Articles

Acquisition of Immoveable Property in India – F.A.Q

(19/12/2008)

Under the general permission available, the following categories can freely purchase immovable property in India: i) Non-Resident Indian (NRI)- that is a citizen of India resident outside India ii) Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Ir...

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Posted Under: Fema / RBI |

Power Point Presentation on New MVAT Form and Engagement Letter

Specimen of Letter of Appointment as Vat Auditor under Section 61 Of The MVAT Act, 2002, For The Financial Year Ending 31st March 2011. Specimen Letter of Communication with Previous Mavt Auditor....

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Posted Under: Fema / RBI |

Why the Dollar Is Getting Stronger

What’s behind the dollar’s surprising strength? First, there’s the fear factor. During tough economic times, investors often flee foreign currencies and other risky assets for safe havens like the US dollar. The euro, the pound, and emerging-market currencies may also have been inflated after a six-year run-up....

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Posted Under: Fema / RBI |

Amounts received towards reimbursement of expenses can, under no circumstances, be regarded as a revenue Receipt and not chargeable to income-tax

CIT VS. SIEMENS AG (BOMBAY HIGH COURT) If the Tribunal has answered an issue and that has not been challenged by the revenue, it will not be open to the revenue to raise the said issue again in respect of the same assessee; The judgement of the Supreme Court in Ishikawajima-Harima Heavy Industries vs. DIT 288 ITR 408 (SC) has been overcom...

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Posted Under: Fema / RBI |

Where the income is actually received or has accrued in India, the resort to deeming provision is not warranted

MUSTAQ AHMED VS. DIT (AAR) Where the income is actually received or has accrued in India, the resort to deeming provision is not warranted and s. 5(2) is sufficient to create a charge in respect of non-resident’s income. Clause (b) to Explanation 1 makes no difference to this position. ...

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Posted Under: Fema / RBI |

Revision of Excise and Customs Duty Rates and Service Tax Refund to Exporters

The three major ad valorem rates of Central Excise duty viz. 14%, 12% and 8% applicable to non-petroleum products have been reduced by 4 percentage points each. The revised rates will be 10%, 8% and 4% respectively....

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Posted Under: Fema / RBI |

Government Announces Measures for Stimulating the Economy

Government has focussed its attention on countering the impact of the global recession on India's economic growth. On the monetary side, the RBI has sought to pump sufficient liquidity into the banking system to enable bank credit to meet the expanded requirements of the economy keeping in mind the contraction in credit from non-bank sour...

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Posted Under: Fema / RBI |

No tax is deductible at source from service-tax included in a bill

The Finance Act, 1994, provided for levy of service-tax in respect of ‘Taxable services’. Section 68 of the aforesaid Act lays down that the provider of taxable services shall be liable for payment of service tax, at the specified rate. The relevant provisions in this regard are section 68 of the Finance Act, 1994, as also Rule 6 of t...

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Posted Under: Fema / RBI |

Validity of assessment order for want of service of notice u/s 143(2)

ITO VS. VARIA PRATIK (ITAT A’BAD) Though s. 292BB comes into force on 1.4.2008 and not from any particular assessment year, it is declaratory, procedural and curative in nature and accordingly the validity of notices issued/served will have to be decided after 31.3.2008 in accordance with the provisions of section 292BB irrespective of ...

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Posted Under: Fema / RBI |

Validity of order passed by ITAT after 4 months delay and without recording reasons

SHIVSAGAR VEG VS. ACIT It is incumbent upon the Tribunal, being the final authority of facts, to appreciate the evidence, consider the reasons of the authorities below and assign its own reasons as to why it disagrees with the reasons and findings of the lower authorities. The Tribunal cannot brush aside the reasons or findings recorded ...

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