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It has come to the notice of the Board that some unscrupulous importers are illegally importing pesticides under various headings of harmonised tariff by declaring their chemical names instead of both common and chemical names.
M.L. Outsourcing Services Pvt. Ltd. Vs. ITO (ITAT Delhi)- The notification issued by the CBDT at Serial No. 8, mentions “human resource services” as a notified service eligible for deduction u/s 10A. It was also observed that the Assessee is just processing the potentiality of candidates employable by any software development company and the customised data is prepared for the US Company.
The Gross Non-performing Assets (NPA) of Public Sector Banks (PSBs) for the period ending March, 2011 stood at Rs. 71,047 crore.
In order to further liberalize the portfolio investment route, the Union Finance Minister Shri Pranab Mukherjee had announced in the 2011-12 Budget to permit SEBI registered Mutual Funds (MFs) to accept subscriptions for equity schemes from foreign investors who meet the Know Your Customer/client(KYC) requirements. After due consultations with the Regulators and other stakeholders, the scheme was finalized to be announced in the first week of August 2011.
Following the announcement in the Annual Policy Statement for the year 2009-10, Reserve Bank of India (RBI) constituted a Working Group on Benchmark Prime Lending Rate (BPLR) to review the present BPLR system and suggest changes to make credit pricing more transparent. Based on the recommendations of the Group and the suggestions from various stakeholders, it has been decided that banks switch over to the system of Base Rate.
Government is working on a Bill that envisages an Ombudsman to look into the complaints against lawyers and a Legal Services Board that would regulate law practices in the country. Giving this information in written reply to a question in Rajya Sabha, Shri Salman Khurshid, Minister of Law & Justice informed the House that a draft Bill titled “Legal Practitioners (Regulation and Maintenance of Standards in Profession,
LETTER [F.NO. 137/25/2011 – SERVICE TAX], Representations have been received seeking clarification regarding leviability of service tax on the additional amount that is collected towards the delay in making payment to the stock brokers by their customers (delayed payment charges) in respect of Stock Broker’s services.
The Government of India today approved the extension of the term of Dr. D. Subbarao as the Governor of the Reserve Bank of India. Dr. Subbarao’s term has been extended for a period of two years with effect from September 5, 2011 up to September 4, 2013.
Under pressure to unearth blackmoney, the Income Tax department has tracked down over 50 high-value defaulters, who had declared their assets to be zero, with tax liability of over Rs 10 crore.
Notification No. 107/2011 – Income Tax In exercise of the powers conferred by clause (a) of sub-section (1) of section 3 of the Minimum Wages Act, 1948 (Central Act XI of 1948) read with sub-section (2) of section 5 thereof, the Government of Kerala after considering the objections and suggestions received on the draft proposal previously published under Notification No. 10690/E1/2007/LBR, dated 13-12-2010 in the Kerala
