"29 November 2011" Archive

Allowability of deductions on account of payments made by the assessee to the retired partners and wives of deceased partners while computing the total income

A.F. Ferguson & Co. Vs. The Asst. Commissioner of Income Tax (ITAT Mumbai)

A.F. Ferguson & Co. Vs. The Asstt. Commissioner of Income tax - The dispute is regarding allowability of deductions on account of payments made by the assessee to the retired partners and wives of deceased partners while computing the total income. The payments had been made under the provisions of partnership deed. ...

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Notification for Launch of 10-Year National Savings Certificate (IX-Issue), 2011 Issued

NA (29/11/2011)

In accordance with the decisions taken by the Government on the basis of the recommendations of the Committee for Comprehensive Review of National Small Savings Fund (NSSF), headed by Smt Shyamala Gopinath, the then Deputy Governor, Reserve Bank of India, Notifications on changes made in various small saving schemes except 10-Year Nationa...

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CBEC invites Comments/suggestions on ‘Draft Adjudication Manual’

Adjudication of offences under the Central Excises Act, 1944, or the Customs act 1962 or the Finance Act, 1994 (Service Tax) are important functions of the officers of the Central Excise, Customs and Service Tax competent to adjudge offences. It seeks to ensure that no economic loss is caused by the alleged contravention by the imposition...

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Posted Under: Income Tax |

Clarification on FDI Policy in Multi Brand Retail

The policy cleared by Union Cabinet on 24th November stipulates that FDI in multi brand retail will be allowed upto 51% foreign equity through the government approval route, subject to adequate safeguards for domestic stakeholders. ...

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Posted Under: Income Tax |

CBI Arrests Central Excise Inspector in Bribery Case

Central Bureau of Investigation has caught red handed an Inspector of Central Excise, Range-III, Division-I, Ankleshwar for demanding and accepting a bribe of Rs.5000/- from the complainant. It was alleged in the complaint that the complainant had supplied some goods to a Company on 24.10.2011 and had to provide the intimation to Central...

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Posted Under: Income Tax |

Request for No Action Letter under SEBI (Informal Guidance) Scheme, 2003

Letter No. MIRSD-1/INFG/36424/2011 (29/11/2011)

RBI has exempted stock brokers registered with SEBI from registering itself as NBFC, upon compliance of certain conditions including that it shall not hold or accept public deposits as defined in paragraph 2(1)(xii) of the Notification No. DFC.118/DG(SPT)-98 dated January 31,1998....

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3rd Frequently Asked Questions on Companies (Cost Accounting Records) Rules 2011 and Companies (Cost Audit Report) Rules 2011

1. Whether a cost accountant appointed as cost auditor can authenticate the Compliance Report also? The Rules provide for authentication of Compliance Report [vide Companies (Cost Accounting Records) Rules 2011] and certifying cost audit report [vide Companies (Cost Audit Report) Rules 2011]....

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Posted Under: Income Tax | ,

57 Crore People in the Under Insurance Net

NA (29/11/2011)

Based on the working population as per census 2001 data, the Insurance Regulatory and Development Authority (IRDA) has reported that the approximate total number of insurable persons in the country is 57,03,35,944....

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Online Sale of Insurance Policies

NA (29/11/2011)

The Insurance Regulatory and Development Authority (IRDA) has informed that at present some of the insurance companies resort to online sale of insurance products through their websites/portals in addition to sale through the conventional distribution channels. However there is no proposal from any insurer for sale of their entire policie...

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Central Para-Military Forces (CPMF) sought VAT exemption on canteen sales

The Central Para-Military Forces (CPMF) have sought VAT exemption on canteen sales. Chairman, Welfare And Rehabilitation Board (WARB) has written to the Chief Ministers of all the States and to the Union Territories for seeking exemption of Value Added Tax (VAT) to Central Police Canteen (CPC)....

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Posted Under: Income Tax |