The Minister of State for Commerce Shri Jyotiraditya M. Scindia presented the EPCES Export Awards to EOUs and SEZ Units for Outstanding Export Performance for 2008-09, here today. Speaking on the occasion Shri Scindia said, “The exports from SEZs during 2010-11 is to the tune of Rs.3, 15,867 crore representing a growth of 43% over the previous year”. He further said that the contribution of exports from SEZs to national exports during 2010-11 is 28%. The SEZ sector is providing employment to 6,76,608 people in the country as on 31.3.2011. The total investments in SEZs are Rs.2,02,810 crore as on 31.3.2011. The SEZ Council was set up in January 2003 and the Council recognize the efforts of EOUs and SEZ Units by presenting Export Awards for their excellent performance in exports every year since inception.
African economies will continue to enjoy high rates of growth this year, but that growth will only translate into job creation and poverty reduction if the State takes a larger role, according to a report released today by the United Nations. The 2011 Economic Report on Africa, produced by the UN Economic Commission for Africa and the African Union, found the continent’s economy grew by 4.7 per cent last year and is likely to increase by another 5 per cent this year.
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.
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 raising invoices, availment of Cenvat credit without receipt of inputs/ input services, etc. Non-issuance of invoice 9 (Section 89 (1) (a) of the Act) Availing and utilising Cenvat Credit without receipt of service (Section 89 (1) (b) of the Act)
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 TDS, permanent account number (PAN), tax deduction and collection account number (TAN), etc. The relevant form for such TDS certificate is Form No.16 in case of deduction under section 192 and Form No.16A for deduction under any other provisions of Chapter XVII-B of the Act. TDS certificate in Form No.16 is to be issued annually whereas TDS certificate in Form No.16A is to be issued quarterly.
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) Regulations, 2011 (Regulations) relating […]
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.
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 has to pay the decreed amount to the claimants first and then recover it from the driver and owner of the offending vehicle, the judgment said. In this case, a woman died when an auto rickshaw turned turtle due to rash and negligent driving. One of the issues raised was whether the insurance company would be absolved from the liability to pay. The company argued that the driver and owner had violated the terms of the insurance policy by allowing the vehicle to be driven by one without proper and valid licence. The high court ruled that transporting passengers on a learner’s licence, without being accompanied by a licensed driver, would be violation of the insurance policy and the insurer was not liable to pay the compensation amount.
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 any other condition for installation of towers is beyond the purview of the jurisdiction of MCD. The writ petitions were accompanied with applications for interim relief.
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 Extensible Business Reporting Language (XBRL) mode from the year 2011-12 onwards” after the words “MCA in electronic mode”.
