"16 February 2011" Archive

Manmohak Press Conference

Ravaged by many scandals and widely criticised the Prime Minister (PM) Manmohan Singh (MMS) eventually decided to break silence to reveal all. He has taken a heavy beating on his image as being the founders of India's economic boom to someone who did...

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Posted Under: Finance |

Section 80 – No penalty if no evidence adduced to contend that the respondents deliberately failed to pay service tax

Commissioner of Central Excise Vs G V Associates (CESTAT Chennai)

. The respondent functions as loan processor between ICICI bank, Home Finance Co. Ltd. and the borrowers. The bank collects processing fee from the borrowers. Out of the amount so collected as processing fee, some portion is paid to the respondent as commission for their services. The department was of the view that the respondents render...

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Leagal Metrology ( Packaged Commodity) Act,2011

and (q) o f sub-section (2)  of section 52 of the Legal Metrology Act 2009, (1 of 2010), the Central Government hereby mak es the following rules, namely:- 1. Short title, and Commencement.- (1)These  rules  may  b e  called  The  Legal  Metrology  (Packaged  Commodities)  Rules, (2) ...

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Posted Under: Finance |

Regarding anti dumping duty on Circular Weaving Machines originating in or exported from China PR

Notification No. 10/2011-Customs (16/02/2011)

Whereas the designated authority in its preliminary findings vide notification number 14/25/2008-DGAD, dated the 16th February, 2010, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 16th February, 2010, had come to the conclusion that various parameters relating to domestic industry collectively and cumul...

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CPC Bangalore gets Gold Award for Excellence in Government Process Re-engineering

The Centralized Processing Center of the Income Tax Department at Bangalore, which was established to mass-process Income Tax Returns has bagged the Gold Award in the category "Excellence in Government Process Re-engineering" at the 14th National e-G...

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Posted Under: Finance |

Direct and Indirect Tax Laws (2010) Relevant for May 2011 ICAI Exams

The Board of Studies has been bringing out publications in the area of direct and indirect tax laws to help the students update their knowledge regarding statutory developments and judicial rulings on a continuous basis. “Select Cases in Direct and I...

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Posted Under: Finance |

OECD growth indicator points to slowdown in India

The growth outlook for major industrialised economies is picking up, although big differences in momentum remain between countries, the OECD's leading indicator for December showed on Monday. The Paris-based Organisation for Economic Development an...

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Posted Under: Finance |

FM may soon allow 9.50 Per Cent Interest on PF deposits for financial Year 2010-11

Finance Minister Pranab Mukherjee will soon give the green signal to the payment of 9.5 per cent interest rate on provident fund deposits during 2010-11, a senior government official said on Tuesday. "We can get ratification on 9.5 per cent for th...

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Posted Under: Finance |

2G Spectrum case- No suo-moto investigation by Ministry of Corporate Affairs

No suo-moto investigation is being carried out by the Ministry of Corporate Affairs into telecom companies involved in 2G Spectrum case within the Provisions of the Companies Act 1956. However, clarification and/or information are provided as and whe...

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Posted Under: Finance |

Insurance – Insurance schemes sponsored by Governments

CIRCULAR NO. IRDA/CHM/MISC/CIR/029/02/2011, (10/02/2011)

CIRCULAR NO. IRDA/CHM/MISC/CIR/029/02/2011, DATED 10-2-2011 All the insurers are required to comply with the File and Use procedure for each product that is being offered in the market. However, with regard to the insurance products offered by insurers for schemes sponsored by the State and Central Governments, it is noted that the insure...

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