One of the last remaining bastions of the telegram, India, has announced it is ceasing telegram services on July 15, in the wake of the rising popularity of smartphones, texting and email. Telegrams – called “taar” in India —  began circulating in the 1850s. The signs of the taar’s demise were already clear; the system [...]

It is a known fact that Indian economy has been hit hard by continuous inflation over past few years now and inflation has been on a rise unabated. In such a situation when country is passing through an inflationary phase, the returns, incomes, yield- everything fetches you a lesser value as inflation dents the value of return. Higher inflation results in negative or lower returns on financial instruments.

Provided that where an assessee is required to furnish a report of audit specified under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A, clause (b) of sub-section (1) of section 12A, section 44AB, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E or section 115JB of the Act, he shall furnish the same electronically

Rajesh S. Athavale The CBDT has notified vide Notification No. 41 dated 10 June 2013,  new Form 3CEB which includes reporting on specified domestic transactions. The said notification also amends Rule 10A, 10AB, 10B, 10C, 10D and 10E. Following are the additional international transactions required to be reported in new Form 3CEB:  International transaction(s) in the nature [...]

MORE INTERPRETATION OF 2ND PROVISO TO SECTION 44AB OF INCOME-TAX ACT Account books of State Co-Operative Societies are also audited by co-operative auditors of respective State Govt. Similarly, in Karnataka Value Added Tax Act, 2003, accounts of registered dealers are audited by Cost Accountants. 2nd Proviso to Section 44AB of Income-Tax Act takes care of [...]

India has adopted the source rule for taxing royalties and technical services since 1976. The rule which is an exception to the general rule deems technical services to arise if the services are utilized in India irrespective of where the services are rendered. Given that the term  ‘fees for technical services’ (hereinafter referred to as [...]

SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 have been notified on June 12, 2013. The said Regulations provide for a comprehensive regulatory framework for public issuance of non-convertible redeemable preference shares and also for listing of privately placed redeemable preference shares. Further, as per Basel III norms, Banks can issue non-equity [...]

The Schedules A,B,C,D appended to Maharashtra Value Added Tax Act, 2002 are amended with effect from 01-04-2013. Further, certain notifications are also amended. These amendments are briefly discussed below Amendments to Schedule A 1.  Braille Watches w-e-f 01.04.2013 are now covered by Schedule Entry A-2 by way of notification.

Notification No. 61/2013-Customs (N.T.) DATED THE 13th June, 2013 In excise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC) hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue ) [...]

It has been decided that the aforesaid enhanced limit of USD 5 billion shall be available for investments only to those FIIs which are registered with SEBI under the categories of Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds, Pension Funds and Foreign Central Banks.