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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
In terms of Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009, all Authorized Persons, authorized under Section 10(1) of FEMA, 1999 have been brought under the purview of PMLA, 2002. Therefore, the existing Know Your Customer (KYC) norms/ Anti-Money Launderings (AML) standards/ Combating the Financing of Terrorism (CFT) for money changing activities have been revisited in the context of the Financial Action Task Force (FATF) Recommendations on Anti Money Laundering (AML) standards and on Combating the Financing of Terrorism (CFT). Detailed instructions on Know Your Customer (KYC) norms
The principal notification No.21/2002-Customs, dated the 1st March, 2002, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 118(E), dated the 1st March, 2002 and was last amended by notification No. 125/2009-Customs, dated the 11th November, 2009 which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.810(E), dated the 11th November, 2009.
When the interest payable on the original loan is not allowable u/s 24(1)(vi), then the interest paid or payable on the second loan for repayment of original loan is also not allowable.
Ref.No.IDMD /2407 /08.02.033/2009-10 – Dated:- November 27, 2009 The Reserve Bank of India at Mumbai will conduct the auctions on December 4, 2009. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the Notifications (copies enclosed), which should be read along with the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India.
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses, issued vide A.P.(DIR Series) Circular No. 28 [A.P. (FL/RL Series) Circular No. 02] dated February 6, 2008 and A.P.(DIR Series) Circular No. 11 [A.P. (FL/RL Series) Circular No. 01] dated August 22, 2008. In view of the difficulties expressed by AD Category-I banks having Rupee Drawing Arrangements in adhering to some of the extant guidelines, it has been decided to revise certain instructions contained in the Memorandum. The revised instructions are given in the Annex.
The Committee, inter-alia, recommended broadening of the scope of the Scheme to specifically cover financial inclusion, role of State Governments, financial literacy and credit counselling, ‘credit plus’ activities, formulation of time bound Development Plans to facilitate ‘enablers’ and remove /minimise ‘impeders’ for banking development for inclusive growth and debt settlement and grievance redressal mechanisms. On the basis of recommendations of the Committee and as announced in Paragraph 147 of the Governor’s statement on Second Quarter Review of the Monetary Policy 2009-10, it is advised that the lead banks may
Please refer to our circular UBD.PCB.Cir.No.4/09.18.201/2008-09 dated July 15, 2008 prescribing guidelines for issue of Preference shares and Long term Deposits by Urban Cooperative Banks. In this connection, it is advised that the Long Term Deposits referred to in the said guidelines should henceforth be titled as ‘Long Term (Subordinated) Deposits’.
This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) in the case of JCIT v State Bank of Mauritius Ltd. (Taxpayer) [2009-TIOL-712- ITAT-MUM]. The ITAT held that the Taxpayer, a company incorporated in Mauritius, having established a Permanent Establishment (PE) in India, is entitled to the deduction of expenses, incurred for the purpose of the business of the PE, in computing the profits of the PE under Article 7(3) of the India-Mauritius Tax Treaty (Tax Treaty). In view of the specific provisions of the Tax Treaty allowing the deduction for such expenses, such a deduction is not subject to restrictions prescribed under the Indian Tax Law (ITL).
To give effect to the Budget proposals, a Bill (Legislative Assembly Bill No. XIV of 2009) to amend the Maharashtra State Tax on Professions, Trades, Callings and Employment Act, 1975 was introduced in the Legislature. The said Bill has been passed by both the houses of the Legislature. The Act is now published in the Maharashtra Government Gazette dated 27th June 2009.
Cashless hospitalisation schemes offered by health insurers and insurance companies are under the income-tax net.The CBDT has now made it clear that Third Party Administrators (TPAs) must deduct tax at source on payments made to hospitals for settling insurance/medical claims under various schemes including cashless schemes.
