May 31, 2011

POWER OF THE OFFICERS OF CUSTOM IN INDIA

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POWER OF THE OFFICERS OF CUSTOM IN INDIA
Custom department has revised the power of the officers of custom department in India. Custom issued a circular no. 24 dated 31 May 2011 regarding the power of custom officers. Powers of commisssioner, ADJ,AC,DC and other officers also revised as well as the amount of power of custom which is as follows.

India Sign DTAA with Tanzania and Ethopia

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India Sign DTAA with Tanzania and Ethopia
India has signed DTAA Double taxation avoidance agreement with Tanzania and Ethopia. Double tax aviod agreement is the deal between two countries by which the tax payer need to pay income tax to one country of which it dues, and by showing the certificates of income tax paid, the second country can not ask to repay the income tax. Some transactions are like this in which one works part time to different country or work in home country to the foreign country. In such cases the Double taxation avoid agreement works.

May 30, 2011

Extension of Anti-Dumping Duty By Custom

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Extension of Anti-Dumping Duty By Custom
Custom department has extended the scope of anti dumping duty on some of import as it is causing loss to the domestic products as well as company. Custom department hass issued a circular no. 44 date 27-05-2011 regarding the anti dumping duty scope. The main features of anti dumping duty are as follows.
- Custom department will impose anti dumping duty on the goods which are imported as less value compare to the original value of the product/
Full circular is as under.

May 29, 2011

SUBMIT PAN NO FOR APPLYING FOR DEBIT CARD OR BUY JEWELLERY ABOVE 5 LAKHS

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Income tax department issue a circular about submitting of PAN number in some more transactions which is now mandatory. The transactions are as follows.
1- Applying for debit or credit card.
2- Buying jewelery above 5 lakhs.

May 28, 2011

GUIDELINES FOR INSURANCE BUSINESS

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GUIDELINES FOR INSURANCE BUSINESS
Reserve Bank of India issue some guidelines for insurance business. RBI issue guidelines under circular number 11 dated 27-05-2011 which tells the insurance companies as well as agreement betwwen the insurance company and the insured person. Full circular is as under.


RBI/2010-11/540
DNBS.PD.CC.No. 221/03.02.002/2010-11
May 27, 2011
All NBFCs
Dear sir,
Review of Guidelines on entry of NBFCs into Insurance Business
Please refer to the circular DNBS.(PD).CC.No.13/02.01/99-2000 dated June 30, 2000 issued on Amendment to NBFC Regulations which contains the Guidelines for entry of NBFCs into Insurance Business. In terms of para 2 of the above guidelines, NBFCs registered with RBI which satisfy the stipulated eligibility criteria will be permitted to set up a joint venture company for undertaking insurance business with risk participation, subject to safeguards. The maximum equity contribution such an NBFC can hold in a joint venture (JV) company is 50 per cent of the paid-up capital of the insurance company. Further, in terms of para 4 of the said Guidelines, a subsidiary or company in the same group of an NBFC or of another NBFC engaged in the business of a non-banking financial institution or banking business shall not be allowed to join the insurance company on risk participation basis.
2. 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 companies in the same group shall be counted for the limit of 50 percent prescribed for the NBFC in an insurance JV.
3. The term "Companies in the same group shall mean an arrangement involving two or more entities related to each other through any of the following relationships : Subsidiary – parent (defined in terms of AS 21), Joint venture (defined in terms of AS 27), Associate (defined in terms of AS 23), Promoter-promotee (as provided in the SEBI (Acquisition of Shares and Takeover) Regulations, 1997) for listed companies, a related party (defined in terms of AS 18), Common brand name, and investment in equity shares of 20% and above".
Yours sincerely,
(Uma Subramaniam)
Chief General Manager-in-Charge

Tags-insuance guidelines,insurance company guidelines,rbi guidelines for insurance

May 27, 2011

Bank Will Compensate for Non Solving ATM Transaction Failure in 7 Days

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Bank Will Compensate for Non Solving ATM Transaction Failure in 7 Days
Banks will compensate for non solving ATM transaction and recredit the account within 7 days. The compensate will be 100 Rs per day from the 7th day of receipting the complaint. RBI issued a circular about failure of ATM transactions and reduce the timings of solving the ATM transaction failure. The main points of this circular are as under.

