"09 March 2011" Archive

ROC fees up to Rs. 50000 can be paid only online w.e.f. 27th March, 2011

Cirular No. HQ/9/2002 09/03/2011

Ministry has reviewed the processes involved in delivery of important services to stakeholders, with a view to identify and improve the components causing delay in disposal of applications. Payment confirmation is found to be a major bottleneck in delivery of services in respect of offline payment made by physical challans ....

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Sibal Launches“E-Post Office”, The E-Commerce Portal of India Post

Shri Kapil Sibal, the Union Minister of Communications and Information Technology(C&IT) launched today “e-post office”, the e-Commerce portal of India Post. The portal will enable the customers to transact postal business any time and from anywhere using either debit card or credit card through the medium of internet. Speaking on the ...

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Posted Under: Company Law |

Impact of FTA with EU on Garments Export

European Union (EU) has been raising protective barriers against Textiles & Garments exports from India through various Non- Tariff barriers such as Labelling Certification and REACH (Registration, Evaluation, Authorisation and Restriction of Chemical Substances)....

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Posted Under: Company Law |

Exemption of Import Duty on Items from ASEAN

Under the India-ASEAN Trade in Goods Agreement, tariff concessions have been offered by India on certain items imported from ASEAN courtiers. Details of these items and concessions thereof are in public domain. The India-ASEAN Trade in Goods Agreement has so far been implemented between India and 8 ASEAN members. Member countries, namely ...

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Posted Under: Company Law |

Net Direct Tax Collections during April-February-2011 Increase to Rs. 3,36,177 Crore, up by 20.75 Percent

Press Release No.402/92/2006-MC (06 of 2011) 09/03/2011

Net direct tax collections during the period April-February 2011 stood at Rs.3,36,177 crore, up from Rs.2,78,411 crore in the same period during last fiscal, The collections thereby registered a growth of 20.75 percent. Growth in Corporate Income Tax during this period was 24.01 percent (Rs.2,23,612 crore as against Rs.1,80,318 crore), wh...

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Penalty imposed on 18 persons named by German authorities- FM

The government has imposed a penalty of Rs 24.66 crore on 18 individuals who have bank accounts with LGT Bank of Liechtenstein on the basis of information provided by the German authorities, Finance Minister Pranab Mukherjee told the Rajya Sabha. In a written reply to the Upper House, Mukherjee said that notices for imposition of penalty ...

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Posted Under: Company Law |

Govt can attach fraudulent nbfcs properties

In a major relief to lakhs of depositors duped by fly-by-night non-banking financial companies, the Supreme Court on Tuesday ruled that the government has the power to attach the properties of such fraudulent organisations. The apex court said such a legislation was constitutionally valid and not repugnant to the Reserve Bank of India ru...

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Posted Under: Company Law |

Service Tax Rules – A Transition from Cash to Accrual Basis

The finance Bill 2011 has enacted Point of Taxation Rules, 2011 which cover the provisions of payment of service tax on accrual basis insted of the hitherto adopted cash basis system. The implication of this changeover has been examplified in the attached Excel File which contains practical examples of all the rules from 3 to 8 of the Po...

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Posted Under: Company Law |

Income-tax (First Amendment) Rules, 2011 – Amendment in rules 6DDA, 6DDB and Appendix-II

Notification No. 14/2011 - Income Tax 09/03/2011

Notification No. 14/2011 - Income Tax In rule 6DDA of the Income-tax Rules, 1962,–(a) for clause (iv), the following clause shall be substituted, namely: – “(iv) the stock exchange shall ensure that transactions (in respect of cash and derivative market) once registered in the system are not erased”;(b) after clause (iv), the ...

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Consideration for giving up rights to contest the will cannot be treated as other income

Purvez A. Poonawalla Vs ITO (ITAT Mumbai)

Purvez A. Poonawalla Vs ITO (ITAT Mumbai) Admittedly the assessee was the legal heir of the deceased late Mrs. Mani Cawasa Bamji being the son of a pre-deceased sister of the deceased. He together with Mr. Dinshaw Jamshedji Mistry , brother of the deceased were alone entitled to the estate of late Mrs. Mani Cawasa […]...

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