CBDT CIRCULAR NO-03/2011, Dated: May 13, 2011 Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules 1962 (“the IT Rules”) provides for furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars like amount of TDS, permanent account number (PAN), tax deduction and collection account number (TAN), etc. The relevant form for such TDS certificate is Form No.16 in case of deduction under section 192 and Form No.16A for deduction under any other provisions of Chapter XVII-B of the Act. TDS certificate in Form No.16 is to be issued annually whereas TDS certificate in Form No.16A is to be issued quarterly.
The undersigned is to draw the attention on the Circular No. 14/2011 dated 08.04.2011 of this Ministry on the subject cited above. The following errata has been noticed which is rectified as under:- In the said circular in line 4 (Four) of Paragraph 2, the words should be inserted “including filing of Financial Statements in the Extensible Business Reporting Language (XBRL) mode from the year 2011-12 onwards” after the words “MCA in electronic mode”.
Advances classified as sub-standard will attract a provision of 15 per cent as against the existing 10 per cent. The “unsecured exposures” classified as sub-standard assets will attract an additional provision of 10 per cent, i.e., a total of 25 per cent as against the existing 20 per cent. However, “unsecured exposures” in respect of Infrastructure loan accounts classified as sub-standard, in case of which certain safeguards such as escrow accounts are available as indicated in our circular DBOD.No.BP.BC.96/08.12.014/2009-10 dated April 23, 2010, will attract an additional provision of 5 per cent only i.e. a total of 20 per cent as against the existing 15 per cent. RBI 2010-11/529 DBOD.No.BP.BC. 94/21.04.048/2011-12
Export of canned meat products shall be subject to preshipment inspection either by the State Directorate of Animal Husbandry or Export Inspection Agency or Directorate of Marketing and Inspection Government of India or Municipal Corporation of Delhi(MCD) in accordance with either the standards prevalent in the exporting country or standards prescribed under the Meat Food Products Order, 1973.
Notification No 47 (RE – 2010)/2009-2014 – Earlier, consignments of Guar gum when exported to EU were allowed presence of upto 0.01 mg/Kg. of Penta Chlorophenol (PCP). Now, export of Guar gum to EU would be allowed only if it does not contain Penta Chlorophenol (PCP) in any proportion.
Under TRQ Scheme, the import of Maize (Corn) ITC HS Code 100590 is allowed Duty Free, as has already been notified by Customs Notification No. 9/2007 dated 25.1.2007. With effect from the date of this Public Notice, the Actual User condition will not be mandatory under imports of all items under TRQ Scheme
RPCD.CORRB.No.71 /03.05.33/2010-11 – Pursuant to the announcement made by Union Finance Minister in paragraph 44 of the budget for the year 2011-12, it has been decided to increase the above limit from Rs. 20 lakh to Rs. 25 lakh. 3. The above change will be applicable to housing loans sanctioned on or after April 1, 2011.
A.P. (DIR SERIES) CIRCULAR NO. 62, DATED 16-5-2011 APs (Indian Agents) should introduce a system of maintaining proper record of transactions prescribed under Rule 3, as mentioned below : (a) all cash transactions of the value of more than Rupees ten lakh or its equivalent in foreign currency; (b) all series of cash transactions integrally connected to each other which have been valued below Rupees ten lakh or its equivalent in foreign currency where such series of transactions have taken place within a month and the aggregate value of such transactions exceeds Rupees ten lakh;
A.P. (DIR SERIES) CIRCULAR NO. 61, DATED 16-5-2011 The directions contained in this Circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and also under the, Prevention of Money Laundering Act, (PMLA), 2002, as amended by the Prevention of Money Laundering (Amendment) Act, 2009 and the Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 as amended from time to time. Non-compliance with the guidelines would attract penal provisions of the Acts concerned or Rules made there under.
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendment at S.No.30 under the State of Maharashtra in Appendix 4C (List of Agencies Authorised to Issue Certificates of Origin-Non Preferential) of the Handbook of Procedures(Vol.I), 2009-14.
