"08 December 2009" Archive

Policy Circular No. 18/2009-2014, Dated: 08.12.2009

Policy Circular No. 18/2009-2014 (08/12/2009)

Accordingly, the matter was again taken up in the DEPB Committee (Inter-ministerial Committee having representatives of Technical Authority as well) meeting held on 29th October 2009 and after detailed deliberations....

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Public Notice No. 24/2009-14, Dated: 08.12.2009

Public Notice No. 24/2009-14 (08/12/2009)

In Appendix 37D, Handbook of Procedures Vol. I, in TABLE 1 (FOCUS PRODUCTS), under the heading HANDLOOM PRODUCTS, at Sl. No. 28, ITC (HS) Code 52091113 is added after the ITC (HS) Code 52091112 and ITC (HS) Code 52091119 is deleted....

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Regarding anti dumping duty on Synchronous Digital Hierarchy Transmission Equipment originating in or exported from, People’s Republic of China (China PR) and Israel

Notification No. 132/2009-Customs (08/12/2009)

Whereas, in the matter of import of all kinds of Synchronous Digital Hierarchy Transmission Equipment (hereinafter referred to as the subject goods), falling under sub-heading 8517 62 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in or exported from, People’s Republic of China (China PR) and Israel (her...

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Classical Accountancy to IFRS (A bird’s-eye view) Part II

Normally every sovereign state provides a legal framework to decide about the accounting year. Every entity carrying on a business is required to prepare the final accounts as understood by us for pre-defined accounting year. [More...] Besides annual report to various stakeholders, collection of tax revenue is also based on this pre-deter...

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Posted Under: DGFT |

Classical Accountancy to IFRS (A bird’s-eye view) Part I

These are challenging times in many respects. A global financial meltdown in which India cannot escape without hurt, a gruesome terrorist attack on 26/11 on the financial capital of India i.e., our dear Mumbai, politicians’ continuous play and ensuing election and what not. In the field of Accounting and Auditing also we are expected to...

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Posted Under: DGFT |

Step-down Indian subsidiaries of multinational corporations — are these public companies?

Multinational corporations have been carrying on business in India through private limited companies (‘Indian Companies’) set up by them under the Companies Act, 1956 (‘the Act’). Often, such private limited companies are not subsidiaries of the principal holding company (which has public shareholding), but are step-down subsidiar...

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Posted Under: DGFT |

Transfer pricing Management fees — Are you following the best practices? Part II

The article specified the criteria to determine whether an intra-group service has been rendered by a related entity. Once it has been concluded that a service has been rendered, the second of the two primary issues pertaining to intra-group services needs to be addressed, namely, the amount to be charged for the service rendered. ...

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Posted Under: DGFT |

Transfer Pricing Management fees : Are you following the best practices? Part I

One of the most widely contested issues by Indian tax authorities during a transfer pricing audit is the amount paid for intra-group services to group companies often referred to as management or intra-group fees/charges. In fact, compensation for intra-group services has been one of the important transfer pricing challenges globally for ...

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Posted Under: DGFT |

Applicability of Service Tax on sale of computer software?

The Finance Act, 2008 brought some new services under the Service Tax net. One of them is Information Technology Software Service. Inclusion of a new services category — Information Technology Software Services — within the ambit of Service Tax legislation has created confusion among software firms. The levy of this new service along ...

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Posted Under: DGFT |

Daughter’s right in coparcenary

Since the passing of the Hindu Succession Act, 1956 (‘the Act’), one issue which was constantly agitated by the liberals was regarding the right of a daughter or a married daughter in coparcenary property of a Hindu Undivided Family. Some of the States which took the lead in liberalisation, passed State amendments to the Act, whereby ...

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Posted Under: DGFT |

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