CIRCULAR [D.O. F.NO.A-12026/5/2011-AD.I], DATED 25-5-2011 You are aware that the Government of India has created 7 posts of Indirect Tax Ombudsman at 7 stations, viz., New Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Ahmedabad and Lucknow under the Indirect Tax Ombudsman Guidelines, 2011. Selection for the posts of Indirect Tax Ombudsman in these locations is to be made.
The Guidelines are introduced with the objective of enabling the resolution of complaints relating to public grievances against the Customs, Central Excise and Service Tax Department and to facilitate the satisfaction or settlement of such complaints.
Notification No. 30/2011 – Income Tax FT&TR-II [F.NO.501/152/2000-FT&TR-II], dated 31-5-2011 – Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Republic of Mozambique for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income signed in India on the 30th day of September, 2010 shall come into force on the 28th day of February, 2011, being the date of the later of the notifications after completion of the procedures as required by the respective laws for the entry into force of this Agreement, in accordance with Article 30 of the said Agreement.
DBS. CO.FrMC.BC.No. 10/23.04.001/2010-11 – Based on the findings of the scrutinies, further study has been made across banks to ascertain the policy and operating framework in place for detection, reporting and monitoring of frauds as also the surveillance/ oversight process in operation so as to prevent the perpetration of frauds. The study has shown that while the banks do have certain policies and processes in this regard, they are not well structured and systematic to ensure proper focus on typical fraud events.
Circular No.24/2011-Customs References have been received from the field formations for specifying the ‘proper officer’ for issuance of show cause Notice and adjudication of cases of export under the drawback and Export Promotion Schemes. Further, as per Board’s Circular No.23/2009-Customs dated 1.09.2009, whereas the monetary limits of adjudication are prescribed in terms of duty involved, in respect of notices involving extended period of limitation, the monetary limit is specified based on the value of goods involved. This when worked out in accordance with the duty rates prescribed gives rise to an anomalous situation.
Central Bank of India chief S Sridhar today said the industry’s non-performing assets (NPAs) are likely to increase, as some smaller companies that borrowed during the low rates regime would find it difficult to service their loans due to the hike in rates.
5th June 2011 , the last date for admission to Foundation, Intermediate and Final Course for December 2011 term of examination being Sunday, the same is now being extended to the next working day i.e. 6th June 2011. This extension be brought to the general notice of the Students and accordingly arrangements may kindly be made .
NOTIFICATION NO. G.S.R. 397(E), DATED 24-5-2011 – In exercise of the powers conferred by clause (mc) of sub-section (2) of section 63 read with sub-section (1) of section 53G of the Competition Act, 2002 (12 of 2003), the Central Government hereby makes the following rules, further to amend the Competition Appellate Tribunal (Salaries and Allowances and other terms and conditions of service of the Chairperson and other Members) Rules, 2009,
Notification No. 37/2011 – Customs (N. T.) – Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.37/2011-Customs (N.T.) dated May 31, 2011 and thereby notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below.
New Directorate of Income Tax (Criminal Investigation) Created; to be Headed by an Officer of the Rank of Chief Commissioner of Income Tax; to Look into Criminal Matters Having any Financial Impliaction Punishable as an Offence Under any Direct Tax Law. The DCI will perform functions in respect of criminal matters having any financial implication punishable as an offence under any direct tax law including, inter alia –(i) Chapter XXII of the Income Tax Act 1961 (Act 43 of 1961); and (ii) Chapter VIII of the Wealth Tax Act 1957 (Act 27 of 1957).
