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Archive: 28 October 2011

Posts in 28 October 2011

Draft Circular on Refunds in Service Tax ; Problems faced by exporters in availing refund of excess credit

October 28, 2011 5339 Views 0 comment Print

Representations have been received both from the field and the trade regarding difficulties being faced in the determination of the input services which are eligible for refund under notification 05/2006. Resultantly, the issue has spawned delays and disputes, which has necessitated the issue of this clarification. The issue of eligibility of input services to refund under notification no. 05/2006 has been addressed in Circular No. 120/01/2010-ST dated 19th January, 2010 in paragraph 3.1. The criterion laid down in this paragraph for determining the eligibility states that “in case the absence of such input/input service adversely impacts the quality and efficiency of the provision of service exported, it should be considered as eligible input or input service”. This criterion has not been very useful as it is found to be too conceptual and not easily translatable into objective tests that could help in deciding actual cases. Thus a need has been felt for further elaboration by the Board on this issue.

CBI Arrests an Assistant PF Commissioner, Enforcement Officer and a Supdt. of Central Excise in Separate Bribery Cases

October 28, 2011 2187 Views 0 comment Print

CBI ARRESTS AN ASSISTANT PROVIDENT FUND COMMISSIONER, ENFORCEMENT OFFICER AND A SUPDT. OF CENTRAL EXCISE IN SEPARATE BRIBERY CASES The Central Bureau of Investigation has arrested an Assistant Provident Fund Commissioner & an Enforcement Officer working in Employees Provident Fund Organisation, Kandivali (W), Mumbai, for demanding & accepting a bribe of Rs.15,000/- from the complainant. […]

Companies (Dematerialization of Certificates) Rules, 2011

October 28, 2011 478 Views 0 comment Print

The matter was examined by this Ministry in consultation of Law Ministry and it has been decided to withdrawal of draft of Dematerialization of Certificates Rules, 2011.

MCA withdrawn draft of Companies (Dematerialization of Certificates) Rules, 2011

October 28, 2011 1226 Views 0 comment Print

E-Governance Cell: – with a request to place the aforesaid letter in the website of MCA.

No interest levy despite short deduction of taxes if reasons are bona fide and the shortfall is nominal

October 28, 2011 4139 Views 0 comment Print

Madhya Gujarat Vij Co. Ltd. (ITAT Ahmedabad)- Section 192(3) of the Act enables the employer to make adjustment of any excess or deficiency arising out of previous deduction or failure to deduct during the tax year. If there are bona fide reasons for short deduction in the earlier months and the same is made good immediately […]

Transfers & Postings of Commissioners & Directors of Income-tax – Order No. 176 of 2011

October 28, 2011 2525 Views 0 comment Print

ORDER NO. 176 OF 2011 -The following postings and transfers of officers in the grade of Commissioners/Director of Income Tax are hereby ordered with immediate effect and until further orders:

Government E-Payment System to be Inaugurated; will Bring Transparency; Facilitate Paperless Transaction and Reduce Overall Transaction Cost

October 28, 2011 594 Views 0 comment Print

The Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance has developed a fully secured Government e-payment system for direct credit of dues from the Government of India into the account of beneficiaries using digitally signed electronic advice (e-advice) through the ‘Government e-Payment Gateway’ (GePG). The Union Finance Minister Shri Pranab Mukherjee will […]

RBI asks NBFCs to take step to Implement Green Initiative

October 28, 2011 550 Views 0 comment Print

Implementation of Green Initiative of the Government -As part of the ‘Green Initiative’ of the Government, the Government of India has suggested that steps be taken by entities in financial sector, including NBFCs to help better utilisation of their resources and also better delivery of services.

KYC Guidelines – AML Standards -Prevention of Money Laundering Act, 2002 – Obligations of NBFCs – Revised Reporting Format

October 28, 2011 913 Views 0 comment Print

Know Your Customer’ (KYC) Guidelines – Anti Money Laundering Standards (AML) Prevention of Money Laundering Act, 2002 – Obligations of NBFCs in terms of Rules notified thereunder’-Reporting Format under Project FINnet. Please refer to Master Circular No 231 dated July 1, 2011 on ‘Know Your Customer’ (KYC) Guidelines – Anti Money Laundering (AML) Standards. In terms of the extant instructions, NBFCs are required to report information/data relating to Cash and Suspicious Transactions to the Director, Financial Intelligence Unit-India (FIU-IND) in the prescribed format.

Amends Notification No.68/2011-Customs(N.T.) dated the 22nd September related to changes in all Industry Rates of Duty Drawback, 2011-12

October 28, 2011 2771 Views 0 comment Print

In exercise of the powers conferred by sub-sections (2) and (3) of section 75 of the Customs Act, 1962 (52 of 1962), sub-sections (2) and (2A) of section 37 of the Central Excise Act, 1944 (1 of 1944), and section 93A read with sub-sections (2) and (3) of section 94 of the Finance Act, 1994 (32 of 1994), read with rules 3, 4 and 5 of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995, the Central Government, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.68/2011-Customs(N.T.), dated the 22nd September, 2011 published vide number G.S.R. 712 (E) dated the 22nd September, 2011, retrospectively with effect from 1st day of October, 2011, namely:-

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