... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Penalty cannot be levied u/s 271(1)(c) for mere making of a claim of the expenditure which is not sustainable Posted: 24 Jun 2011 08:16 PM PDT ACIT vs M/s Seaways Shipping Ltd. (ITAT) (ITAT Hyderabad) - Non deduction of TDS by the assessee was resulted in disallowance of expenditure u/s 40(a) (ia), that itself cannot be construed as furnishing inaccurate particulars of income or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Claim of interest simpliciter not appeallable order before the CIT(A) under section 246A Posted: 24 Jun 2011 08:06 PM PDT Shantaben Karshanbhai Patel v Dy. CIT (ITAT Ahemdabad) - Merely because the AO passed the order u/s 154 of the IT Act would not make it appealable before the learned CIT(A) u/s 246A of the IT Act. The claim of interest simpliciter is not appeallable... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI Informal Guidance holds Call / Put Option in private agreement amongst shareholders as invalid Posted: 24 Jun 2011 08:05 PM PDT Recently, SEBI in an informal guidance to Vulcan Engineers Limited vide Informal Guidance Letter No. CFD/DCR/16403/11, DATED 23-5-2011, opined that a pre agreed purchase of shares of a listed company through call / put option is not valid under the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ITAT Mumbai – For 'Equipment Royalty' u/s 9(1)(vi), control of equipment by payer essential Posted: 24 Jun 2011 08:04 PM PDT Assessee company in the present case is a fully owned subsidiary of Yahoo Inc, USA, which is engaged in the business of providing consumer services such as search engine, content and information on wide spectrum of topics, e-mail, chat, etc. It... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

UIDAI – Aadhaar No is now valid ID proof for LPG gas connection Posted: 24 Jun 2011 08:03 PM PDT Applicants for new domestic LPG cooking gas connections can now produce the letters of allotment of Aadhaar numbers issued by Unique Identification Authority of India (UIDAI) as proof of identity and proof of address. State-owned fuel retailers have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification on Ensuring Corporate Governance and Proper Compliance of Provisions of the Companies Act, 1956 and Rules made there Under Posted: 24 Jun 2011 08:02 PM PDT The Ministry of Corporate Affairs has clarified that its Circular No.33/2011 issued on June 01, 2011 shall be applicable to those defaulting companies and their Directors which have not filed their Balance Sheet and Annual Return for any of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Commission received by foreign company for assistance in arranging cargo transportation was taxable in India on account of 'business connection' Posted: 24 Jun 2011 07:57 PM PDT Recently, ITAT Mumbai (the Tribunal) in case of ACIT v. ACM Shipping India Ltd (2011) ITA No. 5085/MUM/2009 held that the commission received by the UK company for assisting the taxpayer in arranging cargo transportation was taxable as business... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Draft Rules for mandatory dematerialisation of share certificate by Public Companies Posted: 24 Jun 2011 07:48 PM PDT The Ministry of Corporate Affairs (MCA) has issued a draft of Companies Dematerialisation of Certificates) Rules, 2011 (Draft Rules) on 6 June 2011 for public comments. Comments are to be sent to MCA latest by 30 June 2011. The Draft Rules are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Summary of OECD Economic Surveys – India, June 2011 and comments on proposed Direct Taxes Code Posted: 24 Jun 2011 07:39 PM PDT The Survey; comments on the tax policy reforms - 1. The Survey acknowledges that the Government of India is pushing ahead with tax reforms. 2. Considering the level of development, there is a case for India to further move its income tax system... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt hikes Diesel Price by Rs 3 per liter / kerosene Rs 2/lt, LPG Rs 50 per cylinder Posted: 24 Jun 2011 06:26 PM PDT The Empowered Group of Ministers on fuel headed by Finance Minister Pranab Mukherjee has decided to up diesel prices by Rs 3 per litre, confirmed oil minister Jaipal Reddy. While addressing the press post the EGoM meet, he said kerosene prices have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mere possession of drugs by doctor not an offence Posted: 24 Jun 2011 09:20 AM PDT Quashing a case filed against a cardiologist for stocking various medicines in his hospital allegedly for sale without licence, Madras High Court Bench here on Wednesday ruled that mere possession of drugs would not constitute an offence under the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt to come out with market-friendly stamp duty norms shortly Posted: 24 Jun 2011 08:58 AM PDT The centre is likely to come out with a uniform and market-friendly stamp duty structure for transactions in the capital and commodities markets within two weeks, a senior finance ministry official said. Department of Economic Affairs and Department... