"December, 2011" Archive

CIT (Appeals) have inherent and implied powers to grant stay – HC

Maheshwari Agro Industries Vs Union of India (Rajasthan High Court)

Maheshwari Agro Industries Vs. UOI (Rajasthan HC) - the income assessed by the Assessing Officer is almost 47 times of the income declared by the assessee viz. Rs. 1,44,42,320/- against the declared income of Rs.3,48,140/-. The disputed demand of tax also would be almost the same multiples of the declared and admitted tax liability or may...

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CIT can set aside 143(3) assessment if creditors not been verified during the Assessment

M/s. Southern Metals & Alloys Vs. The Assistant Commissioner of Income Tax- IX (ITAT Chennai)

Southern Metals & Alloys Vs. ACIT (ITAT Chennai)- The assessing authority had asked for details in respect of various creditors and in respect of the above stated trade creditors. The assessee had not furnished any particulars before the assessing authority. No confirmations were made by creditors also. On an examination of the records o...

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Cash seized should be adjusted advance-tax liability from the date of seizure

Shri Ram S Sarda Vs Dy. CIT, Cent. Cir. II (ITAT Rajkot)

Shri Ram S Sarda Vs DCIT (ITAT Rajkot)- ITAT, Mumbai Bench in the case of Sudhakar M Shetty vs ACIT held that the department has to adjust the seized amount towards the advance-tax from the date when it was seized and accordingly directed the assessing officer to adjust the seized cash from the date of seizure. In the case under considera...

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Re-assessment proceedings cannot, be initiated on the ground that the Assessing Officer was legally wrong and had misapplied and wrongly understood the law/legal position

BLB Limited Vs Assistant Commissioner of Income Tax (Delhi High Court)

BLB Limited Vs. ACIT (Delhi HC) - If in the course of original assessment proceedings, the Assessing Officer has considered and examined a particular aspect, the said aspect cannot be made a ground to reopen and initiate reassessment proceedings. The assessing authority cannot have a fresh look and reopen an assessment on the ground of c...

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Power to reopen an assessment cannot be exercised to reopen what formed subject matter of an appeal to Commissioner (Appeals)

ICICI Bank Ltd. Vs. Deputy Commissioner of Income-tax (Bombay High Court)

ICICI Bank Ltd. V. DCIT (Bombay HC) - Second proviso to Section 147 stipulates that the Assessing Officer may assess or re-assess such income other than the income involving matters which are the subject matter of any Appeal, Reference or Revision, which is chargeable to tax and has escaped assessment. ...

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Return treated as non est and ‘invalid’ cannot be treated as allowance or deduction – So Interest waived by bank cannot be charged to tax under s. 41(1)

M/s. NJP Surya Cold Storage Pvt Ltd. Vs Income-tax Officer (ITAT Hyderabad)

NJP Surya Cold Storage Pvt Ltd. Vs ITO (ITAT Hyderabad)- In this case, it is on record that in earlier years, returns were non est. returns and the interest claimed cannot be considered as allowed to the assessee in the earlier years. This being so, interest waived in the present assessment year cannot be considered as income of the asses...

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ITAT may dismiss appeal for non attendance by the Assessee

M/s Panwar Roshin & Turpentine Co. Ltd. Vs Income-tax Officer (ITAT Delhi)

M/s Panwar Roshin & Turpentine Co. Ltd. Vs ITO (ITAT Delhi)- The appeal was filed on 08.12.2010 when an acknowledgement cum- notice was served on the bearer under which the appeal was fixed for hearing on 10.02.2011. None attended on that date. Thereafter, another notice dated 07.10.2011 was served on the assessee through the official co...

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TDS U/s. 194C not deductible on Packing or Printed material supplied to us as per pur specification

Dy. Commissioner of Income-tax Vs M/s. Elgie Engineering Works (ITAT Calcutta)

DCIT Vs. Elgie Engineering Works (ITAT Calcutta)- On perusal of the bills of parties, it is seen that the payments are for manufacture and supply of items such as Buckstay Slings, Economiser coils, Lifting beams etc. The bills show that the price is inclusive of the material which indicates that the transactions were in the nature of sale...

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Tribunal may allow additional documents to be produced or witness to be examined or affidavit to be filed or may allow such evidence to be produced

Pradeep Khanduja Vs Income-tax Officer (ITAT Delhi)

Pradeep Khanduja Vs ITO - ITAT Delhi - even after passing of the assessment order, the assessee did not move any application before the ld. CIT(Appeals) for admission of additional evidence, which has now been filed before us, and which is sought to be admitted. Rule 10 deals with filing of affidavit and states that where a fact, which ca...

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Expenditures for value addition and for competing in the market are revenue Expenditure

Assistant Commissioner of of Income Tax Vs. M/s. Kannappan Iron and Steel Co. Pvt. Ltd. (ITAT Chennai)

ACIT Vs. Kannappan Iron and Steel Co. Pvt. Ltd. (ITAT Chennai)-The Tribunal found that the expenditures were not incurred for setting up of any business or initiating an expansion programme. The expenditures were incurred as a measure of value addition and for competing in the market. There was no basic improvement in the fundamental char...

