india

RBI’s subsidiary model will raise foreign banks’ tax liability- experts

Finance - An expert said under the new structure, foreign banks’ tax liability might go up if the wholly-owned subsidiary decides to pay a dividend, as such payments will attract dividend distribution tax. Tax liabilities of foreign banks will rise marginally ...

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ICAI dropped new accounting norm (IFRS) for agriculture sector

Finance - India has dropped its plans to introduce a new accounting norm for agriculture as part of the move to converge its accounting standards with globally adopted International Financial Reporting Standards (IFRS). The Institute of Chartered Accountants o...

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Jugaad- The key to India's rapid economic growth

Finance - People ask me, what exactly is jugaad? Global management experts attribute India's rapid economic growth to jugaad. In a recent survey by the Legatum Institute, 81% of Indian businessmen said jugaad was the key reason for their success....

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Pathetic Situation of Lawyers with the Filing System in Courts and In the Absence of Required Guidance?

Finance - India is regarded as one of the fastest growing economies in the word and even the president of United States of America, Barrack Obama, frequently refers about the growth of nations like China and India. Many legal professionals have served this country starting from Mahatma Gandhi and the lawyers are better placed to serve the society o...

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Guidelines for deciding cases for availability of names for formation of Companies under Companies Act, 1956

Finance - Guiding instructions for availability of names:-The procedure for scrutinizing the availability of names of new companies has recently been re-examined carefully in this Department, having taken into account the difficulties experienced by some Registrars in the following the instruction given to them vide Department...

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India-Malaysia free trade agreement (FTA) to be effective from July 1

Finance - The free trade agreement (FTA) between India and Malaysia will come into force from July 1, giving Indian professionals like accountants, engineers and doctors access to the key South-East Asian nation. In addition, exports of items of considerable interest to India, like basmati rice, mangoes, eggs, trucks, motorcycles and cotton garmen...

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India, OECD to discuss tax reforms today

Finance - At a time when the government is accelerating efforts to strengthen the country's taxation system , India and rich countries' club OECD will deliberate on challenges to international tax rules on Monday. Co-operation in global tax matters have gained prominence , especially after the G-20 crackdown on tax havens, which are being used to p...

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Know Provident Fund (PF) account details online from 1st July

Finance - The Employees Provident Fund Organisation (EPFO) on Wednesday said account details would be available online from July 1. You can watch the account balance of your PF online from July 1, Assistant PF Commissioner Kanchan Roy said at an interactive session at Bengal National Chamber of Commerce and Industry....

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IT department to seek details of Hasan Ali Khan's Swiss Bank accounts

Finance - The income-tax department is preparing to send another Letter Rogatory to Swiss authorities, seeking details of Pune-based stud farm owner Hasan Ali Khan's Swiss Bank accounts . As part of this exercise, it has asked the Enforcement Directorate to provide a copy of the statements given to it by Khan, accused of siphoning off $8 billion to...

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Mauritius provides first information about tax evader

Finance - Yielding under pressure, Mauritius has for the first time provided banking information about a person being investigated by the Income Tax Department (ITD) for tax evasion and money laundering. They (Mauritius) have given information related to a person being probed by ITD who had remitted funds from that country to India, an official to...

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How NRIs can apply for PAN card in India

Non-resident individuals and organisations need to have a Permanent Account Number (PAN) number if they receive an income and need to file returns in India. PAN is issued by the Income Tax (IT) Department to all assessees and quoting of PAN is compulsory in all returns filed with the IT department....

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A declarant under KVSS, 1998 cannot take a different stand after adjustment in record has been made as per instruction of declarant

Injecto Plast Vs. Union of India (Allahabad High Court) - In Y. Venugopala Reddy Vs. Commissioner of Income Tax and another, (2003) 263 ITR 30, the Karnataka High Court interpreted the words 'notwithstanding' used in Section 88 of KVSS and has held that a matter which has already been settled cannot be reopened under the scheme and the benefit under the sc...

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Determination of ALP of an international transaction

Gharda Chemicals Ltd. Vs DCIT (ITAT Mumbai) - If we agree with this submission of the Id. A.R that as the ultimate tax liability of the assessee together with its AE does not vary even if the lower price is charged inter se, and hence the exercise done by the TPO be held as fruitless, then the provisions of section 92 to 92F would become redund...

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In the case of remittances by banking channel the onus on the assessee U/s. 69 stands discharged, and therefore, section 5(2)(b) does not apply

Sushila Ramasamy Vs. ACIT (ITAT Chennai 'C' Bench) - The assessee, who is a non-resident, brought money into India through banking channel and the manner in which this money was utilized in India is described in the Annexure. We have observed in the above paragraphs that because of the mode of banking channel, admittedly, used for the remittance in th...

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S. 195 / 201 liability cannot be avoided on ground of non-taxability of recipient

CIT Vs. Samsung Electronics (Karnatka High Court at Bangalore) - The assessee made payments to a foreign company for purchase of ‘shrink-wrapped’/ready-made software without deduction of tax at source u/s 195 (1). The AO held that the payments were chargeable to tax in the hands of the foreign company as “royalty” u/s 9 (1) (vi) and that the assessee was ...

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Display at Airports / LCS about prohibition of import / export of Indian currency notes of denomination of above Rs.100 in India and in Nepal

Circular No. 19/2010-Custom Duty - (13/07/2010) - As you may be aware, the export and import of currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs.100 in either case) is not allowed to and from Nepal and Bhutan in terms of Notification No. FEMA 6 / RB-2000 dated 3.5.2000...

