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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
Circular No.37/2011-Customs, In view of growing concern amongst Customs administrations about the threat posed through misuse of channels of import and export, there is a need to ensure security in global supply chain in international movement of goods. Keeping this in view, CBEC has finalized the ‘Authorized Economic Operators’ (AEO) programme for implementation to secure supply chain of imported and export goods.
Financial inclusion is necessary for inclusive growth. To extend the reach of banking to those outside the formal banking system, the Union Finance Minister Shri Pranab Mukherjee in his Budget Speech 2010-11 had stated that the Government has decided to provide appropriate banking facilities to habitations having population in excess of 2000 (as per 2001 census) by March, 2012. Accordingly, 73,000 such habitations across the country have been identified and allocated to Public Sector Banks, Regional Rural Banks, Private Sector Banks and Cooperative Banks for extending banking services by using the services of Business Correspondents and other models, with appropriate technology back up by March, 2012.
In view of the standardisation of rating symbols and definitions for credit rating agencies by Securities Exchange Board of India (SEBI), the Reserve Bank of India has issued an amendment Direction, i.e., Issuance of Non-Convertible Debentures (Reserve Bank) (Amendment) Directions, 2011, inter alia, revising the symbol of minimum rating required for issuing NCDs of maturity up to one year.
In order to clarify the doubt raised by majority of members in respect of inclusion of audits conducted under sections 44AD, 44AE and 44AF of the Income-tax Act, 1961 in the specified number of tax audit assignments, the extracts of Para 6 of Chapter VI ‘Tax Audit assignments under section 44AB of the Income-tax Act, 1961’ of the Council General Guidelines No.1-CA(7)/025/2008 dated 8th August, 2008 have been reproduced below:
Why is Corporate Governance Important? 4. Before going into corporate governance of banks in particular, let us recall, just for the sake of context, why corporate governance is important in general. At its most basic level, corporate governance sets up the “rules of the game” to deal with issues arising from separation of ownership and management so that the interests of all stakeholders are protected. Empirical evidence shows that businesses with superior governance practices generate bigger profits, higher returns on equity and larger dividend yields. Importantly, good corporate governance also shows up in such soft areas as employee motivation, work culture, corporate value system and corporate image. Conversely, the failure of high profile companies such as BCCI, Enron, WorldCom and Parmalat was a clear lesson of the damage bad corporate governance can inflict.
Trade Notice No. 17 dated 23rd August, 2011 All Export Promotion Councils / Commodity Boards / Authorities are aware that an ‘on-line ‘ uploading facility of RCMC has been initiated in DGFT since August, 2010.2. The purpose of uploading the RCMC data on DGFT’s server is to reduce Transaction Cost for exporters as this would avoid submission of copy of RCMC by exporters every time under various applications filed by them.
As reported by Reserve Bank of India (RBI), there are 28,921 rural centers, where Scheduled Commercial Banks are functioning as on 31st March, 2011. RBI defines a rural population group as those centres which have population of less than 10,000.
Notification No. 79 /2011-Customs G.S.R. (E). – Whereas in the matter of imports of Caustic Soda (hereinafter referred to as the subject goods), falling under Chapter 28 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, Thailand, Chinese Taipei and Norway (hereinafter referred as the subject countries) and imported into India, the designated authority in its final findings vide notification No. 14/1/2010-DGAD, dated the 30th June, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 30th June, 2011, has come to the conclusion that –
There has been advancement in the technology in the field of manufacture of ‘Briefcases/Suitcases/Beautycases’. Due to advancement in the technology, the Poly Carbonate (PC) is being used in place of ABS/other polymers, to provide higher impact strength. These amendments enable import of required raw materials for exports of ‘Briefcases/Suitcases/Beautycases’ made up of Poly Carbonate. Public Notice No. 73/(RE-2010)/2009-2014
Madras High Court ruling on the applicability of Provident Fund (PF) contribution on certain allowances. Reynolds Pens India Pvt. Ltd. Vs Regional Provident Fund Commissioner (Madras High Court)- The Madras High Court in aforesaid case has held that certain allowances such as conveyance, educational allowances, food concession, medical allowance, special holidays, night shift incentive, city compensatory allowances etc. should be treated as part of basic wages under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (‘EPF Act’.) and accordingly, provident fund contributions should be remitted on such allowances.
