Archive for April, 2009

RESERVE BANK OF INDIA RBI/2008-09/447      A. P. (DIR Series) Circular No.63 April 22, 2009 To All Category-I Authorised Dealer Banks Madam / Sir, Foreign Direct Investment in India -Transfer of Shares / Preference Shares / Convertible Debentures by way of Sale – Modified Reporting Mechanism Attention of the Authorised Dealer Category – I (AD [...] Full Article

The Insurance Regulatory and Development Authority (IRDA) has refrained from directly appointing statutory auditors, by retaining the practice of prescribing eligibility criteria for appointment of auditors by insurers. IRDA would not have a panel of auditors and would not appoint auditors, as demanded by accounting regulator ICAI. The regulator has not been maintaining panel of auditors since 2005 and instead [...] Full Article

Income-tax (Eleventh Amendment) Rules, 2009 – Amendment in New Appendix 1 NOTIFICATION NO. 37/2009 [F.No.142/01/2009-TPL], DATED 21-4-2009 In exercise of the powers conferred by section 295 of the Income -tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules 1962. Namely:­– 1. (1) These [...] Full Article

Trade Cir. 15 T of 2009 In Trade Circular No 16T of 2008, a relaxation had been granted that in view of the difficulties likely to be faced by the dealers in the initial stages, the dealers were allowed to upload the e returns within 10 days from the due date for the filing of respective return. This concession was applicable only for the returns to be filed for the months of May 2008 to September 2008.Such e returns uploaded within 10 days from the due date were no.. Full Article

Justice prevails finally after a long legal battle for 10 years when of a former I-T officer, PR Toora aged about 75 year old got back his “lost reputation” when Additional District Judge Arun Kumar Arya directed two Income Tax commissioners, chairman of Central Board of Direct Taxes (CBDT) and the ministry of revenue liable [...] Full Article

TRADE CIRCULAR Mumbai Dt :18.04.2009 No.DC(A&R)/Adm-6/VAT- 2009/Adm. Relief Trade Cir.- 14 T of 2009  Sub:-   Grant of Administration Relief to unregistered dealers. Ref:-    1) Govt. Resolution No.STA-1082/ 244/RES-5, dt. 1st June 1983. 2) No.STA-1082/ 244/RES-8, dt. 5th February 2007. 3) This office Trade Circular No.10.74/Adm. Relief/ URD/Adm-4/B- 1021 (Trade Circular No. 33 T [...] Full Article

High value clearing, the facility that enables depositors to encash cheques drawn for over Rs 1 lakh the next day, is set to be phased out. The Reserve Bank of India (RBI) has increased the minimum value for high value clearing to Rs 5 lakh from May. This will be increased further to Rs 10 [...] Full Article

The Reserve Bank on Tuesday allowed banks to open ATMs outside their branches without permission from the central bank. “It is proposed to allow scheduled commercial banks (SCBs) to set up offsite ATMs without prior approval,” the RBI said in its annual monetary policy. The RBI further said a group would be constituted to review [...] Full Article