"04 August 2010" Archive

Amendment in Appendix 11B for Value addition (notified vide Public Notice No.42 dated 16.2.2010)

Public Notice No. 88/2009-14 (04/08/2010)

PUBLIC NOTICE No. 88/2009-14,Petroleum product(s) covered under SION Sl. No. A-2688, A-2689 and A-2690 of the product Group “Chemicals & Allied Products” i.e.: (i) Light Ends (LE) viz., Naphtha, Motor Spirit, Gasoline, Solvents, Reformate, Hexane, TAME, excluding C3, C4 Hydrocarbons and mixtures thereof; (ii) Middle Distlliates (MD)...

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Centralised Processing Centre (CPC) At Bangalore Performing Successfully

Centralized Processing Centre (CPC) at Bangalore is performing successfully. Till date, 26.99 alkh returns hgave been processed and over 3 lakh refunds have been issued at the Centralized Processing Centre, Bangalore....

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Posted Under: DGFT |

Deduction U/S 80CCF for investment in Long term Infrastructure Bonds Allowed

The Finance Act, 2010 has inserted a new section 80CCF in the Income Tax Act, 1961, which provides that an amount upto the extent of Rs. 20,000/- paid or deposited during the financial years 2010-11 as subscription to long-term infrastructure bonds shall be allowed as deduction in computing the income of an individual or a Hindu Undivided...

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Posted Under: DGFT |

Weighted Deduction Increased to 175% W.E.F 1st April 2010 For Sum Paid out of Buisiness Income to University and other Educational Institutions for Scientific Research And Development

The Income Tax Act, 1961, before amendment by Finance Act, 2010, allowed a weighted deduction of 125% for any sum paid out of business income to a university, college or other institution in case the amount is used for scientific research. Similar weighted deduction of 125% was also allowed for any sum paid out of business income to a nat...

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Posted Under: DGFT |

ICAI Announcement regarding services in service tax for November 2010 examinations

Applicability of services for November 2010 examinations:-Professional Competence Examination. It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual taxable services....

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Posted Under: DGFT | ,

Only 25 Indian Agents Allowed by RBI to Route Cross Border Inward Personal Remittances Into India under MTSS

(04/08/2010)

In terms of Section 4(1) of the payment and settlements Systems Act, 2007, no person other than the Reserve Bank shall commence or operate a payment system except under and in accordance with an authorization issued by the Reserve Bank under the provisions of the said Act. In terms of explanation of Section 2(1)(i) of the Act, a payment...

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Posted Under: DGFT |

RBI releases Discussion Paper on Engagement of 'for-profit' Companies as Business Correspondents (BCs)

The Reserve Bank of India today released on its website, a Discussion Paper on "Engagement of 'for profit' Companies as Business Correspondents (BCs)" to seek the views/comments of banks, non-banking financial institutions, ‘for-profit’ companies, regulators, academicians, NGOs and the public at large....

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Posted Under: DGFT | ,

Procedure for application for Accounts Office Identification Number (AIN) for Government offices required to file Form 24G

Introduction :-The Pay and Accounts Office (PAO)/ District Treasury Office (DTO)/ Cheque Drawing and Disbursing Office (CDDO) are required to file Form 24G as per Income-tax Department Notification no. 41/2010 dated May 31, 2010. In case of an office of the Government, where tax has been paid to the credit of Central Government without th...

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Posted Under: DGFT |

Government Sets up a Committee for Comprehensive Review of National Small Savaings Fun

The Government has set up a committee headed by Deputy Governor, Reserve Bank of India (RBI) for comprehensive review of National Small Savings Fund (NSSF) Structure, interest rate, tenor and other administrative matters. The Terms of reference of the Committee include, interalia, review of the existing parameters for the small saving sch...

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Posted Under: DGFT |

Directorate of Currency set up in Ministry of Finance to Monitor and Review Efficacy of Existing Security features in Currency Notes

The Directorate of Currency has been set up in the Ministry of Finance as a permanent body to monitor and review the efficacy of the existing security features in the currency notes, study best practices prevailing in other countries, drive and fund research and Development (R&D) on continuous basis and act as a clearing house on research...

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Posted Under: DGFT |

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