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Genuineness of Unsecured Loan if assessee furnished copies of P&L Account, Balance Sheet, I. T. Returns, bank statement alongwith Confirmation

Shri Rajeev Kumar Jain Vs Income Tax Officer (ITAT Kolkata)

Shri Rajeev Kumar Jain Vs ITO (ITAT Kolkata)- Assessee stated that the assessee during the year under consideration took loan of Rs. 3,00,000/- from one Shri Amit Kr. Jain, a close relative, by account payee demand draft. The assessee furnished copies of P&L Account, Balance Sheet, I. T. Returns, bank statement for FY 2006-07 relevant to...

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Whether In case of revival of any order all the connected matters are also liable to be revived?

The Asst. Commissioner of Income Tax Vs M/s L&T Western India Toll Bridge Ltd (ITAT Chennai)

ACIT Vs. L&T Western India Toll Bridge Ltd (ITAT Chennai)- It was yelled by the ld.AR that merits of the grounds taken in the cross objection should not be washed away permanently and the assessee should be given an opportunity to revive these issues as and when the proceedings, if reversed, by the higher forums....

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Origin of Chartered Accountant and Countries having CA body

Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants (formed 1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception.[...

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Posted Under: Income Tax | ,

ICSI releases Pre-budget Memorandum for Union Budget 2012-13

Children Education Allowance -The exemption limit for Children Education allowance may be raised from Rs. 100 per month to Rs. 1000 per month per child for maximum 2 children or actual expenses, whichever is less. ii) Transport Allowance - The exemption limit for transport allowance to meet expenditures of commuting from residence to the...

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Posted Under: Income Tax |

ICAI President's Message – January 2012

CA Amendment Bill Passed by Both Houses of Parliament -The Chartered Accountants Amendment Bill has been passed by both the Lok Sabha as well as the Rajya Sabha, thus, paving the way for limited liability partnerships (LLPs) and multidisciplinary partnerships subject to notification of the relevant provisions, after the assent of the Pres...

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Posted Under: Income Tax |

Gratuity Calculator for Central Government and Non-Govt Employees

This simple calculator automatically calculates Gratuity receivable by Employee of Central Government and Private Concerns. We only have to put the date of Joining , Date of leaving/Retirement, last Basic Pay Drawn Including Grade and Dearness allowance if any. The calculator will then automatically calculate total gratuity receivable by ...

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History of Accounting and Accounting Standards

Sufficient evidence exists to conclude that art and practice of accounting existed even in Vedic times. There are references to kraya (sale), Vanij (merchant), sulka (price) in Rigveda. Kautilya’s Arthashastra contains details on business of keeping up accounts in the office of accountants .It provides details of matters which should be...

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Posted Under: Income Tax |

Role of Chartered Accountant in Your Growth

What a chartered accountant does exactly is something unknown, which is of course if you’re not an accountant yourself. For many people, an accountant is something that they feel they only need once a year when they are doing their taxes returns. But business and CA are more than just taxes. If you are only using your CA for your tax re...

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Posted Under: Income Tax |

Despite voluntary surrunder penalty u/s 271(1)(c) is justified if surrunder made after incriminating material is found

Sanjay Enterprises (P.) Ltd. Vs Income-tax Officer (ITAT Delhi)

Sanjay Enterprises (P.) Ltd. Vs. ITO (ITAT Delhi)- In the instant case, surrender made by the assessee during the remand proceedings, when the assessee was confronted with the statement of Shri Sanjay Rastogi recorded on oath on 27.9.2005, has never been retracted either during the reassessment proceedings or during the penalty proceeding...

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Notification No. 52/2011-Service Tax dated 30th December, 2011

Notification No. 52/2011-Service Tax (30/12/2011)

Notification No. 52/2011 – ST dated 30.12.2011: A simplified scheme for electronic refunds of service tax to exporters has been introduced by the CBEC vide Circular No. 149/18/2011-ST dated 16.12.2011 on the lines of duty drawback. In the new scheme, exporters will have to either opt for electronic refund through ICES system, which ...

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Notification No.51/2011-Service Tax dated 30th December, 2011

Notification No. 51/2011 – Service Tax (30/12/2011)

vocational training institute means an Industrial Training Institute or an Industrial Training Centre affiliated to the National Council for Vocational Training, offering courses in designated trades as notified under the Apprentices Act, 1961(52 of 1961)...

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Notification No. 50/2010 – Service Tax dated 30th December, 2011

Notification No. 50/2011 - Service Tax (30/12/2011)

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance (Department of Revenue) New Delhi, 30th December, 2011 Notification No.50/2011-Service Tax G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1...

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Exchange Traded Interest Rate Futures on 2-year and 5-year Notional Coupon Bearing Government of India Security

Circular No. DNPD/8/2011 (30/12/2011)

Circular No. DNPD/8/2011, Dated 30-12-2011 -1. It has now been decided to permit the introduction of cash settled futures on 2-year and 5-year notional coupon bearing Government of India (GoI) security on currency derivatives segment of Stock Exchanges. Eligible Stock Exchanges may do so after obtaining prior approval from SEBI....

