Fwd: TaxGuru : “Download, know and FAQ on Form 15G & Form 15H (Updated)” plus 30 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Jul 8, 2011 at 10:14 AM
Subject: TaxGuru : "Download, know and FAQ on Form 15G & Form 15H (Updated)" plus 30 more
To: palashbiswaskl@gmail.com

TaxGuru : "Download, know and FAQ on Form 15G & Form 15H (Updated)" plus 30 more

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• Download, know and FAQ on Form 15G & Form 15H (Updated)
• ERP Software expenditure allowable as revenue expenditure – Bombay HC
• E-filing of Income Tax return in respect of companies under liquidation
• Assigns the function of proper officer to DRI, Preventive Commissionerates, DGCEI and Central excise officers for the purposes of Section 17 and 28 of the Customs Act, 1962
• Amendment of the Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979
• Company Law – HC dismisses Petition filed under section 397 and 398 of the Companies Act 1956 as Cause of action no longer survives
• Gross direct tax collections in first quarter of 2011-12 up by 23.91 percent
• Transactions in Government Securities –Extension of DvP III facility to Gilt Account Holders
• The Micro Finance Institutions(Development and Regulation) Bill, 2011
• Infrastructure Lending and Financial Inclusion high on Agenda
• Invitation of Expression of Interest (EOI) for developing XBRL Taxonomies
• RBI'S Master Circular dated 1-7-2011 on Compounding of Contraventions under FEMA, 1999
• FEMA – RBI's Master Circular dated 1-7-2011 on import of goods and services
• FEMA – RBI's Master Circular dated 1-7-2011 on Non-Resident Ordinary rupee (NRO) account
• Foreign Contribution (Regulation) Act, 2010 not to apply to all bodies constituted or established by or under a Central Act or a State Act requiring to have their accounts compulsorily audited by the Comptroller and Auditor General of India
• Policy Guidelines for expansion of FM Radio Broadcasting services through private agencies (Phase-Ill)
• RBI'S Master Circular dated 1-7-2011 on Memorandum of Instructions for Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses
• RBI's Master Circular dated 1-7-2011 on acquisition and transfer of immovable property in India by NRIs/PIOs/foreign nationals of non-Indian origin
• RBI's Master Circular dated 1-7-2011 on establishment of liaison/branch/project offices in India by foreign entities
• Master Circular on Remittance Facilities for Non-Resident Indians/Persons of Indian Origin/Foreign Nationals
• FEMA – RBI's Master Circular dated 1-7-2011 on Miscellaneous Remittances from India – Facilities for Residents
• Amendment/modification of SION, J-373 – DGFT Public Notice No. 63/(RE-2010)/2009-2014
• MODIFICATION OF SION C-1058 under Engineering Product Group – Public Notice No. 62/(RE-2010)2009-2014
• Insurance – Reporting Formats under clause 3.2 of Master Circular 2010 on AML/CFT guidelines
• Insurance – Prevention of Money Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Third Amendment Rules, 2010
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Gandhigram Trust, Tamilnadu -Amendment in Notification No. S.O.1295(E),dated 4-6-2008
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – National Association for the Blind, Mumbai – Amendment in Notification No. S.O.1111(E),dated 8-8-2005
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Dr. M.L. Dhawale Memorial Trust, Mumbai
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Pratham Delhi Education Initiative, New Delhi
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Disha Charitable Trust, Gujarat
• RBI Master Circular on Wilful Defaulters

Download, know and FAQ on Form 15G & Form 15H (Updated) Posted: 07 Jul 2011 08:55 PM PDT Everyone is aware that Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ERP Software expenditure allowable as revenue expenditure – Bombay HC Posted: 07 Jul 2011 07:28 PM PDT CIT vs. Raychem RPG Ltd (Bombay High Court) - When we apply this functional test suggested by the Special Bench of the Tribunal, we find that impugned software does not form part of the profit making apparatus of the assessee and hence the same is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

E-filing of Income Tax return in respect of companies under liquidation Posted: 07 Jul 2011 07:01 PM PDT GENERAL CIRCULAR NO. 41/2011 The Official Liquidators have reported that they are facing problems in e-filing of Income Tax Returns in compliance as they are required to mention PAN No. of the person who files the return, representing the company ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Assigns the function of proper officer to DRI, Preventive Commissionerates, DGCEI and Central excise officers for the purposes of Section 17 and 28 of the Customs Act, 1962 Posted: 07 Jul 2011 06:57 PM PDT Notification No.44/2011-Customs (N.T.) In exercise of the powers conferred by sub-section (34) of section 2 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby assigns the functions of the proper officer to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment of the Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979 Posted: 07 Jul 2011 06:53 PM PDT The Union Cabinet today gave its approval to amend the title of the Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979 to 'Inter State Migrant