Corporate Law Reporter - The Daily Journal

Government to go in for a Stand-Alone Central Legislation to Curb any Dishonest Activity in Sports

The Government is in the process of framing a Stand-alone Central legislation to check any activity of dishonest practice, match fixing/ spot fixing in sporting events. Announcing this while addressing the Media here today, Shri Kapil Sibal, Minister of Law & Justice, said that this process has been initiated as the Attorney General for India… Read More

EPF / ESI Contribution not covered under Sec43B; Deduction u/s 36(1)(va) allowed only if paid within due date

In the assessment year 2008-09 the assessee in this case, collected employees™ contribution to the Provident Fund and ESIC, but did not pay it within the due date prescribed by the relevant legislation. The amount was, however, paid before the due date of filing the ROI. The Assessing Officer assessed the said amounts as income… Read More

Assessment of Charitable Trusts and Institutions

The Income-tax department has released a publication titled "Assessment of Charitable Trusts and Institutions". The publication explains the legal provisions and the procedural requirements for claiming exemption under the Income-tax Act, 1961 for charitable activities. Apart from explaining the concept of ˜Charitable Purposes™, the publication deals with the procedure for registration, assessment, denial of exemptions, incentives… Read More

Assocham Seminar on Due Diligence – Participation Fee reduced – For CLR Patrons only

ASSOCHAM Presents National Seminar on Due Diligence -Key to Successful Business Deals- Friday, 7th June, 2013 @ Le Meridian, New Delhi For acquiring companies, due diligence is a critical process that cannot be overlooked. Due diligence not only nets the hard data you need to assess potential financial, legal, and regulatory exposures, but also gives insights… Read More

CLR Snippets | Transfers And Postings Of Deputy, Assistant, Addl And Joint Commissioners

Vide Order No. 86 of 2013 dated 24.05.2013, the CBDT has ordered the transfers/ posting of several officers in the grade of Deputy/ Assistant Commissioner of Income-tax with immediate effect. Vide Order No. 87 of 2013 dated 24.05.2013, the CBDT has ordered the transfers/ posting of several officers in the grade of Additional/ Joint Commissioner… Read More

Central Excise Amendment – Duty Free Sales – Registration of Warehouses

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB SECTION (i) GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 09/2013- Central Excise (N. T.) New Delhi, the dated 23rd May, 2013 In exercise of powers conferred by sub-rule (2) of rule 9 of the Central Excise Rules, 2002, the Central Board… Read More

CBEC Amendment Circular – Duty Free Sales – Jurisdictions

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB SECTION (i) GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 08/2013- Central Excise (N. T.) New Delhi, the dated 23rd May, 2013 In exercise of powers conferred by clause (b) of section 2 of the Central Excise Act, 1944 read with sub-rule (1) of… Read More

Central Excise – Duty Free Sales – Extension of Facility of removal of all excisable goods

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB SECTION (i) GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 07/2013- Central Excise (N. T.) New Delhi, the dated 23rd May, 2013 In exercise of powers conferred by sub-rule (1) of rule 20 of the Central Excise Rules, 2002, the Central Government… Read More

CBEC Cicular – Duty Free Sales – Changes in Procedures

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION NO 19 /2013- Central Excise New Delhi, dated the 23rd May, 2013 In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944(1 of 1944), the Central Government, being… Read More

CBEC Circular allowing Sales of Indian goods in Duty Free Shops to International Passengers

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION NO 18 /2013- Central Excise New Delhi, dated the 23rd May, 2013 In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944(1 of 1944), the Central Government,… Read More

Rupee Export Credit – Interest Subvention

RBI/2012-13/507 DBOD.Dir.BC.No.94/04.02.001/2012-13 May 24, 2013 All Scheduled Commercial Banks and Exim Bank (excluding RRBs) Dear Sir/ Madam, Rupee Export Credit - Interest Subvention Please refer to our circular DBOD.Dir.(Exp).BC.No.70/04.02.001/2012-13 dated January 14, 2013 wherein interest subvention of 2% was extended w.e.f. January 1, 2013 to March 31, 2014 on pre and post shipment rupee export credit for… Read More

UCBs’ Annual Business Plan Elimination of requirement to submit proposal in duplicate

RBI/2012-13/506 UBD.CO.LS.(PCB).Cir. No. 50/07.01.000/2012-13 May 24, 2013 Chief Executive Officers of all Primary (Urban) Co-operative Banks Dear Sir / Madam, Annual Business Plan Elimination of requirement to submit proposal in duplicate Please refer to our circular UBD.CO.LS.Cir.No.52/07.01.000/2007-08 dated June 16, 2008 where in Financially Sound and Well Managed (FSWM) UCBs were required to prepare Annual Business Plan… Read More

Frauds Classification and Reporting

RBI/2012-13/505 DBS.FrMC.BC.No. 6/23.04.001/2012-13 May 23, 2013 The Chairmen & Chief Executive Officers of all Scheduled Commercial Banks (excluding RRBs) and All India Select Financial Institutions Dear Sir, Frauds Classification and Reporting Please refer to Para 3.1.3 of circular DBS. FrMC. BC. No. 1/23.04.001/2012-13 dated July 02, 2012 i.e. the Master Circular on 'Frauds Classification and Reporting' which… Read More