PPF Amendment

Limit of yearly investment in PPF has been increased to Rs. 1,00,000/- and interest rate increased to 8.6% p.a w.e.f 01.12.2011.

CBDT Notification dated 27.04.2011 on refund of excess TDS deposit

CBDT has issued notification on refund of excess TDS paid, please refer the link.

COMPANY NAME AVAILABILITY RULES AND DIN RULE SIMPLIFIED

THE MCA has simplified the DIN Rule, Now DIN can be approved at the same time of filing of all documents along with attestation by professionals.
Further Company Name Draft Rules has been prepared which is available on MCA website.
Now practicing professionals have to be more cautious while approving any forms certifing before filing to Registrar.

TAX FORMS

New tax Forms has been Notified by the CBDT for the AY 2011-2012.

INCOME TAX PROVISION WITH RESPECT TO LLP

LLP INCORPORATED IN INDIA WILL BE ASSESSED AS IF IT IS A PARTNERSHIP FIRM. SECTION
10(23) OF INCOME TAX ACT STATES THAT "FIRM" SHALL INCLUDE LLP, "PARTNER" SHALL
INCLUDE PARTNER OF LLP.

HOWEVER LLPs INCORPORATED OUTSIDE INDIA (FOREIGN LLPs) SHALL BE TAXED AS "COMPANY".