GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 26th March, 2011 G.S.R. 259(E). – In exercise of the powers conferred by sub-section (1) of section 642 read with section 610E of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central […]
The Central Government, upon being satisfied, through verification of such changed particulars from the enclosed proofs, shall incorporate the said changes and inform the director by way of a letter issued electronically or in any other mode confirming the effect of such change in the electronic database maintained by the Ministry.
Reserve Bank of India (RBI) has, on 15 March 2011, notified a revised procedure for reporting of all Foreign Direct Investment (FDI), both inward and outward. RBI has replaced Part B of Form FC-GPR (annual filing by Indian companies with regard to foreign investment) by “Annual Return on Foreign Liabilities and Assets” (the Return). On a go forward basis, Indian companies will have to furnish the Return in the specified format to the Department of Statistics and Information Management (DSIM), RBI, Mumbai. The information provided in the Return will be considered confidential and only consolidated aggregates will be used by RBI for compilation and publication of India’s Balance of Payments (BoP), International Investment Position (IIP), Coordinated Direct Investment and Coordinated Portfolio Investment.
The Finance Bill, 2011 has introduced certain changes in the existing transfer pricing regime both in terms of substantive law and procedural aspects. Further, as part of a new anti-avoidance measure introduced in the Budget, the scope of TP legislation has been expanded to cover entities located in notified tax havens.
Lucknow Income-tax Appellate Tribunal in the case of Sanjiv Gupta v. DCIT , held that Circular No. 7 of 2009 dated 22 October, 2009 withdrawing the Circular No. 23 of 1969 dated 23 July, 1969 would be effective only prospectively from 22 October, 2009. The Circulars are briefly explained in the following table.
There will be no service tax on cashless health insurance transactions, reports CNBC-TV18 quoting sources from Central Board of Excise and Customs (CBEC). It is learnt that the changes will notified by the board soon. The Finance Minister Pranab Mukherjee in Budget 2011-12 had proposed levying 5% tax on all services provided by private hospitals having at least 25 beds with central air-conditioning facility and also on all diagnostic tests.
Reference is invited to circulars ref. IRDA/CAD/GDL/AGN/016/02/2011 dated 11th February, 2011& IRDA/CAD/GDL/AGN/016/02/2011 dated 14th February, 2011 prescribing guidelines relating to individual agents in respect of life insurance and Non Life Insurance respectively. Vide the above referred circular dated 11th February, 2011 issued in respect of life insurance the Authority has put in place certain persistency bench marks for individual life insurance agents. The Authority has also mandated all insurers vide above circulars to lay down Minimum Business requirements for agents which shall be incorporated in agency agreements.
ORDER NO. 48, 49, 50 OF 2011 The following transfers / postings of officers in the grade of Deputy I Assistant Commissioner of Income Tax are hereby ordered with effect from 1″ April, 2011 and until further orders:-
Direct Tax- Suggestions of ICAI in its Post Budget Memorandum-2011 considered in the amendments to Finance Bill, 2011 as passed in the Lok Sabha Indirect Tax- Suggestions of ICAI in its Post Budget Memorandum-2011 considered in the amendments to Finance Bill, 2011 as passed in the Lok Sabha
Parliament’s Public Accounts Committee chairperson M M Joshi on Thursday indicated that overlapping of functions of the panel and the JPC into 2G spectrum scam was not a matter of concern and his powers went beyond the CAG report. In an interaction with the media, Joshi said the Public Accounts Committee has a “constitutional mandate” and its functions extend to areas other than CAG reports.
