Notification No 07/2010-Service Tax, dated the 27th February, 2010 : Rescinds Notification No. 33/2009-S.T dated 01.09.2009[which actually exempts transport of goods by rail and if this exemption is withdrawn, the service becomes taxable]. This notification was effective from 01.04.2011. Now it is made effective from 1st July 2011. Notification No.19/2011-Service Tax –
Vodafone, the world’s largest mobile operator by revenue, is to pay $5 billion in cash to buy out Essar Group from their Indian joint venture and bring an end to their increasingly fractious relationship. Vodafone, which has faced a host of problems since entering the fiercely competitive market in 2007, will take over Essar’s 33 per cent of the Vodafone Essar Limited company, giving it direct ownership of 75 per cent of the Indian operator.
Making payments through cheques may become a costlier affair from tomorrow, as RBI has allowed banks to levy higher service charges for their clearing, especially of high-value and outstation cheques. As per a RBI circular coming into effect from April 1, 2011, banks would be free to fix service charges on speed clearing of cheques of value above Rs 1 lakh.
Market regulator Sebi today constituted a 16-member committee which will suggest a roadmap for developing corporate bond market in the country. The ‘Corporate Bonds & Securitisation Advisory Committee’ would be chaired by R H Patil, the Chairman of Clearing Corporation of India Ltd (CCIL), Sebi said in a statement.
The Minister of State for Finance Shri Namo Narain Meena launched facility of Income Tax payment through ATMs by Union Bank of India here today. Senior officials from Ministry of Finance including Shri Sunil Mitra, Revenue Secretary, Shri Shashi Shekhar Sharma, Secretary, Financial Services, Shri Sudhir Chandra, Chairman, Central Board of Direct Taxes (CBDT) and Chairman and Managing Director of Union Bank of India, Shri M.V.Nair were present among others on the occasion.
From the desk of Chairman,CBDT, S.N. 30 /March 31 ,2011. As we all know, in recognition of the contribution of the Income tax since 1861 in building this great country & as a part of celebrations of 150 yrs of Income Tax Department in India, the Union Finance Minister had released on Feb 26 2011 a set of commemorative coins of denomination of Rs 150 and Rs 5.
Siddachalam Exports Private Limited vs Commissioner of Central Excise, Delhi-III [SUPREME COURT OF INDIA- Duty drawback – goods had been over-valued with the intention of claiming undue draw-back amounts – instead of first determining the value of the goods on the basis of contemporaneous exports of identical goods, the Revenue erroneously resorted to a market enquiry – contemporaneous exports of identical goods was not available, the procedure laid down in Rules 5 to 8 of the 1988 Rules was required to be followed and market enquiry could be conducted only as a last resort – in the absence of any other independent evidence relating to market enquiry, there was no other corroborating evidence to support the allegation of inflation in FOB value – the matter is remitted back to the adjudicating authority for fresh consideration in accordance with law.
Policy Circular No. 27 (RE-2010)/2009-14 – All applications for grant of registration certificate shall be submitted to the concerned RAs alongwith the following documents: (i) Copy of Export Contract alongwith, (a) A copy of irrevocable Letter of Credit(LC) duly authenticated by an Indian Bank, or (b) FIRC from Bank showing receipt of remittance from the concerned foreign buyer as proof of having received 100% Advance Payment or a minimum of 25% Advance Payment and balance Cash Against Delivery(CAD),
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 57 dated June 29, 2010 enhancing the period of realization and repatriation to India of the amount representing the full export value of goods or software exported, from six months to twelve months from the date of export. This relaxation was up to March 31, 2011.
Changed Eligibility Criteria for CA Course: It is a matter of delight to inform that the Ministry of Corporate Affairs has conveyed its approval to the Resolution passed by our Council under Regulation 205 to mitigate the difficulties faced by those students who have completed diploma or vocational courses and are pursuing graduation course. Now, students who have not passed 12th but have completed two years of higher education shall be able to pursue the CA Course. I would like to place on record my appreciations to Dr. T. V. Somanathan, Joint Secretary, Ministry of Corporate Affairs, for expediting the approval in the minimum-possible time. I am sure Dr. Somanathan will continue to support our endeavours towards taking the profession to greater heights.
