Government of India Ministry of Finance (Department of Revenue) New Delhi, the 29thMay, 2012 Notification No. 17/2012 - Service Tax G.S.R. (E).-In exercise of the powers conferred by clause (i) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994)(hereinafter referred to as “the Act”) read with sub-section (2) of section 9A of the Central Excise Act, 1944 (1 of 1944), made applicable to service tax vide section 83 ofthe Act, the Central Government hereby m...

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Category : Service Tax | Comments : 0 | Hits : 1071

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 16/2012- Service Tax New Delhi, the 29thMay, 2012 G.S.R. (E). -In exercise of the powers conferred by clause (j) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as “the Act”), read with sections 31, 32 and 32A to 32P of the Central Excise Act, 1944 (1 of 1944) made applicable to service tax vide section 83 of the Act, 1994,theCentral Government h...

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Category : Service Tax | Comments : 0 | Hits : 955

RBI/2011-12/577 RPCD.CO.RCB.BC.No. 78/07.38.01/2011-12 May 28, 2012 All State and Central Co-operative Banks Dear Sir, Conversion of Term Deposits, Daily Deposits or Recurring Deposits for Reinvestment in Term Deposits by State and Central Co-operative Banks Please refer to paragraph 104 of the Annual Policy Statement for the year 2010-11 of Reserve Bank of India (extract enclosed). 2. As per the instructions contained in paragraph 11 of circular RPCD.No.RF.DIR.BC.53/D.1-87/88 da...

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Category : RBI | Comments : 0 | Hits : 960

RBI/2011-12/579 DNBS(PD).CC. No 275/03.10.42/2011-12 May 29, 2012 All Non Banking Financial Companies / Residuary Non Banking Companies Dear Sir, Know Your Customer (KYC) guidelines - accounts of proprietary concerns A reference is invited to para 1 and Annex vi of theMaster Circular DNBS (PD) CC No.231/03.10.42/2011-12 dated July 1, 2011on Master Circular – 'Know Your Customer' (KYC) Guidelines – Anti Money Laundering Standards (AML) - 'Prevention of Money Launderi...

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Category : RBI | Comments : 0 | Hits : 1452

clarification about coverage of certain sectors (SEZ, 100% EOU, Free Trade Zone). Click here to see the circular...

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Category : Corporate Laws | Comments : 0 | Hits : 910

Exemption from applicability of cost accounting records rules to the construction industry..Click on the link to see the circular. CLICK TO SEE...

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Category : Corporate Laws | Comments : 0 | Hits : 1235

Companies (Director Identification Number) Amendment Rules,2012. Click here to see the Notification...

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Category : Corporate Laws | Comments : 0 | Hits : 1656

[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. 28/2012-Customs (ADD) New Delhi, dated the 21st May, 2012 G.S.R.377 (E). -Whereas, the designated authority vide notification No. 15/13/2011-DGAD, dated the 9th April, 2012, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 9th April, 2012, had initiated review, in terms of s...

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Category : Custom | Comments : 0 | Hits : 982

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 44/2012-Customs (N.T.) Dated the 21st May, 2012 31 Vaisakha, 1934 (SAKA) S. O…. (E). – In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following amendments in...

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Category : Custom | Comments : 0 | Hits : 1017

Guidelines for declaring a financial Insitution as Public Financial Institution under section 4A of the Companies Act, 1956...Plz click on the link given below to see the circular: CLICK HERE TO SEE CIRCULAR...

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Category : Corporate Laws | Comments : 0 | Hits : 1059

All Scheduled Commercial Banks All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers. Dear Sirs, Auction of Government of India Dated Securities Government of India have offered to sell (re-issue) (a) “8.24 percent Government Stock 2018 for a notified amount of Rs.4,000 crore (nominal) through a price based auction using uniform price method vide Notification No.4(5)-W&M/2012 dated May 21, 2012; (b) &...

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Category : RBI | Comments : 0 | Hits : 928

Changes to name availability guidelines In view of providing better services to its stakeholders and ensuring correctness of names approved through online mode (i.e. through STP mode without backend processing by RoC user), Ministry has decided to provide a facility for verification of such names by the RoC user on a real time basis for immediate action. Filing of Incorporation documents in respect of such names shall not be allowed as per below timelines: •...