May 26, 2011

NO LOAN AGAINST IDR-RBI

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NO LOAN AGAINST IDR-RBI
Reserve Bank of India has issued a circular about loans and advance against the Indian Depositorty receipts. RBI gives the clear instruction about loans on IDR, as some companies got the approval of loans against IDR but now no company will get the permission to get the approval of loans against IDR. Full notification is as under.

RBI NOTIFICATION ABOUT CHARGE OF SECURITY DEPOSIT OVER PROPERTY

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RBI NOTIFICATION ABOUT CHARGE OF SECURITY DEPOSIT OVER PROPERTY
Reserve Bank of India has issued a circular no. 73 dated 26-05-11 about setting up centralised electronic registry and enforcement of security interest. Full Notification is as under.

AGRICULTURE PRODUCTS IN TERMS OF SERVICE TAX

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AGRICULTURE PRODUCTS IN TERMS OF SERVICE TAX
Service tax department issued a circular no. 143 dated 26-05-2011 about processing for client in relation to agriculture products. In this circular service tax department classifies the agriculture products. Full circular is as under.

May 23, 2011

ESIC AND PF CALCULATOR AND DUE DATES

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ESIC AND PF CALCULATOR AND DUE DATES
One need to deposit the money in the accounts of ESIC and PF every month. In a firm where the ESIC and PF are on, it is must to deposit the money on time because in ESIC, the interest and penalty rate is very much high. So there is a complete list to when and where the money need to be deposited.
Also to calculate the money of ESIC and PF is a complex job. SO there is an excel based calculator which will work so easily for you

May 22, 2011

TDS Collection on Transfer of License of Toll plaza Mines or Quarry

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TDS Collection on Transfer of License of Toll plaza Mines or Quarry
Every person who grants a lease or license or enter into a contract or otherwise transfers any right or interest in whole or in part of any parking lot or toll plaza or mine or quarry to another person, other than a public sector company, is liable to collect tax at source for the use of parking lot or toll plaza or quarry for the purpose of business.

May 21, 2011

IPO HEDGING ALLOWED TO FII UNDER ASBA SCHEME-RBI

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IPO HEDGING ALLOWED TO FII UNDER ASBA SCHEME-RBI
Hedging of the IPO is permitted to the foreign institutional investor by Reserve Bank of India. This hedging must be done under ASBA(Amount supported by block amount) scheme. FII can do this hedging in the foreign currency also. Full notification is as under.

May 20, 2011

IPO CAN BE SUBSCRIBED AT DISCOUNTED PRICES BY RETAIL INVESTORS-SEBI

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IPO CAN BE SUBSCRIBED AT DISCOUNTED PRICES BY RETAIL INVESTORS-SEBI
-Good news for retail investor who invest their money in the primary share market, IPOs. Now the retail investor can apply for the Initial public offer of any company on the amount after deducting the discount, company is offering to the retail investor. This circular of the SEBI is May 16 and retail investor can apply at discounted price of any IPO giving the retailer discount after 16th of May.

May 19, 2011

RBI CIRCULAR ABOUT INCREASING THE RATES OF NON PERFORMING ASSETS AND RESTRUCTURED ADVANCE

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RBI CIRCULAR ABOUT INCREASING THE RATES OF NON PERFORMING ASSETS AND RESTRUCTURED ADVANCE
Reserve Bank of India has increased the rates of provisioning of enhancement of non performing assets and restructured advance. RBI increased the rates of provision with the circular number 529 dated 18-05-2011. RBI increased the margin of provision to the non performing assets like sub standerd advance of which the provision is increased to 15% from 10%. This is also the part of the monetary policy, RBI issued in the earlier part of May, 2011. Full circular is as under.

