In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government makes the following amendment in Notification No 29(RE – 2010)/2009-2014 dated 01.03.2011 read with Notification No 24(RE – 2010)/2009-2014 dated 18.02.2011. This will be with immediate effect.
In exercise of the powers conferred by Para 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in Public Notice No. 36 (RE-2010)/2009-2014 dated 01.03.2011 relating to procedure for export of 1,50,000 MTs of Non Basmati Rice( Sona Masuri, Ponni Samba & Matta rice varieties). Notification No. 21(RE-2010)/2009-2014 dated 10th February 2011 had permitted export of these 3 varieties of rice with respective quantity ceilings.
When the Securities and Exchange Commission brought charges against former Goldman Sachs director Rajat Gupta in an administrative proceeding — rather than in federal court — it signaled a possible new front in the SEC’s pursuit of insider-trading cases. The SEC typically sues insider-trading defendants in federal court; Gupta will instead be defending himself in a court that is an arm of the agency that is suing him, in a proceeding overseen by an administrative law judge who works for the agency.
The Reserve Bank of India today released the Statistical Tables Relating to Banks in India – an annual publication that provides key information on banks. The publication covers bank-wise and bank group-wise information on major items, such as, liabilities and assets, income and expenses, non-performing assets, financial ratios, spatial distribution of offices, number of employees and details of priority sector advances. It also provides bank group-wise monthly data on some of the major items, such as, aggregate deposits, liabilities to the banking system, assets with the banking system, investments, bank credit and sector-wise and industry-wise gross bank credit.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government makes the following amendment in Notification No 29(RE – 2010)/2009-2014 dated 01.03.2011 read with Notification No 24(RE – 2010)/2009-2014 dated 18.02.2011. This will be with immediate effect.
You kind attention is invited to the amendment made vide Notification No. 41/2010 dated 31 May 2010 and the notable features of the amended TDS Rules which are applicable to the month of March and to the Quartered ended 31st March 2011 are as under: (a) Time limit for deposit of TDS for the entire month of March will be 30th April instead of two separate time limits viz. 7th April for TDS up to 30th March and 31st May for TDS as of 31st March.
Under the existing provisions of the IT Act, dividend received from foreign subsidiary companies is taxable in the hands of the Indian parent company @ 30% (plus applicable surcharge and cess). This acts as a major disincentive for the Indian parent companies having subsidiaries outside India, as the profits of foreign subsidiaries are already taxed outside India and the dividends distributed are out of such after-tax profits.
Under the existing provisions of section 10AA of the IT Act, a deduction of 100% is allowed in respect of profits and gains derived by a unit located in a SEZ from the export of articles or things or services for the first 5 consecutive AYs; of 50% for further 5 AYs and thereafter, of 50% of the ploughed back export profit for the next 5 AYs. The profits of such units are excluded for the purpose of levy of MAT based on book profits. It is proposed to bring profits of such units within the purview of MAT based on book profits @ 18.50% (plus applicable surcharge and cess).
It logically follows that Parliament is not empowered to legislate with respect to extra-territorial aspects or causes that have no nexus whatsoever with India,” a five-judge Constitution bench headed by Chief Justice S H Kapadia said. The apex court said it did not agree that Parliament, on account of its alleged absolute legislative sovereignty, should be deemed to have the powers to enact any and all legislation, even without the requirement that it is for the benefit of India.
The Delhi High Court Monday directed the Comptroller and Auditor General (CAG) to submit its audit report on 25 elite private schools that had complained of facing a financial burden because of having to pay teachers higher salaries recommended by the 6th Pay Commission. Justcice A.K. Sikri and Justice Siddharth Mridul said: ‘CAG will have to submit its audit report by March 18. The Delhi government grievance department should also give us the details of complaint they have received from parents regarding fee hike issue in a year or two.
