stock broking

The government will consider changes in rules to allow 100% foreign owned and well capitalised non-banking finance companies (NBFCs) to set up subsidiaries, removing the curbs introduced by the foreign direct investment guidelines issued last year. The Reserve Bank of India will work out the details of the changes, a government official told. Full Article

Recently, the Bombay High Court in the case of CIT v. Techno Shares & Shares Limited and Various other Stock Broking Houses (ITA no. 971 of 2006 and 218 of 2007) held that the depreciation cannot be granted on Bombay Stock Exchange Membership Card (BSE card) acquired on or after 1 April 1998 either by nomination or directly through the stock exchange. Full Article

Professional Competence Examination-It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual taxable services. Full Article

CASE LAW DETAILS Decided by: Delhi High Court, In The case of: Commissioner Of Income Tax Vs. Db (India) Securities Ltd., Appeal No.: ITA No. 415/2007, Order Dated: 02.07.2009. SUMMARY OF CASE LAW The assessee, a broker, purchased shares of the value of Rs.1,06,10,247 on behalf of its sub-broker. The sub-broker made payment of Rs.64 [...] Full Article

Announcement for November 2009 examinations Professional Competence Examinations It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual taxable services. Integrated Professional Competence Examinations It is clarified that in Part –II : Service tax and VAT of Paper [...] Full Article

The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are already burdened with low-trading turnover, dipping revenues and increased policy levies. According to a section of brokers, half-yearly internal audits will not only be difficult to implement, but also make a dent in their earnings kitty. Full Article