Notification No. 7/2011 – Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O.848(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 1124(E), dated the 29th September, 2003, issued under 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 had notified at serial number 6, “Maintenance and running of Shri K.K. Shah Sabarkantha Arogya Mandal” by Shri K.K. Shah Sabarkantha Arogya Mandal, Post Vatrak Tal Vayad, District Sabarkantha – 383326, Gujarat, as an eligible project or scheme for a period of three years beginning with assessment year 2004-05; which was extended further vide Notification number S.O.1421(E), dated the 4th September, 2006 for a period of three years beginning with financial year 2006-07 and which was extended further vide Notification number S.O. 843(E), dated 25th March, 2009 for a period of three years beginning with financial year 2009-10;
Notification No. 6/2011 – Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 847(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 60(E), dated the 22nd January, 2003, issued under 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 had notified at serial number 7, “Maintenance of animal hospitals or shelters, purchase of medicine, feed, ambulances and running of animal awareness programme and the project” by People for Animals, 14, Ashoka Road, New Delhi-110001, as an eligible project or scheme for a period of three years with assessment year 2003-04 which was extended further vide Notification number S.O.1599(E), dated the 14th November, 2005 for a period of three years beginning with financial year 2005-06 and which was extended further vide Notification number S.O.1466(E), dated 17th June, 2008 for a period of three years beginning with financial year 2008-09;
Notification No. 5/2011 – Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 846(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 458(E), dated the 30th March, 2006, issued under 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 had notified at serial number 11, “(a) Vocational training, (b) Education to a destitute child, (c) Out reach cancer care, (d) Detection Camps, (e) Palliative therapy” by Global Cancer Concern India, A-99, Defence Colony, New Delhi-110024, as an eligible project of scheme for a period of three years beginning with financial year 2005-06 and which was extended further vide Notification number S.O. 1470(E), dated 17th June, 2008 for a period of three years beginning with financial year 2008-09 ;
Notification No. 4/2011 – Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 845(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 606(E), dated the 7th June, 2002, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 1, “Running of Omayal Achi Community Health Centre at Arakambakkam” by Mr. Omayal Achi Mr. Arunachalam Trust, Coral Manor, ‘A’ Ground Floor, 40-41, Second Main Road, Raja Annamalaipuram, Chennai – 600028, as an eligible project or scheme for a period of three years beginning with assessment year 2002-03, which was extended further vide Notification number S.O.512(E), dated the 9th April, 2004 for a period of three years beginning with financial year 2003-04; which was extended further vide Notification number S.O. 999(E), dated the 5th July, 2006 for a period of three years beginning with financial year 2006-07 and which was extended further vide Notification number S.O. 835(E), dated the 25th March, 2009 for a period of three years beginning with financial year 2009-10;
Banks intending to migrate to AMA for computing capital charge for operational risk are advised to assess their preparedness with reference to these guidelines. As and when they are ready for introduction of AMA, they may first give Reserve Bank of India (RBI) (Chief General Manager-in-Charge, Reserve Bank of India, Department of Banking Operations & Development, Central Office, 12th Floor, Shahid Bhagat Singh Road, Mumbai – 400001), a notice of intention. RBI will first make a preliminary assessment of the bank’s risk management system and its modeling process. If the result of this preliminary assessment is satisfactory, RBI will allow the bank to make a formal application for migrating to AMA. RBI will then perform a detailed analysis of the bank’s risk management system and proposed model prior to according approval.
Various Notifications as per Budget Speech- 2011-12 VAT.1511/C.R. 54(1) to (6)/Taxation-1 dated 27th April 2011 In exercise of the powers conferred by entry 82 of SCHEDULE C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby with effect from the 1st May 2011, amends the Government Notification, Finance Department, No. VAT-1505/CR-119/ Taxation-1, dated the 1st April 2005, as follows, namely:‑ In the said notification, in entry 13, after the words “biogas plants” the following shall be inserted, namely :‑
Small Accounts- 2. In terms of Rule 2 clause (fb) of the Notification ‘small account’ means a savings account in a banking company where – the aggregate of all credits in a financial year does not exceed rupees one lakh; the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand; and the balance at any point of time does not exceed rupees fifty thousand .
Notification No. 37/2011 – Service Tax 1. (1) These rules may be called the Taxation of Services (Provided from Outside India and Received in India) (Third Amendment) Rules, 2011. (2) They shall come into force on the 1st day of May, 2011. 2. In the Taxation of Services (Provided from Outside India and Received in India) Rules, 2006, in rule 3, in clause (i), for the brackets, letters and words “(zzzzm) and (zzzzu)”, the brackets, letters and word “(zzzzm), (zzzzu), (zzzzv) and (zzzzw)” shall be substituted;
Notification No. 36/2011 – Service Tax 1. (1) These rules may be called the Export of Services (Third Amendment) Rules, 2011. (2) They shall come into force on the 1st day of May, 2011. 2. In the Export of Services Rules, 2005, in rule 3, in sub-rule (1), in clause (i), for the brackets, letters and words “(zzzzm) and (zzzzu)”, the brackets, letters and word “(zzzzm), (zzzzu), (zzzzv) and (zzzzw)” shall be substituted;
Notification No.35/2011 – Service Tax (7A) An insurer carrying on life insurance business shall have the option to pay tax: (i) on the gross premium charged from a policy holder reduced by the amount allocated for investment, or savings on behalf of policy holder, if such amount is intimated to the policy holder at the time of providing of service; (ii) 1.5 per cent of the gross amount of premium charged from a policy holder in all other cases; towards the discharge of his service tax liability instead of paying service tax at the rate specified in section 66 of Chapter V of the said Act:
