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Notifications/Circulars

Notification on Income-tax (Dispute Resolution Panel) Rules, 2009

November 20, 2009 23852 Views 0 comment Print

Notification No. 84/2009 – Income Tax 13. Rectification of mistake or error.- After the issue of directions under rule 10, if nay mistake or error is apparent in such direction, the panel may, suo motu, or on an application from the eligible assessee or the assessing officer, rectify such mistake or error, and also direct the assessing officer to modify the assessment order accordingly.14. Appeal against Assessment Order, – Any appeal against the Assessment Order passed in pursuance of the directions of the panel shall be filed before the Appellate Tribunal in Form No. 36B.

RBI Circular on Money changing activities–Suspicious Transaction Reporting Format, Prevention of Money-Laundering Act

November 19, 2009 1494 Views 0 comment Print

Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating of Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money-Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009- Money changing activities–Suspicious Transaction Reporting Format

Issuance of EPCG authorization to Branch Offices etc

November 18, 2009 610 Views 0 comment Print

It is clarified that an application for grant of an EPCG authorization may be made by Regional Office or Head Office or a Branch Office or Manufacturing Unit of eligible exporter, to RA concerned. Para 4.2 & 4.3 of HBP Vol.-1 apply mutatis mutandis to EPCG scheme also.

Government exempt biris, matches and reinforced cement concrete pipes manufacturers from submission of Annual Installed Capacity Statement

November 18, 2009 982 Views 0 comment Print

In exercise of the powers conferred under clause (b) of sub rule (2A) of Rule 12 of the Central Excise Rules, 2002, the Central Government being satisfied that it is necessary and expedient in the public interest so to do, hereby exempts the assessees, from the submission of the Annual Installed Capacity Statement, who manufacture the following goods, namely,-

Public Notice No. 18/2009-2014, Dated: 17.11.2009

November 17, 2009 460 Views 0 comment Print

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.II), 2009-2014, as amended from time to time, amendments/corrections are made against SION entry at G-7 in the import item S.No.20 as mentioned in ANNEXURE “A” to this Public Notice.

RBI circular on RTGS System – Government Receipts

November 17, 2009 1371 Views 0 comment Print

As you are aware, the Reserve Bank of India has taken a series of initiatives in the recent past to facilitate electronic mode of funds transfers as a result of which the volume processed in RTGS and NEFT systems have grown substantially. It is observed that of late, certain banks have been accepting receipts to Government accounts through RTGS.

RBI circular on Marketing/distribution of mutual fund/insurance etc., products by banks

November 16, 2009 1051 Views 0 comment Print

banks have been advised that they need not obtain prior approval of the RBI for engaging in insurance agency business or referral arrangement without any risk participation, subject to the conditions stipulated in Annex 4 of the Master Circular. Banks have also been permitted, vide paragraph 17 of the above circular, to offer purely referral services on a non-risk participation basis to their customers, for financial products subject to certain conditions.

RBI circular on combating Financing of Terrorism – Obligation of Banks under PMLA, 2002

November 16, 2009 606 Views 0 comment Print

Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards / Combating Financing of Terrorism (CFT) / Obligation of banks under Prevention of Money Laundering Act, 2002 – Urban Co-operative Banks.

Notification imposing stamp duty on brokers working in Maharashtra and having office in other states

November 16, 2009 2834 Views 0 comment Print

Stamp duty collection as per Article 51A of the schedule I of the Bombay Stamp Act, 1958 to collect the stamp duty from the brokers on transactions of shares and securities conducted in Maharashtra was stayed earlier. Many brokers conduct the business of share and securities transaction in Maharashtra.

Service tax exemption to manufacturers of parts of cycles or sewing machines

November 14, 2009 1746 Views 0 comment Print

Notification No. 42/2009-Service Tax Govt. exempts the taxable service specified in sub-clause (zzb) of clause (105) of section 65 of the Finance Act, provided by a person (hereinafter called the ‘service provider’), to any other person (hereinafter called the ‘service receiver’), in relation to one or more of the specified process during the course of manufacture of parts of cycles or sewing machines, subject to the following conditions, namely :-

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