Government of India announces the sale of three dated securities for Rs.13,000 crore on February 3, 2012

The Government of India have announced the sale (re-issue) of (i) “7.83 percent Government Stock 2018” for a notified amount of` 3,000 crore (nominal) through price based auction, (ii) “8.79 percent Government Stock 2021” for a notified amount of `7,000 crore (nominal) through price based auction and (iii) “8.83 percent Government Stock 2041” for a notified amount of `3,000 crore (nominal) through price based auction. The auctions will be conducted using uniform price method. The auctions will be conducted by the Reserve Bank of India, Fort, Mumbai on February 3, 2012 (Friday).

Memorandum of Instructions for Opening and Maintenance of Rupee /Foreign Currency Vostro Accounts

RBI/2011-12/373A. P. (DIR Series) Circular No.72

January 30, 2012

To

All Category-I Authorised Dealer Banks

Madam / Sir,

Memorandum of Instructions for Opening and Maintenance of Rupee /
Foreign Currency Vostro Accounts of Non-resident Exchange Houses

Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the Paragraph nos. (A) (1) and (A) (3) (ix) of Annex-I to the A.P.(DIR Series) Circular No. 28 [A.P. (FL/RL Series) Circular No. 02] dated February 6, 2008 on Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses and subsequent amendments thereto in terms of which prior approval of the Reserve Bank is required for opening and maintaining rupee vostro accounts of non-resident Exchange Houses.

Deregulation of Savings Bank Deposit Interest Rate - Guidelines

RBI/2011-12/374
RPCD.CO.RRB.BC.No.57 /03.05.33 /2011-12

January 30, 2012

All State Co-operative Banks (StCBs) / District Central Co-operative Banks (DCCBs) / Regional Rural Banks (RRBs)

Dear Sir,

Deregulation of Savings Bank Deposit Interest Rate - Guidelines

Please refer to our circulars RPCD.CO.RRB.BC.NO.33/03.05.33/2011-12 dated November 23, 2011 and RPCD.CO.RCB.BC.No. 47/07.38.01/2011-12 dated December 26, 2011 on the captioned subject.

CBEC determines the Rate of Exchange of Foreign Currency in to INR for Custom Duty Valuation

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB-SECTION (ii), EXTRAORDINARY]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

CENTRAL BOARD OF EXCISE AND CUSTOMS

Notification No. 9/2012- Customs (N.T.)

DATED THE 30^th January, 2012

10 Magha, 1933(SAKA)

            S.O.       (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.88/2011-CUSTOMS (N.T.), dated the 28^th December, 2011 vide number S.O.2914(E), dated the 28^th December, 2011, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and  Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1^st February, 2012 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

CBEC amends Notification No. 12/1997-Customs

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification No. 8/2012 - Customs (N.T.)

New Delhi, dated the 30^th January, 2012

            G.S.R…..(E).- In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/97-Customs (N.T.), dated the 2^nd April, 1997, published in the Gazette of India,  vide number G.S.R. 193(E), dated the 2^nd April, 1997, namely:-

CIT Vs. Sasan Power Ltd. - Delhi High Court

Revenue has filed the present appeal in respect of disallowance of interest expense of Rs.1,36,11,665/- which was received by the assessee from its Holding Company before starting any production or manufacture. The Assessing officer assessed the said amount as Income of the assessee; however, the assessee has deducted the said amount from Capital Work-in progress. On appeal to CIT(A), the additions by AO was  deleted. The view of CIT(A) was upheld by the Tribunal. Held by court that there was no substantial question of law arises from the order of the tribunal. The appeal is dismissed.

ICAI - On-line Submission of Application for Verification of Answer Books

Candidates of November 2011 CA examinations Final, IPCE and PCE can submit their application for verification of answer books and also make payment of verification fees, on-line at http://icaiexam.icai.org.

This facility will be in addition to the existing option for submission of application for verification of answer books, physically by Speed/Registered Post, along with a demand draft.

They can log on to the above mentioned site and click on the “Verification” tab for submitting a verification application.

Verification fees will be the same, in both the modes of submission, i.e physical or on-line.

