The notification shall come into force for the Balance Sheet and Profit and Loss Account to be prepared for the financial year commencing on or after 1.4.2011.
Central Excise- Changes in excise duty structure on textile goods . Branded ready-made garments which are returned to the factory and cleared there from after being re-made, re-conditioned, repacked are exempted from payment of excise duty subject to the following conditions: ─ CENVAT credit on the returned goods is not availed
In case of any grievance/ complaints or queries on policy matters, stakeholders are requested to send an email to MCA Helpdesk (appl.helpdesk@mca.gov.in ). In case, you do not receive any response to your query within 3-4 working days, you may send an escalation to MCA eGovernance Cell at (mcaegovcell@gmail.com ).
Below is an extract of significant tax proposals by Bihar, Chhattisgarh, Delhi, Goa, Himachal Pradesh, Jammu and Kashmir, Maharashtra, Meghalaya, Rajasthan and Uttarakhand States in their State Budget announced in March, 2011:
Whether ‘royalty’ determined under Sections 9/15(3) of the Mines and Minerals (Regulation & Development) Act, 1957 (Act 67 of 1957, as amended) is in the nature of tax?
Assessee has an option when there is arithmetical mean involved while computing the ‘arm’s length price’ and it happens only if more than one price is determined by the most appropriate method. The First Proviso becomes operational where more than one comparable price is determined. The assessee at his option can make claim of deduction out of the arithmetic mean not exceeding 5%.
UBD.CO.BPD(PCB) Cir.No.42 /09.73.000/2010-11- In partial modification of the above circular, we advise that the coins of 25 Paise and below will be exchanged at the branches of the specified banks as also the offices of the Reserve Bank of India till the close of business on June 29, 2011 (instead of June 30, 2011 as advised earlier). These coins shall cease to be legal tender thereafter. The UCBs may take note of the above instructions.
The CBI today informed the Supreme Court that telecom companies – Swan Telecom and Loop Telecom – were used as front companies by established telecom players to get 2G spectrum illegally during the tenure of former Telecom Minister A Raja. The agency, which filed a status report in a sealed envelope before a bench of Justices G S Singhvi and A K Ganguly, said Raja will face charges of “cheating, forgery, and corruption”.
With the telecom sector becoming a potential security threat due to use of imported equipment, the government has proposed that service providers employ only Indian nationals in sensitive positions like Chief Technical Officer and Chief Information Security Officer.
The Telecom Ministry will take a final decision on 2G spectrum pricing and on those holding airwaves beyond contracted limit of 6.2 Mhz, based on recommendations of TRAI, within next three months before seeking Telecom Commission’s approval. “Decision on 2G spectrum pricing is expected in next 3 months. DoT internal committee is finalising it. After we get it we will send the same to Telecom Commission,” Department of Telecommunications (DoT) Secretary R Chandrasekhar told reporters here.
