RBI and 926 branches of Banks to accept Advance Income Tax
As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches… Read More
Conference on Global M&A strategy in Leela Kempinski
CLR Note: The Global M&A strategy conference to be organised by ICSI which would be focusing on the current issues affecting the variant industries in India dealing with Mergers and Acquisition, designing a successful cross border strategy, mitigate risk for M&A deal, examining local and global markets, and help achieve a smooth deal completion and… Read More
SEBI- Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes(PNs)
SEBI- New reporting format for ODIs / PNs to be implemented from July, 2011 Circular- CIR/IMD/FIIC/6/2011 dated-May 12, 2011 All Foreign Institutional Investors through their designated Custodians of Securities Dear Sir/Madam, Sub: Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes(PNs) activity 1. Please refer to SEBI Circular No. CIR/IMD/FIIC/1/2011 dated January 17, 2011 related to the… Read More
Production, sale & use of Endosulfan pesticide banned for next 8 weeks – SC
The Supreme Court today banned the production, sale and use of controversial pesticide Endosulfan in the country for the next eight weeks, holding that human life is more important than anything else. "Keeping in mind various judgements of this court under Article 21 (right to life and liberty) of the Constitution and particularly keeping in… Read More
National Disaster Management Guidelines on Ensuring Disaster Resilient construction of Buildings and Infrastructure
RBI/2010-11/525 DBOD.Dir.BC.No.93 /08.12.14/ 2010-11 May 12, 2011 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, National Disaster Management Guidelines on Ensuring Disaster Resilient construction of Buildings and Infrastructure The National Disaster Management Authority (NDMA), Government of India has formulated guidelines on ensuring disaster resilient construction of buildings and infrastructure financed through banks and other… Read More
Finance Ministry may take up 42 FDI Proposals during next week
The Finance Ministry will take up 42 foreign direct investment (FDI) proposals, including that of BNP Paribas, Tata Steel and PTC India Financial Services, next week. The Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary R Gopalan is scheduled to meet on May 20 here. As per the Finance Ministry, 15 proposals are… Read More
CAG may review Transfer Pricing Cases
"Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India," Director General of Income Tax (DGIT) R N Dash said while addressing a seminar organised by Assocham. The Income Tax department today said that transfer pricing cases, which have revenue implications for the exchequer, will be scrutinised… Read More
Clarification of applicability of XBRL for FY 2009-10 – MCA
The MCA has excluded the banking companies, insurance companies, power companies, NBFCs and overseas subsidiaries of these companies from the applicability of reporting of Balance sheet and Profit & Loss A/c for the year 2009-10 in XBRL language. General Circular No.25/2011, dated 12.5.2011 All Regional Directors; All Registrar of Companies Subject: Filling of Balance Sheet and Profit… Read More
Clarifications regarding Prosecution Provisions – Service Tax
F. No. 354/45/2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Tax Research Unit) New Delhi dated the 12th 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 Service Tax… Read More
Refund of Excise Duty – Not an income if first paid and claimed back
In this case Assessee is a firm engaged in the business of manufacture of aluminum wire rods at IGP,SIDCO, Phase-II Samba, Jammu & Kashmir. During the assessment proceedings, the assessee had filed computation of taxable income wherein deduction u/s 80IB amounting to Rs 5,85,84,089/- was claimed. The A.Owent through the details and found that the assessee had… Read More
Monthly Technical Reports under Customs, Excise and Service Tax
Circular No.944/05/2011-CX F.No.390/Misc/108/2010-JC Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs --- New Delhi, the 10th May, 2011 To. 1. All Chief Commissioners and Director Generals under the Central Board of Excise and Customs. 2. CDR, Customs, Excise & Service Tax Appellate Tribunal. 3. All Commissioners of Customs/Central Excise, Service Tax/… Read More
Govt. redrafting Rules for Appointment of Merchant Bankers
The Government is in the process of redrafting the proposal document format for appointment of merchant bankers to avoid the conflict of interest between public and private share sale issues. There was an issue in SAIL... That part (appointment of merchant bankers) of the document was drafted way back in 2001, we are trying to… Read More
RBI sets up Committee for streamlining Foreign Exchange
The Reserve Bank today set up a committee for streamlining foreign exchange transactions and also invited comments from public and other stakeholders for improving facilities pertaining to investments and repatriation of funds. The Reserve Bank, while referring to the Monetary Policy Statement for 2011-12, said in a statement that the Committee chaired by former RBI… Read More
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