Indirect tax revenue collections during the month of February, 2012 rose to Rs. 31,469 Crore, an increase of 9.6 percent over the corresponding period of last financial year. Overall indirect tax collections during the period April, 2011 to February, 2012 rose to Rs 3,48,702 Crore. Last year the indirect tax collections during the period was to the tune of Rs 28,705 Crore.
Notification No. S.O. 406(E)-Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below
What is the effective financial year from which Cost Audit Order No. 52/26/CAB-2010 dated 24th January 2012 will be applicable? The Cost Audit Order No. 52/26/CAB-2010 dated 24th January 2012 will be applicable on a company engaged in industry/activity listed in the order in respect of each of its financial year commencing on or after 1st April, 2012.
CBEC sends data on exports to DGCIS daily that is generated out of their daily trade reports (DTRs), which is based on LEOs (Let Export Orders) issued that day. Hence any consignment in respect of which LEO has been issued gets reported as having been exported. Accordingly, consignments for which Let Export Orders (LEOs) have been issued till 2400 hours on Sunday, 04 March, 2012 will be outside the purview of Notification No.102 dated 05 March, 2012 cited above.
As you are aware, the Reserve Bank of India has taken several steps in the past to improve the transparency of the OTC derivatives market in India. It may be recalled that in August 2007, the Bank had mandated reporting of inter-bank/PD Rupee Forward Rate Agreement (FRA) and Interest Rate Swap (IRS) trades to the reporting platform developed by Clearing Corporation of India Limited (CCIL) for the purpose. In this context, following an announcement in the Annual Policy for the year 2010-11, a Working Group was constituted in June 2010 to work out the modalities for an efficient, single point reporting mechanism for all OTC interest rate and forex derivative transactions. The report of the Working Group was placed on the Bank’s website on May 25, 2011.
Circular No. 07/2012-Customs Attention is invited to Board’s Circular No. 6/2012-Cus dated 06-03-2012 regarding imposition of ban on export of Cotton (TH 5201 and 5203) vide DGFT Notification No.102 (RE-2010)/2009-14 dated 05.03.2012.
Insurance agents are the most important channel of intermediation in the insurance business in India. Recognizing the importance of the agents in the procurement and servicing of insurance policies, the Insurance Act has two specific provisions, namely Section 40(2A) and Section 44 which protect the long term interests of agents. In brief, under provisions of Section 40(2A), lapsed policies which require medical examination prior to revival can be assigned to another agent after giving due notice to the existing agent to revive such policies
Though the incomes assessable under them are part of total income as defined in sections 2(45)/4/5 yet that does not mean that the income assessable under section 68 has to be assessed under section 56. In the instant case, source of unexplained cash credits was not known therefore same be linked to any known source/head of income including income from other sources. In order to constitute income from ‘other sources’, the source, namely, the ‘other sources’, has to be identified. Income from unexplained or unknown sources cannot therefore be considered or taxed as income from other sources.
General Circular No. 4/2012 – The Ministry of Corporate Affairs has extended the time for filing form DIN-4 by DIN holders for furnishing PAN and to update PAN details upto 30.04.2012 for the Allotment of Director’s Identification Number (DIN) under Companies Act, 1956.
Representations have been received from the Gem & Jewellery sector to allow their exporters to execute revolving Bank Guarantee to be used for import of gold/ silver/ platinum, alloys, findings and mountings of gold/silver/ platinum and plain semi-finished gold/silver/platinum jewellery.
