The Prime Minister has approved the constitution of an Expert Committee on GAAR to undertake stakeholder consultations and finalise the guidelines for GAAR. This committee would manage the consultation process and finalise the draft GAAR Guidelines. 2. While postponing GAAR by one year to 2013 was a very welcome move, a widespread consultative process is necessary to generate a discussion on GAAR provisions so that there is an informed debate on how GAAR is going to operate. Some steps have been taken in this direction:
. Section 192A of the Companies Act, 1956, read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001 (the Rules) obligates the listed companies to conduct certain businesses only by way of postal ballot. The Companies Act and the Rules also permit the companies to pass any other business through postal ballot apart from those businesses which are to be transacted mandatorily through postal ballot. Further, SEBI (Buy Back of Securities) Regulations, 1998, SEBI (Delisting of Equity Shares) Regulations, 2009, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 require listed companies to pass certain additional businesses through postal ballot.
Notification No. 45/2012-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), 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. 12/2012- Customs, dated the 17th March, 2012, which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 185(E), dated the 17th March, 2012, namely:-
Notification No. 58/2012-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 Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following 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, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-
In the notification of the Government of India, Ministry of Corporate Affairs published in the Gazette of India vide G.S.R.(E) 1/242… Dated 5th June, 2012 relating to Limited Liability Partnership (Amendment) Rules, 2012, in page number 2, in point number 5. for “In the said rules, for Forms 1 to 31, the following forms shall be substituted, namely:-” , read “In the said rules, Form 32 has been inserted and for Forms 1, 2, 3, 4, 5, 8, 11, 12, 15, 17, 18, 22, 23, 24, 25, 27, 28, 29, 31, the following forms shall be substituted, namely:-“
Attention of Authorised Dealers (ADs) is invited to A.P. (DIR Series) Circular No.77 dated March 13, 2004, in terms of which guidelines for compilation of various R-Returns were issued to the Authorised Dealers. The purpose codes for foreign exchange purchase/ sale transactions, used for filling up of the cover page of R-Return have since been revised, vide A.P.(DIR Series) Circular No. 84 dated February 29, 2012.; It has therefore become necessary to revise the list of purpose codes appended to Form A-2 also. The revised list of purpose codes along with Form A-2 are thus annexed for use by the applicants for remittance of funds abroad.
Attention of banks maintaining Non-Resident Deposit (NRD) Accounts is invited to A. P. (DIR Series) Circular No. 55 dated May 09, 2007, in terms of which the data on Non-Resident Deposits are required to be submitted in soft copy in the form of Stat 5 and Stat 8 Returns in Microsoft Excel format, both through email and a hard copy to the Director, Reserve Bank of India, Department of Statistics and Information Management (DSIM), Central Office, Balance of Payments Statistics Division, C-9/8, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051.
ORDER NO. 6/FT&TR/2012 [F.NO. 500/15/2011-FT&TR-I] Central Board of Direct Taxes hereby constitute the Dispute Resolution Panel at the areas of jurisdiction given under column (2) of the Table below comprising of three Commissioners of Income-tax as Members of the Panel as per the corresponding column (3) of the said Table, and in the case of Member of the Panel specified under column (3) of the said Table was the supervising officer of the Transfer Pricing Officer at the time of Transfer Pricing audit or was the supervising officer of the assessing officer at the time of issuance of draft assessment order pending for direction of the Panel, the Panel shall, instead comprising of the Members specified in column (3), aforesaid, comprise of the Members specified in the corresponding column (4) of the said Table, with respect to that said draft assessment order, namely:-
a. Unloading of machinery and equipment for Ratnagiri Gas and Power Private Limited Power Project., b. Unloading of liquefied natural gas and naptha., c. Loading of imported machinery and equipment for export, imported for Ratnagiri Gas and Power Private Limited Power Project., d. Unloading of goods for the manufacture and repairs of ships, barges and similar vessels and rigs by M/s. Bharati Shipyard Limited.
All deductors other than Government deductors must file their quarterly TDS statement for the quarter ending 30th June 2012, on or before 15th July 2012 and Government deductors must file their statement on or before 30th July 2012. While submitting their statements, the deductors have to choose correct and relevant form, quote correct PAN against all entries and ensure that correct CIN/BIN is quoted in the TDS statement. Non-quoting of PAN or TAN in TDS statements or delay in filing of TDS statements may lead to levy of penalty.
