"26 September 2009" Archive

Guidelines for Foreign investment in Commodity Exchanges

Press Note No. 7 (2009) 26/09/2009

Government of India had laid the guidelines for foreign investment in Commodity Exchanges vide Press Note 2(2008) dated 12th March 2008. As per the guidelines, a composite ceiling for foreign investment of 49% was allowed with prior Government approval, subject to the condition that investment under the Portfolio Investment Scheme will be...

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FAQ on the Exemption/ Refund Scheme for Exporters

Refund scheme to exporters was introduced by notification no. 41/2007 dated 6th Oct 2007. The scope of refund was enhanced from time to time along with the procedural changes. To make the scheme simple and ensure speedier disposal, two notifications 17-2009-ST and 18-2009-ST have been issued on 7th July 2009 superseding the earlier scheme...

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Posted Under: Fema / RBI |

Rating cannot be construed as a substitute for an exhaustive audit or a fraud detection

The credit crisis has exposed weaknesses in many financial intermediaries. How can rating agencies ensure their views are more accurate and unbiased?  Despite due diligence, there is always scope for improvement. Credit rating agencies (CRA) do not carry out a separate audit but takes cognisance of the information available from annual r...

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Posted Under: Fema / RBI |

Income Tax Search at oldest and richest realtors of Mumbai

One of the oldest and richest realtors of Mumbai, whose family once owned large parts of Powai and even donated land for setting up the IIT, is facing Income Tax (I-T ) trouble. I-T sleuths landed up at the residence and offices of Bhawani Shankar Sharma and his family members on Thursday morning and claimed […]...

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Posted Under: Fema / RBI |

Judgement holding S.43B(f) (leave encashment) as unconstitutional stayed

CIT Vs. Exide Industries (Supreme Court)

S. 43B (f) was inserted by the Finance Act, 2001 w.e.f. 1.4.2002 to provide that any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee shall be allowed as a deduction only in the year of actual payment. The said amendment was enacted to supersede the judgement ...

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Due date for filing Income Tax Return been extended by one month in Pune, Sangli and Kolhapur

The Government today extended the date for filing of income tax returns by a month in three districts of Maharashtra.”The due date of filing income tax returns, due by September 30, 2009, of tax payer assessed to income tax in the districts of Pune, Sangli and Kolhapur, has been extended to October 31, 2009,”the Central [&hell...

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Posted Under: Fema / RBI |

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