Notification No.64/2011 -Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of sections 120 of the Income-tax Act, 1961 (43 of 1961) the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, in the Ministry of Finance (Department of Revenue), (Central Board of Direct Taxes), number S.O.881(E), dated the 14th September, 2001, namely :-
Notification No.63/2011 -Income Tax In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment to the Notification of the Government of India, Ministry of Finance (Department of Revenue), vide number S.O. 279(E)), dated 12th March, 2003, namely
The Reserve Bank of India, having considered it necessary in public interest and being satisfied that, for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to amend the Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007(hereinafter referred to as the said Directions), contained in Notification No. DNBS. 192/DG(VL)-2007 dated February 22, 2007.
The Government of India had constituted a National Money Laundering / Financing of Terror Risk Assessment Committee to assess money laundering and terror financing risks, a national AML/CFT strategy and institutional framework for AML/CFT in India. Assessment of risk of Money Laundering /Financing of Terrorism helps both the competent authorities and the regulated entities in taking necessary steps for combating ML/FT adopting a risk-based approach. This helps in judicious and efficient allocation of resources and makes the AML/CFT regime more robust. The Committee has made recommendations regarding adoption of a risk-based approach, assessment of risk and putting in place a system which would use that assessment to take steps to effectively counter ML/FT. The recommendations of the Committee have since been accepted by the Government of India and need to be implemented.
As far as freezing of funds, financial assets or economic resources or related services held in the form of bank accounts of the designated individuals/entities are concerned, action should be taken as detailed in paragraph 6 of the circular dated September 17, 2009, mentioned above.
The Technical Cell of National Task Force constituted by the Institute has approved the release of the Exposure Draft of Guidance Note on Classification of Product Group. The proposed Guidance Note may be modified in light of comments/ suggestions received before the being issued as Guidance Note in the final form.Please submit your views/ comments/ suggestions on the proposed Exposure Draft on Guidance Note on Product Group Classification, preferably by email, latest by 31st January 2012.Comments should be addressed to:
It has come to the notice of the Reserve Bank that some NBFCs have raised funds under private placement by issuing NCDs of maturity less than 90 days. This is in clear violation of Issuance of Non-Convertible Debentures (Reserve Bank) Directions, 2010 dated June 23, 2010 issued by Internal Debt Management Department, Reserve Bank of India.
ORDER NO 3/2011 – Service Tax, Dated: December 29, 2011 -In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011, from 26th December 2011 to 6th January 2012.
In the usual course, the budget is presented in the Lok Sabha on last working day of February. As 2012 is the leap year, the last working day of the month falls on February 29. There are reports that the government might postpone the date of presentation of the budget in view of assembly elections in five states — Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur. As per the schedule worked out by the Election Commission, last polling will take place on March 3 in Goa and counting of votes will begin on March 4.
Short question which has to be considered in this case is whether the respondent is entitled to claim CENVAT credit of service tax paid by themselves on GTA service which was used for transportation of their final product from factory to the port for export. The respondent recovered FOB value from the foreign buyer, implying that the ownership of the goods vested in the respondent upto the place and time of loading of the goods into the ship. If the appellant had duty liability, they would have paid it on an assessable value including the freight. On these facts, it can be held that the place of removal of the goods was the port of export. The definition of ‘input service’ under rule 2(l) of the CENVAT Credit Rules, 2004 will squarely cover the above service which was used by the respondent for transportation of the goods from the factory to the place of removal.
