Fwd: TaxGuru.in : Legal & Tax Updates

---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Feb 1, 2011 at 7:40 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• CPT On-line Examination In Year 2011- ICAI Not Declared Any Date Due To Technical Issues
• D K Mittal Appointed Corporate Affairs Secretary
• Hyper-technicalities Give Bad Name To Judiciary
• Govt Constitutes Panel To Explore Self Disclosure Of Income
• Trademark Plea- HC Refuses Relief To Hindustan Sanitaryware
• Date Of Filing Of Audit E-704 For The Period 01 04 2009 To 31 03 2010 Is Extended Upto 15 02 2011
• Authorised Dealer Not Liable To Deduct Tax On Remittance To Non-resident Of Sale Proceeds Representing Short Term Capita
• Cabinet May Relax Private Banks Voting Rights - Report
• I-T Dept Mulls Raising Appeal Filing Limits
• Budget 2011-12- I-T Exemption Limit May Get Enhanced
• HDFC S V S Rangan Named Best CFO In Financial Sector
• AZB Most Active Legal Advisor E Amp Y Transaction Advisor In 2010
• Tax Credit For Tax Withheld Cannot Be Denied To The Payee Upon Subsequent Refund Of The TDS To The Deductor
• Acquisition And Transfer Of Immovable Property In India By A Person Resident Outside India- Faq
• Brought Forward Losses For Making Adjustment To Book Profit U S 115JB Means Losses On The Last Day Of The Immediately P
• Interest On Fixed Deposits Effectively Connected With PE Is Taxable As Business Income
• Transfer Pricing- Supernormal Profit Making Companies Should Be Excluded From The Comparable Set
• Rejection Of Accounting Method Followed By Assessee Which Was Accepted In Assessment Of Earlier Year
• Investment Option Under Direct Tax Code DTC
• Tax Deductor Is Entitled To Interest On Delayed Refund When It Is Ordered To Deduct Tax Even Though No Such Liability Ex
• All About Permanent Account Number PAN And How It Is Structured
• CIN Corporate Identification Number For Companies- How It Is Structured
• Delhi HC On Provisional Attachment To Protect Revenue U S 281B In The Case Of VLS Finance Ltd ORS Versus The Assistant Commissioner Of Income Tax
• Whether HC Can Exercise Its Jurisdiction Under Article 226 Pertaining To Sufficiency Of Reasons For Formation Of Belief U S 147 Of The I-T Act 1961
• Recognition Of Permanent Diminution In The Value Of Investments In Banks Subsidiaries Joint Ventures
• Regarding Import Of Inputs Under Advance Authorisation AA And Duty Free Import Authorisation DFIA Issued SIONs E-1 Amp E-5
• Insurance- Spurious Calls Identifying Themselves As IRDA Employees In A Bid To Sell Insurance Policies
• Insurance - Valuation Of Premium Receivable From Central State Government For Computation Of Solvency Position
• Annual Financial Inspection Priority Sector Loans Mis-classification By Banks
• 21 Useful Charts For Tax Compliance

CPT On-line Examination In Year 2011- ICAI Not Declared Any Date Due To Technical Issues Posted: 01 Feb 2011 09:31 AM PST CPT Online Examination - 31-01-2011 nbsp 28th January 2011 Re CPT online examination We are receiving a lot of enquiries from students regarding the conduct of the next CPT On-line examination nbsp It is hereby info [[ This is a content summary only. Visit www.taxguru.in for full article ]]

