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May 28, 2011

Income Tax Survey officer to provide prior to survey contact details of Chief Commissioner, Commissioner, Addl. / JCIT to taxpayer

Income Tax Survey officer to provide prior to survey contact details of Chief Commissioner, Commissioner, Addl. / JCIT to taxpayer

Posted: 27 May 2011 07:40 PM PDT

Transparency in Survey operations - For bringing transparency in survey operations and obviate the possibility of any grievance to the taxpayers, it is decided that henceforth: Survey teams visiting taxpayer's premises under the provisions of...

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Amendment in Rule 114B relating to furnishing of PAN for certain transactions

Posted: 27 May 2011 07:39 PM PDT

NOTIFICATION NO. 27/2011 [F. NO. 149/122/2010-SO(TPL)], DATED 26-5-2011 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend...

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Instructions for filing of SAHAJ Income Tax Return form ( ITR 1 ) for A.Y. 2011-12

Posted: 27 May 2011 07:38 PM PDT

Who can use this Return Form This Return Form is to be used by an individual whose total income for the assessment year 2011-12 includes:‑ (a) Income from Salary/ Pension; or (b) Income from One House Property (excluding cases where loss is brought...

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National Consumer Helpline Receives 10,170 Complaints in April

Posted: 27 May 2011 07:25 PM PDT

The National Consumer Helpline (NCH) received 10,170 calls during April 2011 for redressal of consumer complaints. In addition of these calls, 639 complaints were also received through online complaint system on NCH website. The maximum calls were...

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Modification in the instruction regarding payment of MCA fees in electronic mode

Posted: 27 May 2011 07:18 PM PDT

The Ministry of Corporate Affairs has instructed that from Monday next, i.e. May 29th, 2011 the payment of less than Rs. 50,000/- through electronic mode will be permissible in the "Investor Education and Protection Fund" through Pay Misc. Fee...

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MCA allows payment of Fees of less than Rs. 50000 through non electronic mode by Staff, Official liquidator and for Payment to Investor Education and protection Fund

Posted: 27 May 2011 07:13 PM PDT

With effect form 29.05.2011, in the following cases challan mode for payment is allowed for amount less than Rs. 50,000/-. a. Payment to 'Investor Education and protection Fund' through `Pay Misc. Fee' functionality b. Any payment made by user...

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Clarification regarding 'Body Corporate' for the purpose of section 226(3)(a) of the Companies Act, 1956

Posted: 27 May 2011 07:05 PM PDT

General Circular No. 30A/2011 The Ministry of Corporate Affairs has clarified that Limited Liability Partnership of Chartered Accountants will not be treated as body corporate for the limited purpose of section226 (3) (a) under the Companies Act,...

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Corrigendum to Notification GSR 482(E) dated 04 March, 2011 regarding Exemption of certain group from provisions of section 5 of Competition Act, 2002 for a period of 5 years

Posted: 27 May 2011 06:58 PM PDT

S.O. In the notification of the Government of India in the Ministry of Corporate Affairs vide GSR No.482 jEj, dated the 4th March, 2011, published at page 2 of the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), dated the 4th...

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Overseas Direct Investment – Liberalisation / Rationalisation – A.P. (DIR Series) Circular No. 69 Dated 27.05.2011

Posted: 27 May 2011 02:59 AM PDT

A.P. (DIR Series) Circular No. 69 - Performance Guarantees issued by the Indian Party -At present, 'financial commitment' of the Indian Party includes contribution to the capital of the overseas Joint Venture (JV) / Wholly Owned Subsidiary (WOS),...

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Delhi HC decision on Directos Appointment / Removal by IFCI on the board of TFCI Ltd.

Posted: 27 May 2011 12:39 AM PDT

IFCI Ltd. Versus TFCI Ltd.- Delhi High Court - Brief facts of the present case are that the appellant company (hereinafter referred to as 'IFCI') owns 37.85% of shares of respondent-company (hereinafter referred to as 'TFCI'). On 26th November, 2010...

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Competition Law- Brief study of Combination provisions effective 1 June, 2011

Posted: 26 May 2011 11:55 PM PDT

The Competition Act, 2002 ("the Act") was enacted to regulate (a) anti-competitive agreements, (b) abuse of dominance, and (c) Combinations. The provisions relating to regulation of combinations (for instance mergers, acquisitions, amalgamations,...

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Review of Guidelines on entry of NBFCs into Insurance Business

Posted: 26 May 2011 10:32 PM PDT

DNBS.PD.CC.No. 221/03.02.002/2010-11 - It is clarified that in case more than one company (irrespective of doing financial activity or not) in the same group of the NBFC wishes to take a stake in the insurance company, the contribution by all...

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DGFT- Bonus benefit to silk carpets under ITC HS code 57019090 and drawback code 570102

Posted: 26 May 2011 10:30 PM PDT

Public Notice No.50 (RE-2010)/ 2009-14 Bonus benefit under Focus Product Scheme available to silk carpets would also include such silk carpets exported under ITC HS code 57019090 with drawback code 570102 duly endorsed on the respective shipping...

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Reconciliation of failed transactions at ATMs – Notification No. DPSS.PD.No.2632 / 02.10.002 / 2010-2011

Posted: 26 May 2011 09:30 PM PDT

DPSS.PD.No.2632 / 02.10.002 / 2010-2011 - May 27, 2011The Reserve Bank of India on Friday directed banks to reimburse customers for amounts wrongfully debited from their accounts in failed ATM transactions within seven days of an account holder's...

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SEBI : Amendment in SEBI (Foreign Institutional Investors) Regulations, 1995 – NOTIFICATION NO. LAD-NRO/GN/2011-12/06/13995, DATED 02-05-2011

Posted: 26 May 2011 09:30 PM PDT

(7A) in cases where the Government of India enters into agreements or treaties with other sovereign Governments and where such agreements or treaties specifically recognize certain entities to be distinct and separate, the Board may, during the...

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Clarification on SEBI (SAST) Regulations under SEBI (Informal Guidance) Scheme – LETTER NO. CFD/DCR/16403/11, DATED 23-05-2011

Posted: 26 May 2011 09:30 PM PDT

. In your letter and other correspondences under reference, you have inter alia represented as follows:- i. Terruzzi Fercalx SpA (TERRUZZI), a foreign company incorporated in Italy had acquired 33.50 lacs shares representing 40.90% of Vulcan...

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IRDA – Public Disclosures to be made by Insurers on Website and in Newspapers

Posted: 26 May 2011 09:29 PM PDT

Effective from the year ending March 2011, all insurers are required to file a Certificate confirming compliance with the stipulations on public disclosures as under: (1) Compliance with disclosure requirements on the Insurer's website (Annexure...

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