Both direct and indirect tax arrears increased by about 33% to Rs 3.9 lakh crore in 2010-11. Minister of State for Finance SS Palanimanickam, while replying to different questions in Rajya Sabha, informed that direct tax arrears worth Rs 3,33,077 crore were not realised, while it was Rs 56,889.62 crores in the case of indirect taxes.
Shri Anand Sharma, Union Minister of Commerce & Industry and Textiles delivered an inaugural address at the launch of “Africa manual 2011- opportunities unlimited”, here today. Speaking on the occasion the Minister said, “India is keen to partner with countries in Africa not only for buying minerals but also providing technology for mining and exploration and value addition with long-term buy-back commitments”. India is also committed to work with our partners in Africa for addressing the infrastructure deficit. India’s infrastructure investments in Africa are in the range of US $ 500 million annually in the last decade, he added.
The Union Government has framed new rules, viz., the Foreign Contribution (Regulation) Rules, 2011 under the Foreign Contribution (Regulation) Act, 2010 for monitoring receipt and utilization of foreign contributions by any person in the Country. Both the Foreign Contribution (Regulation) Act, 2010 and foreign Contribution (Regulation) Rules 2011 have come into effect with effect from 01.05.2011. Both the Act and the rules are available in this Ministry’s website www.mha.nic.in
It has come to the notice of the Board that some unscrupulous importers are illegally importing pesticides under various headings of harmonised tariff by declaring their chemical names instead of both common and chemical names.
M.L. Outsourcing Services Pvt. Ltd. Vs. ITO (ITAT Delhi)- The notification issued by the CBDT at Serial No. 8, mentions “human resource services” as a notified service eligible for deduction u/s 10A. It was also observed that the Assessee is just processing the potentiality of candidates employable by any software development company and the customised data is prepared for the US Company.
The Gross Non-performing Assets (NPA) of Public Sector Banks (PSBs) for the period ending March, 2011 stood at Rs. 71,047 crore.
In order to further liberalize the portfolio investment route, the Union Finance Minister Shri Pranab Mukherjee had announced in the 2011-12 Budget to permit SEBI registered Mutual Funds (MFs) to accept subscriptions for equity schemes from foreign investors who meet the Know Your Customer/client(KYC) requirements. After due consultations with the Regulators and other stakeholders, the scheme was finalized to be announced in the first week of August 2011.
Following the announcement in the Annual Policy Statement for the year 2009-10, Reserve Bank of India (RBI) constituted a Working Group on Benchmark Prime Lending Rate (BPLR) to review the present BPLR system and suggest changes to make credit pricing more transparent. Based on the recommendations of the Group and the suggestions from various stakeholders, it has been decided that banks switch over to the system of Base Rate.
Government is working on a Bill that envisages an Ombudsman to look into the complaints against lawyers and a Legal Services Board that would regulate law practices in the country. Giving this information in written reply to a question in Rajya Sabha, Shri Salman Khurshid, Minister of Law & Justice informed the House that a draft Bill titled “Legal Practitioners (Regulation and Maintenance of Standards in Profession,
LETTER [F.NO. 137/25/2011 – SERVICE TAX], Representations have been received seeking clarification regarding leviability of service tax on the additional amount that is collected towards the delay in making payment to the stock brokers by their customers (delayed payment charges) in respect of Stock Broker’s services.