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Seeks to amend notification no. 119/2010-Customs, dated 19th November, 2010 so as to revoke anti dumping duty on subject goods originating in or exported from Saudi Arabia

Notification No.130/2011-Customs (30/12/2011)

Notification No.130/2011-Customs In exercise of the powers conferred by sub-section (1) read with sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), the Central Government hereby amends notification no. 119/2010-Customs, dated 19th November, 2010, published in the Gazette of India, Extraordinary, Part-II, sectio...

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Amends Notification No.27/2011-Customs, dated the 1st March, 2011- Notification No. 129/2011 – Customs

Notification No. 129/2011–Customs (30/12/2011)

Notification No. 129/2011 – Customs Following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.27/2011-Customs, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, vide number G.S.R.153 (E),dated the 1st March, 2011,namely:- ...

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Amends notification no. 53/2011-Cus dated 1-7-2011 so as to effect HSN changes as well as to provide deeper tariff cut to Malaysia

Notification No. 128/2011-Customs (30/12/2011)

Notification No. 128/ 2011 - Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Minist...

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Imports from ASEAN Countries – Rates Reduced – Notification No. 127/2011-Customs

Notification No. 127/2011-Customs (30/12/2011)

Notification No. 127/2011-Customs- Amends notification no. 46/2011-Cus dated 1-6-2011 so as to effect HSN changes as well as to provide deeper tariff cut to ASEAN nations. - Notification No. 46/2011-Cus dated 1 st June 2011 grants concessional rates of duty for imports from nine ASEAN Countries and a separate set of rates for imports fro...

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1 Percent Customs Duty for Imports from Brunei Darussalam – Notification No. 126/2011-Customs

Notification No. 126/2011-Customs (30/12/2011)

Notification No. 126/2011-Customs- Amends notification no. 116/2010-Cus dated 1-11-2010 (Special dispensation for Brunei Darussalam under ASEAN-India FTA). Government has reduced the effective rate of duty for import of Crude Petroleum oils and oils obtained from bituminous minerals. It is now 1 percent, which was earlier 2 percent. Noti...

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Concessional Customs Duty for Imports from Pakistan and Sri Lanka

Notification No. 125/2011-Customs (30/12/2011)

Notification No. 125/2011-Cus, Dated: December 30, 2011 - Supersedes notification no 67/2006-Cus and 68/2006-Cus both dated 30-06-2006 and provides deeper tariff cuts to NLDCs (Srilanka & Pakistan) under SAFTA. Government has reduced the effective rate of duty for import of Crude Petroleum oils and oils obtained from bituminous minerals....

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Notification No. 124/2011-Customs dated 30.12.2011

Notification No. 124/2011-Customs (30/12/2011)

Notification No. 124/ 2011 - Customs - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Mini...

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Amends notification no. 152/2009-Cus dated 31-12-2009 so as to provides deeper tariff cuts as agreed under India-Korea CEPA and effects HSN changes as well

Notification No. 123/2011-Customs (30/12/2011)

Notification No. 123/ 2011 - Customs G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government o...

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Amends Notification No.151/2009-Customs, dated the 31st December, 2009 so as to effect HSN changes.

Notification No. 122/2011-Customs (30/12/2011)

Notification No. 122/ 2011 - Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Minist...

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Amends notification no. 28/1995-Cus dated 16-03-1995, 105/1999-Cus dated 10-08-1999, 26/2000-Cus dated 15-03-2000, 76/2003-Cus dated 13-05-2003, 72/2005-Cus dated 22-07-2005, 57/2009-Cus dated 30-05-2009 so as to effect HSN changes

Notification No. 121/2011-Customs (30/12/2011)

Notification No. 121/2011-Customs, In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of India in the Ministry of Finance...

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Amends Notification No. 21/2002-Customs, dated the 1st March, 2002 – Notification No. 120/2011-Customs

Notification No. 120/2011-Customs (30/12/2011)

Notification No.120/2011-Customs following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002 which was published in the Gazette of India, Extraordinary, vide G.S.R. 118 (E) dated the 1st March, 2002, namely: - ...

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Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds

Notification No. 89/2011-Customs (N.T.) (23/12/2011)

Notification No. 89/2011 – Customs (N. T.) Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.89/2011-Customs (N.T.) dated December 30, 2011 and thereby notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds....

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Appointment of Central Excise Officers in relation to service tax refunds arising out of Notification No. 52/2011-Service Tax, dated 30.12.2011

Notification No. 33/2011–Central Excise (N.T.) (30/12/2011)

Notification No. 33/2011 – Central Excise (N.T.) In exercise of the powers conferred by sub-rule (1) of rule 3 of the Central Excise Rules, 2002 and rule 3 of the Service Tax Rules, 1994, the Central Board of Excise and Customs hereby appoints the Customs Officers of the rank specified in column (2) of the Table below as the Central Ex...

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Amends Central Excise Rules, 2002 – Notification No. 32/2011-Central Excise (N.T.)

Notification No. 32/2011-Central Excise (N.T.) (30/12/2011)

Notification No. 32/2011-Central Excise (N.T.) These rules may be called the Central Excise (Fifth Amendment) Rules, 2011. (2) They shall come into force on the 31st day of January, 2012. 2. In the Central Excise Rules, 2002, in rule 12, in sub-rule (1),- (i) the second proviso shall be omitted;...

