"13 November 2009" Archive

Electronic filing of service tax returns will be compulsory in next two months

The government will make electronic filing of service tax mandatory within a couple of months, said a senior official of the Central Board of Excise and Customs (CBEC). Electronic filing of service tax will be made compulsory in the next two months, CBEC member Y G Parande told reporters on the sidelines of a PHD chamber seminar. ...

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Posted Under: Service Tax |

Block assessments can be reopened U/s. 147/148

CIT Vs M/S Peerchand Ratanlal Baid (HUF) [Guwahati High Court]

The AO passed a block assessment order u/s 158BC by which he assessed the undisclosed income of the assessee at Rs. 24.37 L. Subsequently, he passed an order by which he added a further sum of Rs. 13.66 L to the said undisclosed income without issuing a notice u/s 148. The Tribunal allowed the appeal on the ground that the AO could not ha...

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Notification No. 173/2009-Customs Duty (N.T.), Dated: 13.11.2009

Notification No. 173/2009-Customs (N. T.) 13/12/2009

The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No. 36/2001 - Customs (N.T.), dated, the 3rd August, 2001 (S. O. 748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 159/2009-Customs (N.T.), dated, the 30th October, 2009 (S. O. 2734 (E) dated 30th October, 2009...

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Public Notice No. 17/2009-2014, Dated: 13.11.2009

Public Notice No. 17/2009-2014 13/11/2009

Pre-shipment inspection certificate as per the format in Annexure-I to Appendix 5, from any of the Inspection & Certification agencies given in Appendix-5, to the effect that the consignment was checked for radiation level and scrap does not contain radiation level (gamma and neutron) in excess of natural background....

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SEBI : Facilitating transactions in Mutual Fund schemes through Stock Exchange infrastructure

SEBI/IMD/CIR No.11/183204/2009 13/11/2009

Stock exchanges and mutual funds/AMCs, based on the experience gained may further improve the mechanism in the interest of investors. Necessary clarifications, if any, would be issued at appropriate time by SEBI in this regard....

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SEBI : Expiry Date for Equity Derivative Contracts

NA 13/11/2009

Based on recommendations of the Secondary Market Advisory Committee, it has been decided to allow flexibility to the Stock Exchanges to set the expiry date / day for equity derivative contracts...

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Prevention of Money laundering Act, 2002 – Obligations of NBFCs in terms of Rules notified thereunder

RBI/2009-10/ 220, DNBS(PD). CC 164/03.10.042/ 2009- 10 13/11/2009

The Prevention of Money Laundering (Amendment) Act, 2009 (No. 21 of 2009) has come into force with effect from June 01, 2009 as notified by the Government. In terms of Sub-Section 2(a) of Section 12 of The Prevention of Money Laundering (Amendment) Act, 2009 (PMLA, 2009), the records referred to in clause (a) of Sub-Section (1) of Section...

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RBI issued draft guidelines on Over the Counter (OTC) Forex Derivatives, Hedging and Freight Risk overseas

The Reserve Bank of India has, today, placed on its website the draft guidelines on OTC Foreign Exchange Derivatives and Hedging Commodity Price Risk and Freight Risk overseas (Annex) for public comments. ...

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Posted Under: Service Tax | ,

Circular No. 16/2009-2014, Dated: 13.11.2009

Circular No. 16/2009-2014 13/11/2009

A representation has been received from Zonal Joint Director General of Foreign Trade, Mumbai Office seeking clarification regarding calculation of Foreign Exchange earned for redemption of EPCG Authorizations issued to Service Providers in terms of provisions ofCircular No. 25 dated 01.01.2008....

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Madhu Koda associate deposited 640 crore cash in one branch of Mumbai bank

This seems to be the biggest slip by an Indian financial institution which is supposed to maintain heightened vigilance on suspicious and high-value cash transactions. At least Rs 640 crore was deposited in cash by one of the alleged front companies of former Jharkhand CM Madhu Koda in a state-owned bank in Mumbai. The bank failed to trig...

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Posted Under: Service Tax |

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