Committing to expedite the financial sector reforms, Finance Minister Pranab Mukherjee today exuded confidence that India will achieve over 9 per cent economic growth rate in the coming years. “With strong macro-economic fundamentals and the resilience shown… by the economy in face of adversities, I am confident that we are headed for a 9 per cent plus growth in the coming years”, Mukherjee said while addressing a award function organised by Bloomberg UTV television channel.
The Reserve Bank of India has imposed a penalty of Rs 1 lakh on Bhabhar Vibhag Nagrik Sahakari Bank Ltd (BVNSBL) in Gujarat for not complying with the guidelines on reporting financial transactions of over Rs 10 lakh. “The RBI has imposed a penalty of Rs 1 lakh on the Bhabhar Vibhag Nagrik Sahakari Bank Limited, of district Banaskantha,” an official statement said yesterday.
Ministry of Corporate Affairs [MCA], Government of India, had on 3 March 2011, hosted on its website, the revised Schedule VI to the Companies Act, 1956 which deals with the Form of Balance sheet, Profit & Loss Account and disclosures to be made therein. The revised Schedule VI has been framed as per the existing non-converged Indian Accounting Standards notified under the Companies (Accounting Standards), Rules, 2006 and has no connection with the converged Indian Accounting Standards. It was then mentioned that the revised Schedule VI will apply to all the companies uniformly for the financial statements to be prepared for the financial year 2010-11 and onwards. The text of the revised Schedule VI is available at http://www.mca.gov.in/
Market Research Agency’s Services means any service provided or to be provided to any person, by a market research agency in relation to market research of any product, service or utility, in any manner. “Market research agency” means any person engaged in conducting market research in any manner, in relation to any product, service or utility, including all types of customized and syndicated research services.
“On-line information and database access or retrieval” means providing data or information, retrievable or otherwise, to any person, in electric form through a computer network. “Taxable service” means any service provided or to be provided to any person, by any person, in relation to on-line information and database access or retrieval or both in electronic form through computer network, in any manner.
Stock Broking Services means any service provided or to be provided to any person, by a stock-broker in connection with the sale or purchase of securities listed on a recognized stock exchange. “Stock-broker” means a person, who has either made an application for registration or is registered as a stock broker, in accordance with the rules and regulations made under the Securities and Exchange Board of 1ndia Act, 1992 (15 of 1992).
Photography Services means any service provided or to be provided to an y person, by a photography studio or agency in relation to photography, in any manner. “Photography studio or agency” means any professional photographer or any person engaged in the business of rendering service relating to photography.
Sound Recording means recording of sound on any media or device including magnetic storage device, and includes services relating to recording of sound in any manner such as sound cataloguing, storing of sound and sound mixing or re-mixing or any audio post-production activity. “Taxable service” means any service provided or to be provided to any person, by a sound recording studio or agency in relation to any kind of sound recording.
Rent-A-Cab Services means any service provided or to be provided to any person by a rent-a-cab scheme operator in relation to the renting of a cab. Schools running transport services for their students are not liable to pay Service Tax under the category of tour operator. No tax on renting of ambulance
“Ship management service” includes, – (i) the supervision of the maintenance, survey and repair of ship; (ii) engagement or providing of crews; (iii)receiving the hire or freight charges on behalf of the owner; (iv) arrangements for loading and unloading; (v) providing for victualling or storing of ship; (vi) negotiating contracts for bunker fuel and lubricating oil; (vii) payment, on behalf of the owner, of expenses incurred in providing services or in relation to the management of ship; (viii) the entry of ship in a protection or indemnity association; (ix) dealing with insurance, salvage and other claims; and (x) arranging of insurance in relation to ship. (Section 65(96 a) of Finance Act, 1994 as amended)
