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 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 (Department of Revenue), specified in column (2) of the Table hereto annexed shall be amended or further amended, as the case may be, in the manner specified in the corresponding entry in column (3) of the said Table, namely :-
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 goods (hereinafter referred to as the exporter) and used for export of goods (hereinafter referred to as said goods), from the whole of the service tax leviable thereon under section 66 and section 66A of the said Act, subject to the specified conditions:
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
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.
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 department from across the country will head specially created ‘flying squads’ to check and take action against illegal movement of cash and transactions in the poll-bound states of Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.
Tribunal while allowing the appeal held that the electricity charges partake of the nature of statutory liability and accordingly will have to be allowed as deduction irrespective of whether or not the same has been paid and notwithstanding that the assessee has disputed any liability to pay any part of such charges. Section 43B of the Act does not speak about the electricity charges.
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 Public Service, to have a constant interface with ICAI and to request their association for enhancing the efficacy of ICAI work program by factoring their perspective and vision with the Institute.
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 Supervision (BCBS) issued in December 2010.
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.
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 would be cash-settled at expiry by the stock exchanges offering the contracts.