The on-line window for submission of verification application will be open for a period of one month from the date of declaration of results.

Candidates can visit the Frequently Asked Questions (FAQs) section of www.icai.org for more details.


Examination Department

ICAI issues FAQs on, submission of on-line applications for verification of Answer Books

Please note that this paper is merely an attempt to provide answers to questions on the subject, posed to us, by the candidates from time to time, to the extent possible and with reference to the extant scheme of examination. However, this compilation is neither exhaustive not does it purport to be a source of complete information on the subject. Hence, candidates are advised, in their own interest, to refer to the “Guidance Notes” supplied along with the examination application form, besides referring to the Chartered Accountants Regulations, 1988.

To read the FAQ's Click Here

India signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters

PRESS INFORMATION BUREAU

GOVERNMENT OF INDIA

*****

INDIA SIGNS MULTILATERAL CONVENTION ON MUTUAL

ADMINISTRATIVE ASSISTANCE IN TAX MATTERS

New Delhi: Magha 07, 1933

January 27, 2012

India has signed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters.  The Convention was signed by Shri Sanjay Kumar Mishra, Joint Secretary, Foreign Tax & Tax Research Division, Department of Revenue, Ministry of Finance, Government of India  in the presence of Deputy Secretary-General  of OECD, Mr.  Rintaro Tamaki. This instrument hitherto available for the members of OECD and Council of Europe was amended in 2010 and open for all countries in June 2011. The Convention was amended to respond to the 2009 G20 Summit call for developing a broader  multilateral approach to improve the effectiveness of exchange of information, co-operation between the countries in the assessment and collection of taxes, with a view to combating tax avoidance and evasion.

External Commercial Borrowings – Simplification of procedure

RBI/2011-12/366
A.P. (DIR Series) Circular No.69

January 25, 2012

To

All Authorised Dealer Category- I Banks

Madam / Sir,

External Commercial Borrowings – Simplification of procedure

Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000 and the A.P. (DIR Series) Circular No. 5 dated August 1, 2005 relating to the External Commercial Borrowings (ECB), as amended from time to time.

2. As per the extant ECB procedures any request for cancellation of Loan Registration Number (LRN) given by the Department of Statistics and Information Management (DSIM), Reserve Bank of India or change in permissible end-use for an existing ECB is required to be referred by the AD Category-I bank to the Foreign Exchange Department, Central Office, Reserve Bank of India for necessary approval.

ICWAI Council revised membership fees w.e.f. 1st April, 2012 from the financial year 2012-2013 onwards

FOR ATTENTION OF MEMBERS

The fees payable by the members of the Institute have been revised by the Council with effect from 1st April, 2012 from the financial year 2012-2013 onwards as follows:

Category of fees	Amount Payable
Associate Entrance Fee	Rs. 1,000/-
Associate Membership Fee	Rs. 800/- p.a.
Fellow Entrance Fee	Rs. 1,000/-
Fellow Membership Fee	Rs. 1,500/- p.a.
Certificate of Practice Fee	Rs. 1,000/- p.a.

Corrigendum to Notification No. 2/2012-Customs dated 16th January 2012

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

CORRIGENDUM

New Delhi, dated the 23^rdJanuary, 2012

            G.S.R. (E).-In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 2/2012-Customs, dated the 16^thJanuary, 2012 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 23(E), dated the 16^th January, 2012,in para 2, sub para (i)-

Additional Repo Operations under LAF between 4.30-5.00pm on Reporting Fridays

RBI/2011-2012/370
FMD.MOAG. No. 66 /01.01.01/2011-12

January 27, 2012

All Scheduled Commercial Banks (excluding RRBs) and Primary Dealers

Dear Sir,

Additional Repo Operations under Liquidity Adjustment Facility (LAF) on Reporting Fridays

At present, Reserve Bank of India operates Liquidity Adjustment Facility (LAF) to inject/absorb liquidity through daily Repo/Reverse Repo auctions. While the LAF Repo operations are conducted in the forenoon between 9.30 A.M. and 10.30 A.M., the LAF Reverse Repo operations are conducted in the afternoon between 4.30 P.M. and 5.00 P.M., along with the Marginal Standing Facility.