DGFT AMENDS IN PROCEDURE OF TARIFF RATE QUOTA SCHEME

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DGFT AMENDS IN PROCEDURE OF TARIFF RATE QUOTA SCHEME
Directorate general of foreign trade department has made some amendments in procedure of tariff rate quota scheme. This is public notice no. 47 of dgft dated 18-05-2011. Full circular is as under.

May 18, 2011

EXCISE DUTY EXEMPTION ON PIPES

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EXCISE DUTY EXEMPTION ON PIPES
Central excise department has exempted excise duty on the manufacturing of pipes. Excise department issued a circular number 945 dated 16 may 2011 about the benefits of excise exemption of pipes. The main reason for this exemption is pipe is required to take the water one place to other and water is the necessity of life. Full circular is as under.

DEDUCTOR CAN DIGITAL SIGN FORM 16 A CBDT CIRCULAR

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DEDUCTOR CAN DIGITAL SIGN FORM 16 A CBDT CIRCULAR
CBDT issued a circular no. 3/2011 dated 13-05-2011 stating that in the form 16 for TDS certifictates, the deductor can digital sign the forms. This step is taken due to seeing that some deductors needs to sign a lot of forms 16 and form 16a manually. It is very time consuming as well as hard job. So from the financial year 2011-12, the deductor of the TDS can digital sign on the forms. Full circular is as under.

May 17, 2011

HOW TO DO E-PAYMENT OF SERVICE TAX AND CENTRAL EXCISE

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HOW TO DO E-PAYMENT OF SERVICE TAX AND CENTRAL EXCISE
Most of us know about central excise and service tax. But the service providers as well as the manufactures need to pay service tax and the central excise on the service or the goods manufactured.  But now a days, all the payments need to pay electronically which is difficult for the simple man who does not know about e-payment. This is the procedure of how to pay service tax and excise electronically. One need to have the net banking facility to e-payment to the government in any department, so apply today for net banking with transactions right to pay electronically to the government.

RBI GUIDELINES FOR FOREIGN EXCHANGE AND HEDGING

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RBI GUIDELINES FOR FOREIGN EXCHANGE AND HEDGING
Reserve Bank of India has issued guidelines for over the counter foreign exchange derivatives and overseas hedging of commodity prices and fright risks. RBI issued complete guidelines for these risks to beware the common man not to face any problem in the foreign transactions. This is RBI circular no. 60 dated 16 may 2011 published on RBI website.

May 15, 2011

HOW TO SAVE PETROL IN CARS AND BIKES

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Petrol prices are increased to Rs. 5/litre on Saturday which will take effect from Sunday, May 15, 2011. Oil companies are saying that this is not enough and they are also planning to a second shock to the common man by increasing the second term in petrol prices. Well, this is not in our hands, but what we can do is to save the oil and save the money from the increased prices. There are some tips from which one can save the oil in the cars as well as bikes and scooter. It includes getting more mileage from the vehicle and implementing these tips will surely save the money and petrol.

May 14, 2011

CIT ADDRESS FOR FORM 16 AND 16A

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CIT ADDRESS FOR FORM 16 AND 16A
CIT(TDS) address are required to fill form 16 and 16a. But where to search the CIT(Commissioner of Income Tax) TDS address of all over india. Without filling the CIT(TDS) address the form 16 as well form 16A is incomplete. So i search all over place and then found address of CIT(TDS) address which required in filling of form 16 and 16A.

May 13, 2011

GREEN CHANNEL COUNTER SCHEME BY STATE BANK OF INDIA

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GREEN CHANNEL COUNTER SCHEME BY STATE BANK OF INDIA
State Bank of india has decided to expand it's scheme green channel counter in which no paperwork is needed to do the banking. No paper will be used to deposit, withdrawal or even transfer the money from one account to other. Only one need is to an ATM card or debit card attached to the account with which one can do all the transaction without the paper and the pen.

