Notification No. 11/2014-Income Tax CBDT has vide Notification No. 11/2014 dated 13.02.2011 removed Airport Authority of India Limited(AAI) from the list of Companies/ Financial Institutions eligible to issue Tax Free Bonds. In addition it has changed the issue cap of Rural Electrification Corporation Limited(REC), National Housing Bank (NHB) and NTPC Limited (formerly known as National Thermal Power Corporation).
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992), as amended, read with Para 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in Para 2.1.1 of Foreign Trade Policy, 2009-14 with immediate effect.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) as amended, read with Para 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in Schedule 2 of ITC(HS) Classification of Export & Import Items, with immediate effect.
Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement.
make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision.
In the Budget 2012-13, vide Finance Bill, 2012 as introduced in the Lok Sabha on 16.03.2012, the basic excise duty rate was increased on various lengths of cigarettes by imposing an ad valorem component in addition to the specific duty, through clause 141 of the Finance Bill read with the Seventh Schedule as under:
It is being intimated that no company should be allowed to be registered with the word ‘National’ as part of its title unless it is a government company and the Central / State government(s) has a stake in it.
Circular No. 5/2014-Income Tax Central Board of Direct Taxes, in exercise of its powers under section 119 of the Act hereby clarifies that Rule 8D read with section 14A of the Act provides for disallowance of the expenditure even where taxpayer in a particular year has not earned any exempt income.
Circular No. 06/2014-Income Tax It has been reported that some field authorities are taking a view that mutual funds/specified companies are required to pay additional income tax under sub-section (2) to section 115R of the Act not only on income distributed by way of dividend but also on payments made at the time of redemption/repurchase of units as well as at the time of allotment of bonus units to existing investors.
– In exercise of powers conferred by clause (a) of section 81 of the Customs Act, 1962, the Central Board of Excise and Customs hereby makes the following regulations further to amend the Customs Baggage Declaration Regulations, 2013, namely:-