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Notification No. 31/2011-Central Excise (N.T.); dated: 30.12.2011

Notification No. 31/2011-Central Excise (N.T.) (30/12/2011)

Notification No. 31/2011-Central Excise (N.T.) In exercise of the powers conferred by rule 12 of the Central Excise Rules, 2002 and sub-rule (7) of rule 9 of the CENVAT Credit Rules, 2004, the Central Board of Excise and Customs hereby makes the following amendment in the Notification of the Government of India, Ministry of Finance, Depa...

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Amends Notification No. 49/2008-Central Excise (N.T.), dated the 24th December, 2008 to affect the HSN changes w.e.f. 01.01.2012

Notification No. 30/2011-Central Excise (N.T) (30/12/2011)

Notification No. 30/2011-Central Excise (N.T) -Further amendments in the notification , No. 49/2008-Central Excise (N.T.), dated the 24th December, 2008 in the Table,- (i) S. No. 135 and the entries relating thereto shall be omitted; (ii) S. No. 136 and the entries relating thereto shall be omitted; (iii) S. No. 1...

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Notification No. 45/2011 – Central Excise; dated: 30.12.2011

Notification No. 45/2011-Central Excise (30/12/2011)

Notification No. 45/2011 - Central Excise , amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2005-Central Excise, dated the 13th May, 2005 which was published in the Gazette of India, Extraordinary, vide number G.S.R. 294(E) of the same date, namely:-...

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Notification No. 44/2011-Central Excise; dated: 30.12.2011

Notification No. 44/2011-Central Excise (30/12/2011)

Notification No. 44/2011-Central Excise following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 26/2001-Central Excise, dated the 11th May, 2001, published in the Gazette of India, Extraordinary, vide number G.S.R.347 (E), dated the 11th May, 2001, namely:-...

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Amendment in Various Excise Notificationsto affect the HSN changes w.e.f. 01.01.2012

Notification No 43/2011-Central Excise [G.S.R.938(E).] (30/12/2011)

NOTIFICATION NO 43/2011-Central Excise - Amends Notification Nos. 74/1993-Central Excise dated the 28th February, 1993, 09/1996-Central Excise dated the 23rd July,1996, 03/2006-Central Excise, dated the 01st March, 2006, 4/2006-Central Excise, dated the 1st March, 2006, 05/2006-Central Excise, dated the 1st March, 2006, 2/2008-Central Exc...

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Notification No. 42/2011 – Central Excise, Dated- 30th December, 2011

Notification No. 42/2011 - Central Excise (30/12/2011)

Notification No. 42/2011 - Central Excise, New Delhi, the 30th December, 2011-G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944) read with sub-section (3) of Section 3 of the Additional Duties of Excise (Goods of Special importance) Act, 1957 (58 of 1957), the Cent...

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Notification No. 52/2011-Service Tax, Dated: 30.12.2011

Notification No. 52/2011-Service Tax, (30/12/2011)

Notification No. 52/2011-Service Tax , on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable services specified in column (3) of the Table below (hereinafter referred to as specified services) falling under sub-clauses of clause (105) of section 65 of the said Act, received by an exporter of ...

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Notification No. 51/2011-Service Tax, Dated: 30.12.2011

Notification No. 51/2011-Service Tax (30/12/2011)

Notification No. 51/2011-ST., dated 30-12-2011 - Section 65(105) (zzzp) of the Finance Act, 1994 - Transport of Goods by rail service - Abatement provisions - Amendment in Notification No. 9/2010-ST, dated 27-2-2010 - Exemption extended till 1-4-2012...

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Notification No. 50/2011-Service Tax, Dated: 30.12.2011

Notification No. 50/2011-Service Tax (30/12/2011)

Notification No. 50/2011-ST., dated 30-12-2011 - Section 65(105) (zzzp) of the Finance Act, 1994 - Transport of goods by rail service - Exemption to Transportation of specified commodities - Amendment in notification No. 8/2010-ST, dated 27-2-2010 - Exemption extended till 1-4-2012....

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EC deploys 204 Indian Revenue Service officials to monitor poll expenditure

To curb instances of black money use during the polls in five states, 204 Indian Revenue Service (Income Tax) officials have been deployed as 'expenditure observers' by the Election Commission. A total of 204 IRS officers, in the ranks of Additional Commissioners of Income Tax, largely drawn from various investigation wings of the departm...

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Posted Under: Income Tax |

Conclave of ICAI Members in Entrepreneurship and Public Services

We are happy to inform that ICAI has recently constituted a new Committee for Members in Entrepreneurship & Public Services to encourage and enhance the participation of CA members who are into Entrepreneurship or Public Services in the Institute’s activities. The objective of the Committee is to associate members in Entrepreneurship or...

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Posted Under: Income Tax |

RBI Releases Draft Guidelines on Basel III Capital Regulations

RBI/2011-12/331 DBOD.No.BP.BC. 71/ 21.06.201/2011-12 (30/12/2011)

The Reserve Bank today released on its website, draft guidelines outlining proposed implementation of Basel III capital regulation in India. These guidelines are in response to the comprehensive reform package entitled Basel III: A global regulatory framework for more resilient banks and banking systems of the Basel Committee on Banking S...