D K Mittal Appointed Corporate Affairs Secretary Posted: 01 Feb 2011 09:29 AM PST D K Mittal a 1977 batch IAS officer of UP cadre has been appointed as the Secretary of the Ministry of Corporate Affairs today nbsp Mittal will replace R Bandyopadhyay who retired today nbsp At present Mittal is the Additional [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Hyper-technicalities Give Bad Name To Judiciary Posted: 01 Feb 2011 09:24 AM PST An order of the consumer commission can be executed by a civil court and hyper-technicalities should not stand in the way the Supreme Court stated last week in the judgment HKK Bail vs Cyma Exports P Ltd In this case a person [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt Constitutes Panel To Explore Self Disclosure Of Income Posted: 01 Feb 2011 09:23 AM PST The government has constituted a group of experts to suggest measures to encourage tax evaders to disclose their unaccounted income voluntarily The finance ministry s move comes at a time when the country is debating a crackdown on [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Trademark Plea- HC Refuses Relief To Hindustan Sanitaryware Posted: 01 Feb 2011 09:21 AM PST The Delhi high court has dismissed a petition of Hindustan Sanitaryware amp Industries seeking an injunction against Champion Ceramics in a trade mark case The dispute was over the trade mark of Hindustan Sanitaryware which has [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Date Of Filing Of Audit E-704 For The Period 01 04 2009 To 31 03 2010 Is Extended Upto 15 02 2011 Posted: 01 Feb 2011 09:20 AM PST Date of Filing of Audit e-704 under Maharashtra Value Added Tax Act nbsp for the period 01 04 2009 to 31 03 2010 is extended upto 15 02 2011 No further extension and Strict action will be taken against Non filers and incompl [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Authorised Dealer Not Liable To Deduct Tax On Remittance To Non-resident Of Sale Proceeds Representing Short Term Capita Posted: 01 Feb 2011 08:46 AM PST Mumbai Income-tax Appellate Tribunal the Tribunal in the case of DDIT v The Hongkong and Shanghai Banking Corporation Limited 201 0-TII-1 61 -ITAT-MUM-INTL held that an authorised dealer did not have any liability to withho [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cabinet May Relax Private Banks Voting Rights - Report Posted: 01 Feb 2011 08:43 AM PST India s finance ministry is expected to seek cabinet approval to a proposal for giving proportionate voting rights to founders in private sector banks the Financial Express said on Monday nbsp Currently the voting right of a sing [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T Dept Mulls Raising Appeal Filing Limits Posted: 01 Feb 2011 08:36 AM PST The income tax department known to be the largest litigant in the country is working towards reducing the burden of court cases a move which is in line with the National Litigation Policy mooted by the government last year nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Budget 2011-12- I-T Exemption Limit May Get Enhanced Posted: 01 Feb 2011 08:34 AM PST The government may advance by a year the roll out of some of the income tax measures proposed in the Direct Taxes Code DTC to provide relief to inflation-hit households nbsp These measures may form part of the forthcoming budget [[ This is a content summary only. Visit www.taxguru.in for full article ]]

HDFC S V S Rangan Named Best CFO In Financial Sector Posted: 01 Feb 2011 06:48 AM PST India s largest housing finance company HDFC s Executive Director V S Rangan has been named as the best CFO in the financial sector for 2010 by premier accounting and auditing body ICAI nbsp Rangan was conferred the award last eve [[ This is a content summary only. Visit www.taxguru.in for full article ]]

