In respect of multi product exporters having their head office/registered office in the North Eastern States, RCMC may be obtained from Shellac & Forest Products Export Promotion Council.
Corporates houses, banks and financial institutions have got just 18 months to begin the changeover to a new set of transparency, inducing accounting standards that will have a major impact on their financial statements. The new norms to classify, value and disclose the complex financial instruments they trade in is expected to change the way exposure to many instruments are reported now, besides capturing many unreported exposures. Accounting standard setter the Institute of Chartered Accountants of India (ICAI) last Friday decided to introduce the new standards —recognition and measurement of financial instruments — from April 1, 2009.
Warrant of authorisation issued by Addl Director without proper authority – entire search and assessment consequent to such invalid search is bad in law and annulled -ITAT. The warrant of authorization issued in the present case by the Addl. Director of Income Tax (Investigation) has therefore to be held without proper authority and the entire search as well as the assessment proceedings consequent to such invalid search has to be held bad in law and annulled.
THE assessee company was incorporated with the main object of acquiring a holding of equity and preference shares of companies engaged in the business of cement, ready mix and aggregate and to provide financial management. It was the first return of the assessee company. The Assessing Officer noted that the total capital was at Rs.209.33 crores which was raised during this year, out of which a sum of Rs.207.78 crores was invested in the shares of Lafarge India Ltd. The assessee company also earned interest on fixed deposits of Rs.2,28,000/ – against which, it had claimed administrative and other expenses to the tune of Rs.2,69,85,000/ -.
Allowing a batch of writ petitions filed by various factories, Justice K. Chandru said leave encashment could not be considered part of the basic wage for deducting provident fund contributions. Employees usually did not exhaust their earned leave; they chose to encash them at the time of retirement, or the sum was paid to their heirs in case of contingency such as the death of an employee. Hence, they would not be benefited at all by provident fund deduction from the encashment of annual leave.
THE assessee approached CIT(A) in appeal whereby CIT (A) allowed interest on refund of interest paid u/s 243B of the Income Tax Act. And predictably, the Revenue moved Tribunal in appeal against the said order.In this case, the refund is out of payments made by the assessee, clause (b) of sub-section (1) of section 244A would be workable as the date of payment by the assessee of the amount refunded is known with which the interest is to run.
Reserve Bank of India (RBI), vide its AP (DIR) circular no. 03/2007-08 dated 19.07.2007, has clarified that a remitter of foreign exchange is required to submit to the authorised dealer, an undertaking and CA certificate in the format prescribed by Central Board of Direct Taxes (CBDT) vide circular No. 10/2002 dated October 9, 2002 at the time of making the remittance in foreign exchange to non-residents including remittances which are in the nature of trade transactions such as import payments.
The Finance Ministry has passed on certain powers of an income-tax assessing officer to the tax recovery officer (TRO) in the I-T department. A TRO has been given power to rectify the mistakes apparent from the face of record regarding tax demanded from a taxpayer, official sources said. Hitherto, a TRO could not exercise any […]
NOTIFICATION NO. 264/2007, DATED 23-10-2007 Valuation of specified security or sweat equity share being a share in the company. 40C. (1) For the purposes of clause (ba) of sub-section (1) of section 115WC, the fair market value of any specified security or sweat equity share, being an equity share in a company, on the date on which the option vests with the employee, shall be determined in accordance with the provisions of sub-rule (2) or sub-rule (3).
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 1.3 and paragraph 2.1 of the Foreign Trade Policy, 2004-2009, as amended from time to time, the Central Government hereby makes the following additions with immediate effect at the end of Paragraph 2 Notification No. 38 (RE-2006)/2004-2009 dated 15.10.2007.
