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Archive: 28 May 2011

Posts in 28 May 2011

Govt raises ECB limit, eases norms

May 28, 2011 8319 Views 0 comment Print

The Government of India has decided to raise the limit for external commercial borrowings to $30 billion from $20 billion before, a senior finance ministry official said on Friday. The government has decided not to raise the foreign institutional investor limit in government bonds, said the official, who did not wish to be named. FIIs can invest up to $10 billion in government bonds currently.

Finance ministry clear norms for new bank licences, with FDI rider

May 28, 2011 9457 Views 0 comment Print

The finance ministry has cleared the Reserve Bank of India’s draft guidelines on new bank licences with a rider that the existing 74% cap on foreign direct investment be retained. The central bank, which had proposed capping FDI in new banks at 49% in the first 10 years, is likely to make the guidelines public and may seek comments from all stakeholders again. “We have given our final approval to the RBI and requested them to share the final guidelines after they incorporate comments from other stakeholders,” said a senior finance ministry official.

Committee set up to strengthen ways to curb black money

May 28, 2011 6705 Views 0 comment Print

The Government has constituted a Committee under the Chairmanship of Chairman, Central Board of Direct Taxes (CBDT) to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery. The Committee will examine the existing legal and administrative framework to deal with the menace of generation of black money through illegal means including, inter alia,

Income Tax Survey officer to provide prior to survey contact details of CCIT/ CIT / Addl. CIT / JCIT to taxpayer

May 28, 2011 8555 Views 0 comment Print

Transparency in Survey operations – For bringing transparency in survey operations and obviate the possibility of any grievance to the taxpayers, it is decided that henceforth: Survey teams visiting taxpayer’s premises under the provisions of section 133 A of the Income tax Act will, before the commencement of survey proceedings,provide to the taxpayer the names, designations & contact numbers of their Chief Commissioner, Commissioner &Additional/ Joint Commissioner of Income Tax.

Instructions for filing of ITR -1 for A.Y. 2011-12

May 28, 2011 21971 Views 0 comment Print

Who can use this Return Form This Return Form is to be used by an individual whose total income for the assessment year 2011-12 includes:‑ (a) Income from Salary/ Pension; or (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or (c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)

National Consumer Helpline Receives 10,170 Complaints in April

May 28, 2011 8651 Views 0 comment Print

The National Consumer Helpline (NCH) received 10,170 calls during April 2011 for redressal of consumer complaints. In addition of these calls, 639 complaints were also received through online complaint system on NCH website. The maximum calls were received from Delhi followed by Uttar Pradesh,Maharashtra, Rajasthan and Haryana.

Modification in the instruction regarding payment of MCA fees in electronic mode

May 28, 2011 9959 Views 0 comment Print

The Ministry of Corporate Affairs has instructed that from Monday next, i.e. May 29th, 2011 the payment of less than Rs. 50,000/- through electronic mode will be permissible in the “Investor Education and Protection Fund” through Pay Misc. Fee functionality. This facility will also be admissible for user having category as“Official Liquidator office, and the user having category as MCA employee.

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May 2011