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Maintenance of records under the service tax is dealt with the provisions of Rule 5 of Service Tax Rules, 1994. According to the said rule following are the records required to be maintained for the purpose of service tax: Records including the computerised data as maintained by an assessee as per the various laws in force from time to time.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Paragraph 2.1 of the Foreign Trade Policy, the Central Government hereby notifies ‘Indian Trade Classification (Harmonised System) of Export and Import Items, 2012’ [ITC (HS), 2012] as enclosed in the Annexure to this Notification.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Paragraph 2.1 of the Foreign Trade Policy, the Central Government hereby notifies ‘Indian Trade Classification (Harmonised System) of Export and Import Items, 2012’ [ITC (HS), 2012] as enclosed in the Annexure to this Notification.
Instruction No.1979 dated 27.3.2000, provided that no appeal would be filed before Tribunal if the tax effect was less than Rs.1.00 lacs, and thereafter Instruction dated 17.7.2003 clarified that monetary limit/tax effect mentioned in the Circular has to be read as revenue effect which would mean tax, interest, penalty. Further, vide circular dated 24.10.2005 CBDT enhanced monetary limit for filing appeal before the Tribunal to Rs.2.00 lacs and vide Instruction No.16.7.2007 it was clarified that the tax effect would mean tax only and no interest. CBDT by subsequent Instruction No.5 of 2008 dated 15.5.2008 clarified that the tax effect would also mean notional tax effect in cases of losses.
It was improper for Commissioner of Income-tax (Appeals) to comment on the judgment of the Division Bench while disposing of the application expressing reservation about his powers to grant the interim order. Therefore, it has to be stated that the Appellate Authority has not proceeded to appreciate the points raised by the petitioners in support of his prayer for grant of interim order based on materials available before him, Instead, he has ventured into discussions which are irrelevant and impermissible having regard to the binding precedent in the form of a direction issued by the Division Bench.
The Disclosure Framework is an electronic Report compatible with the MCA-21 and comprises five sections in which the last section seeks information on the nine (9) principles enshrined in the National Voluntary Guidelines. This document is meant for reporting on the National Voluntary Guidelines on the Social, Environmental and Economic Responsibilities of the Business
Infrastructure development holds the key to India’s economic growth. Currently, since September 23, 2011, Indian companies in the infrastructure sector are permitted to utilise 25 per cent of the fresh ECB raised by them towards refinancing of the domestic Rupee loan (s) under the approval route.
IDBI Bank’s loans, linked to Base Rate/BPLR, will become cheaper following a 25 bps reduction in Base Rate (to 10.50%) and BPLR (to 15.00%), with effect from April 20, 2012. IDBI Bank has taken this pro-active step, keeping in view the recent policy measures announced by the RBI and the emerging market conditions expected to arise out of the transmission of these monetary measures. The Bank has also decided to reduce the Retail Term Deposit Rates by 10-50 bps in various buckets having maturity of ‘six months and above’.
Development of physical infrastructure especially Roads and Highways needs to be expedited. Towards this purpose, there is a need to augment avenues for financing of such projects.
Electronic Clearing Service (ECS), introduced by Reserve Bank of India in 1994 is now being widely used across many centres in the country for making and receiving bulk payments. The ECS (Debit) system was introduced with the objective of providing an alternative method for effecting payment transactions electronically in respect of the utility bill payments, insurance premia, card payments, loan repayments, etc., which would obviate the need for issuing and handling paper instruments such as cheques. This would also facilitate improved customer service by banks / companies / corporations / government departments, etc. that are collecting / receiving the payments. The ECS (Debit) Procedural Guidelines prescribes the procedure to be followed by the different stake holders in the process.
