Types of frauds by promoters or companies
Methods or types of frauds by promoters or companies: During the course of investigation by SFIO over the years, different types of frauds/fraudulent activities have been unearthed. Some of the types of frauds are illustrated below: (a) Project Financing: In one of the cases investigated by SFIO, it was noticed that an Indian company imported second hand plant and machinery… Read More
Notification for exemption from filing IT Returns for income less than 5 lacs
Note: CBDT exempts an Individual, from the requirement of furnishing a return of income whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the head Salaries, subject to condition specified in below mentioned notification. Ministry of Finance (Department of Revenue) (CENTRAL BOARD OF DIRECT… Read More
CBDT Notifies the Cost Inflation Index as 785 for financial year 2011-12
CLR Note: As per notification below mentioned, the Central Government having regard to seventy-five per cent. of the average rise in the Consumer Price Index for urban non-manual employees, hereby specifies the Cost Inflation Index as 785 for financial year 2011-12. Ministry of Finance (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION (INCOME TAX) In… Read More
Abnormal figures of Shareholders in Annual Returns of some listed Companies
Ministry of Corporate Affairs (MCA) has observed that some listed companies have shown abnormal figure of their shareholders in their Annual Return (e-form no. 20B) filed with the Registrar of Companies. It appears that the signatories of e-form 20B of above companies including certifying practicing professionals have not verified the figures of number of shareholders… Read More
XBRL Reporting in MCA by 15th July
MCA website is likely to have options for XBRL reporting by 15th of July. Specific notification will be made to enable stakeholders for early filing. Pursuant to recent notifications on XBRL, Companies with paid up capital of Rs. 5 crores or turnover of Rs. 100 crores are required to comply with XBRL reporting norms for… Read More
Notification No. 33/2011-Central Excise
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)*** Notification No. 33/2011-Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of theCentral Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments… Read More
Campus Placements at ICSI- SIRC on the 30th June, 2011
Campus Placement for Fresher Members & Students The Institute is organizing a Campus Placement for the fresher members for job and for students for 15 Months Training on Thursday, the 30th June 2011 at ICSI-SIRC House, No 9, Wheat Crofts Road, Nungambakkam, Chennai-600034. The following process will be followed: 1. Name of the participating companies… Read More
Notification No. 51/2011 – Customs
Exemption under Notification No. 97/2009 - Customs extended upto 30/09/2011 Note: Consequence of the Notification is that, exemption given under Notification No. 97/2009 (principal Notification) is extended upto 30th day of September, 2011. Meaning of Let Export Order is also inserted in the Principal Notification. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 51/2011 -… Read More
Customs Notification issued adding Philippines as A Country Covered under India and ASEAN PTA
CLR Note: The Department of Revenue, Ministry of Finance had issued Customs Notification No. 40/2011 Customs (N. T.) dated 24th June, 2011 notifying amendments in the Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic… Read More
Notification No.52/2011-Customs
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No.52/2011-Customs G. S. R. (E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes… Read More
Philippines added to India and ASEAN- Preferential Trade Agreement
The Department of Revenue, Ministry of Finance had issued Customs Notification No. 40/2011 Customs (N. T.) dated 24th June, 2011 notifying amendments in the Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic of India]… Read More
Service Tax on Processing for or on behalf of client, in relation to agriculture
Circular No. 143/12/ 2011 ST F.No.332/37/2010-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Tax Research Unit North Block, New Delhi 26th May, 2011 To Chief Commissioners of Central Excise and Service Tax (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director General (Audit), Commissioners of… Read More
Independent Accident Investigation Committee set-up for Air Accidents
The Ministry of Civil Aviation has set up an Independent Accident Investigation Committee on 26.5.2011 to ensure independent, fair and transparent investigation of accidents. This Committee will work under oversight of Ministry of Civil Aviation. The Committee will have following functions and responsibilities:- i) Draw up a… Read More
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