PUBLIC NOTICE NO.11(RE 2012)/2009-2014 One additional branch each at Bengaluru and Hyderabad has been added for issuing Certificate of Origin (Non Preferential).
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, as amended, read with paragraph 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby amends with immediate effect para 5.2A, 9.12, 5.3 and 5.11of Foreign Trade Policy, 2009-2014 (RE 2012).
Circular no. IRDA/Life/MI/2012, dated 26-07-2012 – On comprehensively examining the existing business model adopted under Micro Insurance vis-a-vis the extant regulations on Micro Insurance, the Authority proposes to review the IRDA (Micro Insurance) Regulations, 2005. Accordingly, an exposure draft on Micro Insurance (Modification) Regulations is issued for further and wider deliberations on the subject.
Notification No. 65/2012-Customs (N.T.) New Delhi, dated the 26th July, 2012 G.S.R. (E). – In exercise of the powers conferred by section 157 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations further to amend the Courier Imports and Exports (Electronic Declaration and Processing) […]
Companies (Central Government’s) General Rules and Forms (Fifth Amendment) Rules, 2012 – (Form 21 & 23) – In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government’s) General Rules and Forms, 1956, namely: – 1. (1) These rules may be called the Companies (Central Government’s) General Rules and Forms (Fifth Amendment) Rules, 2012. (2) These rules shall come into force with effect from the 12th August, 2012. 2. In the Companies (Central Government’s) General Rules and Forms, 1956, in Annexure ‘A’,-
It has now been decided by the Ministry that all cost auditors and the concerned companies will be allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating to any previous year(s)] with the Central Government in the XBRL mode, without any penalty, upto 31st December, 2012.
Decision of the Mumbai Bench of the Tribunal in the case of Homi K. Bhabha Vs. ITO was brought to our notice by the learned DR wherein it was held that Portfolio Management Scheme fees is not deductible against capital gains. The decision of the Pune Bench of the Tribunal in the case of KRA Holding & Trading was not followed by the Mumbai Bench in the above cited decision.
Tomorrow to Mark 50 Years of Achievements under the Customs Act 1962 The Union Minister of Communication & Information Technology Shri Kapil Sibal will release tomorrow a commemorative Postage Stamp on Indian Customs to commemorate 50 years of achievements under the Customs Act, 1962. Shri S.S. Palanimanickam, Minister of State for Finance (Revenue and Disinvestment) will be the Guest of Honour and release a Coffee Table Book on Indian Customs on this occasion.
It is very clear that the assessee consciously split up the payments in whole of the year, which is impracticable, illogical as noted above and it was done just to circumvent the provisions of law. There was no justification for the assessee to split up the transactions of crores of rupees in small payments of Rs. 15,000/- to Rs. 20,000/- everyday. Whatever plea was taken before the authorities below was not supported by any evidence.
In order to make the Income Tax Return filing experience even more convenient, the Income Tax Department has started two more taxpayer friendly initiatives ‘Register for Home Visit’ and ‘Online Tax Help’. To avail these facilities, a taxpayer must visit the website www.trpscheme.com and take help of trained professionals either online or at their homes. The taxpayer can choose between ‘online help’ or ‘home visit’.
