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Archive: 2011

Posts in 2011

RBI Guidelines on Base Rate – Circular No. DBOD.Dir.BC.34 /13.03.00/2011-12- Dated- September 9, 2011

September 9, 2011 562 Views 0 comment Print

The National Scheduled Tribes Finance and Development Corporation (NSTFDC), a wholly owned Government of India Section 25 Company under the Ministry of Tribal Affairs, extends financial assistance at concessional rates of interest for viable income generating activities to eligible beneficiaries belonging to Scheduled Tribes.

Notification No. 71 (RE-2010)/2009-2014, Dated: 09.09.2011

September 9, 2011 1663 Views 0 comment Print

In supersession of Notification No. 38 (RE-2007)/2004-2009 dated 15.10.2007 read with Notification No. 93 (RE-2007)/2004-2009 dated 01.04.2008, the following amendments are made with immediate effect against entry at Sl. No.45 A (except Tariff Code 1006 10 10) in Chapter 10 of Schedule 2 of ITC(HS.

Policy Circular No. 40 (RE-2010)/2009-14, Dated: 09.09.2011

September 9, 2011 597 Views 0 comment Print

Policy Circular No. 40 (RE-2010)/2009-14, As and when Customs (CBEC) have conveyed their readiness to implement on-line message exchange between Customs and DGFT, Policy Circulars have been issued from time to time by DGFT indicating the names and Port Codes of such Customs Ports where EDI facility would be available.

Reg. Exchange rate for calculation of anti-dumping duty on Para nitroaniline

September 9, 2011 625 Views 0 comment Print

Whereas, in the matter of import of Para Nitroaniline (hereinafter referred to as the subject goods), falling under sub-heading 29214226 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, People’s Republic of China (hereinafter referred to as the subject country)

Amends Notification No. 20/2006-Customs, dated the 1st March, 2006 vide Notification No. 87/2011-Customs

September 9, 2011 540 Views 0 comment Print

Notification No. 87/2011-Customs, Date- 9th September, 2011 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 amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 20/2006-Customs,

Corporate guarantee provided to associated enterprises is not an international transaction

September 9, 2011 2090 Views 0 comment Print

Four Soft Limited vs. DCIT (ITAT Hyderabad)- The Tribunal held that corporate guarantee given by Indian company to its subsidiary outside India would not fall within the definition of ‘international transaction’. In the absence of any charging provision, the lower authorities are not correct in bringing aforesaid transaction under the purview of transfer pricing. The Tribunal observed that corporate guarantee is very much incidental to the business of the taxpayer and hence, the same cannot be compared to a bank guarantee transaction of the Bank or financial institution.

After passing the order by the Settlement Commissioner, no power vests on the A.O. or any other authority – HC

September 9, 2011 4263 Views 0 comment Print

1. I have been privileged to read the judgement prepared by brother Justice Dr. Satish Chandra. I agree with the final verdict in the present appeal but respectfully, I express my separate opinion. We have heard Shri D.D. Chopra, learned counsel for the appellants.

Income Tax – Measures taken by government to Tackle Black Money

September 8, 2011 9297 Views 0 comment Print

Government has formulated a five pronged strategy to tackle the menace of black money which is as below: (i) Joining the global crusade against black money, (ii) Creating an appropriate legislative framework,(iii) Setting up institutions for dealing with Illicit Funds,(iv) Developing systems for implementation (new manpower policy); and (v) Imparting skills to the manpower for effective action (constant training for skill development).

India to Reduce Tariff Lines under Sensitive List by 20% by Next Month

September 8, 2011 546 Views 0 comment Print

Anand Sharma Peak Tariff Rates to be 8% for Imports from Pakistan by January 2012 . Shri Anand Sharma, the Union Minister for Commerce, Industry and Textiles, has announced that India will meet its commitment of reducing tariff lines under sensitive list by 20% for all by next month. This will fulfil a critical requirement of the SAFTA agreement signed by SAARC member countries. “

No company with Baba Ramdev as Director

September 8, 2011 2547 Views 0 comment Print

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that as per latest information available, no company with Baba Ramdev as Director is registered in the country. However, 34 companies are registered in the country with Acharya Balkrishna as Director.

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