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Archive: 09 August 2011

Posts in 09 August 2011

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

May 24, 2024 609 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 7503 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.

Custom Duty Notification Regarding reports of illegal imports of pesticides by some traders

August 9, 2011 493 Views 0 comment Print

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.

Deduction u/s 10A allowable where HR Services were provided in the process of providing customized electronic data was exported to USA

August 9, 2011 1113 Views 0 comment Print

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.

Gross NPAs of Public Sector Banks Stood at Rs.71,047 Crore as on 31st March,2011

August 9, 2011 357 Views 0 comment Print

The Gross Non-performing Assets (NPA) of Public Sector Banks (PSBs) for the period ending March, 2011 stood at Rs. 71,047 crore.

Qualified Foreign Investors (QFIS) Allowed to Access Mutual Funds’ Equity Schemes and Debt Schemes in the Infrastructure Sector

August 9, 2011 405 Views 0 comment Print

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.

Switch over to base rate from PLR system

August 9, 2011 1361 Views 0 comment Print

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.

Ombudsman for Legal Sector

August 9, 2011 1075 Views 0 comment Print

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,

Stock Broker's services – Levy of service tax on delayed payment charges collected by service provider in respect of Stock Broker's services

August 9, 2011 2615 Views 0 comment Print

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.

D Subbarao gets 2-year extension as RBI Governor

August 9, 2011 375 Views 0 comment Print

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.

Income Tax department tracked down over 50 high-value defaulters

August 9, 2011 348 Views 0 comment Print

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 Dated 9/8/2011

August 9, 2011 331 Views 0 comment Print

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

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