Fwd: TaxGuru : “C Form Cannot Be Refused To be Issued On Arrears of Tax” plus 25 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Tue, May 24, 2011 at 10:04 AM
Subject: TaxGuru : "C Form Cannot Be Refused To be Issued On Arrears of Tax" plus 25 more
To: palashbiswaskl@gmail.com

TaxGuru : "C Form Cannot Be Refused To be Issued On Arrears of Tax" plus 25 more

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• C Form Cannot Be Refused To be Issued On Arrears of Tax
• Non Trading bad debts can not be allowed in computing taxable Income of the Assessee
• New Initiatives of Ministry of Corporate Affairs for Corporate Governance (Must Read)
• Review of the policy on Allowing FDI in Limited Liability Partnership firms
• Banking – Revised format for obtaining declaration and undertaking from existing directors as well as person to be appointed/elected as director on the Boards of Banks
• Service tax on Renting – Delhi HC Reserves the Judgement – Copy of Rejoinder submitted
• Govt eases rules for incorporating not-for-profit (Section 25) companies
• Download free Income tax Return software ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S, ITR-5, ITR-6 – AY 2011-12 / FY 2010-11
• ASSOCHAM demands removal of ban on raw cotton export
• Govt to discuss new rules governing stock exchanges
• Mergers within group should be exempted from CCI norms
• International Accounting Standards Board (IASB) wants full IFRS adoption in India
• Commerce Minister to take up DEPB issue with Pranab Mukherjee
• Govt to take view on exports of wheat and non-basmati rice after assessing requirement under the proposed National Food Security Act
• IPO scam – Sebi fines Rs 9.40 cr on broker Purshottam G Budhwani
• ICAI – Zone-shifting of candidates for June – 2011 CPT Exams
• Govt to introduce Security Features in all Denominations of Indian Bank Notes
• Govt to soon finalise Rs 40000 crore disinvestment roadmap
• RBI releases Report of the Working Group on Introduction of Financial Holding Company Structure in India
• Rajiv Kumar replaces Amit Mitra as FICCI secretary general
• 2G Scam – HC rejects bail pleas of 5 corporate honchos
• Govt pegs GDP growth during UPA rule at 8.5 Percent
• New companies bill to encourage 'responsible corporate behaviour'
• Dispute Resolution Panel (DRP) Revised Constitution w.e.f. 23.05.2011
• Legal issues may delay Mahindra Satyam, Tech Mahindra merger- Nayar
• ICSI – Campus Placement for Fresher Members and Students on 25th May, 2011

C Form Cannot Be Refused To be Issued On Arrears of Tax Posted: 23 May 2011 08:15 PM PDT Sri Rajeswari Agencies V. Additional Deputy Commercial Tax Officer II, Sales Tax – Declaration Forms – Arrears Of Tax - C Form Cannot Be Refused To Be Issued On Ground Of Arrears Of Tax – Central Sales Tax Act (74 Of 1956), S. 9(2) – Central Sales... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Non Trading bad debts can not be allowed in computing taxable Income of the Assessee Posted: 23 May 2011 08:10 PM PDT Manori Properties Pvt. Ltd., Vs. Income Tax Officer 6(3)(3), Mumbai.The appellant has purchased debts of amount due to Rose Patel Mercantile Co. Ltd. for Rs.10,85,000/- by paying the said amount on 10-1-1996 Rs. 5,00,000/- and on 29-1-1996 Rs.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New Initiatives of Ministry of Corporate Affairs for Corporate Governance (Must Read) Posted: 23 May 2011 07:36 PM PDT In order to reduce cost of posting and speedy delivery of documents, service of documents through electronic mode has been permitted under section 53 of the Companies Act, 1956 in place of service of document under certificate of posting.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Review of the policy on Allowing FDI in Limited Liability Partnership firms Posted: 23 May 2011 07:36 PM PDT Review of the policy on Foreign Direct Investment- Allowing FDI in Limited Liability Partnership firms-amendment to paragraphs2.1, 3.3.5 and 3.3.6 of 'Circular I of 2011-Consolidated FDI Policy'. The Government of India has reviewed the extant... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Banking – Revised format for obtaining declaration and undertaking from existing directors as well as person to be appointed/elected as director on the Boards of Banks Posted: 23 May 2011 07:29 PM PDT CIRCULAR NO. DBOD. NO.BC.NO. 95/29.39.001/2010-11, DATED 23-5-2011 It has been decided to partially modify the format of 'Declaration and Undertaking' prescribed for the purpose of conducting due diligence to determine the 'fit and proper' status of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax on Renting – Delhi HC Reserves the Judgement – Copy of Rejoinder submitted Posted: 23 May 2011 07:28 PM PDT Delhi HC Reserves the Judgement in the case related to applicability of of service tax on renting of immovable Property on 20.05.2011 after hearing the submission of by way of rejoinder from Sr. Counsels Mr. Abhishek Manu Singhvi, Mr. S. Ganesh... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt eases rules for incorporating not-for-profit (Section 25) companies Posted: 23 May 2011 07:25 PM PDT The government today eased rules for incorporating not-for-profit companies, by giving the Registrar of companies the power to directly issue licences. Besides, it has reduced the time taken for setting up Section 25 companies by doing away with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Download free Income tax Return software ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S, ITR-5, ITR-6 – AY 2011-12 / FY 2010-11 Posted: 23 May 2011 06:39 PM PDT Income tax department has finally released much awaited return preparation software for ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S, ITR-5 and ITR-6. The software's released by Income Tax department are free and much better than any other private software... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ASSOCHAM demands removal of ban on raw cotton export Posted: 23 May 2011 05:42 PM PDT Following 40 per cent decline in cotton prices during the past one-and-a-half month, industry body ASSOCHAM today called for lifting the ban on raw cotton exports to protect interests of farmers across the country. Cotton prices have tumbled from Rs... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt to discuss new rules governing stock exchanges Posted: 23 May 2011 05:35 PM PDT The government will begin tomorrow its consultations with various stakeholders regarding a new set of rules on how stock exchanges should be owned and run, proposed by a Sebi-appointed committee last year. Besides the exchanges, new ownership and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mergers within group should be exempted from CCI norms Posted: 23 May 2011 05:33 PM PDT Industry body CII today said competition watchdog CCI's approval should not be made mandatory for mergers and amalgamations between group companies. While acquisitions of control or shares or voting rights or assets within the same group have been... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

