Draft Circular on Refunds in Service Tax ; Problems faced by exporters in availing refund of excess credit Posted: 28 Oct 2011 08:21 AM PDT Representations have been received both from the field and the trade regarding difficulties being faced in the determination of the input services which are eligible for refund under notification 05/2006. Resultantly, the issue has spawned delays... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBI Arrests an Assistant PF Commissioner, Enforcement Officer and a Supdt. of Central Excise in Separate Bribery Cases Posted: 28 Oct 2011 07:49 AM PDT CBI ARRESTS AN ASSISTANT PROVIDENT FUND COMMISSIONER, ENFORCEMENT OFFICER AND A SUPDT. OF CENTRAL EXCISE IN SEPARATE BRIBERY CASES The Central Bureau of Investigation has arrested an Assistant Provident Fund Commissioner & an Enforcement Officer... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| No interest levy despite short deduction of taxes if reasons are bona fide and the shortfall is nominal Posted: 27 Oct 2011 09:54 PM PDT Madhya Gujarat Vij Co. Ltd. (ITAT Ahmedabad )- Section 192(3) of the Act enables the employer to make adjustment of any excess or deficiency arising out of previous deduction or failure to deduct during the tax year. If there are bona fide reasons... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Supply of goods to offshore installations i.e. Exclusive Economic Zone (EEZ) will not be subject to sales tax, especially Central Sales Tax, since EEZ does not form part of the territory of India Posted: 27 Oct 2011 09:39 PM PDT Larsen & Toubro Ltd v. Union of India (Gujrat High Court)- The High Court examined in detail the provisions of the Maritime Zones of India Act, 1976 (MZA) and observed that Union of India had no sovereignty over the EEZ. The Union of India... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Transfers & Postings of Commissioners & Directors of Income-tax – Order No. 176 of 2011 Posted: 27 Oct 2011 09:36 PM PDT ORDER NO. 176 OF 2011 -The following postings and transfers of officers in the grade of Commissioners/Director of Income Tax are hereby ordered with immediate effect and until further orders: [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Government E-Payment System to be Inaugurated; will Bring Transparency; Facilitate Paperless Transaction and Reduce Overall Transaction Cost Posted: 27 Oct 2011 09:32 PM PDT The Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance has developed a fully secured Government e-payment system for direct credit of dues from the Government of India into the account of beneficiaries using... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| RBI asks NBFCs to take step to Implement Green Initiative Posted: 27 Oct 2011 09:29 PM PDT Implementation of Green Initiative of the Government -As part of the 'Green Initiative' of the Government, the Government of India has suggested that steps be taken by entities in financial sector, including NBFCs to help better utilisation of their... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| KYC Guidelines – AML Standards -Prevention of Money Laundering Act, 2002 – Obligations of NBFCs – Revised Reporting Format Posted: 27 Oct 2011 09:28 PM PDT 'Know Your Customer' (KYC) Guidelines – Anti Money Laundering Standards (AML) -'Prevention of Money Laundering Act, 2002 - Obligations of NBFCs in terms of Rules notified thereunder'-Reporting Format under Project FINnet. Please refer to Master... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Amends Notification No.68/2011-Customs(N.T.) dated the 22nd September Posted: 27 Oct 2011 09:27 PM PDT Notification No. - 75 / 2011 – CUSTOMS (N.T.), dated the 28th October, 2011 G.S.R. (E). – In exercise of the powers conferred by sub-sections (2) and (3) of section 75 of the Customs Act, 1962 (52 of 1962), sub-sections (2) and (2A)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Rate of exchange of conversion of each of the foreign currency with effect from 1st November, 2011 Posted: 27 Oct 2011 09:26 PM PDT NOTIFICATION NO.74/2011-CUSTOMS (N.T.) 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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