Please refer to Circular No. IMD/FII&C/32/2008 dated October 16, 2008 read with Circular No. IMD/FII&C/34/2008 dated October 20, 2008 and Circular No. IMD/FII&C/4/2010 dated June 29, 2010 related to reporting of information pertaining to securities lent by the FIIs to entities abroad. Based on these circulars, FIIs have been submitting weekly reports based on which disclosures have been made available for public dissemination at http://203. 199.12.5 1/SecuritiesLentMain.html every Tuesday. The reports filed by the FIIs have been reviewed and it is noted that as on March 04, 2011 there are no outstanding short positions reported by the FIIs. While the prohibition on the activity of synthetic short continues, the FIIs are no longer required to file these reports, with effect from the date of this circular, as there are no outstanding short positions.
Notification No. 16/2011- Income Tax “Certificate for deduction at lower rates or no deduction of tax from income other than dividends. 28AA. (1) Where the Assessing Officer, on an application made by a person under sub-rule (1) of rule 28 is satisfied that existing and estimated tax liability of a person justifies deduction of tax at lower rate or no deduction of tax, as the case may be, the Assessing Officer shall issue a certificate in accordance with the provisions of sub-section (1) of section 197 for deduction of tax at such lower rate or no deduction of tax.
Notification No. 24/2011 – Customs (N.T.), 29th March, 2011. S.O. (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.14/2011-CUSTOMS (N.T.), dated the 24th February, 2011 vide number S.O. 430 (E), dated the 24th February, 2011, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st April, 2011 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
In a massive anti-graft exercise, Malaysian authorities today arrested two senior customs officers for alleged money laundering and corruption involving billions of dollars in uncollected taxes. The arrests came after a massive nationwide operation involving several government agencies.
The Supreme Court today allowed a two-day extension to the CBI to file on April 2 its charge sheet against former Telecom Minister A Raja and others in the 2G spectrum allocation case even as the agency said it was readying an 80,000-page document for submission.
After a long wait by the industry, the government is likely to sanction tomorrow additional Rs 7,000 crore for interest subsidy to the textile units for modernisation. The proposal is expected to come up before the Cabinet Committee on Economic Affairs, sources said.
The Director Identification Number, which has to be obtained by all directors on the boards of listed as well as unlisted companies, will now be available online immediately as the government has simplified the process of getting DIN.
Management Accounting Research Foundation of ICWAI (ICWAI-MARF) has been appointed as an advisor to the Department of Post, Ministry of Communications and IT (DOP) and a MOU has been signed to that effect here today. This appointment as per the MOU will be in vogue for a period of 24 months during which ICWAI-MARF will constitute a team which will extend resource support of a major modernisation plan of DOP of its cost and management accounting practices.
Parliament’s Public Accounts Committee has summoned corporate lobbyist Niira Radia and Tata Group Chairperson Ratan Tata on April 4 to discuss their role in the 2-G Spectrum allocation case. Sources said the PAC will meet on April 4 and 5 to discuss the 2-G spectrum allocation case which had led to the resignation of Telecom Minister A Raja. He was later arrested and is still in custody.
Income Tax returns of individuals do not enjoy absolute ban from disclosure, Central Information Commission has held while directing Income Tax department to provide details of the total income of a person to his son-in-law who is facing a dowry case.
