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Archive: 15 November 2011

Posts in 15 November 2011

Principles of Interpretation of Entries & Commodities in the Schedules Under The Punjab Value Added Tax Act, 2005

November 15, 2011 4897 Views 1 comment Print

Classification of commodity under the Punjab Value Added Tax Act, 2005, is a matter of utmost importance in the charging of tax at the time of sale and purchase and in the assessment, because the application of rates of tax, exemptions and concession deeply, largely on the classification of the commodities, it is not a mechanical because different goods are classified differently by the authorities according to the language of the statute or the notification concerned. That the courts clarified the goods not the rate of tax applicable would be that which has been fixed by the State Government time to time by notifications.

Taxation of Income and Capital Gains from Mutual Fund Units

November 15, 2011 144081 Views 33 comments Print

It’s important to note that under the Income Tax Act, 1961, there is mention of only one type of mutual fund. i.e. “Equity Oriented Fund”. It implies that from Income Tax angle mutual fund schemes can be categorized into-(a) Equity oriented fund (Scheme) (b) Non Equity oriented fund (Scheme)

Manual for Co-operative Housing Societies in Maharashtra

November 15, 2011 7719 Views 1 comment Print

Directive to be given to all co-operative Housing Societies in the Maharashtra State Under section 79 (A) of the Maharashtra Co-operative Societies Act, 1960. Model Bye Laws of Cooperative Housing Society in Maharashtra In respect of applying Co-operative Housing Societies Manual. GOVERNMENT OF MAHARASHTRA  No. SAGRUYO-2011/PRA.KRA. 360/14-SA, Co operation, Marketing and Textile Department, Date 15th […]

No fixed return on PPF

November 15, 2011 10393 Views 0 comment Print

Ministry of Finance, Department of Economic Affairs (Budget Division)Government has vide its office memorandum No. No. 6-1/2011-NS.II (Pt.) Dated 11th November, 2011 announced increase in interest Rates on small saving schemes which includes interest rate on Public Provident Fund and other schemes. To address the issue of asset-liability mismatch in the National Small Savings Fund (NSSF), the central government has moved towards making returns from small savings instruments benchmarked against the government securities of similar maturities.

CBFC denies MNS allegation that the Marathi films are being certified by non- Marathi knowing persons

November 15, 2011 1644 Views 0 comment Print

The day after the CBFC office at Walkeshwar Road in Mumbai was ransacked allegedly by the MNS supporters, the CEO, CBFC has clarified that its Advisory Panel of 123 members has 47 members, whose mother tongue is Marathi. Almost all the films are certified at the local level by the Advisory Panel, which consist of members drawn from various fields. Only those films, where the producer is not satisfied with the certification granted by the Advisory Panel are referred to the Central Board for screening. Even in its Board, the CBFC has three members –Deepesh Mehta, Arundhati Nag, as wells as the Chairperson, Ms. Leela Samson, who are familiar with Marathi.

Master Circular No. 2/2011 on Cost Accounting Records and Cost Audit

November 15, 2011 2748 Views 0 comment Print

Master Circular No. 2/2011 The specified number of companies for the purpose of section 233B (2) read with section 224 (1B) of the Companies Act, 1956 is to be computed for a given financial year with reference to the number of companies wherein he has been appointed as the cost auditor, including those wherein he is proposed to be appointed for which he has given his consent. The number of companies in respect of which cost audit reports have not been submitted and have become overdue shall also be taken into account for the purposes of ceiling under section 224 (18).

Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 – Notification No. 78/2011-CUSTOMS (N. T.)

November 15, 2011 189 Views 0 comment Print

S. O______ (E) – 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: –

Trade Credits for Imports into India – Review of all-in-cost ceiling

November 15, 2011 1720 Views 0 comment Print

On a review of developments in the global financial markets and the fact that domestic importers are experiencing difficulties in raising Trade Credit within the existing all-in-cost ceiling, it has been decided to revise the all-in-cost ceiling for Trade Credits as under:

Interest Rates on Export Credit in Foreign Currency

November 15, 2011 2875 Views 0 comment Print

Keeping in view the tight liquidity conditions and widening of credit spreads due to recent developments in international financial markets, it has been decided to increase the ceiling rate on export credit in foreign currency by banks to LIBOR plus 350 basis points from the present ceiling rate of LIBOR plus 200 basis points with immediate effect, till March 31, 2012, subject to the express condition that the banks will not levy any other charges viz. service charge, management charge etc except for recovery towards out of pocket expenses incurred. Similar changes may be effected in interest rates in cases where EURO LIBOR / EURIBOR has been used as the benchmark.The rates of interest applicable have been incorporated in the Annex to the directive DBOD.DIR.No.51/04.02.001/2011-12 dated November 15, 2011 enclosed to this circular.

Income Tax Employees strike – I-T survey operations hit in Delhi

November 15, 2011 453 Views 0 comment Print

The crucial survey operations conducted by the Income Tax department to detect tax evasion have been severely hit due to a long drawn employees agitation in the national capital. I-T employees and officials, except those of the Indian Revenue Service (IRS), have been agitating to press their demands including to review their cadre and promote senior ranks of Income Tax Officers (ITOs) to the rank of Assistant Commissioners.

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