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Category : Corporate Laws | Comments : 0 | Hits : 1477

Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies)Rules, 2012.....kindly click or go the following link to see the circular.... Click here to see the circular...

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Category : Corporate Laws | Comments : 0 | Hits : 1136

F.No.17/146/2011-CLV General Circular No.09/2012 Government of India Ministry of Corporate Affairs 5th Floor, Shastri Bhavan, Dr. R.P. Road, New Delhi-110001. Dated: 15th May 2012 To All Regional Directors, All Registrar of Companies, Subject: Compliance of the provisions of Companies Act, 1956 and the Rules made there under. Sir, The Ministry had issued general circular no. 33/2011 dated 01/06/2011 wherein it was, inter alia, stated that in order to ensure corporate governance a...

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Can NRIs earn rental income? An NRI can rent out property that he owns in India. The rent proceeds can be credited to the NRE or NRO account. Rent proceeds received in these accounts can be freely repatriated. If you do not have an NRE or NRO account, the proceeds can also be directly remitted abroad but you would need an appropriate certificate from a chartered accountant certifying that all taxes have been duly paid. Is rental income taxed in India? Yes, since this income is earned in I...

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Category : Income Tax | Comments : 0 | Hits : 1019

Notice for filing Form-8 & 11 for the Financial Year ended 31-03-2012 All LLPs registered upto 30-September-2011 have to mandatorily close the financial year as on 31-03-2012 and file Form-11 by 30-May-2012 and Form-8 by 30- October-2012.LLPs registered from 01-10-2011 to 31-03-2012 have option either to close financial year as on 31-03-2012 or 31-03-2013 and to file Form-8 & 11 accordingly.Please note that if LLP fails to file Form-8 & 11 within time, an additional fees of Rs. 100/...

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1. The Ministry is in process of integration of LLP system into MCA-21 in the month of June 2012 by allowing filing & approval of LLP forms at MCA-21 website (www.mca.gov.in) for better e-governance facility for stakeholders, by making necessary changes in e-forms. On post integration, old e-forms of the existing LLP system lying in "Pending User Clarification" (PUCL) status cannot be re-opened.2. LLPs and designated partners are also advised to reopen/ resubmit the LLP form, if any lying ...

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The Ministry is in process of integrating LLP system into MCA21 in the month of June 2012. After the integration, LLPs will be filing forms at MCA21 website (www.mca.gov.in/MCA21).As a first step towards integration and migration to new system, Form-1 and Form-24 will not be available for filing w.e.f. 21-05-2012 on LLP portal i.e. www.llp.gov.in. Other LLP forms will not be available for filing for a period of approximately 10 days w.e.f. 31-05-2012 during transition to new e-governance set up....

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Category : Corporate Laws | Comments : 0 | Hits : 992

The Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance has issued a Notification No. 42/2012-Customs (N.T.) dated May 15, 2012 and thereby notifying change in tariff value of Brass Scrap (all grades), Poppy Seeds, Goldand Silver as shown in the tables below: “TABLE-1 S. No. Chapter/ heading/ sub-heading/tariff item Description of goods Tariff value US $ (Per MetricTonne) (1) (2) (3) (4) 1 ...

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Category : Custom | Comments : 0 | Hits : 978

RBI/2011-12/562A.P. (DIR Series) Circular No. 127 May 15, 2012 To All Category - I Authorised Dealer Banks Madam / Sir, Foreign investment in NBFC Sector under the Foreign DirectInvestment (FDI) Scheme - Clarification Attention of Authorised Dealers Category – I (AD Category - I) banks is invited toA.P. (Dir Series) Circular No.121 dated May 8, 2012. 2. The Reserve Bank of India has been receiving requests for clarifications as to whether ‘operating leases’ would...

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Category : FEMA | Comments : 0 | Hits : 1160

Filing of Cost Audit Report (Form-I) and Compliance Report (Form-A) in the eXensible Business Reporting Language (XBRL) mode. Plz click here to Download Circular...