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CCI penalises NSE for abusing dominant market position Posted: 24 Jun 2011 08:54 AM PDT In the long-running tussle between the National Stock Exchange (NSE) and its younger rival MCX-SX, the Competition Commission is believed to have penalised NSE for abusing its dominant market position. As a penalty, NSE has been asked to pay 5% of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Make public RBI advisory note issued to ICICI – CIC Posted: 24 Jun 2011 08:51 AM PDT The Central Information Commission (CIC) has directed the Reserve Bank of India to disclose an advisory note it issued to ICICI Bank for alleged violation of any RBI guidelines or for contravention of the provisions of money laundering and foreign... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India Signs Protocol Amending DTAA with Singapore; to help in Effective Exchange of Information in Tax Matters Posted: 24 Jun 2011 08:28 AM PDT The Government of India signed a Protocol, amending Double Taxation Avoidance Agreement (DTAA) with Government of Singapore for effective exchange of information in tax matters today. The Protocol was signed by Shri Prakash Chandra, Chairman,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DBRS Upgrades India's Ratings for the First Time to Stable Outlook Posted: 24 Jun 2011 08:26 AM PDT For the first time, DBRS has upgraded the trend of India's Long Term foreign and local currency debt ratings from BBB (low) Negative to stable outlook. DBRS, an international sovereign credit rating agency, has been rating India's debt since June... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI to Issue Regulations for Setting-up of Infrastructure DEBT funds (IDFs) on Company Route Posted: 24 Jun 2011 08:24 AM PDT Broad Structure of Proposed Infrastructure DEBT funds (IDFs) Finalized; IDFs -- A Novel Attempt to address the Issue of Sourcing Long term DEBT for Infrastructure Projects; RBI to Issue Regulations for Setting-up of IDFs on Company Route [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI pardons Pyramid director in accounts manipulation case Posted: 24 Jun 2011 06:50 AM PDT Market regulator Sebi today exonerated N Venkataraman, former director of Pyramid Saimira Theatre , saying that he was not a board member when financial irregularities took place at the firm. It said investigations into the company's affairs have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G scam – CBI may get documents from Mauritius by next week Posted: 24 Jun 2011 06:49 AM PDT The CBI is likely to receive by next week the documents it sought from Mauritius through Letter Rogatory in connection with the companies allegedly involved in the 2G spectrum allocation scam. Sources in the probe agency said some parts of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Visa fee hike – India asks US to exempt professionals from social security tax Posted: 24 Jun 2011 06:09 AM PDT India today asked the US to move ahead with an agreement which would exempt professionals from payment of security taxes to mitigate the impact of a visa fee hike last year. Both the sides are negotiating Bilateral Totalisation Agreement (BTA),... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Over half of India's workforce self-employed – NSSO survey Posted: 24 Jun 2011 06:07 AM PDT More than half of the country's overall workforce is self-employed, even as female employees receive less remuneration than their male counterparts for doing similar jobs, as per the data of a government survey released today. While 51 per cent of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G Scam – CBI to seek clarification from UB Group, India Cements Posted: 23 Jun 2011 11:41 PM PDT The Central Bureau of Investigation (CBI) will seek clarification from UB Group and India Cements over money given by them to Kalaignar TV to apparently help the channel return over Rs 200 crore allegedly received by it from DB Group of companies in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

BABA Ramdev's letter to PM – Response of Government of India Posted: 23 Jun 2011 10:14 PM PDT Mauritius Treaty - A Joint Working Group (JWG) was constituted in 2006 for the purpose of renegotiating the Direct Taxation Avoidance Convention with Mauritius and its last meeting was held in 2008. Thereafter, India has successfully used the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government to Provide Trainning to Advocates under Rajiv Gandhi Adhivakta Prashikshan Yojna Posted: 23 Jun 2011 10:09 PM PDT Government of India has evolved a Scheme named Rajiv Gandhi Adhivakta Prashikshan Yojna (Rajiv Gandhi Advocate's Training Scheme) to be launched on 27 June, 2011. The Scheme envisages selection of 10 young practicing Advocates from each State every... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt approves proposal providing medical insurance benefits to Domestic helps Posted: 23 Jun 2011 10:02 PM PDT About 47.5 lakh domestic helps would soon get medical insurance benefits under the Rashtriya Swasthya Bima Yojana (RSBY) with the Union Cabinet approving the proposal on Thursday. The scheme, which envisages smart card-based cashless health... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Constitution of Committee on National Competition Policy and related matters Posted: 23 Jun 2011 09:28 PM PDT A Committee comprising of following is appointed with the approval of competent authority, on framing of National Competition Policy and related matters: - 1. Shri Dhanendra Kumar, Chairman 2. Shri Sudhir Mital, Additional Secretary, MCA 3. Shri... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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