The Financial Year 2011-12 closes on 31-3-2012 falling on Saturday. Ail the Income Tax Offices through out India shall remain open on this day and the receipts counters shall also work during normal office hours. This direction is issued for administrative convenience by the Central Board of Direct Taxes in exercise of powers conferred under section 119 of the Income Tax Act, 1961.
The CBDT has vide Order No. 60 of 2012 dated 28.3.2012 informed that the President has appointed several Income Tax Officers, presently posted in the region shown against their names, to officiate on regular basis in the grade of Assistant Commissioner of Income Tax (ACIT) in the pay scale of Rs 15,600-39,100/- (Plus Grade Pay of Rs.5400/- in Pay Band-3) with immediate effect and until further orders.
The Authority refers to its notification no. IRDA/NL/NTFN/MOTP/066/04/2011 dated 15th April 2011 on the captioned subject. As per the said notification the Authority had to review the premium rates for motor third party liability only cover and adjust them annually using the formula:
In order to reduce tax litigation and bring tax certainty in the area of international taxation and transfer pricing, an ‘Advisory Group for International Taxation and Transfer Pricing’ has been set up comprising of following members: i. Revenue Secretary to the Government of India-Head of the Advisory Group ii. Chairman, Central Board of Direct Taxes, Department of Revenue-Member iii. Director General of Income-tax (International Taxation), New Delhi, Member
Order No.2/FT&TR/2012 [F. No. 500/15/2011 -FTD-I], dated 21-3-2012 In partial modification of Order No. 1/FT&TR/2012 and in exercise of powers conferred under section 144C of the Income Tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income Tax/Directors of Income Tax as Members of DRPs at Mumbai-I, Chennai and Bangalore, who shall perform such duties in addition to their regular duties with immediate effect and until further order:
The Authority has in terms of its Order IRDA/NL/ORD/MPL/277/12/2011, dated 23-12-2011 and IRDA/NL/ORD/MPL/003/01/2012, dated 3rd January, 2012 directed dismantling of the existing IMTPIP with effect from March 31, 2012 and has specified inter alia matters relating to pool reserves and account reserves. The Authority has since received representation from the General Insurance Council (Council) as to the unprecedented difficulty in giving effect to significant and exceptionally large liabilities arising following the dismantling of the IMTPIP in terms of aforesaid orders.
The Authority under Para (13 ‘e’): Manner of Calculating the Obligations, of its order No. IRDA/NL/ORD/MPL/277/12/2011, dated 23rd December, 2011 constituted a committee headed by Chairman, General Insurance Council, representatives of GIC, 2 public sector companies and 2 private sector to work out the methodology for transfer of risks amongst general insurers. The Committee submitted its report which has been accepted by the Authority. In light of those recommendations the Authority hereby orders that the methodology for transfer of risks amongst members of Indian Motor Third Party Declined Risk Insurance Pool (DR POOL) shall be as under:
ORDER NO. 1/FT&TR/2012 [F.NO. 500/15/2011-FT&TR-I], dated 31-1-2012 -In exercise of powers conferred under section 144C of the Income-tax Act, 1961, and in supersession of earlier orders, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Directors of Income-tax as Members of DRP at the places given below, who shall perform such duties in addition to their regular duties with immediate effect and until further order:
The health insurance segment of the insurance industry has been growing significantly. The IRDA has underpinned the growth of this market by registration of standalone health insurance companies, by nurturing the development of Third Party Administrators (TPAs) to enable a cashless system of claim settlement. It has also constituted Working Groups with major representatives such as FICCI and CII for suggesting measures to further improve the efficiency of the health insurance system in India. In the background of these developments,
ORDER [F.No. 52/26/CAB-2010], dated 24-1-2012 In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to do so, hereby directs that all companies to which the Companies (Cost Accounting Records) Rules, 2011 apply, and which are engaged in the production, processing, manufacturing or mining of the following products/activities, including intermediate products and articles or allied products thereof, and wherein the aggregate value of the turnover made by the company from sale or supply of all its products/activities during the immediately preceding financial year exceeds hundred crore of rupees;
