Notification No. 740 – Income Tax wers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Recurring Deposit Rules, 1981, namely
I am directed to bring it to your kind notice that the Board has decided to remit the sum of Rs. 5000/- and any other sum to the Ministry of Law, for filing SLP/Counter Affidavits in the honorable Supreme Court through the Directorate of Income-tax (Legal & Research), New Delhi on its own instead of through respective field offices.
Reserve Bank of India vide its circular DBS.ARS.BC. No. 4/ 08.91.020/ 2010-11 dated November 10, 2010 has issued instructions to Indian public and private sector banks regarding a comprehensive calendar of reviews to be placed before the Audit Committee of their Board. While all the reviews prescribed vide our above circular are not applicable to foreign banks operating in India, we request you to be guided by the instructions contained therein. In order to do so you may
Notification No. 54/2011 – Income Tax Whereas, an Agreement between the Government of the Republic of India and Government of the British Virgin Islands for the exchange of information relating to taxes was signed at London. UK on the 9th day of February, 2011; And whereas, the date of entry into force of the said Agreement is the 22nd day of August, 2011, being the date of later of the notifications of completion of the procedures as required by the respective laws for entry into force of the said Agreement, in accordance with Article 14 of the said Agreement;
NC Notification No.104/2011 – Income Tax [F.No.V.27015/4/2011-SO(NAT.COM)]/S.O. 2302(E), dated 3-10-2011 -In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said “National Committee, mentioned in column (2) of the Table below, and approves the eligible projects or schemes specified to be carried on by the said institutions and the estimated cost thereof as mentioned in column (3) of the said Table, and also specifies in the column (4) of the Table the maximum amount of such cost which may be allowed as deduction under the said section 35AC for the period of approval, namely:—
Now, therefore, in exercise of the powers conferred by sub-section (1) read with sub-section (5) of section 9A of the said Customs Tariff Act, 1975 read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995.
Notification No. 94/2011-Customs, Dated the 3rd October, 2011 Seeks to amend notification No. 137/2008-Customs, dated the 26th December, 2008, relating to imposition of anti-dumping duty on imports of Caustic Soda, originating in, or exported from, Korea RP
The current contractual obligation imposing the condition that the claims shall be intimated to the insurer with prescribed documents within a specified number of days is necessary for insurers for effecting various post claim activities like investigation, loss assessment, provisioning, claim settlement etc. However, this condition should not prevent settlement of genuine claims, particularly when there is delay in intimation or in submission of documents due t0 unavoidable circumstances. The insurers’ decision to reject a claim shall be based on sound logic and valid grounds. It may be noted that such limitation clause does not work in isolation and is not absolute. One needs to see the merits and good spirit of the clause, without compromising on bad claims. Rejection of claims on purely technical grounds in a mechanical fashion will result in policyholders losing confidence in the insurance industry, giving rise to excessive litigation.
As you are aware, the interest on loans and advances granted by the Reserve Bank to State Co-operative Banks under Section 17 (4) (a) of the RBI Act, 1934 for the purpose of general banking business such as clearing adjustments, liquidity etc. is provided at Bank Rate in terms of our circular RPCD No. NB. BC.93/03.03.02/98-99 dated April 20, 1999.
Notification No. 53/2011 – Income Tax It is hereby notified for general information that the organization Council of Scientific & Industrial Research (CSIR), New Delhi has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment Year 2010-11 and onwards in the category of ‘Other Institution’, partly