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Cash seized by IT department on the directions of EC will be returned only after completion of assessment

The Income Tax department today said cash confiscated by surveillance teams on the directions of Election Commission will be returned only after the completion of assessment of I-T returns for 2011-12 fiscal which may take up to two years. ...

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Posted Under: Income Tax |

RBI amends Directions on Exchange Traded- IRFs on G-secs To permit Two and Five Years IRFs

RBI/2011-12/329 IDMD.PCD.16 /14.03.01/2011-12 (30/12/2011)

The Reserve Bank of India today placed on its website the amended directions on Interest Rate Futures (IRFs) on Government Securities permitting 2-year and 5-year IRFs. According to the directions, the 2-year and 5-year IRF contracts would be on 2-year and 5-yr notional coupon bearing Government of India security, respectively. These woul...

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Section 120 of the Income-tax Act, 1961 – Income-tax authorities – Jurisdiction of – DIT (International Taxation) – Amendment in Notification No. S.O. 881(E), dated 14-9-2001

Notification No.64/2011 -Income Tax (30/12/2011)

Notification No.64/2011 -Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of sections 120 of the Income-tax Act, 1961 (43 of 1961) the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, in the Ministry of Finance (Department of Revenue), (Central Bo...

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Section 118 of the Income-tax Act, 1961 – Income-tax authorities – Control of – DGIT (International Taxation) – Amendment in Notification No. S.O. 279(E), dated 12-3-2003

Notification No.63/2011 -Income Tax (30/12/2011)

Notification No.63/2011 -Income Tax In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment to the Notification of the Government of India, Ministry of Finance (Department of Revenue), vide number S.O. 279(E)), dated 12th March, 200...

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Revised Capital Adequacy Framework for Off-Balance Sheet Items for NBFCs-Clarification

RBI/2011-12/333 DNBS.CC.PD.No.254/03.10.01/2011-12 (30/12/2011)

The Reserve Bank of India, having considered it necessary in public interest and being satisfied that, for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to amend the Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2...

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RBI/2011-12/327 RPCD.CO.RCB. AML.BC. No.50/07.40.00/2011-12, dated: 30.12.2011

RBI/2011-12/327 RPCD.CO.RCB. AML.BC. No.50/07.40.00/2011-12 (30/12/2011)

The Government of India had constituted a National Money Laundering / Financing of Terror Risk Assessment Committee to assess money laundering and terror financing risks, a national AML/CFT strategy and institutional framework for AML/CFT in India. Assessment of risk of Money Laundering /Financing of Terrorism helps both the competent au...

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Implementation of Section 51-A of UAPA, 1967 – Splitting of UNSC 1267 Committee’s list of individuals and entities linked to Al-Qaida and Taliban

RBI/2011-12/328 DBOD. AML. BC. No.70 /14.06.001/2011-12 (30/12/2011)

As far as freezing of funds, financial assets or economic resources or related services held in the form of bank accounts of the designated individuals/entities are concerned, action should be taken as detailed in paragraph 6 of the circular dated September 17, 2009, mentioned above....

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ICWAI invites comments on Exposure Draft of Guidance Note on Classification of Product Group

The Technical Cell of National Task Force constituted by the Institute has approved the release of the Exposure Draft of Guidance Note on Classification of Product Group. The proposed Guidance Note may be modified in light of comments/ suggestions received before the being issued as Guidance Note in the final form.Please submit your view...

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Posted Under: Income Tax |

RBI – NBFCs should not raise funds under private placement by issuing NCDs of maturity less than 90 days

RBI/2011-12/332 DNBS.CC.PD.No.255/03.10.01/2011-12 (30/12/2011)

It has come to the notice of the Reserve Bank that some NBFCs have raised funds under private placement by issuing NCDs of maturity less than 90 days. This is in clear violation of Issuance of Non-Convertible Debentures (Reserve Bank) Directions, 2010 dated June 23, 2010 issued by Internal Debt Management Department, Reserve Bank of Ind...

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CBEC extends last date for ST-3 return filing to January 6, 2012

ORDER NO 3/2011 – Service Tax (29/12/2011)

ORDER NO 3/2011 – Service Tax, Dated: December 29, 2011 -In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to Septe...

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Finance budget 2012-13 likely on February 29

In the usual course, the budget is presented in the Lok Sabha on last working day of February. As 2012 is the leap year, the last working day of the month falls on February 29. There are reports that the government might postpone the date of presentation of the budget in view of assembly elections in five states -- Uttar Pradesh, Punjab, ...

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Posted Under: Income Tax |

MCA Provides facility to register your Complaints and Grievances

User Complaints & Grievances Complaint Raise complaint or concerns with respect to MCA21 services Grievance Raise a grievance (Please use this link only if you are a MCA Employee/Ex-employee)...

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Posted Under: Income Tax |

Applicability of the Institute’s Pronouncements, Publications for CA Final Examination May, 2012

We have attached with this post a file which explain in detail subject wise applicability of Institute’s Pronouncements, Publications for the students who are appearing in CA final examination in May,2012. The file is released by ICAI on 29.12.2011 and can also be checked on ICAI's website....

