"08 May 2012" Archive - Page 3

Registration of institution u/s 12AA cannot be cancelled if its receipts from trade, commerce, etc., exceeds Rs.10Lakhs/Rs.25 Lakhs limit u/s 2(15)

Rajasthan Housing Board Vs The CIT (ITAT Jaipur)

If in any year, the gross receipts of the Institution exceeds Rs. 10 lakhs or Rs. 25 lakhs, as the case may be, then in that year, the Assessing Officer is empowered to examine the allowability of exemption u/s 11 but the same has no effect on granting the registration u/s 12AA of the Act....

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Seeks to amend CENVAT credit Rules, 2004 (Fifth Amendment)

Notification No. 25/2012-Central Excise (N.T) 08/05/2012

In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government, hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely:- 1. (1) These rules may be called the CENVAT Credit (Fifth Amendment) Rules, 20...

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Maternity Benefit Act, 1961

8(1) Every woman entitled to maternity benefit under this Act shall also be entitled to receive from her employer a medical bonus of one thousand rupees, if no pre-natal confinement and post-natal care is provided for by the employer free of charge. (2) The Central Government may before every three years by notification in the Official Ga...

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Posted Under: Income Tax |

RRBs – Interest Rates on FCNR (B) Deposits

RBI/2011-12/543 RPCD.CO RRB.No. 76 /03.05.33 (C) /2011-12 08/05/2012

Please refer to paragraph 2 of our circular RPCD.CO.RRB.BC.No. 36/03.05.33 (C) /2011-12 dated November 24, 2011 on Interest Rates on deposits held in FCNR (B) Accounts. In view of the prevailing market conditions, it has been decided that until further notice and with effect from the close of business in India as on May 4, 2012, the inter...

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Foreign investment in Commodity Exchanges & NBFC Sector – Amendment to FDI Scheme

RBI/2011-12/542 A. P. (DIR Series) Circular No.121 08/05/2012

The extant policy for foreign investment in commodity exchanges, has since been reviewed and it has been decided that prior approval of the Government (FIPB) would be required only for FDI component and Government approval would not be required for investment by registered FIIs in commodity exchanges. All other conditions contained in A.P...

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Enforcement of Intellectual Property Rights on imported goods – Clarification on the issue of parallel imports

Circular No. 13/2012-Custom Duty 08/05/2012

Circular No. 13/2012-Customs, I am directed to invite your attention to the Notification No.51/2010-Customs (N.T.) dated 30.6.2010 and Board’s Circular No. 41/2007-Customs dated 29.10.2007 prescribing certain conditions and procedures in implementation of Intellectual Property Rights (IPR) such as trade mark, design, patent, geograp...

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FDI in India – Issue of equity shares under FDI scheme allowed under Government route

RBI/2011-12/541 A. P. (DIR Series) Circular No.120 08/05/2012

Attention of Authorised Dealers Category – I (AD Category - I) banks is invited to the A.P. (DIR Series) Circular No. 74 dated June 30, 2011, and A.P. (DIR Series) Circular No. 55 dated December 09, 2011, on issue of equity shares/ preference shares under the Government route by conversion of import of capital goods / machineries / equi...

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No Case of Data Leak & Refund Frauds Detected Due to Outsourcing of Infotech Functions by IT Department

The outsourcing of infotech functions by the Income Tax (IT) Department has emerged after extensive discussions, rigorous evaluation and comprehensive examination by various authorities. Till now no instance has come to light of involvement of Vendor Personnel of Service Providers of Centralised Processing Centre (CPC) and E-filing in dat...

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Posted Under: Income Tax |

Value of Assets Seized in Searches Conducted by Income Tax Department Stood at Rs. 905.61 Crore in 2011-12

The Government has received a number of cases of information relating to remittances, payments and money held in foreign bank accounts etc. under the provisions of the DTAAs/TIEAs. Every reliable information, including information received from outside the country, is verified according to the provision of Direct Tax laws and action is ta...

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Posted Under: Income Tax |

Clarification on AIRCEL Issue

The Central Government’s attention has been drawn to a report in one newspaper containing allegations against a proposal for foreign investment that was considered by the Foreign Investment Promotion Board (FIPB)....

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Posted Under: Income Tax |

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