Notification No. 33/2011 – Income Tax Section 10(23AAA) Of The Income-Tax Act, 1961 – Exemptions – Income Received By Any Person On Behalf Of Fund Established For Welfare Of Employees Or Their Dependents – Notified Purposes/Conditions For Establishment Of Fund – Amendment In Notification No.S.O.672(E), Dated 27-7-1995
Companies (Cost Accounting Records) Rules, 2011 These rules shall apply to every company, including a foreign company as defined under section 591 of the Act, which is engaged in the production, processing, manufacturing, or mining activities and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India.
Cost Auditor to be furnished with the cost accounting records etc. – Without prejudice to the powers and duties the Cost Auditor shall have under sub-section (4) of section 233B of the Act, the company and every officer thereof, including the persons referred to in sub-section (6) of section 209 of the Act, shall make available to the cost auditor, such cost accounting records, cost statements, other books and documents, and Annexure to the Report, duly completed, as would be required for conducting the cost audit, and shall render necessary assistance to the cost auditor so as to enable him to complete the cost audit and submit his report within the time limit specified in rule 5.
Export of sugar is free subject to obtaining release order from the Chief Director(Sugar), Directorate of Sugar. But, the same is not required for export of Organic sugar with a ceiling of 10,000 MTs per annum and subject to certain conditions mentioned above.
In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, dated May 3, 2000 as amended from time to time, viz. : (a) in regulation 4 the word “Schedule” shall be amended to read as “Schedule-I, (b) in regulation 6 after sub-regulation (4) the following sub-regulation shall be added namely :—(4) An Authorized Dealer Category-I Banks in India may allow firms and companies who comply with the eligibility criteria stipulated in the Foreign Trade Policy of the Government of India, in force from time to time and the directions as may be issued by Reserve Bank of India, from time to time, to open, hold and maintain Diamond Dollar Accounts (DDAs) in India subject to the terms and conditions of the DDA Scheme specified in Schedule II.
Export of Organic Pulses was earlier exempted from the ban on export of pulses with a ceiling of 10,000 tonnes upto 31.03.2012 and subject to certain conditions. Now exemption on export of organic pulses and lentils will be per annum ; but with the ceiling of 10,000 MTs and subject to conditions mentioned above.
Prohibition on export of edible oils is upto 30.09.2011. But, the same will not apply to export of Organic edible oils (new addition now) in addition to other relaxations/exemption granted earlier; but with a ceiling of 10,000 MTs per annum and subject to certain conditions mentioned in para (3) above.
Notification No. 32/2011 – Income Tax Interest up to Rs 3500 in Post Office Savings Exempted from Income Tax – As per sub-clause (i) of clause (15) of Section 10 of the Income Tax Act, income by way of interest (among certain other incomes) will not form part of taxable income, if notified by the Government and subject to conditions in the notification.Government had notified vide number G.S.R. 607(E), dated the 9th June, 1989, certain securities, bonds etc, for this purpose. As per Sl. No. 9 of the table to this notification, interest from Post Office Savings Bank Account was not to be computed as income. Now, this is amended to restrict the exemption to interest up to Rs. 3500/- for individual account and Rs. 7000 in the case of joint account.
1. Cost Accounting Records (Cycles) Rules, 1967 published vide G.S.R. 311 dated 2nd March, 1967. 2. Cost Accounting Records (Tyres & Tubes) Rules, 1967 published vide G.S.R. 1260 dated 10th August, 1967. 3. Cost Accounting Records (Air-Conditioners) Rules, 1967 published vide G.S.R. 1447 dated 16th September, 1967 and subsequently amended vide G.S.R. 668(E) dated 28th September, 1999.
These rules may be called the Companies Director Identification Number (Second Amendment) Rules, 2011. (2) They shall come into force with effect from 12th June, 2011. 2. In rule 3,‑ (i) In sub-rule (3), para (b), the word ‘can’ after the words ‘the form’, shall be substituted by the word ‘shall’: (ii) In sub-rule (3), para (b), the words ‘or by the Managing Director or Director of the company in which the applicant intends to be a Director’ after the words ‘full time employment of the company’ to be deleted;