182-day Treasury Bills auction : Rs.4,000 crore under regular auction

The Reserve Bank of India has announced the auction of 182-day Government of India Treasury Bills for notified amount of Rs.4,000 crore. The auction will be conducted on February 01, 2012 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion of the Bank. The sale will be subject to the terms and conditions specified in the General Notification No. F.2 (12)-W & M/97 dated 31st March, 1998 issued by Government of India and as amended from time to time.

The competitive bids for the auction should be submitted in electronic format on the Negotiated Dealing System (NDS) between 10.30 a.m. and 12.30 p.m. on Wednesday, February 01, 2012. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. Results will be announced on the same day. Payments by successful bidders will be on Friday, February 03, 2012.

Ajit Prasad
Assistant General Manager

Press Release : 2011-2012/1209

91-day Treasury Bills auction : Rs.9,000 crore under regular auction

The Reserve Bank of India has announced the auction of 91-day Government of India Treasury Bills for notified amount of Rs.9,000 crore. The auction will be conducted on February 01, 2012 using "Multiple Price Auction" method. The allocation to the non-competitive bidders will be outside the notified amount at the discretion of the Bank. The sale will be subject to the terms and conditions specified in the General Notification No. F.2 (12)-W & M/97 dated 31st March, 1998 issued by Government of India and as amended from time to time.

CG mandates Cost audit of 9 industries whose turnover in previous FY exceeds Rs.100crore

F. No. 52/26/CAB-2010

Government of India

Ministry of Corporate Affairs

Cost Audit Branch

*****

B-1 Wind, 2nd Floor,

Paryavaran Bhavan,

CGO Complex, Lodhi Road,

New Delhi - 110 003

Dated 24th January, 2012

ORDER

Deregulation of Savings Bank Deposit Interest Rate - Guidelines

RBI/2011-12/368
DBOD.Dir.BC. 75/13.03.00/2011-12

January 25, 2012

All Scheduled Commercial Banks
(Excluding RRBs)

Dear Sir/Madam,

Deregulation of Savings Bank Deposit Interest Rate - Guidelines

Please refer to our circular DBOD.Dir.BC. 42 /13.03.00/2011-12 dated October 25, 2011.

2. Based on the references received from banks, we clarify that the revised guidelines issued vide our circular referred to above would be applicable to domestic savings bank deposits held by residents in India. Further, the interest rates applicable on the domestic savings deposit will be determined on the basis of end-of-day balance in the account. Accordingly, while calculating interest on domestic savings bank deposits, banks are required to apply the uniform rate set by them on end-of-day balance up to Rs. 1 lakh and for any end-of-day balance exceeding Rs.1 lakh, banks may apply the differential rate(s) as fixed by them.

Imposition of Anti-Dumping Duty on Geogrid/Geostrips/ Geostraps made of polyester or Glass fiber originating in, or exported from China PR

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

NOTIFICATION

No. 11 /2012-Customs (ADD)

New Delhi, dated the 24th January, 2012

G.S.R. (E). – Whereas, in the matter of import of Geogrid/Geostrips/ Geostraps made of polyester or Glass fiber in all its forms (including all widths and lengths)’ (hereinafter referred to as the subject goods), falling under Chapters 39, 55, 56, 59 and 70 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said customs Tariff Act), originating in, or exported from China PR (hereinafter referred to as the subject countries) and imported into India, the designated authority vide its final findings No. 14/40/2010-DGAD, dated the 19th December, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 19th December, 2011, had come to the conclusion that-

(a)    the subject goods had been exported to India from the subject countries below its normal value;

(b)   the domestic industry had suffered material injury in respect of the subject goods;

(c)    the material injury to the domestic industry had been caused by the dumped imports of the subject goods from the subject countries,

Imposition of Anti-Dumping Duty on Morpholine originating in, or exported from, China PR, EU and USA

 [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

NOTIFICATION

No. 10 /2012-Customs (ADD)