Workers (Regulation of Employment and Conditions of Service) Act,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Company Law – HC dismisses Petition filed under section 397 and 398 of the Companies Act 1956 as Cause of action no longer survives Posted: 07 Jul 2011 06:52 PM PDT NISCHINTAPUR TEA CO. LTD Versus SUBRATA SEN & ORS ( Calcutta High Court) - An application under Section 397 and 398 of the Companies Act, 1956 (hereinafter 'the Act') was filed in this court way back in 1985. It was numbered as C.P. No. 252 of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Gross direct tax collections in first quarter of 2011-12 up by 23.91 percent Posted: 07 Jul 2011 06:41 PM PDT Gross direct tax collections during the first quarter of the current fiscal (April - June 2011) were up by 23.91 percent at Rs.104,136 crore as against Rs.84,041 crore. While gross collection of corporate taxes was up 23.49 percent (Rs.68,223 crore... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transactions in Government Securities –Extension of DvP III facility to Gilt Account Holders Posted: 07 Jul 2011 06:03 PM PDT IDMD.PCD.06/14.03.07/2011-12 The settlement of trades in Government securities through CCIL was shifted from DvP II to DvP III with effect from April 02, 2004 videcircular IDMD.PDRD.05/10.02.01/2003-04 dated March 29, 2004. It was however clarified... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The Micro Finance Institutions(Development and Regulation) Bill, 2011 Posted: 07 Jul 2011 05:10 PM PDT A BILL to provide access to financial services for the rural and urban poor and certain disadvantaged sections of the people by promoting the growth and development of micro finance institutions as extended arms of the banks and financial... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Infrastructure Lending and Financial Inclusion high on Agenda Posted: 07 Jul 2011 05:01 PM PDT Union Finance Minister Shri Pranab Mukherjee will meet with the Chief Executive Officers of Public Sector Banks (PSBs) and Financial Institutions tomorrow in the national capital. During the meeting, the Finance Minister will do the annual review of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Invitation of Expression of Interest (EOI) for developing XBRL Taxonomies Posted: 07 Jul 2011 04:46 PM PDT Invitation for Expression of Interest from leading vendors for taxonomy creation and maintenance for "XBRL India", the local jurisdiction of XBRL International for developing XBRL taxonomies specified in 2 below. XBRL India, is registered as a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI'S Master Circular dated 1-7-2011 on Compounding of Contraventions under FEMA, 1999 Posted: 07 Jul 2011 04:15 PM PDT MASTER CIRCULAR NO. 8/2011-12, DATED 1-7-2011 If any person contravenes any provision of FEMA, 1999, or contravenes any rule, regulation, notification, direction or order issued in exercise of the powers under this Act, or contravenes any condition... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FEMA – RBI's Master Circular dated 1-7-2011 on import of goods and services Posted: 07 Jul 2011 04:07 PM PDT MASTER CIRCULAR NO. 7/2011-12, Import of Goods and Services into India is being allowed in terms of section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999), read with Notification No. G.S.R. 381(E), dated May 3, 2000 viz. Foreign... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FEMA – RBI's Master Circular dated 1-7-2011 on Non-Resident Ordinary rupee (NRO) account Posted: 07 Jul 2011 04:03 PM PDT MASTER CIRCULAR NO. 6/2011-12, DATED 1-7-2011 The acceptance of deposits by an Authorised Dealer/Authorised bank from persons resident outside India are regulated by the provisions of sub-sections (1) and (2) of section 6 of the Foreign Exchange... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Foreign Contribution (Regulation) Act, 2010 not to apply to all bodies constituted or established by or under a Central Act or a State Act requiring to have their accounts compulsorily audited by the Comptroller and Auditor General of India Posted: 07 Jul 2011 04:02 PM PDT ORDER S.O.1492(E), DATED 1-7-2011 SECTION 50 OF THE FOREIGN CONTRIBUTION (REGULATION) ACT, 2010 - POWER TO EXEMPT IN CERTAIN CASES - ACT NOT TO APPLY TO ALL BODIES CONSTITUTED OR ESTABLISHED BY OR UNDER A CENTRAL ACT OR A STATE ACT REQUIRING TO HAVE... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Policy Guidelines for expansion of FM Radio Broadcasting services through private agencies (Phase-Ill) Posted: 07 Jul 2011 03:55 PM PDT The Union Cabinet in its meeting today has approved the proposal of the Ministry of Information and Broadcasting to approve of the 'Policy Guidelines on Expansion of FM radio broadcasting services through private agencies (Phase-Ill)'. Cabinet has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI'S Master Circular dated 1-7-2011 on Memorandum of Instructions for Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses Posted: 07 Jul 2011 03:54 PM PDT MASTER CIRCULAR NO. 5/2011-12, This Master Circular consolidates the existing instructions on the subject of 'Memorandum of Instructions for Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses' at one... