Archive for January, 2010

Export-Import Bank of India (Exim Bank) has concluded an Agreement dated May 28, 2009 with the Government of the United Republic of Tanzania making available to the latter, a Line of Credit (LOC) of USD 40 million (USD forty million only) for financing eligible goods and services including consultancy services from India for the purpose of financing export of tractors, pumps and equipments. Full Article

The Central Board of Direct Taxes have decided that any instalment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for Financial Year (FY) 2009-10. The unadjusted amount, if any, may be claimed as refund in the return of income for AY 2010-11 to be filed later this year. Full Article

The phrase aal is well is catching up fast with one and all- thanks to the recent film ‘3 Idiots’ which has made this phrase popular amongst the gen next and other factions of the society. The film, 3 idiots sends the message to the present society of our country –be it student, young citizens or people of our or our parent’s age that one ought to be optimistic, calm and hopeful – at least in times of difficulties , desperation and helplessness and a simple b.. Full Article

One may govern life in accordance with the revealed truth as one sees it or natural law or a simple precept of not treating others as ends, or in pursuit of the good life of contemplation prized by Aristole . One may believe that morality lies in doing the best one can for oneself and one’s children and giving something back to the society, when one can buy money or time. Full Article

One of the most favoured duty reimbursement schemes among exporters - the Duty Entitlement Passbook (DEPB) scheme - is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which was extended till December 31 in the Foreign Trade Policy 2009-2014, is widely viewed as one of the best incentive schemes by exporters. Full Article

Dismissing the notion that Mauritius is a tax haven, the island nation's Vice Prime Minister Ramakrishna Sithanen on Tuesday said he has not received any complaints from India about routing investments via his country to evade taxes. However, Sithanen, who is also the finance and economic development minister, promised to cooperate with Indian authorities to check tax evasion in case of complaints, but added his country would not welcome 'fishing expeditions'. Full Article

The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII H (Sections 115 W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115 WM was inserted to abolish the FBT with effect from Assessment Year (A.Y.) 2010-11. Consequently, benefits given to employees are taxed as perquisites in the hands of employees in terms of amendments to Clause 2 of Section 17 of I.. Full Article

A new section 144C was inserted in the Income-tax Act, 1961 vide Finance (No. 2) Act of 2009. Section 144C provides for constitution of a Dispute Resolution Panel (DRP) to decide cases of an eligible assessee as defined in sub-section (15) of section 144C of the Income-tax Act. The Dispute Resolution Panel Rules were notified vide SO No. 2958 (E) dated 20th November 2009. Full Article