Revised Service Tax Audit Manual to be released

Circular No.135/4/2011 Service Tax CLR Note: New Service tax audit manual to be released soon based on experience of the department. This Manual is for the use of departmental officers only. Dy. No.116/Commr. (ST)/2009 Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Customs) **** New Delhi, dated the 19th April… Read More

Relief to assessee from paying interest u/s 234B of IT Act

CLR Note: upon Failure on the part of the employer to deduct income tax at source from the employee's salaries, the employee only becomes liable to pay tax directly under Section 191 of the IT Act and he will not be liable to pay any interest  U/s 234B. Instead, the interest liability will be on… Read More

Tag: 234B

Tax Evasion practice will not be allowed in Tax haven nations by IT Department

An official in the finance ministry said, that the income tax department will soon send 10 of its officers in tax haven nations to collect information about alleged tax evasion by Indians from these countries. Concerns have been raised in the recent past over suspicion of round tripping or routing of Indians' illicit money back… Read More

Tag: tax evasion

Government ordered inter-ministerial group to examine FDI in Pharma Sector

The government ordered the constitution of an inter-ministerial group to review India's foreign direct investment (FDI) norms in Rs 47,000-crore pharmaceutical sector. The directions were issued in a meeting of the Cabinet Committee of Economic Affairs , chaired by prime minister Manmohan Singh. The inter-ministerial group has to examine all concerns related to foreign direct… Read More

Tag: FDI

Subvention scheme now brings everyone closer to their dream homes

RBI/2010-11/481; RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11 CLR Note:  The scheme of 1% interest subvention on the housing loans now  extends up to 15 lakh  where the cost of house is up to 25 lakh from the existing 10 lakh and 20 lakh respectively. April 21, 2011 The Chairman/Managing Director/ Chief Executive Officer All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear… Read More

Tag: subvention scheme

Now send Notices to Shareholders through Emails instead of Post

Circular No. 1712011; NO1 7/95/2011 CL-V CLR Note: Green Initiative in the Corporate Governance - Now, it becomes easier for the companies to send notices/documents to its shareholders via their E-mail instead of posting; bringing in more flexibility, less time consuming and easier  for both, the company and the shareholders. The companies will be be giving time… Read More

Central Registry setup under SARFAESI to prevent frauds

RBI /2010-11/484 DBOD.Leg. No.BC. 86/09.08.011 /2010-11 April 21, 2011 CLR Note: GOI, Ministry of Finance has taken step to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property by setting up the Central Electronic Registry under SARFAESI . Further the transactions relating to securitization and reconstruction of financial assets… Read More


Provisioning Coverage Ratio (PCR) for Advances

RBI/2010-11/485 DBOD.No.BP.BC. 87/21.04.048/2010-11 April 21, 2011 The Chairman and Managing Director/ Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/ Madam Provisioning Coverage Ratio (PCR) for Advances Please refer to the circular DBOD.No.BP.BC.64/21.04.048/2009-10 dated December 1, 2009, in terms of which a Provisioning Coverage Ratio (PCR) of 70 percent of gross NPAs was prescribed,… Read More

Treasure the 25 paise coin – Out of circulation soon

RBI/2010-11/482 RPCD.CO.No RCB. 61/07.38.03/2010-11 April 21, 2011 CLR Notes: Coins of denomination of 25 paise and below will be withdrawn from circulation with effect from 30th June ,2011 and the banks are instructed to exchange before the close of business on the 29th June, 2011. The Chairmen/CEOs of all State and Central Co-operative Banks Dear… Read More

Structuring of Business Entities in India

Written By S.Dhanapal, B.Com,B.A.B.L,A.C.S Practising Company Secretary STRUCTURING OF BUSINESS ENTITIES IN INDIA SOLE PROPRIETORSHIP MEANING:- The sole proprietorship is the oldest, simplest, and most common form of business entity. It is a business owned by a single individual. For tax and legal liability purpose, the owner and the business are one and the same.… Read More

Tags: AssetBusinessCompanies lawCorporationHindu Undivided FamilyIncorporationLegal personalitySole proprietorship

Banks to check for Terrorist links before opening new accounts

RBI/2010-11/483 RPCD.CO.RCB.AML.No.12146/07.02.12/2010-11 April 21, 2011 CLR Note: Banks are required to update the consolidated list of individuals and entities linked to the terrorist group issued by the Ministry of External Affairs , before opening any new account for strict compliance to the order issued by the Government.  The Chairmen / CEOs of all State and Central Co-operative Banks Dear… Read More

Anti-dumping duty imposed on imports from Japan and Thailand

CLR Note: India  imposed Anti-dumping duty on imports from Japan and Thailand for the period of five years from 9th April 2010 India has imposed anti-dumping duty of up to USD 94.96 per tonne on imports of a chemical used in manufacture of alcohol and rubber, from Japan and Thailand to protect domestic players. The restrictive… Read More

Cibil credit scores on individuals now available to anybody for a fee

Credit scores give banks an estimate of an individual™s ability to repay a loan, since they are based on parameters like the loan amount, the nature of the loan, payment frequency and prior delinquency. Credit Information Bureau (India) Limited (Cibil) research shows 58 per cent of individuals with credit scores of 800 or above were… Read More

Tag: cibil

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