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Posted Under: Income Tax |

PCC, IPCC and CA Final Student – Non-applicability of Revised Schedule VI for May 2012 Examinations

This is to bring to the attention of students that the Revised Schedule VI to the Companies Act, 1956 issued by the Ministry of Corporate Affairs on 28th February, 2011 pertaining to the preparation of Balance Sheet and Profit and Loss Account under the Companies Act, 1956 for the financial year commencing on or after 1.4.2011 shall not b...

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Posted Under: Income Tax |

Approval u/s. 80G once granted shall continue to be valid in perpetuity unless a show cause notice issued by CIT showing intention to withdraw such approval

Lions Club of Calcutta Hastings, Kolkata Vs Director of Income Tax (Exemption) (ITAT Kolkata)

Lions Club of Calcutta Hastings Vs DIT (Exemption)- (ITAT Kolkata)- In the present case no show cause notice has been issued to the assessee. Therefore, we do not see any merit in this contention of the lad that the provisions contained in section 293C of the Act enables the ld. Commissioner of Income Tax to withdraw approval. We, there...

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Section 80G – Approvals already granted to the assessee u/s 80G, if expiring on or after 1.10.2009, shall be deemed to have been extended in perpetuity

Ina Raja Memorial Education Trust Vs DIT (Exemptions) (ITAT Delhi)

Ina Raja Memorial Education Trust Vs DIT (Exemptions) - (ITAT Delhi) - In this case, the assessee made an application on 24.2.2011 in Form No. 10G, seeking renewal of exemption u/s 80G of the Act, which has been rejected by the ld. CIT(A) by observing that the assessee has failed to furnish bills/vouchers of expenses and certain other de...

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Amends Notification No. 69/2004-Customs, dated the 9th July, 2004

Notification No. 119/2011–Customs (29/12/2012)

Notification No.119/2011 – Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), read with section 91 and 94 of the Finance (No. 2) Act, 2004 (23 of 2004), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the follow...

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Amends Notification No. 20/2006-Customs, dated the 1st March, 2006 vide Notification No.118/ 2011 – Customs

Notification No. 118/2011–Customs (29/12/2011)

Notification No.118/2011 – Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 0f 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in th...

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Notification No. 117/2011-Customs Dated-29th December, 2011

Notification No. 117/2011-Customs (29/12/2011)

Notification No. 117/2011-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of India in the Ministry of Finance (Dep...

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Amends Notification No. 101/2007-Customs, dated the 11th September, 2007 so as to effect the HSN changes

Notification No. 116/2011-Customs (29/11/2011)

Notification No. 116/2011-Customs Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 101/2007-Customs, dated the 11th September, 2007, published in the ...

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Sales tax incentive have direct nexus with the manufacturing activity, Commission paid to related parties at rates higher then unbrelated parties not allowable

M/s Diamond Tool Industries Vs J.C.I.T. Circle 24(3) (ITAT Mumbai)

M/s Diamond Tool Industries Vs. JCIT (ITAT Mumbai)- Gauhati High Court in the case of Meghalaya Steels Ltd. (supra) after considering the decision of Hon’ble Supreme Court in the case of Liberty India (supra) has held that Central Excise Duty has a direct nexus with the manufacturing activity and similarly the refund of the Central Ex...

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ITAT referred matter back to CIT(A) to consider revised computation filed at the time of assessment

Jalan Finvest Pvt. Ltd., Kolkata Vs I.T.O., Ward-1(1) (ITAT Kolkata)

Jalan Finvest Pvt. Ltd., Kolkata Vs. (ITO) (ITAT Kolkata)- In ground no. 3 raised by assessee it was mentioned that the revised computation at the time of assessment was not considered. However it is observed from the impugned order that the ld. CIT(A) has mentioned the grounds raised by assessee as well as written submissions filed by as...

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Date of Applicability of AS-11 – Effects of Changes in Foreign Exchange Rates

Notification No. G.S.R. 913(E) (29/12/2011)

The Ministry of Corporate Affairs (MCA) has notified two amendments to AS 11 The Effects of Changes in Foreign Exchange Rates. In accordance with the first amendment, the sunset date for transitional provisions to AS 11, which allow deferment/ capitalization of exchange differences arising on long-term monetary items has been extended til...

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External Commercial Borrowings (ECB) denominated in Indian Rupees (INR) – hedging facilities for non-resident entities

RBI/2011-12/326 A. P. (DIR Series) Circular No.63 (29/12/2011)

On cancellation of the contracts, gains may be passed on to the customer subject to the customer providing a declaration that he is not going to rebook the contract or that the contract has been cancelled on account of cancellation of the underlying exposure....

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Clarification regarding Handling of Cargo in Customs Areas Regulations, 2009

Circular No. 54/2011-Customs (29/12/2011)

Circular No. 54/2011-Customs it is clarified that all cases of lease, gift, sale or subletting or transfer of the premises in any other manner, in a customs area by major ports may be firstly examined to see whether required permission from the Central Government/ Ministry / Cabinet Committee has already been obtained or not. In cases whe...

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Economic and Financial Developments in Andaman and Nicobar Islands

Andaman & Nicobar Islands, a Union Territory of India since 1956, is an archipelago of 572 islands (306 islands and 266 rocks) and has a geographic area of 8,249 square kilometre. Of these islands, only 38 have human habitation. The UT is bestowed with abundant green vegetation and marine wealth besides huge potential for culture fisheri...

