Posted: 14 Mar 2011 11:57 AM PDT

The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs. 10 lakh will not be scrutinised in a routine manner. "It has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns in ITR-1 and ITR-2 will be subjected to scrutiny only...

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changes in CENVAT Credit Rules, 2004 in Budget 2011

Posted: 14 Mar 2011 11:02 AM PDT

A number of changes have been brought about in CENVAT Credit Rules, 2004 (Notification 3/2011-CE (NT) dated 01.03.2011). The changes in CENVAT Credit Rules are guided, inter-alia, by the following considerations: Describe the scope of eligible inputs and input services more clearly so as to minimize disputes in their interpretations; Eliminate distortions and areas of tax avoidance arising...

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