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Archive: 07 July 2011

Posts in 07 July 2011

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 51 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7389 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

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

July 7, 2011 10352 Views 0 comment Print

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 The Companies Act, 1956 states that a Director etc., is not to hold office or place of profit except with the consent of the company accorded by a special resolution and at remuneration as may be prescribed by the Central Government.

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

July 7, 2011 706 Views 0 comment Print

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 Government of India in the Ministry of Finance (Department of Revenue) No.148/1994-Customs, dated the 13th July, 1994 [G.S.R.577 (E) dated the 13th July, 1994], namely: –

Activity of converting boulders into grit/stone chips/powder amounts to production and the assessee is entitled to a deduction under s 80-IB

July 7, 2011 4337 Views 0 comment Print

CIT Vs Mallikarjun Geo resources Associates (Uttarakhand High Court)- The word “production” takes in all the by-products, intermediate products and residual products, which emerge in the course of manufacture of goods.

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

July 7, 2011 4128 Views 0 comment Print

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 per Circular 9/2011 dated 31.03.2011 and later exempted from XBRL filing (under Power sector, Insurance sector, NBFC and Banking sector) who are unable to file their financial statements would be exempted from additional fee due to delay in filing up to 30.09.2011.

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

July 7, 2011 724 Views 0 comment Print

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 :

Renting of Mobile Towers liable to VAT, not service tax

July 7, 2011 9918 Views 0 comment Print

Essar Telecom Infrastructure (P.) Ltd. Vs Union Of India (Karnataka High Court)- Facility of providing mobile telephone towers for various service provider – Referring to various judgements of the Apex Court and other courts, petitioner’s counsel contended that petitioner has already remitted the entire service tax due to the Centre.

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

July 7, 2011 574 Views 0 comment Print

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 INSTITUTIONS AND INTERMEDIARIES) THIRD AMENDMENT RULES, 2010

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

July 7, 2011 463 Views 0 comment Print

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 subject country), imposed vide notification of the Government of India, in the Ministry of Finance (Department of Revenue),No. 54/2008-Customs, dated the 28th April, 2008, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.308(E), dated 28th April, 2008, had come to the conclusion that if the anti-dumping duties on the subject good from the subject country are removed, the injury to the domestic industry is not likely to recur;

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

July 7, 2011 544 Views 0 comment Print

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 Revenue), No. 64/1994-Customs (N. T.) dated the 21st November, 1994, namely: –

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

July 7, 2011 582 Views 0 comment Print

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 Revenue), No. 62/1994-Customs (N. T.) dated the 21st November, 1994, namely:-

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