AZB Most Active Legal Advisor E Amp Y Transaction Advisor In 2010 Posted: 31 Jan 2011 10:16 PM PST Corporate law firm AZB amp amp Partners has been the most active legal advisor for both private equity and M amp amp A deals in 2010 while Ernst amp amp Young was the most active transaction advisor says a research study nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tax Credit For Tax Withheld Cannot Be Denied To The Payee Upon Subsequent Refund Of The TDS To The Deductor Posted: 01 Feb 2011 10:20 AM PST Recently the Mumbai bench of the Income-tax Appellate Tribunal the Tribunal in the case of Lucent Technologies GRL LLC v DCIT ITA No6353 Mum 09 Judgment date 31 December 2010 Assessment Year 2002-03 held that the credit fo [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Acquisition And Transfer Of Immovable Property In India By A Person Resident Outside India- Faq Posted: 01 Feb 2011 10:18 AM PST Acquiring immovable property in India by persons resident outside India is regulated in terms of Section 6 3 i of the Foreign Exchange Management Act FEMA 1999 as well as by the regulations contained in Notification issued by [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Brought Forward Losses For Making Adjustment To Book Profit U S 115JB Means Losses On The Last Day Of The Immediately P Posted: 01 Feb 2011 09:55 AM PST For the purposes of section 115JB of the Act the term gloss brought forward can only mean losses on the last day of the immediately preceding year and no other meaning can be given to it nbsp In the case of CIT v Sumi Mother [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest On Fixed Deposits Effectively Connected With PE Is Taxable As Business Income Posted: 01 Feb 2011 09:18 AM PST Interest on fixed deposits effectively connected with PE Business Income Direct expenses incurred by a head office for Indian projects - not Head office expense Fees for procurement services - not taxable as fees for technical [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing- Supernormal Profit Making Companies Should Be Excluded From The Comparable Set Posted: 01 Feb 2011 09:12 AM PST Delhi bench of the Income-tax Appellate Tribunal the Tribunal in the case of Adobe Systems India Private Limited v ACIT 201 1-TII-13-ITAT-DEL-TP Date of Judgement 21 January 2011 Assessment Year 2006-07 held that supernorma [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rejection Of Accounting Method Followed By Assessee Which Was Accepted In Assessment Of Earlier Year Posted: 01 Feb 2011 09:06 AM PST Method of Accounting regularly followed by the taxpayer which was accepted by the Tax Officer in past cannot be rejected in future years without expressing the dissatisfaction about the correctness or completeness of the accounts of [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Investment Option Under Direct Tax Code DTC Posted: 01 Feb 2011 08:32 AM PST Employees Provident Fund If you are a salaried individual then this is probably the best investment product you have in your portfolio Every month you park 12 of your basic plus dearness allowance in your account and your [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tax Deductor Is Entitled To Interest On Delayed Refund When It Is Ordered To Deduct Tax Even Though No Such Liability Ex Posted: 01 Feb 2011 08:27 AM PST Tax deductor is entitled to interest on delayed refund when it is ordered to deduct tax even though no such liability exists nbsp Mumbai Bench of the Income-tax Appellate Tribunal the Tribunal in the case of DDIT v MSM Satelli [[ This is a content summary only. Visit www.taxguru.in for full article ]]

All About Permanent Account Number PAN And How It Is Structured Posted: 01 Feb 2011 08:25 AM PST Permanent Account Number is basically a method of identifying a taxpayer on the computer system through a unique All-India number so that all information relating to that taxpayer e g taxes paid refunds issued outstanding arrear [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CIN Corporate Identification Number For Companies- How It Is Structured Posted: 01 Feb 2011 07:20 AM PST Corporate Identity Number CIN nbsp - nbsp Each Indian company Listed or Unlisted has a unique 21 Digit CIN Corporate Identity Number This is required to be quoted on all forms Once this number is filled company details ar [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi HC On Provisional Attachment To Protect Revenue U S 281B In The Case Of VLS Finance Ltd ORS Versus The Assistant Commissioner Of Income Tax Posted: 01 Feb 2011 09:01 AM PST [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether HC Can Exercise Its Jurisdiction Under Article 226 Pertaining To Sufficiency Of Reasons For Formation Of Belief U S 147 Of The I-T Act 1961 Posted: 01 Feb 2011 08:53 AM PST Sections 147 148 - Constitution of India - Article 226 Whether HC can exercise its jurisdiction under Article 226 pertaining to sufficiency of reasons for formation of the belief u s 147 of the Income-tax Act - Assessee s appea [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Recognition Of Permanent Diminution In The Value Of Investments In Banks Subsidiaries Joint Ventures Posted: 01 Feb 2011 09:51 AM PST Recognition of permanent diminution in the value of investments in banks subsidiaries joint ventures nbsp RBI 2010-11 395 DBOD No BP BC 79 21 04 141 2010-11 nbsp January 31 2011 nbsp The Chairmen and Managing Di [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding Import Of Inputs Under Advance Authorisation AA And Duty Free Import Authorisation DFIA Issued SIONs E-1 Amp E-5 Posted: 01 Feb 2011 09:48 AM PST POLICY CIRCULAR No 13 nbsp DATED nbsp nbsp 31 01 2011 nbsp nbsp To nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp All Regional Authorities nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance- Spurious Calls Identifying Themselves As IRDA Employees In A Bid To Sell Insurance Policies Posted: 01 Feb 2011 08:40 AM PST Insurance- Spurious calls identifying themselves as IRDA Employees in a bid to sell Insurance policies Circular No CAD 1 10-11 dated 21-1- 2011 The Authority has received complaints from various Individuals about certain spu [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance - Valuation Of Premium Receivable From Central State Government For Computation Of Solvency Position Posted: 01 Feb 2011 08:38 AM PST Insurance - Valuation of Premium Receivable from Central State Government for Computation of Solvency Position Circular No IRDA F amp A CIR SOLVN 011 01 2011 dated 27-1-2011 Various general insurance companies are running [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Annual Financial Inspection Priority Sector Loans Mis-classification By Banks Posted: 31 Jan 2011 01:20 AM PST RBI 2010-11 393 RPCD CO Plan BC 49 04 09 01 2010-11 nbsp January 28 2011 nbsp The Chairman Managing Director Chief Executive Officer All scheduled commercial banks excluding Regional Rural Banks nbsp Dear S [[ This is a content summary only. Visit www.taxguru.in for full article ]]

