"25 March 2011" Archive

Gujarat not ready for implementation of GST

Though the Goods and Services Tax (GST) bill has been tabled in the Lok Sabha, the Gujarat government today said in the state Assembly that it was not ready to implement it. Minister of State for Industries, Saurabh Patel, told the House that state government was not prepared to implement GST as it would take away state's autonomy in tax...

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RBI likely to continue with tight monetary policy

Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan today said the RBI will have to continue with its monetary tightening policy to tame inflation, which stood at over 8 per cent in February. "The inflation rate continues to remain high and therefore, monetary policy will have to remain tight in order to ensure that t...

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Government yet to take a Decision Regarding FDI in Multi –Brand Retail Trading

It has been stated in Para 31 of the Budget Speech 2011-12 that to make the FDI policy more user-friendly, all prior regulations and guidelines have been consolidated into one comprehensive document, which is reviewed every six months. The last review has been released in September 2010. This has been done with the specific intent of enha...

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CAG recommends tighter tax norms for film, television industry

Government auditor CAG today recommended tighter tax norms, including mandatory TDS, for the Indian cinema and television industry, which is estimated at over Rs 36,000 crore. Concerned over tax evasion and the need to widen tax base, the Comptroller and Auditor General (CAG) in its report tabled in Parliament, suggested that payments fo...

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PAN cards exceeds the number of tax payers

A report says number of PAN cards far exceeds the number of tax payers. This raises concern that tax dodgers may be using multiple cards to hide income. The Income Tax ( I- T) department has issued close to 10 crore permanent account number ( PAN) cards but the number of taxpayers in the country is only one- third of this number, giving r...

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Income Tax Amendments Incorporated in Finance Bill, 2011 at the Time of Passing Thereof by Lok Sabha

Amendment of section 40A - (i) New clause 7A of the Finance Bill,2011 7A. In section 40A of the Income Tax Act, in sub-section (9), after the words, brackets and figures “under clause (iv)”, the words, brackets, figures and letter “or clause (iva)” shall be inserted with effect from the 1st day of April, 2012. (ii) Amended sectio...

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Crooks offer refund on online tax refund!

Cyber crooks are on the prowl this financial year closing and are using phishing attacks and hoax-alerts to gain access to account details of individuals who have filed their Income Tax returns online, said experts....

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Shri Kapil Sibal Inaugurates Web-Based Application for AICTE

Shri Kapil Sibal, Union Minister for Human Resource Development inaugurated, here today, a new web-based application for the All India Council for Technical Education (AICTE) that will provide for the information and data as filled in by the institutions to be available in the Public Domain. This is a bid to promote transparency and accou...

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CS – Time-table- PMQ Course in Corporate Governance

1. The Institute is pleased to announce that the Part –I examination of the Post Membership Qualification (PMQ) in ‘Corporate Governance’ will be held from Sunday, June 5, 2011 to Thursday, June 9, 2011 at the centres where the company secretaries June 2011 examination would be held. ...

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Dispute Resolution Panel (DRP) Revised Jurisdiction w.e.f. 24.03.2011

ORDER NO. 2/FT&TR/2011 (24/03/2011)

Vide Order No. 2/FT&TR/2011 dated 24th March 2011, the CBDT has revised the territorial jurisdiction of the Dispute Resolution Panels across the Country. dispute resolution panel w.e.f 24.02.2011. ection 144C of the Income-tax Act, 1961 - Reference to Dispute Resolution Panel (DRP) - Powers, functions and jurisdiction of DRP at Headquarte...

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Section 103 of Delhi Value Added Tax, 2004 -Regarding Republic of Gambia

Notification No. F. 5(54)/Policy-II/VAT/ Amendment/2010/2088-97 (25/03/2011)

No.F. 5(54)/Policy-II/VAT/Amendment/2010 - WHEREAS the Ministry of External Affairs, Govt. of India have vide their letter No.D-II/451/12(7)/2009 dated 20th May, 2009 requested the Govt. of NCT of Delhi to grant facilities for VAT refund in favour of official purchases of the High Commission of the Republic of GAMBIA in New Delhi and...

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Restore VAT refund privilege for the Mauritian High Commission in Delhi

Notification No.F. 5(45)/Policy-II/VAT/Amend/2010 (25/03/2011)

No.F. 5(45)/Policy-II/VAT/Amend/2010 -WHEREAS the Ministry of External Affairs, Govt. of India have vide their letter No.10105/Secy(W)/2010 dated the 7th December, 2010, requested the Govt. of NCT of Delhi to restore VAT refund privilege for the Mauritian High Commission in Delhi; and of reciprocity; and whereas I am of the opinion that i...

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Black money case- Hasan Ali sent to judicial custody till April 8

A Mumbai Sessions court has sent Pune-based stud farm owner Hasan Ali, who is alleged to have stashed away over eight billion dollars in Swiss banks, to judicial custody till April 8. The Enforcement Directorate (ED) had produced Ali before a magistrate last night after his three-days custody with the probe agency ended....