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Posted Under: Income Tax |

Legislative Reforms- Strengthening Banking Sector

Empirical research shows that better developed financial systems accelerate economic growth and shrink income inequality by disproportionately increasing the earnings of lower income families2 i.e. enabling growth with equity, which is so vital for our country. A well developed financial system will require sound legislative framework bec...

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Posted Under: Income Tax |

Financial Reporting in the context of Financial Stability – A Regulator’s view on Some Accounting Issues

The history of the Indian accounting profession can be traced back to the enactment of the Companies Act in 1857 that introduced for the first time the concept of preparing balance sheet on a voluntary basis by companies. We have come a long way since then and the ICAI, established in 1949 by an act of Parliament, is today the world’s s...

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Posted Under: Income Tax |

Short Term Cooperative Credit Structure and Financial Inclusion

As you may perhaps be aware, the United Nations has declared the year 2012 as the International Year of Cooperatives and, to my mind, this is precisely what makes today’s Central Zone Cooperative Conference, both contextually and topically, very relevant and it will culminate, I am sure, in most desired outcomes going forward ! And it w...

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Posted Under: Income Tax |

Clarification on eligibility of Ash Handling Systems and Seamless Pipes as parts/ components of Ash Handling System under Project Import (CTH 9801)- reg.

F.No.354/94/2011 -TRU (29/12/2011)

The exemptions to Mega/ Ultra-Mega Power Projects were extended to augment the power generation capacities in the country considering the acute shortages and requirements. The facilities such as Ash Disposal System including ash dyke, water intake including treatment and storage facilities and coal transportation facilities are essential ...

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If there is no failure or omission on the part of the assessee to disclose material facts reassessment procedding cannot be initiated

RRB Consultants And Engineers Pvt Ltd. Vs Deputy Commissioner Of Income Tax (Delhi High Court)

RRB Consultants And Engineers Pvt Ltd. Vs. DCIT ( Delhi HC) - In the present case, the assessee has not failed or omitted to disclose material facts either deliberately or intentionally. On the other hand, full and true information and details were furnished and given during the course of the original assessment proceedings. The relevant ...

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CIT (A) should give opportunity to the A.O. to rebut the claim of the assessee in pursuance of fresh evidence produced before him

Income-tax Officer Vs North East Enterprises (P) Ltd. (ITAT Kolkata)

Income-tax Officer Vs. North East Enterprises (P) Ltd. (ITAT Kolkata)- As observed by the ld. A.O., the receipts of Rs. 50 lakhs and Rs.41,50,000/- ICD for the assessment years 2001-02 and 2002-03 respectively were not satisfactorily explained before him, which led him to make addition of the said amounts as assessee’s undisclosed inv...

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If quantum assessment restored to file of AO, then penalty order will not survive

Mrs. Sujata Rajendra Nikalje Vs I.T.O. (ITAT Mumbai)

Sujata Rajendra Nikalje Vs ITO (ITAT Mumbai) - We find force in the alternate contention of the assesee. Admittedly, the assessee was in custody from 25th December, 2005 till 17th September, 2007 during which the assessment for A.Y. 2003-04 and 2004-05 were framed. Although the assessee was given opportunity during remand proceedings, we ...

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Appeal by revenue not allowable if tax effect is less then monetary limit specified

The Assistant Commissioner of Income Tax Vs. M/s. Shree Shakthi Ware House (P) Ltd. (ITAT Chennai)

In appeal for the assessment year 2001-02, the Revenue assails deletion of additions of Rs.3,60,000/- and Rs.1,56,388/- made by the ld. CIT(A). During the course of hearing, it was admitted by the ld. DR that the tax effect in this case was less than Rs.3 lakhs. Similarly, for the assessment year 2002-03, the Revenue has assailed the del...

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If borrowed amount not used to earn exempt Income, no disallowance can be made U/s. 14A

ACIT Vs M/s Reliance Land Pvt. Ltd. (ITAT Mumbai)

ACIT Vs. M/s Reliance Land Pvt. Ltd. (ITAT Mumbai)- Assessee proved that interest paid to Reliance Capital Ltd. (7% interest on Rs. 538 crores) amounting to Rs. 2,78,58,082/- has been received from Swan Consultants (P) Ltd. on account of loan advanced to them. Further, the loan was taken on 28.4.2006 and given also on 28.4.2006. Similar...

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RBI cautions public against fictitious offers of cheap funds

The Reserve Bank of India, RBI, has cautioned the public against falling prey to fictitious offers of cheap funds that are rampant in recent times. In a press statement at Guwahati, the RBI said, the fraudsters often lure the public in the form of lottery prize money through letters, e-mails, SMS etc. It said such fraudulent communication...

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Posted Under: Income Tax |

Weak rupee opens new avenues for NRIs

As the fall of Rupee against the dollar continues, the experts say more investment opportunities in India are opening up for the Gulf based non-resident Indians (NRIs). Real estate, capital markets and deposits are among the new instruments in which the expatriate Indian community can invest. The State Bank of India CEO , Debajyoti Ray Ch...

