Fwd: TaxGuru : “Scrap in the nature of bye-product of industrial operations, would qualify for deduction u/s 80IB” plus 23 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sat, Sep 10, 2011 at 9:51 AM
Subject: TaxGuru : "Scrap in the nature of bye-product of industrial operations, would qualify for deduction u/s 80IB" plus 23 more
To: palashbiswaskl@gmail.com

TaxGuru : "Scrap in the nature of bye-product of industrial operations, would qualify for deduction u/s 80IB" plus 23 more

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• Scrap in the nature of bye-product of industrial operations, would qualify for deduction u/s 80IB
• Margarine is edible oil and eligible for concessional tax of 4 percent – SC
• If the products are capable of classification under two chapter headings, then the classification must be under the heading which occurs last in the numerical order- Sc
• Depository Participants – Frequently Asked Questions (FAQs)
• Credit Rating Agencies – Frequently Asked Questions (FAQs)
• Documents pertaining to the transactions in relation to which PAN to be quoted
• Criteria / Guidelines for Income tax Scrutiny for Assessment year 2010-11 / Financial Year 2009-2010
• Govt may soon make Registration of Marriages Compulsory
• Comments Invited on the draft National Competition Policy version – II
• Madras High Court Dismisses Petition Challenging Exemption of CBI from RTI
• Stuffing of export containers under supervision of Central Excise Officers – regarding
• Compliance of the provisions of Companies Act, 1956 and Rules made thereunder – General Circular No. 63/2011
• Verify MEF declaration status as on 23-08-201
• Statutory audit of public sector and private/foreign banks simultaneously
• Application for allotment of PAN and documents required as identity and address proof
• PF and ESI Act covers unskilled workers too
• India's External Debt – A Status Report 2010-11
• Export Grows 44.2 Per Cent in August at US $ 24.3 Billion – Commerce Secretary
• Govt bans export of all varieties of onions
• Government removes ban on export of wheat
• SEBI (Mutual Funds) (Amendment) Regulations, 2011 – Amendment in Regulations 24, 25, 36, 43, 44, 56 and Insertion of Chapter VI-B
• RBI Guidelines on Base Rate
• Govt removes ban on export of non-Basmati rice
• Online transmission of DES (Advance Authorization), EPCG and DEPB at ICD Karur(INKAR 6) w.e.f. 12.09.2011 – regarding

Scrap in the nature of bye-product of industrial operations, would qualify for deduction u/s 80IB Posted: 09 Sep 2011 08:56 PM PDT Mamania Family Trust vs ACIT (ITAT Mumbai) - Where scrap has direct nexus with the industrial operations thereby implying that to the extent scrap is in the nature of bye-product of industrial operations, the same would qualify for deduction... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Margarine is edible oil and eligible for concessional tax of 4 percent – SC Posted: 09 Sep 2011 08:14 PM PDT Aluva Sugar Agency Vs. State of Kerala (SC) - Upon perusal of the Circular dated 19th February, 1996, explaining the term 'edible oil', we find that intention of the government was to give relief in tax to edible oils. So as to clarify the doubt,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If the products are capable of classification under two chapter headings, then the classification must be under the heading which occurs last in the numerical order- Sc Posted: 09 Sep 2011 07:52 PM PDT Commnr. of Central Excise, Noida Vs. Kitply Industries Ltd. (SC)- Whether laminated panels of particle and medium density fiber board should be classified under sub- heading no. 4406.90 and 4407.90 or under sub­heading no. 4408.90? In the instant... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Depository Participants – Frequently Asked Questions (FAQs) Posted: 09 Sep 2011 07:27 PM PDT 1. What is a depository? A 'Depository' is a provider of facility for holding securities in book entry or electronic form. It is a kind of bank for securities like shares, debentures, bonds, etc. It also facilitates transactions in the securities... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Credit Rating Agencies – Frequently Asked Questions (FAQs) Posted: 09 Sep 2011 07:21 PM PDT 1. What is the full form of CRA? The full form of CRA is Credit Rating Agency. 2. What is a credit rating agency? A credit rating agency is an entity which assesses the ability and willingness of the issuer company for timely payment of interest and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Documents pertaining to the transactions in relation to which PAN to be quoted Posted: 09 Sep 2011 06:56 PM PDT Every person shall quote his permanent account number in all documents pertaining to the transactions specified below, namely :— (a) sale or purchase of any immovable property valued at five lakh rupees or more; (b) sale or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Criteria / Guidelines for Income tax Scrutiny for Assessment year 2010-11 / Financial Year 2009-2010 Posted: 09 Sep 2011 06:45 PM PDT Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection for scrutiny this year will be limited only to a few cases listed below. List of cases selected during each month in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt may soon make Registration of Marriages Compulsory Posted: 09 Sep 2011 06:40 PM PDT The Supreme Court vide its judgment dated 14.02.2006 in Seema Vs. Ashwani Kumar (AIR 2006 S.C 1158) has directed the State Governments and the Central Government that marriages of all persons who are citizens of India belonging to various religious... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Comments Invited on the draft National Competition Policy version – II Posted: 09 Sep 2011 07:58 AM PDT Comments Invited By 19th September, 2011 from chambers of the industries, corporates, law firms, members of civil society or other stakeholders on the draft National Competition Policy version - II to the Ministry. Comments can be sent by mail at... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Madras High Court Dismisses Petition Challenging Exemption of CBI from RTI Posted: 09 Sep 2011 07:51 AM PDT Hon'ble Chief Justice of the High Court in his judgement has pronounced that the notification issued by the Centre exempting CBI from RTI U/s 24 is valid on the grounds of national security and intelligence. The Court saw no justification for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Stuffing of export containers under supervision of Central Excise Officers – regarding Posted: 09 Sep 2011 07:39 AM PDT Circular No. 952/13/2011-CX, Board has received several representations from Associations, Chambers of Commerce, Trade Bodies etc., about the divergent procedures followed by the field formations regarding examination and stuffing of export... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Compliance of the provisions of Companies Act, 1956 and Rules made thereunder – General Circular No. 63/2011 Posted: 09 Sep 2011 07:35 AM PDT General Circular No. 63/2011,The Ministry has issued General Circular No. 33/2011 dated 01.06.2011 wherein it was informed that in order to ensure corporate governance and proper compliances of provisions of Companies Act, 1956, no request, whether... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Verify MEF declaration status as on 23-08-201 Posted: 09 Sep 2011 03:33 AM PDT MEF declaration received status as on 23-08-2011 can be verified at the link given below http://www.meficai.org/declarations_recieved.jsp [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Statutory audit of public sector and private/foreign banks simultaneously Posted: 09 Sep 2011 03:09 AM PDT In terms of the existing guidelines, an audit firm can take up statutory central audit of one PSB, four private sector banks and four foreign banks simultaneously each year. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Application for allotment of PAN and documents required as identity and address proof Posted: 08 Sep 2011 11:04 PM PDT Application for allotment of a permanent account number. 114. (1) An application under sub-section (1) [or sub-section (1A) or sub-section (2) or sub-section (3)] of section 139A for allotment of a permanent account number shall be made in Form... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