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Category : Corporate Laws | Comments : 0 | Hits : 1360

Circular No. 158/9/ 2012 – ST F.No354/69/2012- TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Tax Research Unit Room No 146, North Block, New Delhi Dated :8thMay 2012 To Chief Commissioner of Customs and Central Excise (All) Chief Commissioner of Central Excise & Service Tax (All) Director General of Service Tax Director General of Central Excise Intelligence Director General of Audit Commissioner of Customs and ...

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Category : Service Tax | Comments : 0 | Hits : 1169

Circular No. 13/2012-Customs F. No. 528/21039/08-Cus/ICDGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Excise & Customs*** New Delhi, dated the 8thMay, 2012 To All Chief Commissioners of Customs/ Customs (P), All Chief Commissioners of Customs & Central Excise, All Director Generals/Chief Departmental Representatives (CESTAT), All Commissioners of Customs / Customs (P), and All Commissioners of Customs & Central Excise. Sir/Madam, Subjec...

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Category : Custom | Comments : 0 | Hits : 901

Stopping of Form 23AC and Form 23AC- XBRL for financial year starting on or after 01.04.2011Please note that existing Form 23AC, Form 23ACA, Form 23AC-XBRL and Form 23ACA-XBRL can not be filed by those companies whose financial year is starting on or after 1.4.2011 as Revised Schedule VI is applicable for such period. New e-forms are undergoing revision to align with the Revised Schedule VI and new forms would be updated shortly....

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Category : Corporate Laws | Comments : 0 | Hits : 1084

RBI/2011-12/539A. P. (DIR Series) Circular No.119 May 7, 2012 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy - Utilization of ECB proceedsfor Rupee expenditure Attention of Authorized Dealer Category-I (AD Category-I) banks is invited toA.P. (DIR Series) Circular No. 5 dated August 1, 2005andA.P. (DIR Series) Circular No. 52 dated November 23, 2011relating to External Commercial Borrowings. 2. As per the extant guidelines, ECB pr...

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Category : FEMA | Comments : 0 | Hits : 1019

RBI/2011-12/537A. P. (DIR Series) Circular No.118 May 07, 2012 To All Authorised Dealers in Foreign Exchange Madam/ Sir, Release of Foreign Exchange for Miscellaneous Remittances Attention of Authorised Dealers in foreign exchange is drawn toA.P.(DIR Series) Circular No. 16 dated September 12, 2002, in terms of which the Authorised Dealers were advised to release amounts up to USD 500 or its equivalent for all permissible transactions on the basis of a simple letter from the applican...

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Category : FEMA | Comments : 0 | Hits : 991

RBI/2011-12/536A. P. (DIR Series) Circular No.117 May 07, 2012 To All Authorised Dealer banks and Authorised banks Madam/Sir, Transfer of Funds from Non-Resident Ordinary (NRO) account to Non-Resident External (NRE) Account The Committee to Review the Facilities for Individuals Under FEMA, 1999 (Chairperson : Smt. K.J.Udeshi) has recommended that the NRIs/PIOs may be permitted, subject to payment of applicable taxes, to transfer repatriable funds from their NRO account within the overa...

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Circular No. 157/8 /2012-ST F.No.354/234/2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Tax Research Unit) 153, North Block, New Delhi, 27thApril, 2012 To Chief Commissioner of Customs and Central Excise / Central Excise & Service Tax (All) Director General of Service Tax /Central Excise Intelligence /Audit; Commissioner of Customs and Central Excise/ Central Excise and Service Tax/ Service Tax (All) Madam/Sir, ...

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Category : Service Tax | Comments : 0 | Hits : 1046

Name Availability Guidelines, 2011General Circular No. 7/2012dated25.04.2012. Click Here to see the detail Circular...

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Category : Corporate Laws | Comments : 0 | Hits : 1235

S.O. (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of thenotificationof the Government of India in the Ministry of Finance(Department of Revenue) No.26/2012-CUSTOMS (N.T.), dated the 28thMarch, 2012videnumber S.O. 625 (E), dated the 28thMarch, 2012, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby determines that therate of exchangeof conver...

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Category : Custom | Comments : 0 | Hits : 1209