Rates for deduction of income-tax at source from certain incomes during the financial year 2011-12. Rates for computation of advance tax, deduction of income-tax at source from Salaries and charging of income-tax in certain cases during the financial year 2011-12.Tax benefits for New Pension System (NPS) . Deduction for investment in long-term infrastructure bonds
The Ministry had framed certain criteria for declaring a Financial Institution as PFI under section 4A, of the Companies Act, 1956 vide General Circular No. 34/2011 dated 2.6.2011. The issue has since been revisited and it has been decided that any Financial Institution applying for declaration as PFI shall fulfill the following criteria:-
The current NOOPL of the banks as applicable to the positions involving Rupee as one of the currencies shall not include the positions undertaken in the Currency Futures/Options segment in the exchanges. The positions in the exchanges (both Futures and Options) cannot be netted/offset by undertaking positions in the OTC market and vice-versa. The positions initiated in the exchanges shall be liquidated/closed in the exchanges only.
Circular No. 966/09/2012-CX As clearly stated in para 3 of Boards’ above circular dated 2.4.2012, it is once again reiterated that in terms of the Rule 2(k) of the CENVAT Credit Rules, 2004, while CENVAT Credit is available in respect of parts of Boiler, the same is not admissible in respect of the structural components used for laying of foundation or making of structures for support of capital goods/ Boiler. The above clarification is in conformity with the views expressed in the judgments of the Hon’ble Supreme Court/ different benches of the CESTAT.
Policy Circular No. 65 (RE-2010)/2009-14 It is clarified that Capital Goods sourced from SEZ are treated as ‘imported goods’. Hence, EPCG Scheme-under Para 5.2A is available for import of spares for such imported Capital Goods (i.e. sourced from SEZ) with reduced EO. Besides this, EPCG Authorization for “Spares” is also allowed under Para 5.2 {as clarified in Policy Circular No. 12 dated 17.01.2011 (Point No. 2)}.
Please refer to our Circular UBD.PCB.Cir.No.11/09.09.01/2007-08 dated August 30, 2007 forwarding the guidelines for UCBs on lending to priority sector. In terms of para 7.4 of section I of Annex of the above Circular, assistance given to a non-governmental agency approved by the NHB for the purpose of refinance for construction / reconstruction of dwelling units or for slum clearance and rehabilitation of slum dwellers, subject to a ceiling of loan component of Rs. 5 lakh per dwelling unit, is eligible for classification under priority sector.
Please refer to our circular No. UBD.BPD.AD.CIR.No. 4/13.01.000/2011-12 dated November 24, 2011 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that until further notice and with effect from the close of business in India as on May 4, 2012, the interest rates on FCNR(B) Deposits will be as under:
Policy Circular No.64 (RE-2010) /2009-14 Director General (Systems) have accorded SEZ port codes to the following 58 SEZs which have been uploaded on DGFT’s website
Policy Circular No. 63 (RE-2010)/2009-14 (i) The application for issue of RC can be for an amount upto a maximum quantity of 25,000 MT (Twenty five thousand metric tons). Earlier this limit was 10,000 MT per RC. [Please refer Para 3 of Policy Circular No. 62(RE-2010)/2009-14 dated 14.05.2012].
Based on various queries received from Authorised Dealers, it is clarified that the conversion of the EEFC balances into rupee balances will only be applicable to available balances in the EEFC account which may be arrived at by netting off earmarked amounts on account of outstanding forward / option contracts booked before May 10, 2012.
