NBFCs – Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977 These directions shall be known as the Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977. They shall come into force with effect from the 1st July, 1977 and any reference in these directions to the date of commencement thereof shall be deemed to be a reference to that date.
These Directions shall be known as the ‘Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007’.
DBS. CO.FrMC.BC.No. 11/23.04.001/2010-11 In order to contain the frauds, the banks may put in place a system wherein the concurrent audit would look into the following and report on the following aspects: Wherever a Chartered Accountant certificate, property valuation certificate, legal certificate, guarantee/line of credit or any other third party certification is submitted by the borrower, the bank should independently verify the authenticity of such certification by directly communicating with the concerned authority issuing the certificate; indirect confirmation may also be resorted to, ie. indicating to the issuer that in case there is no response by a certain deadline, it would be assumed that the certificate is genuine.
NOTIFICATION G.S.R. 475(E) [NO. 1/2011-AAR], In exercise of the powers conferred by section 28M of the Customs Act, 1962 (52 of 1962), section 23H of the Central Exercise Act, 1944 (1 of 1944) and section 96H of the Finance Act, 1994 (32 of 1994), the Authority for Advance Rulings (Central Excise, Customs and Service Tax) hereby makes the following amendment in the Authority for Advance Rulings (Central Excise, Customs and Service Tax) Procedure Regulations, 2005, namely:—
Notification No. 41/2011 – Consulting engineers to pay service tax on receipt basis – With effect from 1 July 2011, the Point of Taxation in respect of individuals or proprietary firms or partnership firms providing ‘consulting engineer services’, shall be date on which payment is received or made.
Notification No.52/2011-Customs, New Delhi, the 25th June, 2011 -G. S. R. (E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002 which was published in the Gazette of India, Extraordinary, vide G.S.R.118 (E) 1st March, 2002, namely
Notification No. 33/2011-Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 4/2006-Central Excise, dated the 1st March, 2006, published in the Gazette of India, Extraordinary, Part II, Section3, Sub-section (i), vide number G.S.R. 94 (E) dated the 1st March, 2006, namely: –
Notification No. 36/2011 – Income Tax Exemption u/s 139(1) to Specified Person from the requirement of furnishing a return of income for Assessment year 2011-12. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—(A) ‘Salaries’; (B) ‘Income from other sources’, by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
Notification No. 35/2011 – Income Tax CBDT has vide Notification No. 35/2011 In exercise of the powers conferred by clause (v) of explanation to section 48 of the Act, CBDT has notified 785 as the cost inflation index, in respect of computation of gains arising on the transfer of long term capital asset. The said inflation index is applicable for financial year 2011-12.
NOTIFICATION NO. S.O. 1433(E) [F. NO. 11/21022/9(1)/2008-FERA-III], DATED 22-6-2011 In exercise of the powers conferred by sub-clause (ii) of clause (j) of sub-section (1) of section 2 of the Foreign Contribution (Regulation) Act, 2010, the Central Government hereby specifies that the following international organisation shall not be treated as foreign source for the purposes of the said Act-
