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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Thu, Jul 28, 2011 at 10:30 AM
Subject: TaxGuru : "Income tax treatment / Taxability of Agricultural Income" plus 12 more
To: palashbiswaskl@gmail.com
From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Thu, Jul 28, 2011 at 10:30 AM
Subject: TaxGuru : "Income tax treatment / Taxability of Agricultural Income" plus 12 more
To: palashbiswaskl@gmail.com
TaxGuru : "Income tax treatment / Taxability of Agricultural Income" plus 12 more | |
- Income tax treatment / Taxability of Agricultural Income
- Notice u/s. 148 of the Income Tax Act,1961 Invalid If Delivered Late To Post Office
- ITAT criticises AO for harassing the assessee by wrongly levying penalty
- Jurisdictional CIT should not be part of DRP to avoid Bias- Uttarakhand High Court
- Counterfeit notes – Banks to Lodge FIR if they detects 5 or more notes in a single transaction
- Income Tax Returns – Special counters for Delhiites
- FSDC asks Government to strengthen interaction with rating agencies
- Custom – Cess not payable on on export of Lac/shellac
- Exposure Draft of Taxonomy for Non-Banking Financial Companies (NBFCs)
- RBI's Master Circular dated 1-7-2011 on Branch Authorisation
- RBI's Master Circulars dated 1-7-2011 on Prudential Guidelines on Capital Adequacy and Market Discipline- New Capital Adequacy Framework (NCAF)
- Regarding anti dumping duty on Poly Vinyl Chloride Paste Resin, originating in, or exported from, People's Republic of China, Japan, Republic of Korea, Malaysia, Russia, Taiwan and Thailand – Notification No.66 /2011-Customs
- RBI's Master Circular dated 1-7-2011 on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances
| Income tax treatment / Taxability of Agricultural Income Posted: 27 Jul 2011 08:21 PM PDT Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Notice u/s. 148 of the Income Tax Act,1961 Invalid If Delivered Late To Post Office Posted: 27 Jul 2011 08:20 PM PDT Kanubhai M. Patel HUF vs. Hiren Bhatt (Gujarat High Court)- In the present case, the impugned notices have been signed on 31.03.2010, whereas the same were sent to the speed post centre for booking only on 07.04.2010. Considering the definition of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| ITAT criticises AO for harassing the assessee by wrongly levying penalty Posted: 27 Jul 2011 08:19 PM PDT ITO vs. Audyogik Tantra Shikshan (ITAT Pune) - The assessee in its Cross Objection, has objected the penalty levied by the A.O with this contention that the A.O has not recorded his satisfaction against the alleged default of filing inaccurate... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Jurisdictional CIT should not be part of DRP to avoid Bias- Uttarakhand High Court Posted: 27 Jul 2011 08:18 PM PDT Hyundai Heavy Industries Ltd vs. UOI (Uttarakhand High Court) -Court noted that the DIT-II is exercising supervisory functions and has a hand in the reopening of the assessments u/S 147/148 of the Act and is also a member of the Panel considering... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Counterfeit notes – Banks to Lodge FIR if they detects 5 or more notes in a single transaction Posted: 27 Jul 2011 08:18 PM PDT DCM(FNVD) No. 502/16.01.05/2011-12 Detection of Counterfeit Banknotes – Revised Procedure- For cases of detection of counterfeit notes upto 4 pieces, in a single transaction, a consolidated report as per the format prescribed in the annex should... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Income Tax Returns – Special counters for Delhiites Posted: 27 Jul 2011 08:04 PM PDT The Income Tax Department will open 50-special counters at Vikas Bhawan (near ITO) for residents of North-East and North-West Delhi from July 28 to July 31 to file their tax returns. The last date for filing of income tax returns for the assessment... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| FSDC asks Government to strengthen interaction with rating agencies Posted: 27 Jul 2011 06:56 PM PDT FSDC decides to take steps to make Corporate Bond Market more vibrant - On the issue of Sovereign Credit Rating of India, it was decided that it would be necessary for the government to strengthen its interaction with the rating agencies. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Custom – Cess not payable on on export of Lac/shellac Posted: 27 Jul 2011 06:39 PM PDT Representations have been received from Trade and Industry stating that they are being required to pay Cess on Lac/Shellac at the time of export of such goods. The matter has been examined. Exports of Lac/shellac were subject to Cess under 'The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Exposure Draft of Taxonomy for Non-Banking Financial Companies (NBFCs) Posted: 27 Jul 2011 05:49 PM PDT XBRL (eXtensible Business Reporting Language) is a novel way of electronic communication of business and financial data that is of immense utility to the capital markets and the investing community. Those who stand to benefit include all who collect... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| RBI's Master Circular dated 1-7-2011 on Branch Authorisation Posted: 26 Jul 2011 09:32 PM PDT CIRCULAR NO. DBOD.NO. BL.BC. 33/22.01.001/2011-12, DATED 1-7-2011 The opening of new branches and shifting of existing branches of banks is governed by the provisions of Section 23 of the Banking Regulation Act, 1949. In terms of these provisions,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 26 Jul 2011 09:31 PM PDT With a view to adopting the Basle Committee on Banking Supervision (BCBS) framework on capital adequacy which takes into account the elements of credit risk in various types of assets in the balance sheet as well as off-balance sheet business and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 26 Jul 2011 09:30 PM PDT Notification No.66 /2011-Customs Whereas in the matter of imports of Poly Vinyl Chloride Paste Resin (hereinafter referred to as the subject goods), falling under sub- heading 3904 22 10 of the First Schedule to the Customs Tariff Act, 1975 (51 of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 26 Jul 2011 09:30 PM PDT CIRCULAR NO. DBOD.NO.BP.BC.12/21.04.048/2011-12, DATED 1-7-2011 - Please refer to the Master Circular No. DBOD.No.BP.BC. 21/21.04.048/2010-11 dated July 1, 2010 consolidating instructions/guidelines issued to banks till June 30, 2010 on matters... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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Palash Biswas
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