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Maharashtra govt exempts transfer of copyrights of a film relating to the exhibition in theatres from VAT

Maharashtra government on Wednesday exempted transfer of copyrights of a film -- relating to the exhibition in theatres -- from VAT. This was announced in the Legislative assembly during the State budget presentation, Deputy Chief Minister and Finance Minister Ajit Pawar. He said VAT was currently levied on transfer of copyright of films ...

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Excise duty on Branded Ready Made Garments & Made-up Articles of Textiles – Clarification

LETTER D.O.F.NO. B-1/3/2011-TRU (25/03/2011)

It has been provided that if the RSP is not affixed or marked on goods when they are cleared in the course of sale from the factory of a manufacturer to the brand owner, the wholesale price declared by the manufacturer would be deemed to be the tariff value for the payment of duty. This has been provided through the insertion of a proviso...

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Competition Commission of India issued draft regulations in relation to the transaction of business relating to Combinations

On 4 March, 2011, the Ministry of Corporate Affairs issued four draft notifications relating to Combinations whereby: 1. 1 June, 2011 has been appointed as the date on which the provisions relating to Combinations would come into force; 2. The threshold limit prescribed in section 5 for an acquisition or merger to constitute a Com...

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Summary of draft regulations in relation to the transaction of business relating to Combinations issued by Competition Commission of India

On 1 March, 2011, the Competition Commission of India ("CCI") published new draft regulations, The Competition Commission of India (Procedure in regard to the transaction of business relating to combination) Regulations, 2011. Some key features of the draft regulations are: Consultation prior to filing notice of proposed combination: Part...

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Amendments to Karnataka Stamp Act – Budget 2011

The Karnataka State Budget for the year 2011-12 was presented on 24 February, 2011. In line with the earlier budgets, Karnataka State Budget has proposed many changes in stamp duty rates. One of the key proposed changes is the reduction in the stamp duty rate on court order sanctioning the merger / demerger of companies. We have highligh...

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Prosecution of Directors – General Circular No. 08/2011, Dated the 25th March, 2011

General Circular No. 08/2011 (25/03/2011)

Penal actions for defaults committed under the Companies Act, 1956 are either to be taken against an “officer in default” or a “director(s)” or “persons” as provided in the relevant penal provisions of the Act. Section 5 of the Companies Act, 1956, defines officer in default and the Directors are also liable for compliance of ...

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Termination notices for 85 new licences issued -DoT

The Telecom Ministry has informed the Public Accounts Committee (PAC) that it has issued show cause notices to 13 companies for termination of their licences, who are stated to be "ineligible" for getting them. Based on the report of the CAG, the Department of Telecom (DoT) has "issued show cause notices to 13 companies for termination of...

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Parliament completes for Budget approval exercise- Budget 2011-12

Parliament today completed the three-phase exercise of approving the General Budget 2011-12. The completion includes Parliamentary approval for appropriation of over Rs 46 lakh crore from the Consolidated Fund of India. The Rajya Sabha returned the Finance Bill 2011 and Appropriation Bills to the Lok Sabha, thus signalling the completion ...

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SEZ – Clarification on FTWZ issues

Insruction No. 76 (22/03/2011)

The undersigned is directed to refer to the Instruction No. 49, dated 12-3-2010 and Instruction No. 71, dated 12-11-2010 on the subject mentioned above. Instruction No. 71 was issued to amend the point No. IV of the Instruction No. 49. It was clarified that the units in FTWZ in sector specific SEZ can store goods required for development ...

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Resolution Nofifying Constitution of Financial Sector Legislative Reforms Commission (FSLRC) Issued

The Resolution notifying the constitution of Financial Sector Legislative Reforms Commission (FSLRC) was issued today by the Government of India. This is in pursuance to the announcement made by the Union Finance Minister Shri Pranab Mukherjee in his budget speech of 2010-11 to rewrite and harmonise financial sector legislations, rules an...

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Proposed amendments to the Finance Bill, 2011 in respect of Direct and Indirect Taxation

The Finance Bill, 2011 (the Bill) was introduced by the Finance Minister (FM) in the Lok Sabha yesterday. The FM has proposed certain amendments to the Bill in the Lok Sabha. Here we are giveing a snapshot of the key amendments proposed to the provisions of the Bill as passed by the Lok Sabha. It may be noted that these proposals will be...

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Big 4 Auditors respond to Big Four clause investigation

Auditors have rushed to respond to the Big Four bank clause investigation, which could see the Office of Fair Trading come down hard on lending restrictions linked to audit. RESTRICTIVE BANK clauses that force customers to use Big Four firms are to be investigated, and auditors have scrambled to respond. Martyn Jones, senior audit partne...

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Banks in UK face probe for their use of Big Four auditors

THE GOVERNMENT has asked regulators to investigate whether banks help to entrench the Big Four auditing firms’ dominance through restrictive lending agreements with companies. The Budget included a call to the Office of Fair Trading to probe whether bank covenants lock out smaller auditors....

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