New Delhi, dated the 24th January, 2012

G.S.R. (E). – Whereas, in the matter of import of Morpholine (hereinafter referred to as the subject goods), falling under tariff item 29333917 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act), originating in, or exported from, China PR, European Union and the United States of America (hereinafter referred to as the subject countries) and imported into India, the designated authority vide its preliminary findings No. 14/41/2010-DGAD dated the 9th August, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 9th August, 2011, had come to the conclusion that-

CG rescinds Notification No. 91/2011-Customs.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, 

SUB-SECTION (i)]

                                                           

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification

No. 9 /2012-Customs (ADD)

New Delhi, the 24th January, 2012

  G.S.R.   (E). – In exercise of the powers conferred by sub-sections (2) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 13 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.  91/2011-Customs, dated the 20th September, 2011, published in Gazette of India, Extraordinary, Part II, Section 3, sub-section (i), vide number G.S.R.699 (E),  dated the 20th September, 2011, except as respects things done or omitted to be done before such rescission.

Inflation Forecasting: Issues and Challenges in India : RBI Working Paper Series

The Reserve Bank of India today placed on its website a Working Paper Series for the month of January 2012 titled "Inflation Forecasting: Issues and Challenges in India" by Shri Muneesh Kapur.

In view of long and variable transmission lags, it is important for monetary policy to respond to expected inflation and output dynamics. Reliable forecasts of growth and inflation are, therefore, important for effective monetary management. The paper focuses on modelling and forecasting inflation in India using an augmented Phillips curve framework. Both demand and supply factors are seen as drivers of inflation. Demand conditions are found to have a stronger impact on non-food manufactured products inflation (NFMP) vis-a-vis headline WPI inflation; moreover, NFMP is found to be more persistent than headline inflation. Both these findings support the use of NFMP as a core measure of inflation. But, the impact of global non-fuel commodities on NFMP is found to be substantial, which tempers the case for using NFMP as a core measure. Inflation in non-fuel commodities is seen as a more important driver of domestic inflation rather than fuel inflation, although the focus more often is on fuel prices.

Happy Republic Day to All

Team IndianTaxArena Wishes you all the Citizens of India a very 

HAPPY REPUBLIC DAY 

Awardes for Specially distinguished record of service of officers of the Customs & Central Excise Department, and the Directorate of Enforcement

TO BE PUBLISHED IN PART I, SECTION I OF THE GAZETTE OF INDIA 

EXTRAORDINARY DATED THE 24th JANUARY, 2012/ 4th MAGHA, 1933 SAKA ERA.

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

NEW DELHI, THE 24th JANUARY, 2012

4th MAGHA, 1933 SAKA ERA

NOTIFICATION NO. 7 /2012(N.T)

F.No.394/94/2011-Cus (AS)  – The President is pleased to award an Appreciation Certificate for – ‘Specially distinguished record of service’ - to each of the under-mentioned officers of the Customs & Central Excise Department, and the Directorate of Enforcement on the occasion of Republic Day, 2012:-

RBI Slashes CRR by 50bps

RBI/2011-12/363
Ref: DBOD.No.Ret.BC.74 /12.01.001/2011-12

January 24, 2012

All Scheduled Commercial Banks
(Excluding Regional Rural Banks)

Dear Sir,

Section 42(1) of the Reserve Bank of India Act, 1934 - Maintenance of CRR

Please refer to our Circular DBOD.No.Ret.BC.90/12.01.001/2009-10 dated April 20, 2010 on the captioned subject.

Third Quarter Review of Monetary Policy 2011-12 Press Statement by Dr. D. Subbarao, Governor

1. "At the outset, on behalf of the Reserve Bank of India, I have pleasure in welcoming all of you to this Third Quarter Review of Monetary Policy for 2011-12.

2. A short while ago, we put out the monetary policy measures accompanying this Review. Based on an assessment of the current macroeconomic situation, we have decided to:

• Cut the cash reserve ratio (CRR) of scheduled banks by 50 basis points from 6.0 per cent to 5.5 per cent of their net demand and time liabilities (NDTL). This will be effective the fortnight beginning January 28, 2012.
• This reduction in the CRR will inject around ` 320 billion of primary liquidity into the system.

