"25 November 2009" Archive

Result of CPT Online (for Exam. held on 24th & 25th Oct. 2009) Declared

The results of CPT online examination held on 24th and 25th October 2009 has been declared on 24th November 2009....

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Posted Under: CA, CS, CMA |

TDS rates chart after 01st October 2009 for financial year 2009-2010 and download calculator for 2009-2010

Finance minister made many changes in rules and section related to TDS in his Final budget presented in July 2009 which resulted in change in TDS rates which created confusion on applicability of surcharge and cess on TDS. It also created confusion about the date of applicability of 20% rate of TDS when PAN not given. In his Budget financ...

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Posted Under: CA, CS, CMA |

TDS rates for FY 2009-10 (01.04.2009 t0 30.09.2009)

As we all aware there were two budgets presented in year 2009. One was interim Budget presented by Finance Minister in Februar 2009 and other one was Final budget Presented by Finance Minister in parliament in July 2009. Normally Final Budget get presendted in parliament in February and Govenment made changes applicable from April. Since...

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Posted Under: CA, CS, CMA |

Income Tax department reopened Assessment of Indian Nationals on info from German Bank

“The German Tax authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT Bank of Liechtenstein…Assessments have been reopened under the Income Tax Act, 1961 in all these cases,” said the Minister of State for Finance, S S Palanimanickam, in a writt...

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Posted Under: CA, CS, CMA |

RBI appointed Dr. Subir Gokarn as Deputy Governor

Dr. Subir Vithal Gokarn has today taken over as the Deputy Governor of the Reserve Bank of India.Dr. Gokarn has been appointed Deputy Governor for three years from the date of his taking over. He will be the fourth Deputy Governor, the other three being Smt. Shyamala Gopinath, Smt. Usha Thorat and Dr. K.C. Chakrabarty. As Deputy Governor...

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Posted Under: CA, CS, CMA | ,

PWC asked for clarity on taxation rules regarding payments made for acquiring spectrum

“There is no specific provision in Indian tax laws governing the deductibility of the payments made for acquiring spectrum,” a PwC report on the telecom sector said. With the allocation of spectrum, especially 3G being an issue of concern, rules governing the same in the taxation laws also assume significance. “Since, substantial am...

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Posted Under: CA, CS, CMA |

DIPP not in favour of unregulated investment in sectors with foreign investment caps

NA 25/11/2009

The Department of Industrial Policy and Promotion (DIPP) under the ministry of commerce and industry has disagreed with the Union finance ministry’s view that there is need to regulate investment in sectors with foreign investment caps in respect of those companies which despite being technically “owned and controlled by Indians” as...

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Sorting / Processing of Notes – Installation of Note Sorting Machines

With the sheer increase in the number of physical bank notes in circulation and the increase in the number of counterfeit notes detected/seized in recent period it is apparent that steps have to be taken by all stakeholders to address the issue regarding sorting of banknotes and detection of counterfeit notes. Ensuring detection of counte...

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Posted Under: CA, CS, CMA | ,

Issue of No Objection Certificate for release of 1% of issue amount

Circular No. OIAE/Cir-1/2009 25/11/2009

As per the Listing Agreement with the Stock Exchanges, the issuer company deposits 1% of the issue amount of the securities offered to the public and/or to the holders of the existing securities of the company, as the case may be, with the designated stock exchange. This amount was being released to issuer companies after obtaining a No O...

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Revised norms for execution of Bank Guarantee under specified Export Promotion Schemes

Circular No. 32/2009-Custom Duty 25/11/2009

I am directed to invite your attention to Circular No.17/2009-Cus. dated 25.05.2009 (herein after referred to as ‘the said circular’) vide which revised norms for execution of Bond / Bank Guarantee (BG) in respect of imports made under the Advance Authorization / Export Promotion Capital Goods/Duty Free Import Authorization Schemes we...

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