TRAI Consultation Paper – Response timeline extended
TRAI Extension of last date to receive comments of stakeholders on TRAI™s Consultation paper on Universal Single Number Based Integrated Emergency Communication and Response System TRAI had invited comments of stakeholders TRAI™s Consultation paper on Universal Single Number Based Integrated Emergency Communication and Response System dated 15th March 2013. The last dates for receiving written… Read More
Excise Duty Evasion Case – Fraudulent Availment of Cenvat Credit
Central Excise Duty Evasion Case Booked by Directorate General of Central Excise Intelligence (DGCEI) against M/S. Sai Steel Traders and M/S. Sai Multimetals, Mandi Gobindgarh; The Fraudulent Availment of Cenvat Credit and Consequent Loss of Revenue is estimated to be in the Range of Rs.100 Crore. Directorate General of Central Excise Intelligence (DGCEI) Hqrs., New… Read More
FDI Policy Revised – Circular With Effect from 5th April 2013
The Government of India is seeking to further simplify the foreign investment regime, by releasing a revised consolidated FDI policy guidelines. The changes include investments in sectors like single and multi-brand retail, power exchanges, asset reconstruction companies (ARCs), broadcasting, civil aviation, and non-banking financial companies (NBFCs). The following is the extract from the new guidelines.… Read More
MVAT Amendment in VAT Rate on Precious Stone (Diamond) Wef 01.04.2013
FINANCE DEPARTMENT Mantralaya, Madam Cama Marg, Hutatma Rajguru Chowk, Mumbai 400 032, dated the 4th April 2013. NOTIFICATION MAHARASHTRA VALUE ADDED TAXACT, 2002. No. VAT. 1513/CR 46(7)/Taxation-1.”Inexercise of the powers conferred by sub-section (1) of section 9 of theMaharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government ofMaharashtra hereby amends,SCHEDULE ˜B™ appended to the said Act, as follows, namely: In… Read More
CUP & LIBOR most appropriate to determine ALP of Loan Transaction
CLR Editorial Notes: The case refers to a case of Transfer pricing on a loan transaction made by the assessee and the appellant in this case. The assessee was an Indian company which gave a loan of more than USD 1 Million to its USA based Associated Enterprise (AE) at a interest rate of 4%. The Transfer Pricing… Read More
RBI Monetary and Credit Information Review March 2013
The Monthly Publication from RBI - Monetary and Credit Information Review March 2013 is available for download. ****** Read More
Resignation of Director™ – A Controversy
Himanshu Setia, 3rd year student, Symbisois Law School, Noida (Constituent of Symbiosis International University, Pune) Email id- (himanshusetiaO125@rediffmail.com) ˜Resignation of Director™ - A Controversy[1] INTRODUCTION The Companies Act, 1956 (hereinafter referred to as ˜Act™) does not contain any provision relating to resignation of director. The word ˜resignation™ means ˜relinquishment of ones right™. As such there… Read More
DVAT Amendments in 2012-13 – Highlights
DVAT - Delhi Value Added Tax (Amendment) Act, 2013; Notification No. F.14(4)/LA-2013/cons2law/11, dated 28.3.2013 read with No.3(17)/Fin.(Rev.-1)/ 2012-13/dsvi/263; dated 30.3.2013 (i) Increase in taxable quantum from Rs. 10 lacs to Rs. 20 lacs. Thus, a dealer is not required to get registration under the DVAT Act until his local turnover in a financial year exceeds… Read More
CBDT Notifies Subordinate Officer
SECTION 118 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - CONTROL OF - NOTIFIED SUBORDINATE OFFICER NOTIFICATION NO. 24/2013 DATED 28-3-2013 SO 854(E)-In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Commissioner of Income-tax (Central), Bhopal shall be subordinate… Read More
Bar Code on Primary Packaging – Effective Date deferred
To be published in the Gazette of India Extraordinary Part-I, Section-I Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Public Notice No. 54 (RE-2012)/2009-2014 New Delhi, Dated the 5th April, 2013 Sub: Deferment in the date of effect for implementation of bar code on Primary level packaging on… Read More
Work Allocation in HR Branch of Department of Trade & Taxes
GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN : NEW DELHI (HUMAN RESOURCE BRANCH) F.III/7/T&T/Misc/2000/Estt. 21524-531 Dated : 19/03/2013 ORDER During the leave period of Sh. Sanjeev Kumar, Additional Commissioner the work assigned to him will be looked after by the following officers:- S. No. Name of the officer… Read More
Customs Classification of Low Noise Block down converter
Circular No.13 / 2013 - Customs F. No. 528/104/2011-STO (TU) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs 229A, North Block, New Delhi Dated : 5th April, 2013 To All Chief Commissioners of Customs/ Customs (Prev.)/ C&CE All Directors General of CBEC All Commissioners of Customs / Customs (Prev.)… Read More
DVAT-51 submission time extended till 10th April’13
GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI 110 002 No. F.3(33)/P-II/VAT/Misc./2006/1383-1393 Dated : 14/03/2013 ORDER In continuation of or der No.F.3(33)/P-II/VAT/Misc./2006/1308-1318 dated 28.02.2013, and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005, sub-section (2) of… Read More
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