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Category: Spotlight Part A

Direct Taxes

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The Finance Bill 2011, received the Presidential Assent on 8-4-2011.

The Finance Bill 2011, received the Presidential Assent on 8th April, 2011.

Circular No. 1/2011 F. NO. 142/1/2011-SO(TPL), dated 6-4-2011 regarding Explanatory notes to the provisions of the Finance Act, 2010.

New tax return forms notified — Notification No. S.O. 693(E), dated 5-4-2011.

For the A.Y. 2011-12, the CBDT has notified new Income Tax Return Forms Sahaj for individual tax returns and Sugam for taxpayers falling under the presumptive taxation scheme as prescribed.

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Scrutiny norms for small taxpayers and senior citizens — Press Release dated 14-3-2011.

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In the aforementioned Press Note, during the financial year 2011-2012, the CBDT has decided not to subject to scrutiny small taxpayers being individuals and HUFs who have their annual taxable income less than 10 lakhs before availing deduction under Chapter VIA and senior citizens (age 60 and above), except when the tax officers have credible information.

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Changes in conditions to be fulfilled by a recognised Stock Exchange — Incometax (First Amendment) Rules, 2011 dated 4-3-2011.

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The CBDT has amended Rule 6DDA wherein the recognised Stock Exchange shall ensure that the transactions entered in respect of cash and derivative markets once registered cannot be erased. Further, in case there are genuine errors and such transactions are modified, a monthly report needs to be filed with the Tax Department within 15 days from the end of each month in prescribed Form 3BB.

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United Stock Exchange of India notified as a recognised stock exchange.

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United Stock Exchange of India notified as a recognised stock exchange for the purpose of definition of speculative transaction u/s.43(5) — Notification No. 12/2011, dated 25-2-2011.

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