ICSI - Date Sheet for June 2012 exams issued

ICSI issued its Examination Schedule for June 2012 Examination summary is given below.

For Foundation Program : 2nd June 2012 to 5th June 2012 [Morning Session]

For Executive Program : 2nd June 2012 to 7th June 2012 [Afternoon Session]

For Professional Program : 2nd June 2012 to 9th June 2012 [Morning Session]

Chadha Sugars Pvt. Ltd. Vs. ACIT - ITAT Delhi

The assessee obtained the opinion of a Chartered Accountant on whether expenditure on fees to the Registrar of Companies for increasing authorized capital can be claimed as revenue expenditure. The CA relied on judicial precedents and opined that the issue was debatable and a claim could be made on the basis that if two views were possible, the view in favour of the assessee should be taken. The assessee claimed deduction and even the tax auditor did not qualify the same. The AO relying on Punjab State Industrial Development Corp 225 ITR 792 (SC) & Brooke Bond 225 ITR 798 (SC) disallowed the claim and levied s. 271(1)(c) penalty which was upheld by the CIT (A). Before the Tribunal, the assessee pleaded that as it had relied on the opinion of an expert in making the claim, its action was bona fide & penalty could not be levied. HELD dismissing the appeal.


To get the Complete case law contact administrator

Documents required to be filed with refund claim of Excess Payment of Duty U/s 11B of Central Excise Act, 1944

List of documents required to be filed with refund claim of Excess Payment of Duty U/s 11B of Central Excise Act, 1944:-

1. Application in prescribed  Form –R.
2. Copy of TR-6/ GAR-7/PLA/ copy of return evidencing payment of duty.
3. Copy of invoices  (in original)
4. Documents evidencing that duty has not been passed on to the buyer.
5. Any other document in support of the refund claim.

Auction for Sale (Re-issue) of ‘8.97 per cent Government Stock, 2030’

Government of India
Ministry of Finance
Department of Economic AffairsBudget Division

New Delhi, dated January 23, 2012

NOTIFICATION

Auction for Sale (Re-issue ) of ‘8.97 per cent Government Stock, 2030’

F. No.4 (4) W&M/2011(ii): Government of India hereby notifies sale (re-issue) of ‘8.97 per cent Government Stock, 2030’ (hereinafter called 'the Stock') for an aggregate amount of Rs. 3,000 crore (nominal). The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’) as also the terms and conditions specified in the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.

Auction for Sale (Re-issue) of ‘9.15 per cent Government Stock, 2024’

Government of India
Ministry of Finance
Department of Economic AffairsBudget Division

New Delhi, dated January 23, 2012

NOTIFICATION

Auction for Sale (Re-issue ) of ‘9.15 per cent Government Stock, 2024’

F. No.4 (4) W&M/2011(i): Government of India hereby notifies sale (re-issue) of ‘9.15 per cent Government Stock, 2024’ (hereinafter called 'the Stock') for an aggregate amount of Rs. 6,000 crore (nominal). The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’) as also the terms and conditions specified in the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.

Auction for Sale (Re-issue) of ‘8.19 per cent Government Stock, 2020’

Government of India
Ministry of Finance
Department of Economic AffairsBudget Division

New Delhi, dated January 23, 2012

NOTIFICATION

Auction for Sale (Re-issue ) of ‘8.19 per cent Government Stock, 2020’

F. No.4 (4) W&M/2011: Government of India hereby notifies sale (re-issue) of ‘8.19 per cent Government Stock, 2020’ (hereinafter called 'the Stock') for an aggregate amount of Rs. 4,000 crore (nominal). The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’) as also the terms and conditions specified in the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.

Government of India announce the sale of three dated securities for Rs.13,000 crore on January 27, 2012

The Government of India have announced the sale (re-issue) of (i) “8.19 percent Government Stock 2020” for a notified amount of `4,000 crore (nominal) through price based auction, (ii) “9.15 percent Government Stock 2024” for a notified amount of `6,000 crore (nominal) through price based auction and (iii) “8.97 percent Government Stock 2030” for a notified amount of `3,000 crore (nominal) through price based auction. The auctions will be conducted using uniform price method. The auctions will be conducted by the Reserve Bank of India, Fort, Mumbai on  January 27, 2012 (Friday).

