Notification [F.No. 1/9/2011-NS-II], PIB Press Release, Dated: 26-11-2011, Direct Tax Notification, Dated: 25-11-2011 [F.No. 1-12-2011-NS-II], Reassessment, PIB Press Release, Setting up of Biotechnology Industry Research Assistance Council, Income T

---------- Forwarded message ----------
From: CA Saiprasad Bagrecha <saiprasadbagrecha@gmail.com>
Date: Fri, Dec 2, 2011 at 10:15 AM
Subject: {jalgaoncas} Notification [F.No. 1/9/2011-NS-II], PIB Press Release, Dated: 26-11-2011, Direct Tax Notification, Dated: 25-11-2011 [F.No. 1-12-2011-NS-II], Reassessment, PIB Press Release, Setting up of Biotechnology Industry Research Assistance Council, Income T
To:

Dear All,

Find enclosed text on the above topics, new notifications, Press Release, Case Laws etc.

 

 

http://www.indiantaxhome.com/2011/12/notification-dated-25-11-2011-fno.html

 

 

Section 3 of the Public Provident Fund Act, 1968 (23 of 1958) — Amendment to the Public Provident Fund Scheme, 1968

 

Section 3 of the Public Provident Fund Act, 1968 (23 of 1958) - Amendment to the

Public Provident Fund Scheme, 1968

 

 

http://www.indiantaxhome.com/2011/12/pib-press-release-dated-26-11-2011.html

 

India and Nepal to Sign Revised Double Taxation Avoidance Agreement; Finance Minister to Leave for a Day's Visit to Nepal Tomorrow

 

Double Taxation Avoidance Agreement (DTAA) between India and Nepal will be signed

tomorrow by the Finance Ministers of both the countries in Kathmandu.

 

 

http://www.indiantaxhome.com/2011/12/direct-tax-notification-dated-25-11.html

 

Notification regarding authorised Standardised Agency System (SAS) and Mahila Pradhan Kshetriya Bachat Yojana (MPKBY) for canvassing/securing investments in the small savings schemes

 

The Central Government hereby notifies that the authorised Standardised Agency System

 

 

 

http://www.indiantaxhome.com/2011/12/reassessment.html

 

The requirement of "new material" coming in possession of the AO as a prerequisite for the reassessment is applicable only where he made an assessment earlier — as held by MumTrib in ACIT v Maersk Global Service Center (India) P Ltd — In favour of: The assessee.

 

 

http://www.indiantaxhome.com/2011/12/pib-press-release-setting-up-of.html

 

 

The Union Cabinet today approved the setting up of "Biotechnology Industry Research

Assistance Council (BIRAC)" as 'not-for-profit' section 25 company with a vision to

stimulate, foster and enhance the strategic research and innovation capabilities of the Indian

biotech industry particularly SME's, to make India globally competitive in biotech innovation

and entrepreneurship and to create affordable products and services.

 

 

 

http://www.indiantaxhome.com/2011/12/income-tax-relief-to-world-cup-devoid.html

 

The Parliament's standing committee on finance has said the Rs 45 crore tax exemption extended to the International Cricket Council (ICC) for the World Cup was "unjustified and devoid of merit". The committee also said that it is not convinced about the tenability of the tax exemption given to the ICC as the World Cup had received huge sponsorships and was patronised by the corporate sector in a big way.

 

 

 

http://www.indiantaxhome.com/2011/12/registration-under-s-12aa.html

 

Charitable trust — The principles laid down for excluding the income from consideration under s 10(23)(C) or ss 11 and 12 are not applicable while considering the application for registration under s 12AA — as held by PHHC in CIT v Surya Educational & Charitable Trust and Anr — In favour of: The assessee.

 

 

 

http://www.indiantaxhome.com/2011/12/capital-gains.html

 

For the purposes of s 2(47), in property matters, a transfer shall be deemed to be effected on the date on which the sales deed was registered and the capital gain was liable from the date of registration of the sales deed, as held by DelTrib in ACIT v Bishan Lal [HUF] and Anr — In favour of: The revenue.

 

 

 

http://www.indiantaxhome.com/2011/12/private-debt-placements-fall-to-rs-102.html

 

A high interest rate regime seems to be affecting the companies' appetite for raising capital through private placement of debt securities or bonds, as the quantum of such funds dropped by 12 per cent in the first half of the current fiscal. According to data compiled by Prime Database, Indian firms mopped-up Rs 1,02,590 crore through 96 debt private placements during April-September period of current fiscal, down from Rs 1,16,524 crore mobilised in the year-ago period.

 

 

http://www.indiantaxhome.com/2011/12/rupee-fell-record-7-in-november.html

 

The rupee suffered the worst fall in 16 years in November, plunging nearly seven per cent and hitting a record low, as persistent dollar demand from importers and portfolio outflows due to global risk aversion pounded the local unit.

 

 

 

http://www.indiantaxhome.com/2011/12/banks-can-now-open-branches-in-tier-2.html

 

The Reserve Bank relaxed branch authorisation policy, allowing banks to open administrative office or service branch in cities with population of over 50,000 but less than 1 lakh without its approval.

 

 

http://www.indiantaxhome.com/2011/12/foreign-healthcare-services-companies.html

 

Foreign healthcare services firms are not liable for tax in India as payments for such services cannot be construed as royalty, according to a ruling by a Mumbai tax tribunal.

 

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