"18 May 2011" Archive

Public Notice No. 47 (RE-2010)/2009-14, Dated: 18.05.2011

Public Notice No. 47 (RE-2010)/2009-14 18/05/2011

With effect from the date of this Public Notice, the Actual User condition will not be mandatory under imports of all items under TRQ Scheme....

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Clarifications on prosecution provisions under Service tax laws

Prosecution provisions (for specified offences) were a part of Chapter V of Finance Act, 1994 (the Act) introduced in 1994. However, with expansion of Service tax laws in 1998, these provisions were deleted. Budget 2011 (with effect from 8 April 2011) re-introduced prosecution provisions for offences like rendition of services without ra...

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Posted Under: DGFT | ,

Issue of TDS Certificates Form 16A downloaded from TIN Website

Circular No. 03/2011-Income Tax 13/05/2011

CBDT CIRCULAR NO-03/2011, Dated: May 13, 2011 Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules 1962 (“the IT Rules”) provides for furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars like amount of TD...

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Foreign companies to pay tax on revenue earned under seismic data acquisition and processing contracts – AAR

OHM Limited Vs. DIT (AAR Delhi)

OHM Limited v. DIT (AAR No. 935 of 2010) - Foreign firms operating in the country will have to pay tax at the existing rate of 4.223 per cent on revenue earned under seismic data acquisition and processing contracts, says a tribunal. In a ruling, the Authority of Advanced Rulings (AAR) held that foreign firms would not enjoy any leeway e...

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Summary of the latest regulations governing combinations under the Competition Act, 2002 notified on 11 May 2011

The much debated Regulations governing combinations have been finally notified by the Government on 11 May 2011.  These Regulations shall come into force on 1st day of June, 2011. This article summarizes key provisions of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Reg...

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Posted Under: DGFT | ,

Powers of Excise and Taxation Inspectors enhanced till 31st December 2011 to make it almost at par with ETOs in Punjab

The powers of Excise and Taxation inspectors in Punjab have been enhanced till 31st December 2011. The Excise and Taxation Inspectors have been appointed as designated officers u/s 11,13,14,26,27,28,29,30,31,32, 36, 38, 39, 40,41,45, 46,47, 48, 49, 52,53,54,55,56, 57, 58,59, 60, 66,76,77 and 83 till December 2011. ...

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Posted Under: DGFT | ,

Delhi HC Rules – Learner’s licence not valid to claim compensation

New India Assurance Co. Ltd. Vs Manjit Singh & Ors. (Delhi High Court)

New India Assurance Co. Ltd. vs Manjit Singh & Ors. on 18 May, 2011 - An insurance company would not be liable for payment of compensation in a motor vehicle accident if the driver had been transporting passengers on a learner’s licence, the Delhi High Court held in the case, New India Assurance Ltd vs Manjit singh. However, the company...

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Power of Municipal Corporation to Regulate/control over construction of Telecom Towers?

Cellular Operators Association of India & Ors. Vs Municipal Corporation of Delhi (Delhi High Court)

Cellular Operators Association of India & Ors. Versus Municipal Corporation of Delhi.(Delhi High Court) - The challenge by the petitioners is primarily to the fee prescribed for grant of permission. However, certain other terms and conditions imposed are also challenged. It is the contention of the petitioners that imposition of fee and a...

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Certification of e-Forms under the Companies Act, 1956 by practicing professionals – Corrigendum to Circular No. 14/2011 dated 08th April, 2011

General Circular No. 26 /2011 18/05/2011

The undersigned is to draw the attention on the Circular No. 14/2011 dated 08.04.2011 of this Ministry on the subject cited above. The following errata has been noticed which is rectified as under:- In the said circular in line 4 (Four) of Paragraph 2, the words should be inserted "including filing of Financial Statements in the Extensib...

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Enhancement of Rates of Provisioning for Non-Performing Assets (NPA) and Restructured Advances

RBI 2010-11/529 DBOD.No.BP.BC. 94/21.04.048/2011-12 18/05/2011

Advances classified as sub-standard will attract a provision of 15 per cent as against the existing 10 per cent. The “unsecured exposures” classified as sub-standard assets will attract an additional provision of 10 per cent, i.e., a total of 25 per cent as against the existing 20 per cent. However, “unsecured exposures” in respec...

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