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Archive: 30 August 2011

Posts in 30 August 2011

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

May 15, 2024 6315 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.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

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Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Regarding Export of Pan Masala-Gutkha packed in plastic sachet by 100% EOU -Application of provisions of Plastic Waste Management and Handling Rules, 2011

August 30, 2011 1566 Views 0 comment Print

Some Chief Commissioners are of the view that whereas the manufactures of pan masala /gutkha shall be required to give an undertaking to comply with the provisions of the Plastic Waste (Management and Handling) Rules, 2011 under no circumstance should export of the goods in question be stopped or disallowed. Other Chief Commissioners had a contrary view that allowing the export of pan masala / gutkha packed in plastic sachets would be a contravention of the said Rules of 2011. The Board has examined the matter in the background of the Plastic Waste (Management and Handling) Rules, 2011 as well as the conflicting views of Chief Commissioners.

RBI – Authorisation Guidelines for Primary Dealers (PDs)

August 30, 2011 630 Views 0 comment Print

RBI is of the view that the PD has attempted to manipulate the market, involved in market abuse, made an incorrect representation or certification, failed to provide information required under the extant guidelines, or provided information that was incorrect, inaccurate, or incomplete.

Penalty for failure to export cotton yarn in terms of Policy Circular No. 27 dated 01.04.2011 and Policy Circular No. 38 dated 10.08.2011

August 30, 2011 247 Views 0 comment Print

Attention is invited to Policy Circular No. 27 dated 01.04.2011 which stipulates conditions and modalities for registration of contracts of cotton yarn with DGFT. Para 4 of this Policy Circular deals with the consequences of failure to export the allowed quantity within stipulated time.

CBI arrests ADIT Andasu Ravindra & 2 others in a bribery case

August 30, 2011 5284 Views 0 comment Print

CBI traps additional commissioner of Income Tax Andasu Ravindra for receipt of Rs 50 lakh bribe and also arrested P Kishore, managing director of Chennai-based tech-based education provider Everonn Education, on charges of bribing an Income Tax official with Rs 50 lakh. A third person, said to have abetted the crime, is also under the CBI custody . The officials seized one crore rupees during the seizure, the CBI officer said. CBI officials continuing their raids simultaneously in Chennai, Vizag, Hyderabad and Bangalore after traps additional commissioner of Income Tax in Chennai. The CBI officials lunched a hunt for entire network behind the bribe matter.

IASB proposes to exempt investment entities from consolidation requirements

August 30, 2011 534 Views 0 comment Print

The International Accounting Standards Board (IASB) published today proposals to define investment entities as a separate type of entity that would be exempt from the accounting requirements in IFRS 10 Consolidated Financial Statements.

FAQ on XBRL regarding software Purchase, Training, Filing of form 23AC and 23ACA , How to upload and Taxonomy

August 30, 2011 2292 Views 0 comment Print

I would like to know, whether the XBRL software has to be purchased from separate vendors and then install in our computers or MCA itself will provide us with the software. Which agency should I approach to get the XBRL software? XBRL instance document creation software has to be purchased from the software vendors in the market. This software is used to create XBRL instance documents that would be uploaded on the MCA portal. MCA21 system shall provide a facility for validation of the instance document and filing of the same. MCA is not recommending any specific XBRL software.

Tax Worth Rs. 249 Crore Recovered from BCCI

August 30, 2011 793 Views 0 comment Print

As the income of BCCI was entirely exempt from tax under section 12A of the Income Tax Act 1961, the question of disclosing low earnings to avoid paying taxes did not arise. Gross receipt disclosed by BCCI in its tax returns for the assessment years 2007-08 to 2010-11, are Rs. 651.82 crore, Rs. 1,000.40 crore, Rs.1.387.02 crore and Rs. 1,666.84 crore respectively IPL is a part of BCCI and has no separate legal status.

IRDA issues Clarification on Investment in Venture Funds

August 30, 2011 880 Views 0 comment Print

IRDA, after inviting comments and concerns of Insurers and after a careful consideration of all the submissions made, hereby darify that: Investment In Venture Funds would continue to be categorized under “Other Investments’ as per IRDA (Investment) (4th Amendment) Regulations, 2008 Insurers may Invest in any Venture Fund registered under SERI Regulations which include Venture Funds investing in Micro, Small and Medium Enterprises also No investment shall be made in a Venture Fund which is under the Promoter Group of the insurer

RBI – Reflections on Regulatory Challenges and Dilemmas

August 30, 2011 264 Views 0 comment Print

Implementation of Basel III a) Capital: In terms of Basel III guidelines, the capital required, and, particularly, the equity component has become much larger. While the minimum CRAR remains at 8 per cent, the equity component has been raised from 2 per cent to 4.5 per cent. In addition, there is a capital conservation buffer of 2.5 per cent composed of equity. Effectively, therefore, the equity component in capital stands raised from 2 per cent to 7 per cent. In addition, two more capital components, fully composed of equity, have also been prescribed – (a) Counter Cyclical capital within a range of 0- 2.5 per cent and (b) capital surcharge on Global Systemically Important Financial Institutions (G-SIFIs) within a range of 1- 2.5 per cent.

Regarding imposing safeguard duty on N1, 3-dimethyl butyl-N’phenylenediamine

August 30, 2011 316 Views 0 comment Print

Notification No.83/ 2011-Customs, in exercise of the powers conferred by sub-section (1) of section 8B of the said Act, read with rules 12 and 14 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, the Central Government after considering the said findings of the Director General (Safeguards), hereby imposes on N1, 3-dimethyl butyl-N’phenylenediamine (PX-13 also known as 6 PPD), falling under tariff items 3812, 3810, 2921, 2925, 2934 and 2942 of the First Schedule to the said Act, when imported into India, a safeguard duty at the rate of – (a) Thirty percent ad valorem minus anti-dumping duty payable, if any, upto one year from the date of publication of this notification in the Official Gazette; and

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