RBI/2010-11/460 – A.P. (DIR Series) Circular No. 48 – April 05, 2011 – It has come to our notice that in certain cases where the payment for the tickets are made by the residents using credit /debit card, Card Companies have been providing arrangements to the foreign airlines operating in India to select the country and currency of their choice, in respect of transactions arising from the sale of the air tickets in India in Indian Rupees (INR). In such transactions, the overseas bank as the acquiring bank receives the funds from Card Issuing Company in its Vostro account maintained with an Authorised Dealer bank in India or in its foreign currency account maintained abroad and makes the payment in foreign currency overseas to the foreign airline.
With a view to preventing NBFCs from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities, Reserve Bank of India has issued guidelines on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/ Prevention of Money Laundering Act, 2002 that are consolidated in the Master Circular DNBS (PD) CC No 184/03.10.42 / 2010-11 dated July 01, 2010.
INSTRUCTION NO. 4/2011 [F. NO. 279/MISC./M-20/2011-ITJ], DATED 9-3-2011 – Several instructions and directions have been issued by the CBDT from time to time emphasizing upon the need for timely filing of appeals/SLPs in the Supreme Court and proper conduct of litigation. However, a number of SLPs are being filed with inordinate delay. In the wake of repeated displeasure expressed by the Hon’ble Supreme Court on the present state of affairs, Ld. Attorney General for India has advised the Board to work towards a “Zero Delay Regime” in the matter of filing of appeals/SLPs.
Intelligence suggested that M/s. V.K.Udyog Ltd. has imported LDPE/HDPE granules and PP granules without payment of duty under Duty Free Credit Entitlement Certificate and availing exemption under Notification No. 53/2003-Cus dated 01.04.2003 during 2009- 10 and 2010-11 and sold these materials in the market. As per the condition of the aforesaid notification the imported goods cannot be sold or transferred. Consequently, searches were undertaken on 22.03.2011 in the offices of the above firm and certain incriminating documents were seized. On preliminary investigation
Notification No. 19/2011 – Income Tax – In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 5C, – (a) the word “scientific”, wherever it occurs, shall be omitted; (b) in sub-rule (1) in clause (i) after the words, brackets and letters “clause (ii)”, the words, brackets and letters “or clause (iii)” shall be inserted. 3. For the rule 5D of the said rules, the following rule shall be substituted, namely:– “5D. Conditions subject to which approval is to be granted to a research association under clause (ii) or clause (iii) of sub-section (1) of section 35.–(1) The sole object of the applicant research association shall be to undertake scientific research or research in social science or statistical research as the case may be.
Notification No. 18/2011 – Income Tax The return of income required to be furnished in Form SAHAJ (ITR-1) or Form No. ITR-2 or Form No. ITR -3 or Form SUGAM (ITR-4S) or Form No. ITR -4 or Form No. ITR-5 or Form No. ITR -6 shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax, if any, claimed to have been deducted or collected at source or the advance tax or tax on self-assessment, if any, claimed to have been paid or any document or copy of any account or form or report of audit required to be attached with the return of income under any of the provisions of the Act.
CORRIGENDUM- Dated: April 4, 2011 – In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 25/2011-Service Tax, dated the 31st March, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 283 (E), dated the 31st March, 2011, in rule 9,-
The Acts governing the three professional Institutes define in Section 2 members who are deemed to be in practice. In all the three Acts, there is a provision for a member to be in practice when he is in partnership with certain others. In the case of Chartered Accountants and Cost & Works Accountants, such persons must be member of the same Institute, while in the case of Company Secretaries, it is provided that the partnership could also be with members of such other recognised professions as may be prescribed.
NOTIFICATION NO. 28/2011 – SERVICE TAX, CBEC has notified following service under continues service category for Point of taxation rule under service tax videNotification number 28/2011 dated 01.04.2011:- clause (zzq) of section 65(105) : Commercial or industrial construction. clause (zzzh) of section 65(105) : Construction of complex clause (zzzx) of section 65(105) : by the telegraph authority in relation to telecommunication service, clause (zzzu) of section 65(105) : in relation to internet telecommunication service and clause (zzzza) of section 65(105) : Works contract
ORDER NO.59 OF 2011- The following officers in the grade of Joint / Additional Commissioner of Income Tax are hereby transferred and posted at the station indicated against each in the Directorate of International Taxation and Transfer Pricing with immediate effect and untill further orders:
