Corporate Law Reporter - The Daily Journal

Agreement for Avoidance of Double Taxation & Prevention of fiscal evasion with foreign countries – Norway

Section 90 of the Income-Tax Act, 1961 - Double Taxation Agreement - Agreement for Avoidance of Double Taxation and Prevention of fiscal evasion with foreign countries - Norway Notification no. 24/2012 [F.NO. 505/3A/81-FTD-I], DATED 19-6-2012 Whereas an Agreement between the Republic of India and the Kingdom of Norway for the Avoidance of Double Taxation and… Read More

Fin Min releases the Guidance Paper on the new approach to service tax

Union Finance Minister, ShriPranabMukherjee released the Guidance Paper on the new approach to service tax, here today. The release of the Guidance Paper marks the culmination of the year long efforts made by the Government to introduce a negative list based comprehensive approach to taxation of services as a part of the Budget exercise. The… Read More

Handbook of Procedures- Volume I shall come into force with immediate effect- DGFT

Government of India; Ministry of Commerce and Industry; Department of Commerce Public Notice No. 06 (RE-2012)/ 2009-2014 New Delhi, dated the 20th June, 2012 In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby notifies the Handbook of Procedures- Volume I (Appendices and Aayat… Read More

CBEC-Regarding procedure, safeguards, conditions and limitations for grant of refund of CENVAT credit under Rule 5 of CENVAT Credit Rules, 2004

GOVERNMENT OF INDIA MINSITRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS Notification No. 27 /2012-CE (N.T.) New Delhi the, 18th June, 2012 G. S. R -(E).- In exercise of the powers conferred by rule 5 of the CENVAT Credit Rules, 2004 (hereinafter referred to as the said… Read More

CBEC-Audit fees collected by the Comptroller and Auditor General (CAG)

Circular No. 159/10/2012-ST F.No.354/89/2012-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Tax Research Unit) ***** Room No. 153, North Block, New Delhi, 19th June, 2012. To Chief Commissioners of Customs and Central Excise (All) Chief Commissioners of Central Excise & Service Tax (All) Directors General of Service Tax/Central… Read More

RBI-Rupee Export Credit Interest Rates

RBI/2011-12/608 DBOD.Dir.(Exp).BC.No.112/04.02.001/2011-12 June 19, 2012 All Scheduled Commercial Banks (excluding RRBs) Dear Sir / Madam, Rupee Export Credit Interest Rates Please refer to our circular DBOD.Dir.(Exp).BC.No.38/04.02.001/2011-12 dated October 11, 2011 extending the scheme of interest subvention of 2% from April 1, 2011 to March 31, 2012 on pre and post shipment rupee export credit for certain employment… Read More

ICAI- Certificate Course on Forex and Treasury Management at Delhi

Certificate Course on Forex and Treasury Management at Delhi Centre will be starting on 30th June, 2012. Class Schedule & Timings Date Day 30th June,2012 Saturday (10 am - 5 pm) 01st July,2012 Sunday (10 am - 5 pm) 14th July,2012 Saturday (10 am - 5 pm) 15th July,2012 Sunday (10 am - 5 pm)… Read More

RBI-Export Credit Refinance Facility (ECR): Relaxation

RBI/2011-12/603 Ref. MPD. No. 355/07.01.279/2011-12 Jyestha 28,1934 (Saka) To All Scheduled Banks [excluding Regional Rural Banks (RRBs)] Dear Sir/Madam, Export Credit Refinance Facility (ECR): Relaxation At present, the Export Credit Refinance (ECR) limit is fixed at 15 per cent of the outstanding rupee export credit eligible for refinance as at the end of the second… Read More

Introduction of electronic Bank Realization Certificate (e-BRC) system

Government of India; Ministry of Commerce and Industry Department of Commerce; Directorate General of Foreign Trade Policy Circular No. 01 (RE- 2012) /2009-14 Dated 18th June , 2012 Subject: Introduction of electronic Bank Realization Certificate (e-BRC) system. Through Public Notice No. 02 dated 5.6.2012 electronic issuance of BRCs have been initiated which obviates submission of physical… Read More

RBI-Home Loans-Levy of Fore-closure Charges / Pre-payment Penalty

RBI/2011-12/604 RPCD CO. RRB. BC.No.85/03.05.033/2011-12 All Regional Rural Banks Dear Sir Home Loans-Levy of Fore-closure Charges / Pre-payment Penalty Attention is invited to paragraphs 81 to 83 of the Monetary Policy Statement 2012-13 announced on April 17, 2012 with regard to home loans on floating interest rates. The Committee on Customer Service in Banks (Chairman: M. Damodaran)… Read More

FM- Fitch ratings based on earlier data, recent development not considered

Following is the text of the statement made by the Union Finance Minister, Shri Pranab Mukherjee after Fitch Ratings issued a press release on India™s sovereign credit rating: Today, Fitch Ratings have issued a press release on India™s sovereign credit rating. Fitch has reaffirmed India™s long-term Foreign and Local Currency Issuer Default Rating (IDR) at… Read More

Income-tax Act, 1961 – Exemptions – News agency

Section 10(22B) of the Income-tax Act, 1961 - Exemptions - News agency - Notified news agency Notification No. 23/2012 [F.No. 165/02/2010-ITA.I], dated 15-6-2012 In exercise of the powers conferred by the clause (22B) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the "The Press Trust of India… Read More

Income-tax Act, 1961 -Exemptions -Foreign Oil Company Selling Crude Oil in India

Section 10(48) of the Income-tax Act, 1961 - Exemptions -Foreign Oil Company Selling Crude Oil in India - Notified Foreign Oil Company Notification No. 22/2012 [F.No. 142/14/2012-SO (TPl)], dated 14-6-2012 In exercise of the powers conferred by clause (48) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the… Read More