Intelligence suggested that M/s. V.K.Udyog Ltd. has imported LDPE/HDPE granules and PP granules without payment of duty under Duty Free Credit Entitlement Certificate and availing exemption under Notification No. 53/2003-Cus dated 01.04.2003 during 2009- 10 and 2010-11 and sold these materials in the market. As per the condition of the aforesaid notification the imported goods cannot be sold or transferred. Consequently, searches were undertaken on 22.03.2011 in the offices of the above firm and certain incriminating documents were seized. On preliminary investigation
Acting on a specific intelligence, the DRI officers of Siliguri under Kolkata Zonal Unit had effected a seizure of Red sanders wood weighing 6110 kg. valued at Rs. 61.10 lakhs from a truck bearing registration no. HR-55F-4435 on 03.04.2011 at Ghoshpukur, Dist-Darjeeling, W.B. The logs of 6110 kg of red sanders wood, recovered from the truck were kept concealed under 272 pcs. of Indian style sanitary pans & 960 pcs. of small pipes. The 6110 kg. of red sanders wood, 272 pcs. of Indian style sanitary pan, 960 pcs. of small pipes and the carrier truck were seized under section 110 of the Customs Act, 1962 on reasonable belief that the said goods were meant for illegal export to Nepal through unauthorised route. Total seizure value of the case is Rs. 69.94 lakh. Two drivers of the said truck involved in carrying the red sanders wood knowingly, were arrested. Further investigation is in progress.
As you are aware, the Point of Taxation Rules (PTR) were formulated vide Notification No.18/2011-ST dated 01.03.2011. Based on the feedback, certain amendments are being carried out in these rules vide Notification No. 25/2011-ST dated 31.03.2011. The highlights of the changes are discussed in the following paragraphs. 2. While the rules shall come into force from 01.04.2011, an option has been given in rule 9 to pay tax on payment basis, as at present, till 30.06.2011. 3. Rule 3 has been amended to provide that the point of taxation shall be as follows: (a) Date of invoice or payment, whichever is earlier, if the invoice is issued within the prescribed period of 14 days from the date of completion of the provision of service.
The IRDA had conducted an audit of the Third Party Motor Insurance Pool and has established that the pool reserves have to be significantly augmented in order to meet the higher compensation to be paid to the unfortunate victims of road accidents. Such augmenting of reserves will strengthen the insurance companies and will enable them to meet all claim obligations at all times expeditiously and without fail, The IRDA has required all general insurance companies to increase these reserves in a phased manner over a period of three years and till the reserves are augmented to a satisfactory level, companies have also been required to restrict theft expenditure in terms of bonuses. incentives etc., besides bringing in additional capital as might be necessitated.
Net direct tax collections during the period April-February 2011 stood at Rs.3,36,177 crore, up from Rs.2,78,411 crore in the same period during last fiscal, The collections thereby registered a growth of 20.75 percent. Growth in Corporate Income Tax during this period was 24.01 percent (Rs.2,23,612 crore as against Rs.1,80,318 crore), while Personal Income Tax (including STT, and residual FBT / BCTT) grew at 14.76 percent (Rs.1,12,114 crore as against Rs.97,692 crore). Growth of Securities Transaction Tax was 1.72 percent (Rs.6,078 crore as against Rs.5,975 crore).
Besides the legislative changes, a number of other changes have been made in rules and will become effective on the dates mentioned in the respective notifications. Point of Taxation Rules, 2011 have also been introduced by notification 18/2011-ST and made effective from 1-4-2011. Fresh exemptions have been granted while a few existing exemptions have been modified. These changes are contained in Notification Nos. 1/2011-ST to 17/2011-ST and will take effect on the dates mentioned in the respective notifications.
The Central Bureau of Investigation has today arrested the Director General and the then Secretary-General of organising committee CWG-2010 in the on-going investigation of a CWG case pertaining to procurement of Timing, Scoring and Result (TSR) system.
India has entered into a Tax Information Exchange Agreement (TIEA) with the Bahamas. The Agreement was signed on 11th February 2011 by the High Commissioner of India to Jamaica (concurrently accredited to the Commonwealth of The Bahamas) on behalf of
In order to speed up refunds, TDS claims in all tax returns (ITR-1 to ITR-6) will be accepted without verification if the difference between the amount claimed in the return and the amount reflected in the TDS return (AS-26 statement) does not exceed
Section 211 of the Companies Act, 1956 requires that the balance sheet and profit and loss account of a company shall be in the form set out in Part I of Schedule VI or in such other form as may be approved by the Central Government either generally
