"24 March 2011" Archive

Govt introduces Bill to give statutory power to PFRDA

Taking forward financial sector reforms, the government today introduced a long-pending PFRDA Bill in the Lok Sabha to give statutory status to interim pension regulator and promoting old age income security. The Bill, introduced by Finance Minister Pranab Mukherjee, provides for establishing a statutory regulatory body to be called the P...

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Posted Under: Income Tax |

Govt plans to keep track of companies with common addresses

Concerned over growing corporate fraud, the government is considering to tighten its Early Warning System (EWS) to scrutinise activities of companies with same addresses and common directors. The Ministry of Corporate Affairs (MCA) plans to add two more parameters to its software-based fraud detecting system, called Early Warning System (...

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Posted Under: Income Tax |

Highlight of Maharashtra State Budget 2011-12

Highlights Of The Budget Presented By Deputy Chief Minister Shri Ajit Pawar, On Wednesday, 23rd March 2011. PART-I + Remarkable growth in revenues of the State • 2009-10 Revenue Receipts Rs.86,910 crore, 2010-11 Revenue Receipts Rs. 1,07,159 crore...

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Posted Under: Income Tax |

Transfer of Hon’ble ITAT Members (March 2011)

Income Tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Tribunal are hereby transferred in public interest, in the same capacity, to the Bench/es of the Income Tax Appellate Tribunal as shown against their names with effect from the forenoon of 1st April 2011. Shri. O. K....

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Posted Under: Income Tax |

Introduction of Constitution Amendment Bill for implementation of GST

The Union Finance Minister (FM) on 22 March 2011, introduced a Constitution Amendment Bill (the Bill) in the Lok Sabha to enable the implementation of ‘Goods and Service Tax’ (GST), an indirect tax regime that would subsume levies like excise, service tax and sales tax. The Bill seeks to amend the Constitution to authorise both the Ce...

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Posted Under: Income Tax |

Delegation of powers of Central Government to Regional Directors and Registrar of Companies

Addition to list of powers and functions of the Central Government delegated to ROC: Earlier, the grant of license for formation of a company which intends to apply its profits or other income in promoting its objects (i.e. objects of promoting commerce, art, science, religion, charity or any other useful object) and prohibits payment of ...

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Posted Under: Income Tax |

Amends notification no. 20/2006 – Seeks to exempt certain specified goods from special CVD leviable on imported goods vide Notification No. 32 /2011-Customs

Notification No. 32/2011-Customs 24/03/2011

Notification No. 32 /2011-Customs- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 0f 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the M...

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SEBI announces new Code of Conduct to check price manipulation

The regulator SEBI today announced a new set of Code of Conduct, including restricting access to Internet forums for employees, for market intermediaries to ensure that unsubstantiated news, which could distort normal functioning and prices of stocks, are not circulated. This comes in the wake of observations by the Securities and Exchan...

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Posted Under: Income Tax |

Amends notification no. 21/2002 – Effective rate of duty on import of goods vide Notification No. 31/ 2011-Customs

Notification No. 31/2011-Customs 24/03/2011

Notification No. 31/ 2011-Customs- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the ...

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Banks to have extended working hours on March 30, 31- RBI

The Reserve Bank of India asked banks to have extended working hours on March 30 and 31, 2011, to facilitate receipt of government revenue from members of public even at late hours. It has been decided in consultation with the Controller General of Accounts that all regional offices of RBI and branches of agency banks conducting governm...

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Posted Under: Income Tax |

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