May 12, 2011

PROVISION OF THE SERVICE TAX ACT

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PROVISION OF THE SERVICE TAX ACT
Service tax department issued a circular about all the provision of the service tax act 1994. with the circular no. 140 dated 12-05-2011 service tax department has issued all the provisions as well as clarifications about the service tax. full circular is as under:

May 11, 2011

TECHNICAL REPORTS OF CUSTOM AND CENTRAL EXCISE

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TECHNICAL REPORTS OF CUSTOM AND CENTRAL EXCISE
Central excise department has issued a notification about the monthly technical data of custom,service tax and central excise. According to notification number 944 dated 10-05-2011 of the central excise the monthly technical data is as under.

May 10, 2011

NEW RETURN PREPARATION UTILITY RPU 2.4 FOR TDS/TCS STATEMENT

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NEW RETURN PREPARATION UTILITY RPU 2.4 FOR TDS/TCS STATEMENT
 Tin.nsdl has launched a new return preparation utility RPU 2.4 for e-TDS/TCS statements. This RPU will work for consolidated statements for preparation as well as correction statements from the financial year 2005-06 and onwards. The features of this new RPU 2.4 are as follows.

May 9, 2011

RBI INCREASES THE LIMIT OF HOUSING LOAN ON PRIORITY BASIS

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RBI INCREASES THE LIMIT OF HOUSING LOAN ON PRIORITY BASIS
Reserve bank of india issued a circular about loan priority of housing loans. In this circular RBI said that any housing loan under or or 20 lakh rupees for hosing come under the priority sector, of which the loan will be given on priority basis. RBI has increased this priority limit to 25 lakhs from the 20 lakh earlier/ Full notification of the reserve Bank of India is as under.

May 8, 2011

UPLOAD THE INFORMATION ON SITE BEFORE BUYING OR SELLING GOODS IN PUNJAB

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UPLOAD THE INFORMATION ON SITE BEFORE BUYING OR SELLING GOODS IN PUNJAB
Punjab government issued a circular about the changes in VAT rules. Now any dealer buying or selling the goods above Rs. 20000 needs to upload all the information on the government website before make moving to the vehicle. It would increases the cost of the dealers as well as headache. The format in which all the details to be furnished will be launch by the state government soon. Some goods are exempt from this rules which are as under.

RBI CIRCULAR ABOUT IMPORT OF DIAMONDS

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RBI CIRCULAR ABOUT IMPORT OF DIAMONDS
Reserve bank of India has issued a circular about foreign exchange management act 1999 guidelines for importing of cuts,polished or rough diamonds. All the financial need as well as procedure is told in this circular number 59 dated 06-05-2011 of the Reserve Bank of India. Full circular is as under.

May 7, 2011

COMPARISION BETWEEN INCOME TAX FORMS SAHAJ AND SARAL

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COMPARISION BETWEEN INCOME TAX FORMS SAHAJ AND SARAL
As you know a new income tax form called SAHAJ replaced SARAL income tax form from the financial year 2011-12 for filing the income tax return of ITR-1. Earlier ITR1 is to be filled in the form SARAL which is replaced by a colorful presentation form SAHAJ which is better in many aspects from SARAL. Like in sahaj there is a facility of mention PAN number on all the pages, instructions are given of every page, there is a large combo type boxes on all pages and much more. So there is a comparison of sahaj and saral which will tell boh forms quality and which one is better.

May 6, 2011

SERVICE TAX ON SUB-CONTRACTOR

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SERVICE TAX ON SUB-CONTRACTOR
Service tax department issue a circular about the service tax on sub contractor. This is the matter of court and the judgement arrives on 14-02-2011, in which it is cleared that on which work, the service tax on sub contractor is exempt and on which work the service tax on sub contractor levies. 
Full circular of service tax is as under.

May 5, 2011

KASHMIR THE HEAVEN ON EARTH

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KASHMIR



KASHMIR: - People says it “The Heaven on the Earth”. It’s not only because it’s a old saying or the world has changed a lot as it has more destinations to enjoy travel like Malaysia, Switzerland, Australia, New Zealand, Ireland & many more. But Kashmir is still the same (almost) as we look it in 90’s.But it attracts many foreigners & Indians for it’s beauty. The natural beauty you’ll get in Kashmir you can’t find it any other palace.
Terrorism spoils the travel industry in Kashmir from the early 90’s to 2004 but now there is no threat any of the palaces and a peace wave is there.
Palaces to visit in Kashmir

May 4, 2011

INSTRUCTIONS ON PROJECT IMPORT OF CUSTOM IN INDIA

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INSTRUCTIONS ON PROJECT IMPORT OF CUSTOM IN INDIA
Custom department has issued a circular no. 22/2011 dated 04-05-2011 about the project import. Custom department has issue some instructions as well as the forms to apply and do the project import in india. Full notification and instructions are as follows.

