In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government’s) General Rules and Forms, 1956, namely : – 1. (1) These rules may be called the Companies (Central Government’s) General Rules and Forms ( Amendment ) Rules 2011.(2) They shall come into force with effect from 29th May, 2011.
The Central Government (the Ministry of Labour and Employment) had issued a notification No. R-11018 / 1/ 2010.SS- II dated 17.03.2011 in March 2011, providing its approval for crediting of interest at the rate of 9.5 per cent for the year 2010-11 to the account of each Employees’ Provident Fund (“EPF”) member subject to certain conditions. However, the then prevailing notification No. S.O. 2091(E), dated 26.08.2010 issued by the Ministry of Finance [providing for income-tax exemption rate for such interest for the members of Recognised Provident Funds (“RPFs”)] had fixed the interest at the rate of 8.5 per cent with effect from 1 September, 2010, beyond which the excess interest credited to the members’ accounts would be liable to income tax and taxable under the head `Salaries’ In terms of Rule 6(b) of the Part A of Fourth Schedule to the Income-tax Act, 1961 read with Section 17(1)(vi) of the Income-tax Act, 1961. Consequentially, the differential interest of 1 per cent credited to the members’ accounts (for the period 1 September, 2010 to 31 March, 2011) was chargeable to income-tax in the hands of the RPFs’ member employees.
Notification No. 27/2011 – Income Tax [F. NO. 149/122/2010-SO(TPL)], DATED 26-5-2011 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely :— 1. (1) These rules may be called the Income-tax (Fifth Amendment) Rules, 2011.
Recently, the ITAT Delhi in the case of Eon Technology (P) Ltd. v. DCIT [2011] 11 taxmann.com 53 (Del) held that payment by way of commission for sales and marketing support outside India does not constitute income chargeable to tax in India under the Income-tax act, 1961 (the Act).
Notification No. 35/2011- Customs ( N.T.) AND WHEREAS such goods have been rendered liable to higher rate of duty of customs by virtue of the judgment of the Supreme Court in Civil appeal Nos.3224-3225 of 1998 with C.A.No.5716 of 1998 decided on the 12th February 2004, in the case of Meltex (India) Pvt. Ltd. Vs. Commissioner of Central Excise, New Delhi, holding the process of metallisation of plastic film as not amounting to manufacture;
INSTRUCTION NO. 7 /2011 Section 260A of the Income-tax Act, 1961 – High Court – Appeal to – Instructions regarding Standard Operating Procedure on filing of appeals to High Court under section 260A and related matters. The Government has formulated the National Litigation Policy 2010, for conduct of litigation on its behalf. The policy declares: Government must cease to be a compulsive litigant. The philosophy that matters should be left to the courts for ultimate decision has to be discarded. The easy approach, ‘let the court decide’, must be eschewed and condemned.
In order to improve transparency and avoid build up of a financial crisis, a Reserve Bank of India (RBI) panel today suggested tighter norms for reporting and monitoring of interest rate and forex derivatives. The report of the Working Group set up by the Reserve Bank suggested that Clearing Corporation of India (CCIL) should be made the repository of all interest rate and forex derivative transactions.
The government has exempt salaried people earning up to Rs 500,000 annually from filing income tax returns. A move that will bring relief to about 80 lakh people was announced by the Finance Minister Pranab Mukherjee [ Images ] when he presented the Budget in February. On Tuesday, Pranab Mukherjee said this will be applicable in the 2011-12 assessment year for the income earned in 2010-11. He said that a notice to this effect will be brought out soon.
DNBS (PD) CC. No. 24/SCRC/26.03.001/2010-2011 – Pursuant to the announcement made by the Finance Minister in the budget speech for 2011-12, Government of India, Ministry of Finance notified the establishment of the Central Registry vide notification F. No. 56/05/2007-BO-II dated March 31, 2011. The objective of setting up of Central Registry is to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), a Government Company licensed under section 25 of the Companies Act 1956 has been incorporated for the purpose of operating and maintaining the Central Registry under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
DBOD. Dir.BC. 96 /13.03.00/2010-11 The matter regarding extending of finance for subscription to the IDRs and loans thereagainst has been examined. It has been decided that no bank should grant any loan/advance for subscription to IDRs. Further, no bank should grant any loan/advance against security/collateral of IDRs issued in India.
