"07 July 2011" Archive

Increase in Remuneration Limit U/s. 314(IB) of the Companies Act, 1956

Notification No. G.S.R. 514(E) (07/07/2011)

The Central Government vide its powers confirmed under section 642 of the Companies Act , 1956 has raised the total monthly remuneration for the purpose of Clause (b) of sub section (1) of section 314, Rs.10,000 limit u/s 314(1)(b) of Companies Act raised to Rs.50,000 & Rs.20,000 limit u/s 314(1B)) raised to Rs.2,50,000. Section 314 of Th...

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Amends Notification No.148/1994-Customs, dated the 13th July, 1994 vide

Notification No. 56/2011-Customs [G.S.R. 518(E)] (07/07/2011)

Notification No. 56 /2011 – Customs, 07th July, 2011 In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Governmen...

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Filing of Balance Sheet & Profit and Loss Account in XBRL mode

General Circular No. 43/2011 (07/07/2011)

in continuation to the Circular no. 37/2011 dated 07.06.2011, the further information is given as under: -- (i) Besides signing by signatories as specified u/s 215 of the Companies Act, 1956, the Statutory Auditor has to certify the financial statements prepared in XBRL mode for filing on MCA-21 portal. (ii) Phase-1 class of companies as...

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Company Law – Payment of fees to CAs in cases where funds are not permitted from Common Pool Fund

General Circular No. 42/2011 (07/07/2011)

It has been noticed that certain Courts have not allowed fees to be paid to the Chartered Accountants from Common Pool Fund in cases where petitions are filed in respect of companies under liquidation having no assets. The matter has been considered and it has been decided that in all such cases following steps be taken :...

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Insurance – Prevention of Money Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Third Amendment Rules, 2010

Circular No. IRDA/F&I/CIR/AML/151/07/2011 (05/07/2011)

CIRCULAR NO. IRDA/F&I/CIR/AML/151/07/2011, DATED 5-7-2011 PREVENTION OF MONEY LAUNDERING (MAINTENANCE OF RECORDS OF THE NATURE AND VALUE OF TRANSACTIONS, THE PROCEDURE AND MANNER OF MAINTAINING AND TIME FOR FURNISHING INFORMATION AND VERIFICATION AND MAINTENANCE OF RECORDS OF THE IDENTITY OF THE CLIENTS OF THE BANKING COMPANIES, FINANCIAL...

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Seeks to withdraw anti-dumping duty on imports of Hydrofluoric Acid originating in, or exported from, China PR – Notification No. 57 /2011-Customs

Notification No. 57/2011-Customs (07/07/2011)

Notification No. 57 /2011-Customs, In the matter of continuation of anti-dumping duty on imports of Hydrofluoric Acid (hereinafter referred to as the subject product), falling under Chapter 28 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, China PR (hereinafter referred to as the subj...

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Amends Notification No. 62/1994-Customs (N. T.) dated the 21st November, 1994 – Notification No. 46/2011-CUSTOMS (N. T.)

Notification No. 46/2011-Customs (N.T.) (07/07/2011)

Notification No. 46/2011-CUSTOMS (N. T.), In exercise of the powers conferred by clause (d) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Rev...

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Amends Notification No. 62/1994-Customs (N. T.) dated the 21st November, 1994 vide Notification No. 45/2011 – Customs (N.T.)

Notification No. 45/2011-Customs (N.T.) (07/07/2011)

Notification No. 45/2011 - Customs (N.T.), In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Re...

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Amendment/modification of SION, J-373 – DGFT Public Notice No. 63/(RE-2010)/2009-2014

Public Notice No. 63/(RE-2010)/2009-2014 (07/07/2011)

PUBLIC NOTICE NO. 63/(RE-2010)/2009-2014 Earlier, in SION, J-373, there were four items, which were allowed for imports. Now, fifth import item i.e “Pesticides (Biocides/Fungicides/Herbicides/Insecticides)” is added in SION, J-373 alongwith Note 3. ...

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No disallowance under s 40(a)(ia) can be made for non-deduction of tax under s 194C in absence of a continuous contract, oral or written

Dy. CIT Vs Niten Hasmukhbhai Shah (ITAT Ahemdabad)

Dy. CIT v Niten Hasmukhbhai Shah (ITAT Ahemdabad)- Since the finding of Ld. CIT(A) that there was no oral or written contract with the assessee and the Roopal Roadways which is confirmed by the clarificatory certificate issued by Roopal Roadways, was not disputed by the Revenue at the time of hearing before us, we find no infirmity in th...

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