The Authority refers to its notification no. IRDA/NL/NTFN/MOTP/066/04/2011 dated 15th April 2011 on the captioned subject. As per the said notification the Authority had to review the premium rates for motor third party liability only cover and adjust them annually using the formula:
Amidst fears that FIIs may be taxed for short-term capital gains in stock markets, the government today said it will examine and modify the General Anti Avoidance Rules (GAAR) if required.
Country’s largest lender SBI today raised fixed deposit rates on select maturities by up to 1 per cent, amid tight liquidity situation. Fixed deposits with maturity period of 7 to 90 days will earn eight per cent interest against existing seven per cent. The SBI said in a statement that the new rates would be effective from on Wednesday.
As on September 30, 2011, a net amount of Rs 3,50,000 crore approximately is outstanding as income tax dues, out of which Rs 2,73,000 crore approximately is locked up in tax dispute at various levels,” Minister of State for Finance S S Palanimanickam said in a written reply to the Rajya Sabha.
The Act imposes restrictions on acceptance of foreign hospitality by certain specified persons. It mandates that no member of a Legislature or office-bearer of a political party or Judge or Government servant or employee of any corporation or any other body owned or controlled by the Government shall, while visiting any country or territory outside India, accept, except with the prior permission of the Central Government, any foreign hospitality. However, such permission would not be necessary for an emergent medical aid needed on account of sudden illness contracted during a visit outside India. The term ‘foreign hospitality’ is defined to mean any offer, not being a purely casual one, made in cash or kind by a foreign source for providing a person with the costs of travel to any foreign country or territory or with free boarding, lodging, transport or medical treatment.
The 2011 update replaces the 2001 version of the UN Model Double Taxation Convention and Commentary (2001 Version). The 2011 UN Update makes a number of revisions to the commentary on· Article 5 (Permanent establishment), to the MC and · Commentary on Article 26 (Exchange of information) and Article 27 (Assistance in collection of taxes).
Management of Funds Under NPS The investment of pension funds of Government employees, who are covered as subscribers to the New Pension System (NPS), was hitherto being made through a pooling arrangement whereby the funds of such employees were credited to a pool account (pending reconciliation of subscribers’ contribution details) from which such funds were allocated to pension fund managers for immediate investment in the best interest of the subscribers. These funds of the Government employees are being managed based on the investment Pattern prescribed by the Government.
Excise duty from Tobacco Products – The total revenue collected from central excise duty during the financial year 2011-12 (upto January, 2012) is about Rs. 1,14,046 Crore (provisional). The total excise duty collected from tobacco products during the financial year 2011-12 (upto January, 2012) is about Rs. 14,804 Crore (provisional). The break-up of excise duty collected from tobacco products during the financial year 2011-12 (upto January, 2012) is under:-
Notification No. 21/2012 – Central Excise (N.T.) These rules may be called the CENVAT Credit (Fourth Amendment) Rules, 2012. In the CENVAT Credit Rules, 2004,- (i) in rule 2,- in clause (d), for the words and goods in respect of which the benefit of an exemption under notification No. 1/2011-CE, dated the 1st March, 2011 is availed, the words, goods in respect of which the benefit of an exemption under Notification No. 1/2011-CE, dated the 1st March, 2011 or under entries at serial numbers 67 and 128 of Notification No. 12/2012-CE, dated the 17th March, 2012 is availed shall be substituted;
Notification No 109 (RE – 2010)/2009-2014 Prohibition on export of pulses has been extended by one more year; from 31.03.2012 to 31.03.2013. But, there are two exceptions to this. One is export of Kabuli Chana. Second is export of Organic Pulses and lentils; but with a ceiling of 10,000 MTs per annum and subject to certain conditions mentioned above.
