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Archive: September, 2011

Posts in September, 2011

RBI increases Repo and Reverse Repo and Marginal Standing Facility Rates by 0.25 percent w.e.f. 16.09.2011

September 16, 2011 480 Views 0 comment Print

RBI increases Repo and Reverse Repo and Marginal Standing Facility Rates by 0.25 percent to 8.25, 7.25 and 9.25 per cent respectively.

Review/Recall Petition To Be Filed Even If Tax Effect Less Than Rs. 4 Lakhs – CBDT

September 16, 2011 853 Views 0 comment Print

Income Tax Some suggestions have been received that instead of filing review petition, a recall petition may be filed in High Court on the basis of Supreme Court order in Surya Herbal case. This is because for filing review petition there is a time limit of 30 days from the date of relevant order which will not be applicable for filing recall petition. In view of the above, the field officers are advised to file review or recall petition as may be suggested by the Sr Standing Counsel in a particular case.

Standing Liquidity Facilities for Banks and Primary Dealers would be available at the revised repo rate, i.e., at 8.25 per cent with effect from September 16, 2011

September 16, 2011 538 Views 0 comment Print

Please refer to the Mid-Quarter Monetary Policy Review of September 16, 2011, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 25 basis points from 8.00 per cent to 8.25 per cent with immediate effect. Accordingly, the Standing Liquidity Facilities provided to banks (export credit refinance) and Primary Dealers (PDs) (collateralised liquidity support) from the Reserve Bank would be available at the revised repo rate, i.e., at 8.25 per cent with effect from September 16, 2011.

CS Exams December, 2011-List of examination Centres

September 16, 2011 6770 Views 0 comment Print

CS Exams December,2011-List of examination Centres Company Secretaries Examinations December, 2011 LIST OF EXAMINATION CENTRES Sl No. Centre Code Centre Name 1 201 AGRA 2 401 AHMEDABAD 3 228 AJMER 4 202 ALLAHABAD 5 203 AMBALA 6 204 AURANGABAD 7 301 BANGALORE 8 226 BAREILLY 9 221 BHILWARA 10 222 BHOPAL 11 101 BHUBANESWAR 12 […]

FM Hopes Increase of 25 Basis Points in Policy REPO Rate would Help Us in Getting Back to a More Comfortable Inflation Situation

September 16, 2011 579 Views 0 comment Print

The Union Finance Minister Shri Pranab Mukherjee said that the Reserve Bank of India (RBI)’s today’s step is consistent with its monetary stance for the first half of 2011-12 and the overall concerns on growth sustainability in the medium-term. He said that he is hopeful that measure taken would get us back to a more comfortable inflation situation earlier rather than later, while leaving scope for growth to pick-up in the second half of the year.

Any service used by manufacturer directly or indirectly in or in relation to manufacture of final products constitutes input service

September 15, 2011 1433 Views 0 comment Print

It was held that any service used by the manufacturer whether directly or indirectly in or in relation to the manufacture of final products constitutes input service. The catering service, rent-a-cab and transportation services and the tax paid on the said services are stated as input services.

PAN Form – Who can Verify and Sign?

September 15, 2011 450 Views 0 comment Print

Individual : The individual filling his PAN form has to sign it. In case the individual is mentally incapable, then the PAN form may be signed by his Guardian or by any other person competent to sign on his behalf.Incase the individual is absent from India or because of any other reason, he is not able to sign and verify his PAN form, then any person duly empowered by him through valid Power of Attorney may sign on his behalf. In such case, a certified copy of Power of Attorney must accompany the PAN form.

Regarding Mandatory e-filing of Central Excise Returns in ACES

September 15, 2011 3686 Views 0 comment Print

Circular No. 955/16/2011-CX, The following amendments have been made in Central Excise Rules, 2002 and CENVAT Credit Rules, 2004: (i) ER-1 Return, filed under Rule 12(1) of the Central Excise Rules, 2002, will have to be electronically filed irrespective of the duty paid in the preceding financial year. (ii) ER-2 Return, filed by 100% EOUs under Rule 17 of the Central Excise Rules, 2002, will be required to be filed electronically irrespective of the duty paid in the preceding financial year.

Tariff Values of Edible Oils, Brass Scrap (All grades) and Poppy Seeds Notified – Notification No. 65/2011 – Customs (N. T.)

September 15, 2011 607 Views 0 comment Print

Notification No. 65/2011 – Customs (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: –

Credit of sale proceeds of Foreign Direct Investments in India to NRE/FCNR (B) accounts – Clarification

September 15, 2011 664 Views 0 comment Print

In terms of Schedule 3, 4 and 5 of the FEMA Notification No. 20/2000-RB dated May 3, 2000, sale proceeds of Foreign Investments in India were treated as eligible credit to NRE/FCNR (B) accounts, where the purchase consideration was paid by the Non-resident Indians / Persons of Indian Origin out of inward remittance or funds held in their NRE/FCNR (B) accounts and subject to applicable taxes, if any. It is now clarified that the same facility would be available to NRIs/ PIOs under Regulation 11 of the said Notification.

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