Press Releases

Incidents of Service tax evasion reported by Anti Evasion Unit, Siliguri Commissionerate

C. No. V (30) 24/ST/COM/HAEU/SLG/11-12/, C. No. V (30) 26/ST/COM/HAEU/SLG/11-12/, C. No. V (30) 20/ST/COM/HAEU/SLG/11-12/ (07/03/2012)

In course of an investigation conducted by the Officers of Headquarter Anti Evasion Unit, Siliguri Commissionerate, it revealed that M/s D.K.ENTERPRISE, Nutan Bazar, P.O. + Dist. Cooch Behar, West Bengal, PIN – 736 101 was engaged in providing ‘Management, Maintenance or Repair’ services to National Highway and Public Works (Roads) ...

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No Income Tax Scrutiny of Senior Citizens and Small Tax payers Having Gross Income less then 10 Lakh

Press Release No.402/92/2006-MC (07 of 2011) (14/03/2011)

The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs 10 lakh will not be scrutinised in a routine manner. "It has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns ...

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RBI Releases Draft Guidelines on Liquidity Risk Management and Basel III Framework on Liquidity Standards

Press Release : 2011-2012/1337 (21/02/2012)

. Deficiencies which were witnessed in liquidity risk management during the recent crisis included inadequate liquidity risk management governance, failure to address funding concentrations, lack of meaningful cash flow projections to assess the liquidity position, insufficient holdings of high quality liquid assets, gaps in stress testin...

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Section 65(105)(zm) of the Finance Act, 1994 – Banking and Other Financial Services – Service tax on Commitment charges collected by Banks

F.No. 137/62/2011 - Service Tax (21/10/2011)

The C & A G of India has pointed out that Banks are recovering Commitment charges for keeping available the undisbursed balance of a loan commitment and they are in the nature of charges for services provided. In this regard attention is invited to the letter F. No. 345/6/2008-TRU, dated 11.6.2008 (Annexure) wherein it has been clarified ...

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Press Release on signing of Convention on Mutual Administrative Assistance in tax matters as amended by the 2010 Protocol by India

Press Release No.402/92/2006-MC (4 of 2012) (27/01/2012)

Salient features of this multilateral convention are - It is based on international standard of transparency and exchange of information. - This instrument is multilateral and a single legal basis for multi-country co-operation as against the DTAAs/TIEAs which are bilateral. It provides for an extensive network and there will be consisten...

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CBDT directs Income Tax Department to Launch Special Drive for Verifying High Value Transactions

Press Release No.402/92/2006-MC (03 of 2012) (18/01/2012)

The Central Board of Direct Taxes has directed the Income Tax department to launch a special drive, from 20th January to 20th March 2012, for verifying high value transactions (investments / deposits / expenditure) from persons who are not assessed to income tax or who have not furnished their PAN while entering into such transactions. In...

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Govt notifies 100 Per Cent FDI in Single Brand Retail

Press Note No.1 (2012 Series) (10/01/2012)

Department of Industrial Policy and Promotion Ministry of Commerce and Industry notified the decision to allow 100 per cent FDI in Single brand retail today via Press Note No.1 (2012 Series). The Union Minister for Commerce Industry and Textiles said Cabinet took the conscious decision to liberalise policy for FDI in single brand retail. ...

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Direct tax collections for this fiscal up by 14.54 per cent – CBDT

Press Release No. 402/92/2006-MC( 1 of 2012) (04/01/2012)

Direct tax collections during April-December this fiscal, are up by 14.54 per cent. This is mainly due to an increase in corporate tax mop-up. As per the data released by the Central Board of Direct Taxes (CBDT), the gross collection of corporate tax was up 12.49 per cent at 2,69,850 crore rupees in April-December against 2,39,883 crore r...

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Service tax – Taxability of import of International Private Leased Circuit services

F. No. 137/21/2011 - Service Tax (19/12/2011)

Letter [F. No. 137/21/2011 - Service Tax], Dated 19-12-2011 Section 65(109a) of the Finance Act, 1994 - Telecommunication service - Clarification on taxability in respect of International Private Leased Circuit (IPLC) charges and amendment in the definition of Telegraph Authority under section 65(111) of the Finance Act, 1994. The IPLC se...

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SEBI order in the matter of irregularities in recent IPOs of seven Companies

PR No. 148/2011 (28/12/2011)

SEBI had initiated preliminary investigations into certain recent Initial Public Offers (IPOs), on receipt of information of irregularities from various sources. Based on the findings of the preliminary investigations carried out, Shri Prashant Saran, Whole Time Member, SEBI, has passed ad interim, ex-parte orders dated December 28, 2011 ...

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