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CUSTOMS Notification No 74/2010, Regarding anti dumping duty on Diethyl Thio Phosphoryl Chloride originating in, or exported from, People’s Republic of China and imported into India

Notification No. 74/2010-Customs - (07/07/2010) - Whereas, in the matter of import of Diethyl Thio Phosphoryl Chloride (hereinafter referred to as the subject goods), falling under Chapter 28 or 29 or 38 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act), originating in, or ex...

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Personal verification of client’s mandatory requirement for opening share trading account

Circular No. SEBI/MIRSD/Cir.No.02/2010 - (18/01/2010) - The Securities Exchange Board of India (Sebi) has said that 'in-person' verification of clients is a mandatory requirement for opening account by a depository participant (DP). This will hold good for opening trading account by a stock broker and vice versa, if the stock broker and DP is the same en...

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Notification No. 93/2009 – Income Tax Dated 9/12/2009

Notification No. 93/2009 - Income Tax - (09/12/2009) - Notification No. 93/2009 - Income Tax In exercise of the powers conferred by clauses (a) and (b) of Explanation 2 to section 90A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following as specified territory and specified association respectively for the purpo...

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Withdrawal of circular related to taxability of income accruing or arising through, or from, business connection in India to a non-resident

Circular No. 7/2009-Income Tax - (22/10/2009) - The Central Board of Direct Taxes had issued Circular No. 23 (hereinafter called "the Circular") on 23rd July 1969 regarding taxability of income accruing or arising through, or from, business connection in India to a non-resident, under section 9 of the Income-tax Act, 1961. 2. It is noticed that...

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Recent Posts in "india"

India-Malaysia free trade agreement (FTA) to be effective from July 1

The free trade agreement (FTA) between India and Malaysia will come into force from July 1, giving Indian professionals like accountants, engineers and doctors access to the key South-East Asian nation. In addition, exports of items of considerable interest to India, like basmati rice, mangoes, eggs, trucks, motorcycles and cotton garmen...

Read More
Posted Under: Income Tax |

India, OECD to discuss tax reforms today

At a time when the government is accelerating efforts to strengthen the country's taxation system , India and rich countries' club OECD will deliberate on challenges to international tax rules on Monday. Co-operation in global tax matters have gained prominence , especially after the G-20 crackdown on tax havens, which are being used to p...

Read More
Posted Under: Income Tax |

Know Provident Fund (PF) account details online from 1st July

The Employees Provident Fund Organisation (EPFO) on Wednesday said account details would be available online from July 1. You can watch the account balance of your PF online from July 1, Assistant PF Commissioner Kanchan Roy said at an interactive session at Bengal National Chamber of Commerce and Industry....

Read More
Posted Under: Income Tax | ,

IT department to seek details of Hasan Ali Khan's Swiss Bank accounts

The income-tax department is preparing to send another Letter Rogatory to Swiss authorities, seeking details of Pune-based stud farm owner Hasan Ali Khan's Swiss Bank accounts . As part of this exercise, it has asked the Enforcement Directorate to provide a copy of the statements given to it by Khan, accused of siphoning off $8 billion to...

Read More
Posted Under: Income Tax |

Mauritius provides first information about tax evader

Yielding under pressure, Mauritius has for the first time provided banking information about a person being investigated by the Income Tax Department (ITD) for tax evasion and money laundering. They (Mauritius) have given information related to a person being probed by ITD who had remitted funds from that country to India, an official to...

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Posted Under: Income Tax |

Over 50 Percent US green card holders plan to return home – Survey

The United States may experience reverse brain drain as thousands of Indian IT professionals contemplate returning to India, according to a survey conducted by Corp-Corp.com , a US-based technology job portal. ...

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Posted Under: Income Tax |

RBI Governor meets FM ahead of credit policy ; Rate hike likely

Amid concerns over high inflation and the possibility of hike in key policy rates , Reserve Bank governor D Subbarao today called on Finance Minister Pranab Mukherjee to discuss the state of economy ahead of the apex bank's monetary policy next week. "As a standard practice I had come to review the macro economic situation with Finance M...

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Posted Under: Income Tax |

57 Indian companies figure in Forbes Global 2000 list of public companies

As many as 57 Indian companies including Reliance Industries , State Bank of India and Oil & Natural Gas Corp. figure in The Forbes Global 2000 list of public companies based on their rankings for sales, profits, assets and market value. Reliance with sales of $45.3 bn is ranked 121st in the list with three public State Bank of India Grou...

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Posted Under: Income Tax |

India among world's top 7 economies under G-20 scanner

The G-20 on Friday announced that International Monetary Fund (IMF) would review policies of the world's seven largest economies, including India and China , with the objective of rectifying flaws before they imperil growth. The US, Japan, Germany, France and Britain are the other five countries that influence the global economy. ...

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Posted Under: Income Tax |

India relaxes joint venture norms to draw foreign funds

India Thursday announced an updated foreign direct investment (FDI) policy that simplifies joint venture norms and opens up new areas for overseas funds. The updated policy allows overseas firms in existing joint ventures to operate separately in the same business segment. Earlier, they needed prior approval from their Indian partners. ...

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Posted Under: Income Tax |
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