Modification in Switchover Date to Digital Cable TV System The Cable Television Networks (Regulation) Amendment Act, 2011 has made it mandatory for switchover of the existing analogue Cable TV networks to Digital Addressable System (DAS) by December 2014, in a phased manner. In respect of four metros of Delhi, Mumbai, Kolkata and Chennai, the digital […]
Notification No. 33/2012-Customs (ADD) Whereas, in the matter of import of Pentaerythritol (hereinafter referred to as the subject goods), falling under sub-heading 2905 42 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said customs Tariff Act), originating in, or exported from European Union (excluding Sweden)(hereinafter referred to as the subject countries) and imported into India, the designated authority vide its final findings No. 14/43/2010-DGAD dated the 10thApril, 2012, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 10th April, 2012, had come to the conclusion that-
A CBEC panel wants the new service tax regime, which is scheduled for implementation from July 1, be deferred by 3-4 months as more time is needed to put in place the required framework.
Notification No.28/2012-Central Excise (N.T) 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 (Sixth Amendment) Rules, 2012. (2) They shall come into force on the 1st day of July, 2012.
Attention of the Authorised Dealer (AD) Category – I banks is invited to A. P. (DIR Series) Circular No.45 dated March 15, 2011 wherein, it was, inter-alia, stipulated that the annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies which have received FDI and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year, to the Director, External Liabilities and Assets Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, C-8, 3rd floor, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051, by July 15 of every year.
The Reserve Bank of India, today released on its website, the final guidelines on “White Label Automated Teller Machines (WLAs) in India”. White Label ATMs are ATMs set up, owned and operated by non-bank entities incorporated in India under the Companies Act, 1956. Till now, only banks were permitted to set up Automated Teller Machines (ATMs) as extended delivery channels.
Circular No. 4 of 2012 The Board has been apprised that in certain cases the assessees have disputed the figures of arrear demands shown as outstanding against them in the records of the Assessing Officer. The Assessing Officers have expressed their inability to correct/reconcile such disputed arrear demand on the ground that the period of limitation of four years as provided under sub-section (7) of section 154 of the Act has expired.
In a writ petition filed by small investors, Karnataka High Court Held that provisions of Section 206AA of the Income Tax Act are contrary to provisions of Section 139A of the Act. Accordingly, provision of Section 206AA were made inapplicable to persons and was read down from the Act only for those persons whose income was less than the taxable limits. However, the High Court made it very clear that the provisions of the Section 206AA are applicable to the persons whose income is more than the taxable limits.
Deemed sale – it is a critical aspect of the Sales Tax law and it is going to have direct impact on the upcoming Negative list scheme. The new definition of service as defined in context of negative list excludes the deemed sale. In other words, service tax is not to be levied on the deemed sale. However, simultaneously, the concept of declared services is also brought into the service tax law where certain services are declared to be services for the purpose of levy of service tax. Some of these declared services are part of transactions which include the deemed sale; thus, there are certain transactions which will be subject to both sales tax as well as service tax. This bit of diction is about those transactions which will suffer dual taxes – sales tax as well as service tax.
Attention of SEBI has been drawn to news items appearing in a section of press wherein certain comments have been made about the pace of investigations completed during the year 2011-12. From the news items, it is noted that the data of entire years in the past has been compared with a part of the year 2011-12 and distorted inferences have been drawn. The correct position for the last three years is as under:-