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on acquisition and transfer of immovable property in India by NRIs/PIOs/foreign nationals of non-Indian origin Posted: 07 Jul 2011 03:51 PM PDT MASTER CIRCULAR NO. 4/2011-12, DATED 1-7-2011 Acquisition and transfer of immovable property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin is regulated in terms of sub-sections (3), (4) and (5) of section 6 of the Foreign Exchange... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on establishment of liaison/branch/project offices in India by foreign entities Posted: 07 Jul 2011 03:47 PM PDT MASTER CIRCULAR NO. 3/2011-12, DATED 1-7-2011 Establishment of Branch/Liaison/Project Offices in India is regulated in terms of section 6(6) of Foreign Exchange Management Act, 1999, read with Notification No. FEMA 22/2000-RB, dated May 3, 2000 as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Master Circular on Remittance Facilities for Non-Resident Indians/Persons of Indian Origin/Foreign Nationals Posted: 07 Jul 2011 03:40 PM PDT MASTER CIRCULAR NO. 2/2011-12 Remittance facilities for Non-Residents/Persons of Indian Origin/Foreign Nationals are being governed by sub-sections (1) and (2) of section 6 of the Foreign Exchange Management Act, 1999 read with FEMA Notification... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FEMA – RBI's Master Circular dated 1-7-2011 on Miscellaneous Remittances from India – Facilities for Residents Posted: 07 Jul 2011 03:39 PM PDT MASTER CIRCULAR NO. 1/2011-12, DATED 1-7-2011 Miscellaneous remittance facilities for residents are allowed in terms of section 5 of the Foreign Exchange Management Act, 1999, read with Government of India Notification No. G.S.R 381(E) dated May 3,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment/modification of SION, J-373 – DGFT Public Notice No. 63/(RE-2010)/2009-2014 Posted: 07 Jul 2011 02:38 PM PDT PUBLIC NOTICE NO. 63/(RE-2010)/2009-2014 Earlier, in SION, J-373, there were four items, which were allowed for imports. Now, fifth import item i.e "Pesticides (Biocides/Fungicides/Herbicides/Insecticides)" is added in SION, J-373 alongwith Note 3. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MODIFICATION OF SION C-1058 under Engineering Product Group – Public Notice No. 62/(RE-2010)2009-2014 Posted: 07 Jul 2011 02:36 PM PDT Public Notice No. 62/(RE-2010)2009-2014 Under SION C-1058, till now, only Tubular Bags (Gaunlet) were permitted as an input at Sl No. 3 of the SION. Now, this is modified to permit an alternate item i.e. relevant sewn Gaunlet cloth. There is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance – Reporting Formats under clause 3.2 of Master Circular 2010 on AML/CFT guidelines Posted: 07 Jul 2011 01:08 PM PDT CIRCULAR NO. IRDA/F&I/CIR/AML/145/07/2011, DATED 4-7-2011 Attention is drawn to clause 3.2 of the Master Circular 2010 on AML/CFT guidelines wherein Reporting obligations under the Prevention of Money Laundering Act, and the Rules framed... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance – Prevention of Money Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Third Amendment Rules, 2010 Posted: 06 Jul 2011 10:04 PM PDT CIRCULAR NO. IRDA/F&I/CIR/AML/151/07/2011, DATED 5-7-2011 PREVENTION OF MONEY LAUNDERING (MAINTENANCE OF RECORDS OF THE NATURE AND VALUE OF TRANSACTIONS, THE PROCEDURE AND MANNER OF MAINTAINING AND TIME FOR FURNISHING INFORMATION AND... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Gandhigram Trust, Tamilnadu -Amendment in Notification No. S.O.1295(E),dated 4-6-2008 Posted: 06 Jul 2011 09:29 PM PDT NOTIFICATION NO. 69/2011 Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 1295(E), dated 4th June, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – National Association for the Blind, Mumbai – Amendment in Notification No. S.O.1111(E),dated 8-8-2005 Posted: 06 Jul 2011 09:28 PM PDT NOTIFICATION NO. 68/2011 Whereas by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) Number S.O. 1111(E), dated the 8th August, 2005, issued under sub-section (1) read with clause (b) of the Explanation to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Dr. M.L. Dhawale Memorial Trust, Mumbai Posted: 06 Jul 2011 09:27 PM PDT NOTIFICATION NO. 67/2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 862(E), dated the 12th December, 1997, issued under clause (b) of the Explanation to section 35AC of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Pratham Delhi Education Initiative, New Delhi Posted: 06 Jul 2011 09:26 PM PDT NOTIFICATION NO. 66/2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.915(E), dated the 27th August, 2002, issued under clause (b) of the Explanation to section 35AC of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Disha Charitable Trust, Gujarat Posted: 06 Jul 2011 09:25 PM PDT NOTIFICATION NO. 65/2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 2370(E), dated 3rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Master Circular on Wilful Defaulters Posted: 06 Jul 2011 09:11 PM PDT DBOD No. CID.BC. 1/20.16.003/2011-12 Pursuant to the instructions of the Central Vigilance Commission for collection of information on wilful defaults of Rs.25 lakhs and above by RBI and dissemination to the reporting banks and FIs, a scheme was... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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