"30 December 2011" Archive

No penalty for inadvertent reporting of income if assessee establish bonafide and innocence

Thomas Garbarek Vs. DCIT (ITAT Pune)

Thomas Garbarek Vs. DCIT (ITAT Pune) - ITAT held that penalty under section 271(1)(c) of the Act should not be leviable where the assessees have been able to establish their bonafide and innocence. A mere omission or negligence would not constitute a deliberate act of suppression of income so as to trigger levy of penalty, unless there i...

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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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