ICAI enters into an arrangement with TAXMANN to provide the contents of its website only at Rs.3500/- its members

As an ongoing attempt to enable the members to keep pace with the latest developments in direct taxes, the Direct Taxes Committee of ICAI has entered into an arrangement with Taxmann, a reputed and a well known publisher, wherein Taxmann has agreed to provide all materials that are published and made available by it as a part of its standard practice and procedure on its website www.taxmann.com at a subsidized price of Rs. 3500/- p.a. vis-a- vis its market value which is Rs.7500/-. With this, the Committee has tried to make available, in a timely manner, relevant educational resources at a subsidized cost to the members, which in turn would enable them to discharge their functions in an effective manner.

CBDT directed Income Tax Department to launch special drive for verifying High Value Transactions

PRESS INFORMATION BUREAU

GOVERNMENT OF INDIA

*****

INCOME TAX DEPARTMENT DIRECTED TO LAUNCH SPECIAL DRIVE

FOR VERIFYING HIGH VALUE TRANSACTIONS

    New Delhi: Pausha 28, 1933

January 18, 2012

The Central Board of Direct Taxes has directed the Income Tax department to launch a special drive, from 20th January to 20th March 2012, for verifying high value transactions (investments / deposits / expenditure) from persons who are not assessed to income tax or who have not furnished their PAN while entering into such transactions. In an instruction issued today, the CBDT issued proforma for query letters and responses to be issued to the high value investors / depositors / spenders.

Govt. of India & World Bank signs US$130 Million agreement to improve livelihoods for 300,000 Village households in North Eastern States

PRESS INFORMATION BUREAU

GOVERNMENT OF INDIA

*****

GOVERNMENT OF INDIA AND WORLD BANK SIGN US$130 MILLION

AGREEMENT TO IMPROVE LIVELIHOODS FOR 300,000 VILLAGE

HOUSEHOLDS IN NORTH EASTERN STATES

    New Delhi: Pausha 30, 1933

January 20, 2012

The Government of India and the World Bank today signed an IDA credit of US$ 130 million to finance the Government of India's (GOI) efforts to empower rural communities in the growth-deficient North East (NE) region to improve their livelihood opportunities. 

Doshion Ltd vs. ITO - Gujarat High Court

For the assessment year 2005-06, the assessee filed its return of income declaring total income of Rs.2.04 crores( rounded off). In the return filed, the assessee had claimed deduction of Rs.2.22 crores under Section 80IA of the Act and also of Rs.3.82 crores under Section 80IB of the Act. The petitioner, however, subsequently filed a revised return and revised its total income to Rs.2.87 crores claiming deduction of Rs.2.11 crores under Section 80IA of the Act and Rs.3.10 crores under Section 80IB of the Act. After thorough scrutiny the Assessing Officer granted the deduction, particularly, that claimed by the assessee in its revised return with respect to Section 80IA of the Act.

RBI - Issues Master Circular on Compounding of Contraventions under FEMA, 1999

RBI/2011-12/357
Master Circular No.8 /2011-12
(Updated as on January 20, 2012)

July 01, 2011

To,
All Authorised Dealer Category - I banks and Authorised Banks
Madam / Sir,

Master Circular on Compounding of Contraventions under FEMA, 1999

The compounding of contraventions under Foreign Exchange Management Act (FEMA), 1999 is a voluntary process  by which an applicant can seek compounding of an admitted contravention of any provision of FEMA, 1999 under Section 13(1) of the FEMA, 1999.