PF and ESI Act covers unskilled workers too Posted: 08 Sep 2011 10:10 PM PDT The Employees' Provident Funds & Miscellaneous Provisions Act, 1952 is applicable to all employees working in such establishments which are employing 20 or more workers and is falling under any of the Schedule Heads or class of establishments... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India's External Debt – A Status Report 2010-11 Posted: 08 Sep 2011 10:06 PM PDT The Department of Economic Affairs, Ministry of Finance is coming out with the Seventeenth Issue of the Annual Publication entitled 'India's External Debt: A Status Report 2010-11' that presents a detailed analysis of India's external debt position... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Export Grows 44.2 Per Cent in August at US $ 24.3 Billion – Commerce Secretary Posted: 08 Sep 2011 10:02 PM PDT India's exports have registered a growth of 44.2% during August 2011, at US $ 24.3 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-August 2011, exports have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt bans export of all varieties of onions Posted: 08 Sep 2011 09:28 PM PDT Notification No 73 (RE – 2010)/2009-2014, The export of all varieties of onions is prohibited with immediate effect till further orders. But, transitional arrangements under para 1.5 of Foreign Trade Policy shall be allowed. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government removes ban on export of wheat Posted: 08 Sep 2011 09:27 PM PDT Notification No. 72 (RE-2010)/2009-2014, Export of wheat has been made free. Exports shall be only through Custom EDI ports. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI (Mutual Funds) (Amendment) Regulations, 2011 – Amendment in Regulations 24, 25, 36, 43, 44, 56 and Insertion of Chapter VI-B Posted: 08 Sep 2011 09:26 PM PDT NOTIFICATION NO. LAD-NRO/GN/2011-12/27668, DATED 30-8-2011 In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Guidelines on Base Rate Posted: 08 Sep 2011 09:26 PM PDT DBOD.Dir.BC.34 /13.03.00/2011-12 The National Scheduled Tribes Finance and Development Corporation (NSTFDC), a wholly owned Government of India Section 25 Company under the Ministry of Tribal Affairs, extends financial assistance at concessional... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt removes ban on export of non-Basmati rice Posted: 08 Sep 2011 09:26 PM PDT Notification No 71 (RE – 2010)/2009-2014, All varieties of non-Basmati rice have been made free for export out of privately held stocks. Export shall be only through Custom EDI ports. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Online transmission of DES (Advance Authorization), EPCG and DEPB at ICD Karur(INKAR 6) w.e.f. 12.09.2011 – regarding Posted: 08 Sep 2011 09:25 PM PDT Policy Circular No. 40 (RE-2010)/2009-14, As and when Customs (CBEC) have conveyed their readiness to implement on-line message exchange between Customs and DGFT, Policy Circulars have been issued from time to time by DGFT indicating the names and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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