21 Useful Charts For Tax Compliance Posted: 29 Jan 2011 06:13 PM PST 21 Useful Charts for Tax Compliance COVERING Income Tax Service Tax PF Companies Act ESIC Excise VAT Stamp Duty [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/

Fwd: [bangla-vision] Tunisia, Dictators and our so called patriots

---------- Forwarded message ----------
From: Mohd. Haque <haquetm83@yahoo.com>
Date: Tue, Feb 1, 2011 at 7:50 PM
Subject: [bangla-vision] Tunisia, Dictators and our so called patriots

 

Tunisia, dictators and our so called patriots   1.      In my country, many thing that goes against country's interest either local or international, supporters of injustice and corrupts  will not speak or say anything. When AL is in power the supporters of AL will also never speak against its atrocities or wrong doing. Also when it comes to the matters with India as if they have free cheque, does not matter how negatively it impacts our interests. I can understand the direct political activists who has to loose his conscious, freedom and can't speak against party line but those who always say 'can you find my name in AL' always provide unwavering support to the party. They may be good for the party but can't be taken as a supporters of common good of our country.   Humayun Ahmed will write, how much harm associates with a BNP hartal or its usual wrong action but will never speak when it comes to AL. The great poet, writers (with due respect to them) drop no tears when our country shed blood under AL or its staunch allies India's foreign policy.  Even west's manipulation gets no attention from them. But day and night they are talking about Bangladesh and its well being and managed to establish themselves as front runners on 'desh prem' same like those so called protégé of democracy, human rights and justice in the west. 2.     Tnunisia issue now taken as a syndrome as it is unfolding in other neighboring countries. Ben Ali now criticized or not-sympathized by those whose support were and still is, crucial for tyrants and dictators. Iran's Shah was ousted but failed to find refuge in the country who help killed the democratically elected government and put him in power and supported upto the moment people's rise against him. Without France, USA or EU's support Ben Ali wouldn't have tortured, oppressed his people and loot the public wealth. (this looted wealth always find save heaven in Swiss or West's bank account). All the dictators, tyrant rulers- ruling, ousted or demised, enjoyed a strong link and all out support from the countries who always decries democracy and human rights. In general they are 'the West'. I hope readers would agree following were the well known dictators – Augusto Pinochet, Manuel Noriega, Ferdinanz  Marcos and so on. They are well known for their human right violations and loot, yet Pinochet, who killed more than 2000, tortured 32 thousand and made disappear 3 thousand i.e who orchestrated 'Caravan of Death' found a palace and live like a king in England and the Queen's government made every effort not to touch him. This dictator had 125 securities and bank accounts at Riggs Bank and other U.S. financial institutions. Noriega who was formally US trained military, was under CIA payroll and even had a strong connection with Colombian drug dealing.   Who does not know Marcos's wealth (deposited in Swiss banks safely) and his despised wife's 'shoe' boxes. The west kept and use them until the people power (the real and natural democratic values) kick them out of power. Saddam Hossain's farm rule easily traced with USA's foreign policy.  Ironically, yet he was illegality  ousted and brutally killed along with his family and associates by the same ally. His country is made a killing field, drenched in human blood today. When one talks about Ben Ali's  corruptions, loot and oppression should speak about his strategic alliances and supports-France and US. But that is mysteriously missing. It is not that they fail to grasp it, it is their deliberate attempt to save those who perpetrated the same crime by helping the dictators. If one of you listened to 'Tony Blair' in BBC yesterday (28.1.11)  while Cairo's street were under control of the middle class and peasants and labourers,  can understand how disturbing the uprising was to him. Frustration of losing the staunch ally can be figured out easily in his arguments. The massive aid (around 2 billions annually) given by USA astoundingly mainly for military (1.3 billion/a) not for development. This dictator's fall means a lot to USA, Israel and whole ME.   3.     It is believed by many, EU and USA were manipulating our affairs openly with the connivance of a local media group and AL and installed an illegal government for 2 years. Hussain Muhammad Ershad ruled for nine years and were ousted not by US's or EU's negotiation for democracy but people's uprising effectively supported by BNP. Bangabandhu's weak government was further crippled by PLO 480 that caused a massive famine in 74.   4.     We never had a strong and popular nationalist government, than again we do not have a strong civil society that voice for our common concerns. (successful machination crippled knowledge and literary capacity at its low ebb- read the Op-eds and see the situation in our Unis since the birth of our nation) Due to other's foreign policy a strong supporting group that reign in our culture and literature, provide an unwavering support for them. This dominant group always talk about 'Bangladesh', our future our development but put all machination in place when it comes to their mentor's interest. They will not speak as Tony Blair or Barak Hossain Obama or Sarcozy  did not speak before the fall of all dictators. A natural, un-instigate uprising can help us sort out our own matters led by peasants, labours and unemployed but not by those elite in centre of Dhaka.    Thanks for reading Haque

