Notification No. 2/2012-Central Excise – In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 5/2006-Central Excise, dated the 1st March, 2006 which was published in the Gazette of India, Extraordinary, vide G.S.R. 95(E) dated the 1st March, 2006, namely: –
The Ministry of Corporate Affairs Government proposes to set up National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) which will replace Company Law Board, Board for Industrial and Financial Reconstruction and Appellate Authority for Industrial and Financial Reconstruction.
India’s exports for the month of April- December 2011 have registered a growth of 25.8%, at US $ 217.6 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April—December 2011, the imports were US $ 350.9 billion with a growth of 30.4% and a Balance of Trade stood at US $ (-)133.3 billion, during the same period. Shri Khullar also informed that India’s exports in December 2011 were US $ 25 billion and imports stood at US $ 37.8 bn Balance of trade for the month of December 2011 stood at (-) 12.8 billion US $.
Circular No.02/2012-Customs – Your kind attention is invited to the Circular No.30/2011-Customs, dated 19.07.2011, regarding procedure on refund of 4% CVD (SAD). The above Circular provides the facility of manual filing of Bill of Entry for utilizing the amount of re-credited 4% CVD refunds (SAD) for payment of duty in case of re-credited DEPB/ Reward Scheme scrips upto 15.09.2011. However several representations have been received from trade and industry to extend the time limit for using re-credited 4% CVD (SAD) amount in DEPB as they have not been able to utilize the re-credited DEPB/Reward Scheme scrips within the stipulated time.
Notification No.8/2012 – Customs (ADD) – In exercise of the powers conferred by sub-sections (1) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 70/2010-Customs, dated the 25th June,2010, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.553 (E), dated the 25th June, 2010, namely,-
Notification No. 3/2012 – Customs (N.T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary and expedient so to do, hereby fixes the tariff values specified in column (4) of the Table below, in respect of the imported goods of the description specified in the corresponding entry in column (3) of the said Table, having regard to the trend of the value of such or like goods and makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.) dated the 3rd August, 2001, namely: –
Article discusses about Structure of atx Authorities, Charitable Purpose, Charity, Advancement Of Any Other Object Of General Public Utility, Advancement Of Any Other Object Of General Public Utility, Assessment Of A Charitable Trust Or Institution, Forfeiture Of Exemption, Approval U/S 80G(5), Notification Under Section 10(23), Notification/Approval Under Section 10(23C), Notification Under Section 35(1)(ii)/(iii).
In In terms of sub-section (2) of Section 22 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), the primary (urban) cooperative banks existing in the country as on March 1, 1966, (when some banking laws were applied to UCBs), were required to apply to the Reserve Bank of India. They were given three months to obtain a licence to carry on banking business. Similarly, a primary credit society which becomes a primary (urban) cooperative bank by virtue of its share capital and reserves reaching Rs. one lakh (Rs.1,00,000) and above was to apply to the Reserve Bank of India for a licence within three months from the date on which its share capital and reserves reach Rs. one lakh. The existing unlicensed primary (urban) cooperative banks can carry on banking business till they are refused a licence by the Reserve Bank of India.(SOURCE : Brochure explaining RBI role and functions in brief under the title Urban Bank Department of RBI)
Perquisites taxable in the hands of the employee as a part of salary income Broadly, in this system, the perquisites taxable in the hands of the employee as a part of salary income include: 1) Value of rent-free or concessional rent accommodation provided by the employer.2) Value of any benefit/amenity granted free or at concessional rate to specified employees, etc. Specified employees are company directors, employees with substantial interest in the company and any other employee whose salary income exclusive of non-monetary benefits and amenities exceeds Rs. 50,000/-.
As a taxpayer, you may have some very legitimate grievances relating to your income-tax matters or settlement of your claims. You may, for example, feel that the Income-tax Department owes you a certain refund of tax but it is not doing enough to hear your grievance or complaint nor taking action to redress it. You may also be aggrieved about the rude behaviour of officials or their failure to follow instructions and circulars of the Board. In all such cases, you can approach your Income tax Ombudsman. Before you do so, however, you have to ensure that certain conditions are fulfilled. The Ombudsman is governed by, and has to act within, the framework of the Income Tax Ombudsman Guidelines, 2006. This brochure tries to explain to you these guidelines in a simple manner, so that you can approach the Ombudsman for help whenever you need it.
