FEMA – Summary of Recent Amendments in Forex Facilities for Individuals

All about Revised return under section 139(5) of Income Tax Act, 1961 Posted: 22 Sep 2011 08:33 PM PDT An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] FEMA – Summary of Recent Amendments in Forex Facilities for Individuals Posted: 22 Sep 2011 07:09 PM PDT RBI liberalises Forex Facilities for Individuals- 1. NRIs can be Joint Holders in Resident's SB/EEFC/RFC Accounts 2. Residents can be Joint Holders in NRE/FCNR Accounts 3. Residents can gift Shares/Debentures upto USD 50,000 Value 4. Resident Indian... [[ This is a content summary only. Visit www.taxguru.in for full article ]] E-filing of Central Excise Returns (ER-1,2,3,4,5,6,7 & 8) made mandatory for All Assessees wef 01.10.2011 Posted: 22 Sep 2011 05:48 PM PDT E-filing of Central Excise Returns (ER1,ER-2,ER-3,ER-4,ER-5,ER-6, ER-7 & ER-8) made mandatory for All Assessees wef 01.10.2011 vide Notification No. 21/2011 and No. 22/2011 - Central Excise, both dated 14.09.2011 [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBEC notifies All Industry Rates of Duty Drawback for all items, including DEPB items Posted: 22 Sep 2011 05:46 PM PDT Directorate of Drawback has notified the revised All Industry Rates of Duty Drawback which have also been extended to all the DEPB items. The CBEC has notified it vide Notifications No 68 & Notifications No 69, Drawback Schedule for 2011-12... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Know Status of Quarterly TDS/TCS Statement by SMS Posted: 22 Sep 2011 05:45 PM PDT NSDL is pleased to announce that henceforth, NSDL will send SMS for each quarterly TDS/TCS statement processed at TIN. You just need to quote correct latest mobile number in the quarterly TDS/TCS statement. Status as below is provided in the SMS: ... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBEC – Filing of appeal in the wrong forum in matters relating to valuation of determination of rate of duty Posted: 22 Sep 2011 05:40 PM PDT Reference is invited to Section 35L(b) of the Central Excise Act,1944, made applicable to Service Tax vide Section 83 0f the Finance Act,1994 and Section 130E(b) of the Customs Act, 1962 which stipulates that appeal shall lie to the Supreme Court... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Security Issues and Risk mitigation measures related to Card Present (CP) transactions Posted: 22 Sep 2011 04:20 PM PDT As you are aware, in its endeavor to ensure that the payment systems operated in the country are safe, secure, sound and efficient, RBI has been taking proactive measures to contain the incidence of frauds in these systems. One such measure has... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Global and Indian Perspective on Need for Consumer Protection – Role of Ombudsmen Posted: 22 Sep 2011 04:09 PM PDT The role of the Ombudsmen adjudicating financial consumer disputes is onerous and the recent upheavals in the market place have only heightened the consumers' expectations. The existence of a legal framework is a must for consumer protection. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Anand Sharma Pushes for Making India HUB for Manufacturing Advanced Electronics Components Posted: 22 Sep 2011 03:26 PM PDT The Commerce, Industry and Textile Minister of India, Sri Anand Sharma interacted with CEOs of top business firms and heads of Universities in Dallas, Texas on 21st September 2011. The business roundtable, hosted by the CEO of Texas Instruments, Mr... [[ This is a content summary only. Visit www.taxguru.in for full article ]] FM's Address 'India's Continuing Growth Story' at the India Investment Forum Posted: 22 Sep 2011 12:28 PM PDT The Indian economy has traversed a long way during the course of which it has stepped up its growth trajectory over successive decades, especially since the 1980s. It grew at a rate of around 3.5 per cent between 1950 and 1980, about 5.5 in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] FMs Speech at USIBC-FICCI Round Table Meeting in New York Posted: 22 Sep 2011 12:23 PM PDT There is a consensus among analysts that India has a remarkable stretch of growth over the next thirty years. Several reasons support growth to be sustained at a high rate of 8 to 9 per cent per annum. First, the savings and investment ratios have... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Corporate Affairs Minister Invites Suggestions for Effective and Beneficial Competion Policy Posted: 22 Sep 2011 12:22 PM PDT Union Corporate Affairs Minister Dr. M. Veerappa Moily has asked the Corporate Sector in the country to send their relevant and issue specific suggestions during the current exercise of initiatives underway in drafting the new national competition... [[ This is a content summary only. Visit www.taxguru.in for full article ]] All Industry Rates of Duty Drawback, 2011-12 Posted: 22 Sep 2011 10:27 AM PDT Circular No. - 42 / 2011-Cus - As in previous years, the drawback rates have been determined on the basis of certain broad parameters including, inter alia, the prevailing prices of inputs, Standard Input Output Norms (SION), share of imports in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Amends Customs, Central Excise Duties and Service Tax Drawback Rules, 1995 Posted: 22 Sep 2011 10:22 AM PDT Notification No. 69 / 2011 - Customs (N.T.) In exercise of the powers conferred by section 75 of the Customs Act, 1962 (52 of 1962), section 37 of the Central Excise Act, 1944 (1 of 1944) and section 93A read with section 94 of the Finance Act,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Determines the rates of drawback in supersession of the notification No. 84/2010-Customs (N.T.), dated the 17th September, 2010 Posted: 22 Sep 2011 10:19 AM PDT Notification No. 68 / 2011 - Customs (N.T.), (E). In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962), sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), and section... [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI – Returns to be submitted by NBFCs – Revised Formats Posted: 21 Sep 2011 09:21 PM PDT NBFCs are required to file various returns related to deposit acceptance, Prudential Norms, Capital Market exposure, etc. A few of these returns are as under: Returns to be submitted by deposit taking NBFCs NBS-1 Annual Returns on deposits in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Export of 5,175 MTs of raw sugar to USA under Tariff Rate Quota Posted: 21 Sep 2011 09:20 PM PDT Public Notice No. 78 (RE-2010)/2009-2014 - 5,175 MTs of raw sugar is permitted to be exported to USA under TRQ by M/s. Indian Sugar Exim Corporation Ltd. Export must be completed by 31.10.2011. [[ This is a content summary only. Visit www.taxguru.in for full article ]]