RBI HAS INCREASED THE RATE OF INTEREST ON SAVING ACCOUNT

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RBI HAS INCREASED THE RATE OF INTEREST ON SAVING ACCOUNT
Good news for all the saving account holder. Reserve bank of India has increased the rate of interest on the saving account. Rate of interest on all the banks saving account was 3.5% per annum has increased to 4% per annum. This will increase the interest amount to the account of saving holder. Earlier RBI also gave the facility of interest on saving account on daily basis and not on quarterly basis. Full notification is as under.

INCREASE IN THE LIMIT OF MOBILE BANKING IN INDIA

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INCREASE IN THE LIMIT OF MOBILE BANKING IN INDIA
We hear about mobile banking, but many of us don't know the features as well as how to use mobile banking as we don't feel any requirement. But if we use it, mobile banking is very fast and useful.
What is Mobile Banking-Mobile banking is the type of using our account in bank to do the transaction. It may include transfer of funds,checking the account balance,request for check book, hot-listing of lost debit or credit cards, know the status of check etc. 
So Reserve bank of india has increased the limit of transaction of mobile banking and issue guidelines on 04-05-2011 about the mobile banking as mobile banking users are trend to grow.These guidelines are as under.

RBI GUIDELINES FOR PREPAID INSTRUMENTS IN INDIA

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RBI GUIDELINES FOR PREPAID INSTRUMENTS IN INDIA
Reserve Bank of India has issued guidelines for the operation of prepaid instruments use in india with a circular number 512 dated 04-05-2011. In this guideline by Reserve Bank of India, there is a complete summary of the maximum value use and end process. 
What is prepaid instruments:- These instruments are the a type of money by which one can purchase goods and service against the money stored in it. The prepaid instruments may be many types like.

May 3, 2011

ANNUAL MONETARY POLICY FOR 2011-12 RESERVE BANK OF INDIA

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ANNUAL MONETARY POLICY FOR 2011-12 RESERVE BANK OF INDIA
RBI has announced annual monetary policy for the financial year 2011-12. In this monetary policy RBI has increased the repo rates by 50 basis points and make some steps to tackle the terrorism and anti funding. This monetary policy has been issued on 2 May 2011 with a circular no 58 which will being a law with immediate effect. Full monetary policy can be seen in this screen.

RBI INCREASES THE REPO RATE BY 50 BASIS POINT

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RBI INCREASES THE REPO RATE BY 50 BASIS POINT
Reserve Bank of India has increased the repo rate by 50 basis points on 3 May 2011 with a circular No. 58 dated 2 May 2011. This increment in the repo rate will take will immediate effect. This is the part of Reserve bank of India RBI annual monetary policy to make adjustment of the liquidity in the market. Full circular is as under.

PRINTING INSTRUCTIONS FOR SUGAM AND SAHAJ FORMS

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Income tax department has issued two new forms name as SUGAM and SAHAJ. These forms are for ITR1 for SAHAJ and ITR 4S for SUGAM. Income tax department also issued some printing instruction of these forms as after applying these instructions only, these forms will be accepted. The printing instructions of sahaj and sugam forms are as under.

May 2, 2011

EXCISE CHANGES AND CLARIFICATION OF CENVAT CREDIT RULES

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EXCISE CHANGES AND CLARIFICATION OF CENVAT CREDIT RULES
Central excise department has made some changes as well as giving clarification about changes in the cenvat credit rules. The main changes in the cenvat creit rules are being in rules at the end of financial year 31 march 2011. But Central Excise department also further made changes and give clarification about the modvat rules of central excise with notification number 943 dated 29 April 2011.