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IT : Where assessee-management consultant was organising conferences and sponsorship money was paid to it after conceptualisation of conferences, it could not be said that assessee had undertaken to organize said conference at instance of sponsors and, hence, provisions of section 194C(2) could not be invoked | Company Law : Company Secretaries (Amendment) Act, 2011 - Notified date from which provisions of said Act shall come into force | Company Law : Cost & Works Accountants (Amendment) Act, 2011 - Notified date from which provisions of said Act shall come into force | Company Law : Chartered Accountants (Amendment) Act, 2011 - Notified date from which provisions of said Act shall come into force | IT/ILT : Section 144C of the Income-tax Act, 1961 - Dispute Resolution Panel (DRP) - Reference to - Constitution of DRP at specified places | IT : Section 143 of the Income-tax Act, 1961 - Assessment - General - Processing of returns of assessment year 2011-12 - Steps to clear backlog | ST : Cenvat Credit : Procedural irregularity in not registering units with LTU authorities can be rectified to extend benefit of LTU scheme | IT : No interest could be charged under section 234B where assessee had no liability to pay advance tax in view of fact that his entire income was subject to deduction of tax at source | IT : Section 54F exemption not available where builder not even allotted plot within 3 years | IT/ILT : Section 195(1) does not envisage deduction of tax at both instances, i.e., at time of credit of income to account of payee as well as at time of payment thereof | IT : Proviso to section 201(1) is to be applied only to negate possibility of imposition of penalty under section 221 and it would not absolve an assessee from being considered as an assessee in default
Corporate Laws
         Statutes
BANKING LAWS
BANKING : Master Circular on Risk Management and Inter-Bank Dealings - MASTER CIRCULAR NO.12/2011-12 (UPDATED AS ON 31-1-2012), DATED 01-07-2011 Read Morenew
Banking : Second Quarter Review of Monetary Policy 2011-12 - Unhedged Foreign Currency Exposure of Corporates - CIRCULAR NO. DBOD.BP.BC.NO.76 /21.04.103/2011-12, DATED 02-02-2012 Read Morenew
Banking : Implementation of section 51-A of UAPA, 1967 - Updates of the UNSCR 1267(1999)/1989(2011) Committee's AL Qaida Sanctions List - CIRCULAR NO. DBOD. AML. NO. 11330/14.06.001/2011-12, DATED 31-01-2012 Read Morenew
COMPANIES ACT, 1956
Company Law : Company Secretaries (Amendment) Act, 2011 - Notified date from which provisions of said Act shall come into force - NOTIFICATION NO.S.O.192(E), DATED 30-01-2012 Read Morenew
Company Law : Cost & Works Accountants (Amendment) Act, 2011 - Notified date from which provisions of said Act shall come into force - NOTIFICATION NO.S.O.191(E), DATED 30-01-2012 Read Morenew
Company Law : Chartered Accountants (Amendment) Act, 2011 - Notified date from which provisions of said Act shall come into force - NOTIFICATION NO.S.O.190(E), DATED 30-01-2012 Read Morenew
FOREIGN EXCHANGE MANAGEMENT ACT
FEMA : Deferred Payment Protocols dated 30-4-1981 and 23-12-1985 between Government of India and Erstwhile USSR - A.P. (DIR SERIES 2011-12) CIRCULAR NO. 74, DATED 01-02-2012 Read Morenew
FEMA : Opening of Diamond Dollar Accounts (DDAs) - A.P. (DIR SERIES 2011-12) CIRCULAR NO. 73, DATED 31-01-2012 Read Morenew
FEMA : Master Circular on Memorandum of Instructions Governing Money Changing Activities - MASTER CIRCULAR NO.13/2011-12 (UPDATED AS ON 31-1-2012), DATED 01-07-2011 Read Morenew
INSURANCE LAWS
INSURANCE : Constitution of Health Insurance Forum - ORDER NO. IRDA/HLT/MISC/ORD/032/02/2012, DATED 02-02-2012 Read Morenew
INSURANCE : Exposure Draft on Guidelines on Prospect Product Matrix for Life Insurance - CIRCULAR NO. 16/CA/PPI/PPM/11-12, DATED 31-01-2012 Read Morenew
SECURITY EXCHANGE BOARD OF INDIA
SEBI : Offer for Sale of Shares by Promoters through the Stock Exchange Mechanism - CIRCULAR NO. MRD/DP/05/2012, DATED 01-02-2012 Read Morenew
SEBI : SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2012 - Amendment in regulations 4, 8, 13, 58, 71, 76, 84 and Chapter XB, Schedule IV, V, VI, VIII, XI, XVIII and insertion of Chapter VIII-A - NOTIFICATION NO. LAD-NRO/GN/2011-12/34/2499, DATED 30-01-2012 Read Morenew
Direct Tax Laws
         Statutes
IT/ILT : Section 144C of the Income-tax Act, 1961 - Dispute Resolution Panel (DRP) - Reference to - Constitution of DRP at specified places - ORDER NO. 1/FT&TR/2012 [F.NO. 500/15/2011-FT&TR-I], DATED 31-12-2011 Read Morenew
IT : Section 143 of the Income-tax Act, 1961 - Assessment - General - Processing of returns of assessment year 2011-12 - Steps to clear backlog - INSTRUCTION NO. 01/2012 [F.NO.225/34/2011-ITA.II], DATED 02-02-2012 Read Morenew
IT: Gold & Silver Rates; SBI Lending Rates Read Morenew
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