It has been brought to the notice of the Board that some of the manufacturers of exempted goods are exporting such goods under bond. Subsequently, they claim refund of accumulated input credit under Rule 5 of the CENVAT Credit Rules, 2004.
A.P. (DIR Series) Circular No. 56, June 28, 2010 The provisions of section 15 of FEMA, 1999 permit compounding of contraventions and, as such it empowers the Reserve Bank to compound any contravention as defined under section 13 of the FEMA, except the contraventions under section 3 (a) of FEMA, on an application made by the person committing such contravention. Attention of all the Authorised Dealer Category – I (AD Category – I) banks and their constituents is invited in this regard to the Foreign Exchange (Compounding Proceedings) Rules, 2000 notified by the Government of India vide G.S.R.No.383 (E) dated 3rd May 2000 as amended from time to time (copy as on date given at Annex – I) and the A.P. (DIR Series) Circular No.31 dated February 1, 2005.
It was observed that issuance of the NCDs with original maturity of less than 1 year was unregulated either by Securities and Exchange Board of India (SEBI) or Government of India (GOI). Further, these instruments were issued with call / put options embedded in it, which imparted a ‘demand-liability’ like character to these instruments.
Guiding instructions for availability of names:-The procedure for scrutinizing the availability of names of new companies has recently been re-examined carefully in this Department, having taken into account the difficulties experienced by some Registrars in the following the instruction given to them vide Department’s Letter No 10/(19)-RS/61, dated 15-03-1962.
Government has approached 65 countries, including Switzerland and tax haven nations, to revise a tax information exchange treaty with them to include fresh details while sharing bank-related information of individuals and other entities.
This article summarizes the service tax notifications issued in context of the effective date of implementation of the Finance Act, 2010. Finance Act, 2010 received Presidential assent on 8 May 2010 and eight new services have been brought within the ambit of service tax. Notification no. 24/2010 dated 22 June 2010 has specified the effective date of operation of the Finance Act 2010, as 1 July 2010.
Policy holders of Unit Linked Insurance Plans (ULIPs), who wish to pre-maturely withdraw, can now be glad as their investment will soon have some protection. The Insurance Regulatory and Development Authority (IRDA) are planning to limit cut in yield from the 6th year (of the policy) beyond, according to reliable sources.
The Income Tax (I-T) department is targeting a tax collection of Rs 3,379 crore during the 2010-11 financial year in Lucknow, which covers the Uttar Pradesh (East) districts. During 2009-10, the department made net tax collection of Rs 2,888 compared with Rs 2,614 during the previous year.
N an order sympathetic to public authorities who delay filing of appeals far beyond prescribed time limits, the Supreme Court has stated that their petitions should not be “thrown out on technicalities”. The court asserted that “in the legal arena, an attempt should always be made to allow the matter to be contested on merits, unless mala fides are writ large on the conduct of the party.”
The Bombay high court has once again ruled that members of a co-operative housing society who are in minority cannot obstruct a redevelopment project and must abide by the majority decision of the society, unless they show that here is some prejudice caused to them or a fraud has been committed.
