CIR/MRD/DP/ 05 /2011 – It has been decided to modify the methodology of calculating the Annual Issuers charges. The annual issuer charges would be based on the average no. of folios (ISIN positions) during the previous financial year instead of the total number of folios (ISIN positions) as on 31st March of the previous financial year.
Banks intending to migrate to AMA for computing capital charge for operational risk are advised to assess their preparedness with reference to these guidelines. As and when they are ready for introduction of AMA, they may first give Reserve Bank of India (RBI) (Chief General Manager-in-Charge, Reserve Bank of India, Department of Banking Operations & Development, Central Office, 12th Floor, Shahid Bhagat Singh Road, Mumbai – 400001), a notice of intention. RBI will first make a preliminary assessment of the bank’s risk management system and its modeling process. If the result of this preliminary assessment is satisfactory, RBI will allow the bank to make a formal application for migrating to AMA. RBI will then perform a detailed analysis of the bank’s risk management system and proposed model prior to according approval.
Various Notifications as per Budget Speech- 2011-12 VAT.1511/C.R. 54(1) to (6)/Taxation-1 dated 27th April 2011 In exercise of the powers conferred by entry 82 of SCHEDULE C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby with effect from the 1st May 2011, amends the Government Notification, Finance Department, No. VAT-1505/CR-119/ Taxation-1, dated the 1st April 2005, as follows, namely:‑ In the said notification, in entry 13, after the words “biogas plants” the following shall be inserted, namely :‑
CIRCULAR NO. 2/2011-Income Tax The procedure for regulating refund of amount paid by the deductor in excess of the tax deducted at source (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980. 2. Subsequent to issue of circular No. 285, new sections have been inserted under Chapter XVII-B of the Income-tax Act, 1961. References have been received by the Board
Clarifications on new services specified in clauses (zzzzv) and (zzzzw) of section 65(105) of the Finance Act, 1994 and amendments to existing clauses of same section and following services Services provided by a Restaurant, Short Term Accommodation. Commercial Coaching and Training, Legal Services, Health Services.
Small Accounts- 2. In terms of Rule 2 clause (fb) of the Notification ‘small account’ means a savings account in a banking company where – the aggregate of all credits in a financial year does not exceed rupees one lakh; the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand; and the balance at any point of time does not exceed rupees fifty thousand .
Notification No. 37/2011 – Service Tax 1. (1) These rules may be called the Taxation of Services (Provided from Outside India and Received in India) (Third Amendment) Rules, 2011. (2) They shall come into force on the 1st day of May, 2011. 2. In the Taxation of Services (Provided from Outside India and Received in India) Rules, 2006, in rule 3, in clause (i), for the brackets, letters and words “(zzzzm) and (zzzzu)”, the brackets, letters and word “(zzzzm), (zzzzu), (zzzzv) and (zzzzw)” shall be substituted;
Notification No. 36/2011 – Service Tax 1. (1) These rules may be called the Export of Services (Third Amendment) Rules, 2011. (2) They shall come into force on the 1st day of May, 2011. 2. In the Export of Services Rules, 2005, in rule 3, in sub-rule (1), in clause (i), for the brackets, letters and words “(zzzzm) and (zzzzu)”, the brackets, letters and word “(zzzzm), (zzzzu), (zzzzv) and (zzzzw)” shall be substituted;
Notification No.35/2011 – Service Tax (7A) An insurer carrying on life insurance business shall have the option to pay tax: (i) on the gross premium charged from a policy holder reduced by the amount allocated for investment, or savings on behalf of policy holder, if such amount is intimated to the policy holder at the time of providing of service; (ii) 1.5 per cent of the gross amount of premium charged from a policy holder in all other cases; towards the discharge of his service tax liability instead of paying service tax at the rate specified in section 66 of Chapter V of the said Act:
Notification No.34/2011 – Service Tax – Services provided or to be provided, to any person, by a restaurant, by whatever name called, having the facility of air-conditioning in any part of the establishment, at any time during the financial year, which has licence to serve alcoholic beverages, in relation to serving of food or beverage, including alcoholic beverages or both, in its premises; Services provided or to be provided, to any person, by a hotel, inn, guest house, club or campsite, by whatever name called, in relation to providing of accommodation for a continuous period of less than three months;