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Posted Under: Income Tax |

Notification No. G.S.R. 914(E), dated 29/12/2011

Notification No. G.S.R. 914(E) (29/12/2011)

. In the Companies (Accounting Standards) Rules, 2006, (hereinafter referred to as the said rules), in the Annexure, Under the heading ‘B. ACCOUNTING STANDARDS’, in the sub-heading ‘Accounting Standard (AS) 11’ relating to The Effects of Changes in Foreign Exchange Rates’, after paragraph 46, the following paragraph shall be ins...

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ICAI proposes branch-level audit for private sector banks along the lines of PSU Banks

Private sector banks will have to get their branch accounts audited by an RBI-approved panel along the lines of PSU lenders if a proposal of accounting regulator ICAI goes through. ...

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Posted Under: Income Tax |

Chartered Accountants (Amendment) Bill, 2010 permits CAs to form partnership with CS, ICWA

The Lok Sabha passed on 19.12.2011 the much awaited Chartered Accountants (Amendment) Bill, 2010, which provides for the following: Firstly, to enable the Members of the Institute of Chartered Accountants of India to form Multi Disciplinary firms i.e Partnership with other recognised professions and offer Multi Professional services in a...

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Posted Under: Income Tax |

Internal Control Framework – Design & Implement an SOP

Whether it is about growing business or cracking recession, one of the critical success factors is to design & implement an Internal Control Framework that is a best fit to management approach and attitude, business needs and regulatory demands. Internal Control Framework comprises of control environment, internal audit and control proced...

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Posted Under: Income Tax |

MCA Initiatives during 2011- Year End Review / Report Card

(iv) Company Law Settlement Scheme [CLSS]: This was introduced in August 2011 to give a chance to companies who have failed to file the balance sheets and annual returns earlier, to complete their filings to avoid prosecution. This measure has elicited a good response and so far about 1.25 lakh documents have been filed, yielding a reven...

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Posted Under: Income Tax |

Government may announce amnesty scheme for citizens having unaccounted wealth abroad

The government may announce an amnesty scheme for citizens having unaccounted wealth abroad and also permit taxmen to dig into income tax filings of past 16 years of suspected assessees, based on the suggestions made by a high—powered panel. The committee on black money, headed by CBDT Chairman, which met last week, considered among oth...

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Posted Under: Income Tax |

Govt. introduces Money Laundering Bill in Lok Sabha

In an endeavour to bring prevention of money laundering legislation on par with global norms, the government today introduced a Bill to allow confiscation of proceeds of crime even during the trial. Finance Minister Pranab Mukherjee introduced the Prevention of Money Laundering (Amendment) Bill, 2011, in Lok Sabha today.he Bill seeks to s...

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Posted Under: Income Tax |

Urban Co-operative Banks – Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts

RBI/2011-12/323 UBD.BPD.(PCB)CIR No. 16/13.01.000/2011-12 (28/12/2011)

UBD.BPD.(PCB)CIR No. 16/13.01.000/2011-12 . With a view to providing greater flexibility to banks in mobilising non-resident deposits and also in view of the prevailing market conditions, it has been decided to deregulate interest rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Deposit Accounts (the ...

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Secondary market transactions in Government Securities – Short Selling

RBI/2011-12/324 IDMD.PCD. 14 /14.03.07/2011-12 (28/12/2011)

As you are aware, the period of maintenance of short position in G-Sec was extended beyond intraday to five trading days vide circular RBI/2006-07/243 dated January 31, 2007. In continuation, as announced in the Monetary Policy Statement 2011-12, it has been decided to extend the period of Short Sale from the existing five days to a maxim...

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Amendment in Para 8.4.4(iv) of FTP

Notification No. 92(RE-2010) /2009-2014 (28/12/2011)

Notification No.92(RE-2010) /2009-2014 Supplies to non mega power projects shall henceforth be entitled to benefits for Deemed Exports only under Para 8.3(a) of FTP, viz., Advance Authorisation / Advance Authorisation for annual requirement / DFIA. ...

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SEBI order in the matter of irregularities in recent IPOs of seven Companies

PR No. 148/2011 (28/12/2011)

SEBI had initiated preliminary investigations into certain recent Initial Public Offers (IPOs), on receipt of information of irregularities from various sources. Based on the findings of the preliminary investigations carried out, Shri Prashant Saran, Whole Time Member, SEBI, has passed ad interim, ex-parte orders dated December 28, 2011 ...

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Clarification regarding registration of contracts of cotton and cotton yarn with DGFT

Policy Circular No. 51(RE-2010)/2009-14 (28/12/2011)

Policy Circular No. 51(RE-2010)/2009-14 Through Notification No. 40 (RE-2010)/2009-14 dated 31.03.2011, export of cotton yarn was made “Free” subject to registration of export contracts with DGFT, for ITC(HS) Code 5205, 5206 & 5207. Procedure for registration of contracts of cotton yarn was notified through Policy Circular No. 27 of ...

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Policy Circular No. 50/2009-2014 (RE 2010), Dated: 28.12.2011

Policy Circular No. 50/2009-2014 (RE 2010) (28/12/2011)

In case capital goods have been imported by the contractor/sub-contractor and supplied as such to project authorities, then custom duties paid on such imports can not be refunded back as deemed export duty drawback under paragraph 8.3(b) of FTP. ...

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