With a view to facilitating accounting of all Government transactions of the current financial year (2011-12) by March 31, 2012 and meeting the probable rush of tax-payers towards the end of the year, it has been decided in consultation with the Controller General of Accounts, Government of India that all Regional Offices of Reserve Bank of India (RBI) and branches of Agency banks conducting Government business will suitably extend the banking hours to conduct Government business by keeping their counters open for the purpose on March 30 and 31, 2012 to facilitate receipt of Government revenue from members of public even at late hours.
Clarification – Prior intimation to the Reserve Bank of India for raising the aggregate Foreign Institutional Investors / Non-Resident Indian limits for investments under the Portfolio It is hereby clarified that the Indian company raising the aggregate FII investment limit of 24 per cent to the sectoral cap/ statutory limit, as applicable to the respective Indian company or raising the aggregate NRI investment limit of 10 per cent to 24 per cent, should necessarily intimate the same to the Reserve Bank of India, immediately, as hitherto, along with a Certificate from the Company Secretary stating that all the relevant provisions of the extant Foreign Exchange Management Act, 1999 regulations and the Foreign Direct Policy, as amended from time to time, have been complied with.Investment Scheme.
It has now been decided, to allow FVCIs to invest in the eligible securities (equity, equity linked instruments, debt, debt instruments, debentures of an IVCU or VCF, units of schemes / funds set up by a VCF) by way of private arrangement / purchase from a third party also, subject to terms and conditions as stipulated in Schedule 6 of Notification No. FEMA 20 / 2000 -RB dated May 3, 2000 as amended from time to time. It is also being clarified that SEBI registered FVCIs would also be allowed to invest in securities on a recognized stock exchange subject to the provisions of the SEBI (FVCI) Regulations, 2000, as amended from time to time, as well as the terms and conditions stipulated therein.
The Committee is compiling a database of ICAI Members who have established themselves as successful Entrepreneurs or are engaged in Public Services such as Public Servants i.e. MP/MLA, those associated with Constitutional Authority i.e. Judiciary/Appellate Tribunal, working with Regulatory bodies i.e. SEBI, RBI, IRDA etc, are Civil Servants/serving Central or State Government, Members of Local Bodies, etc.
In continuation of this office O.M. of even number dated 7.03.2012, the following amendments /modifications are made in the composition of the Committee to formulate a policy document on Corporate Governance.
1) The Exemption limit for the general category of individual taxpayers enhanced from Rs. 1,80,000 to Rs. 2,00,000 giving uniform tax relief of Rs.2,000. Further, slab of 20% proposed to increase from 8,00,000 to 10,00,000. It is in line with DTC. 2) In another relief to the individual taxpayers, a deduction of up to Rs. 10,000 has been proposed for interest from savings bank accounts. This would help a large number of small taxpayers with salary incomes upto Rs. 5 lakh and interest from savings bank accounts upto Rs. 10,000 as they would not be required to file income tax returns.
Section 193 of the Act- Tax deduction at source from payment of interest on debentures, Section 194E of the Act – Tax deduction at source from payment to non-resident entertainer, sports person etc., Section 194J of the Act – Tax deduction at source from payment to director, Section 194J of the Act – Tax deduction at source from payment to director, Section 194LAA- Tax deduction at source from payment for immovable property in certain cases, Section 194LC- Tax deduction at source from payment of interest to a non-resident by an Indian company- New provision, Applicability of Section 195 of the Act on non- resident -Amendment in Section 197A of the Act – Reduction of the eligible age for senior citizens for certain tax reliefs, Section 201- Assessee in Default- Amendment – S. 201 Deemed date of payment of tax by resident payee is date of furnishing of return of income, Section 154 of the Act – Rectification of mistake in intimation with respect to TDS statement – Intimation after processing of TDS statement
In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Customs, dated the 17th March, 2012 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 185 (E), dated the 17th March, 2012,
The establishment of NCLT and NCLAT as specialized Quasi Judicial Bodies with professional approach will have the following beneficial effects: (i) reduce pendency of winding up cases and shorten the period of winding-up process; (ii) avoid multiplicity and levels of litigation before High Courts and quasi-judicia Authorities like Company Law Board (CLB), Board for Industrial and Financial Reconstruction (BIFR) and Appellate Authority for Industrial and Financial Reconstruction (AAIFR) as all such matters will then be heard and decided by NCLT;
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