Clarification on regulation of interest rates for Small Savings Schemes

RBI/2011-12/359
DGBA.CDD. No.H- 4836 /15.02.001/2011-12

January 20, 2012

The Chairman and Managing Director/Managing Director
Head Office, Government Accounts Department
State Bank of India/State Bank of Patiala/
State Bank of Bikaner & Jaipur/State Bank of Travancore/ State Bank of Hyderabad/
State Bank of Mysore/ Andhra Bank/ Allahabad Bank/Bank of Baroda/Bank of India/
Bank of Maharashtra/Canara Bank/Central Bank of India/
Corporation Bank/Dena Bank/Indian Bank/ Indian Overseas Bank/
Punjab National Bank/Syndicate Bank/UCO Bank/
Union Bank of India/United Bank of India/ Vijaya Bank/IDBI Bank Ltd./ICICI Bank Ltd.

Dear Sir/Madam,

Clarification on regulation of interest rates for Small Savings Schemes

ICAI - Issued relevant Case Laws for Indirect Tax Laws for May 2012

The Institute of Chartered Accountant of India issued in the interest of CA Final Students 22 Case Laws for its subject Indirect Tax Laws (Group II Subject VIII). All the CA Final students who are appearing for May 2012  examination are recommended to study these cases. To download these cases Click Here.

Best of Luck for the Exams.

Source: ICAI

ICWAI - Asked for comments on Exposure Draft of Cost Accounting Standard - 14 on Pollution Control Cost

REQUEST FOR COMMENTS

Cost Accounting Standards Board, the standard-setting body of the Institute, has already released the Exposure Draft of Cost Accounting Standard - 14 on Pollution Control Cost (CAS - 14) and requested for views / comments / suggestions on the same upto January 20, 2012

The Companies Secrataries (Amendment) Act, 2011 (No.4 of 2012) published in the Gazette of India

The Companies Secretaries Act, 1980 is amended by the Companies Secrataries (Amendment) Act, 2011 to include even a Limited Liability Partnership Firm to be included in the definition of "Firm" subject to the fact that no Company can be the partner of such Limited Liability Partnership firm.

To Read more Click Here.

Source: ICSI

CCBCAF & SMP Initiative for arranging the Health Insurance Scheme for Members & Students of ICAI

The Committee for Capacity Building of CA Firms and Small & Medium Practitioners ( CCBCAF & SMP), ICAI has taken a major initiative for arranging Health Insurance Scheme through New India Assurance Co. Ltd., Mumbai, for Members & Students of ICAI. The Aforesaid scheme was launched on 6th January, 2012 during the International Conference at Chennai.

Click here for Brief details about the Health Insurance Scheme

Click here for Premium Chart for Students & Members of ICAI

Click here for the Proposal Form

Source: ICAI

CG makes Rules for Refund of Anti-Dumping Duty and Amends Custom Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995

In exercise of the powers conferred by sub-section (2) of section 9 AA of the Custom Tariff Act 1975 (51 of 1975), the Central Government hereby makes the following rules, namely Refund of AntiDumping Duty (Paid in Excess of Actual Margin of Dumping) Rules, 2012 vide Notification No. 5/2012- Customs (N.T.).

Vodafone hails SC verdict, says it has confidence in India

UK-based Vodafone Group Plc, the parent company of Vodafone Essar, on Friday hailed the Supreme Court's ruling to set aside the Bombay high court judgement asking the company to pay income tax of Rs.11,000 crore.

Vodafone which is the second largest telecom operator in India, said judgement underpins its confidence in the country.

"We welcome the Supreme Court's decision, which underpins our confidence in India. We will continue to grow our Indian business - including making significant investments in rural areas and in 3G network coverage - for the benefit of Indian consumers," Vodafone CEO Vittorio Colao said in a statement.

ICSI - New President - CS Naseer Ahmad and Vice President - CS S.N.Ananthasubramanian

Mr. Nesar Ahmad has been elected as PRESIDENT of the Institute of Company Secretaries of India (ICSI) w.e.f 19th January 2012. Mr. S. N. Ananthasubramanian has been elected as the VICE PRESIDENT of the Institute of Company Secretaries of India (ICSI) w.e.f 19th January 2012. 