__._,_.___

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/

Fwd: [bangla-vision] A Brief Statement on the North African Revolution

---------- Forwarded message ----------
From: <peacethrujustice@aol.com>
Date: Tue, Feb 1, 2011 at 8:32 PM
Subject: [bangla-vision] A Brief Statement on the North African Revolution

 

 THE PEACE Thru JUSTICE FOUNDATION

11006 Veirs Mill Rd, STE L-15, PMB 298

Silver Spring, MD. 20902

 

The North African Revolution

 

 

Assalaamu Alaikum (Greetings of Peace):

 

Like much of the world, for days now I've been closely following the tumultuous events in North Africa. It all started with one young man by the name of Mohamed Bouazizi, a 26-year-old graduate student who made a tragic decision, under the yoke of oppression and humiliation, to take his own life in a very public, desperate and defiant way.

 

The action of this ONE young man was the spark that lit the fires of a revolution that will change the Arab and Muslim worlds for generations to come. The yoke of fear which had bound the Arab mind in that part of the world has been broken!

 

The former ruler of Tunisia (Ben Ali) has been sent packing to Saudi Arabia (a cage for many unclean and stateless birds); the ruler of Yemen (Saleh) - though currently out of the news - is teetering on the bridge of uncertainty; and the once untouchable Pharoah of modern Egypt (Mubarak) will be packing his bags for a plush but soul-punishing exile in either Saudi Arabia, Tel Aviv, or some sympathetic western capitol any day now!

 

While all of this is taking place, oppressive monarchs and presidents-for-life (or so they thought!) are convening urgent closed doors meetings (with their western "advisors"), in an effort to determine what the short and long term implications of these dizzying developments may be for them.

 

The one thing that the governments of Tunisia, Yemen and Egypt have in common, is the extremely high level of disfavor with the people they supposedly governed for decades, and the equally high level of favor they enjoy (or used to enjoy)  with the United States and its closest allies!

 

And one of the greatest and most instructive ironies connected to all of this, is that with all of the material and diplomatic resource that Israel, America, a host of other western governments, and the always available string of Arab/Muslim puppets, have invested over the past three decades into destabilizing Iran (by any means necessary!), the Islamic Republic of Iran is about to celebrate 32 years of existence and progress!

 

 And ALLAH is surely the best of planners! (Long live the Revolution!)

 

El-Hajj Mauri' Saalakhan

 

 

P.S. please check out a thought-provoking, Muslim-American produced spoken word music video titled, "Silence Is Consent!" It comes to us courtesy of Nashid and Akanke, and their equally thought-provoking blog, "Ascertain The Truth." The message in the video is truly on point!

 

http://www.ascertainthetruth.com/att/index.php?option=com_content&view=article&id=450:video-silence-is-consent&catid=86:world-rule&Itemid=66

__._,_.___

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/