It has come to the notice of the Board that in some Income-tax offices. Returns of Income are not being received by the staff on the ground that an individual with less than Rs. 5 lakhs of income is not required to furnish his return of income. Necessary instructions may be issued to the officers and staff concerned to accept Returns of Income from those taxpayers who wish to file their Return of income even if they satisfy the conditions of the above-mentioned notification.
Vide Order No 119 of 2011 dated 14.7.2011 the CBDT has transferred and posted Commissioners / Directors of Income-tax with immediate effect. Download the Order
ORDER S.O.1492(E), DATED 1-7-2011 SECTION 50 OF THE FOREIGN CONTRIBUTION (REGULATION) ACT, 2010 – POWER TO EXEMPT IN CERTAIN CASES – ACT NOT TO APPLY TO ALL BODIES CONSTITUTED OR ESTABLISHED BY OR UNDER A CENTRAL ACT OR A STATE ACT REQUIRING TO HAVE THEIR ACCOUNTS COMPULSORILY AUDITED BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
F. No. 52/26/CAB-2010 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 products or activities during the immediately preceding financial year exceeds hundred 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, shall get its cost accounting records, in respect of each of its financial year commencing on or after the 1st day of April, 2011, audited by a cost auditor who shall be, either a cost accountant or a firm of cost accountants, holding valid certificate of practice under the provisions of Cost and Works Accountants Act, 1959 (23 of 1959).
ORDER NO. 5/FT&TR/2011 [F.NO. 500/15/2011-FTD-1], DATED 27-6-2011 -In partial modification of Order No. 4/FT&TR/2011, 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 DRP-II at Delhi, who shall perform such duties in addition to their regular duties with immediate effect and until further order:
It has been decided with the approval of competent authority to constitute a Committee to examine ways to strengthen laws to curb the generation of black-money in India, its illegal transfer abroad and its recovery. The Committee shall consist of the following officers:- (i) Chairman, CBDT – Chairman of Committee
ORDER NO. IRDA/F&I/ORD/RSS/114/06/2011, DATED 7-6-2011 – The insurer was obliged under sections 32B and 32C of the Insurance Act, 1938 read with the IRDA (Obligations of Insurers to Rural or Social Sectors) Regulations, 2002, as amended from time to time, to cover prescribed percentage of Gross Direct Premium in the Rural Sector and prescribed number of lives in the Social Sector of its general insurance business.
Request for No-Action Letter under Securities and Exchange Board of India (Informal Guidance) Scheme, 2003 [The Scheme] in the matter of acquisition of shares of M/s. Disa India Limited [Target Company/Applicant] under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 [Takeover Regulations]
. In your letter and other correspondences under reference, you have inter alia represented as follows:- i. Terruzzi Fercalx SpA (TERRUZZI), a foreign company incorporated in Italy had acquired 33.50 lacs shares representing 40.90% of Vulcan Engineers Ltd (VEL) by way of preferential allotment on November 20, 2009 and acquired remaining 21.30 lacs shares representing 25.86% shareholding of VEL from the original promoters of VEL under Share Purchase Agreement (SPA) dated October 12, 2009, Thereafter, TERRUZZI made an open offer under Takeover Regulations wherein it acquired 0.15% share capital of VEL. As on the date of the letter, TERRUZZI holds 54.8 lacs shares representing 66.91% of the shareholding of VEL.
In exercise of the powers conferred by sub Section (1-A) of Section 81 of the Companies Act 1956 read with Section 642 of the said Act, the Central Government hereby makes the following rules in supersession of unlisted Public companies (Preferential Allotment) Rules, 2003. 1. Short Title and Commencement -(i) These rules may be called Unlisted Public Companies (Preferential Allotment and Private Placement) Rules 2011 (ii) They shall come into force on the date of their publication on official Gazette.