Procedure for verification of answer books of November/December 2011 CA Examinations- Final, PCE, IPCE/ATE/Units and CPT

Announcement

Procedure for verification of answer books of November/December 2011 CA Examinations- Final, PCE, IPCE/ATE/Units and CPT 

January 16, 2012

Candidates who are desirous of applying for verification of the marks obtained by them in the November 2011/December 2011 exams are requested to note and follow the procedure detailed below.

The application for verification of marks must be in the handwriting of the candidate. If the candidate had appeared in Hindi medium, his/her application should be in Hindi. Typewritten applications will not be entertained.

ICAI - Notified Procedure for providing inspection/certified copies of evaluated answer-books to the concerned examinees

The Institute of Chartered Accountants of India has notified the procedure for providing inspection/certified copies of evaluated answer-books to the Concerned Examinees.

CBEC - Amended N.No. 36/2001-Customs (N.T.) thereby inserted Tariff Value of Gold and Silver

[TO BE PUBLISHED IN PART-II, SECTION-3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY]

Government of India

Ministry of Finance

(Department of Revenue)

(Central Board of Excise and Customs)

Notification No. 4/2012-Customs (N.T.)

New Delhi, 17^th January, 2012

27 Pausha, 1933 (SAKA)

            S.O.    (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.) dated, the 3^rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S. O. 748 (E), dated the 3^rd August, 2001, namely:-          

CG imposed Safegaurd Duty on Import of Phthalic Anhydride

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

                                                   

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification No.1/ 2012-Customs (SG)

New Delhi, the 17^th January, 2012

            G.S.R.      (E). - Whereas, in the matter of import of Phthalic anhydride, falling under tariff item 29173500 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Act), the Director General (Safeguard), in preliminary findings published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 719 (E), dated the 23^rd September, 2011,  had come to the conclusion that increased imports of Phthalic anhydride into India had caused and threatened to cause further serious injury to the domestic producers of Phthalicanhydride and it necessitates to impose provisional safeguard duty on imports of Phthalic anhydride into India;

Corrigendum to Notification No.8/2012 (ADD) - Clarification on Classification

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

                                                       

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

CORRIGENDUM

 New Delhi, the 17^th January, 2012

CG extends period of Anti Dumping Duty by Further 1 year on ‘Caustic Soda’ exporting from Saudi Arabia, Iran, Japan, USA and France

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification No. 1/2012-Customs (ADD)

New Delhi, dated the 6^th January, 2012

           

            G.S.R.  (E). -Whereas, the designated authority vide notification No. 15/28/2010-DGAD, dated the 2^nd September, 2011, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 2^nd September, 2011, had initiated review, in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) and in pursuance of rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (hereinafter referred to as the said rules), in the matter of continuation of anti-dumping duty on ‘Caustic Soda’, falling under heading 2815 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, Saudi Arabia, Iran, Japan, USA and France imposed vide  notification of the Government of India, in the Ministry of Finance (Department of Revenue),No. 98/2006-Customs, dated the 13^th September, 2006, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.550 (E), dated the 13^th September, 2006, and had requested for  extension of anti-dumping duty upto one more year, in terms of sub-section (5) of Section 9A of the said Customs Tariff Act;

CG issued notification wrt to special type of Gold and Silver by amending Notification No.31/2003 Customs vide Notification No. 3/2012-Customs

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUBSECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification

No. 3/2012-Customs

New Delhi, the 16^th January, 2012

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), and in supersession of the notification of the government of India in the Ministry of Finance (Department of Revenue) No. 172/1994-Customs, dated the 30th September, 1994, published in the Gazette of India, Extraordinary vide, G.S.R. No. 734(E), dated the 30th September, 1994,and notification No.31/2003-Customs, dated the 1st March, 2003,published in the Gazette of India, Extraordinary vide, G.S.R. No. 166(E), dated the 1st March, 2003, except as respects things done or omitted to be done before such supersession, the Central Government on being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description specified in column (2) of the Table below and falling under Chapter 71 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India by an eligible passenger, from so much of the duty of customs leviable thereon which is specified in the said First Schedule, as is in excess of the amount calculated at the rate as specified in the corresponding entry in column (3) of the said Table and from the whole of the additional duty leviable thereon under section 3 of the said Customs Tariff Act.