International Accounting Standards Board (IASB) wants full IFRS adoption in India Posted: 23 May 2011 05:30 PM PDT The International Accounting Standards Board (IASB) has requested the government to adopt the global accounting standards IFRS in toto or at least allow companies to voluntarily do so and not go ahead with the convergence approach.Stating it is in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Commerce Minister to take up DEPB issue with Pranab Mukherjee Posted: 23 May 2011 05:23 PM PDT Making out a case for extension of the popular incentive scheme - DEPB - for Indian exporters, Commerce Minister Anand Sharma today said he will take up the issue with Finance Minister Pranab Mukherjee on his return to New Delhi. I am one who is not... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt to take view on exports of wheat and non-basmati rice after assessing requirement under the proposed National Food Security Act Posted: 23 May 2011 05:20 PM PDT Agriculture Minister Sharad Pawar today said the government will take a final view on lifting the export ban on wheat and non-basmati rice after assessing foodgrains requirement under the proposed National Food Security Act.Last month, Pawar had... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IPO scam – Sebi fines Rs 9.40 cr on broker Purshottam G Budhwani Posted: 23 May 2011 05:16 PM PDT Market regulator Sebi today directed Purshottam G Budhwani , a broker involved in the infamous IPO scam of 2003-05, to deposit over Rs 9.39 crore on unlawful gains made by him. In case of failure to deposit the amount within 45 days, Budhwani shall... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI – Zone-shifting of candidates for June – 2011 CPT Exams Posted: 23 May 2011 05:08 PM PDT Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Indore, Bangalore and Hyderabad some of the candidates have been allotted examinations centres in other zones of the said cities where the accommodation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt to introduce Security Features in all Denominations of Indian Bank Notes Posted: 23 May 2011 05:05 PM PDT Union Finance Minister, Shri Pranab Mukherjee has said that the counterfeiting of our currency is a matter of great concern for the Government. The Finance Minister said that with a view to check this menace of fake currency, an exercise for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt to soon finalise Rs 40000 crore disinvestment roadmap Posted: 23 May 2011 04:58 PM PDT The government will soon finalise the roadmap to raise a whopping Rs 40,000 crore through disinvestment during the current fiscal. It will include sale of equity in blue chip companies like SAIL and ONGC. "Cabinet has so far given approval for the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI releases Report of the Working Group on Introduction of Financial Holding Company Structure in India Posted: 23 May 2011 04:44 PM PDT The Reserve Bank of India today placed on its website the Report of the Working Group on Introduction of Financial Holding Company Structure in India (Chairperson: Smt. Shyamala Gopinath). Comments on the Report may please be emailed or forwarded by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rajiv Kumar replaces Amit Mitra as FICCI secretary general Posted: 23 May 2011 07:27 AM PDT Rajiv Kumar, a well-known economist, has been appointed as the FICCI secretary general, a post vacated by Amit Mitra who has joined the Mamata Banerjee government in West Bengal as finance minister. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G Scam – HC rejects bail pleas of 5 corporate honchos Posted: 23 May 2011 07:23 AM PDT Five corporate honchos, including Unitech Group MD Sanjay Chandra and Group MD of Reliance ADAG Gautam Doshi, will remain in jail in the 2G case with the Delhi High Court today dismissing their bail pleas, saying the gravity of offence itself is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt pegs GDP growth during UPA rule at 8.5 Percent Posted: 23 May 2011 06:40 AM PDT Pegging the country's average economic growth rate at 8.5 per cent during the UPA rule so far, the government today said it was determined to take India to the select league of "middle income countries. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New companies bill to encourage 'responsible corporate behaviour' Posted: 23 May 2011 06:39 AM PDT Speaking about corporate governance initiatives taken during the UPA regime, the government in its 'Report to the People' said, The bill (Companies Bill 2009) incorporates a number of investor protection measures and it will encourage responsible... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Dispute Resolution Panel (DRP) Revised Constitution w.e.f. 23.05.2011 Posted: 23 May 2011 01:48 AM PDT Order No.4/FT&TR/2011 - In exercise of powers conferred under section 144C of the Income Tax Act, 1961, and in supersession of Order No.1/FT&TR-I/2011 dated 12.012011 and Order No.3/FT&TR-I/2D11 dated 31.03.201, the Board hereby... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Legal issues may delay Mahindra Satyam, Tech Mahindra merger- Nayar Posted: 22 May 2011 09:52 PM PDT The merger of Mahindra Satyam and Tech Mahindra may get delayed on account of legal and procedural issues, a company official said today. 'Integration involves some legal process. We have to approach the High Courts of Andhra Pradesh and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICSI – Campus Placement for Fresher Members and Students on 25th May, 2011 Posted: 22 May 2011 09:36 PM PDT The Institute is organizing a Campus Placement for the fresher members for job and for students for 15 Months Training on Wednesday, the 25th May, 2011 at Gurgaon Chapter , 1st Floor, Deen bandhu Sir Chhoturam Bhavan, Sector -32, Gurgaon -122002 [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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