The applicant is a non-resident shipping Company incorporated under the laws of Switzerland and is in the business of shipping contracts for the transportation of cargo worldwide. During the financial years 2007-08 and 2008-09, the applicant entered into a shipping contract for transportation of cargo from Indian ports to China. The amount of freight for transportation of cargo from the Indian port to a port outside India was invoiced and received by the applicant.
In terms of paragraph 2(a) of our circular UBD.PCB.Cir. No 29 / 09.11.600 / 2008-09 dated December 1, 2008, the provisioning requirements for all types of standard assets in case of Tier II UCBs had been reduced to a uniform level of 0.40 per cent except in the case of direct advances to Agriculture and SME sectors which continued to attract a provisioning of 0.25 per cent. Tier I UCBs were also advised to make a general provision of 0.25% on all their standard assets.
The Central Bureau of Investigation (CBI), which is probing the multi-crore Satyam accounting fraud, has given a clean chit to PricewaterhouseCoop ers (PwC), the firm’s erstwhile statutory auditors. The CBI, in its supplementary chargesheet filed on November 24 at the XIV Additional Chief Metropolitan Magistrate Court, revealed that the auditors S Gopalkrishnan and Srinivas Talluri, were employees of Lovelock & Lewes (L&L) and that the remuneration, which Satyam paid to the auditors, reached the accounts of L&L instead of PwC, which was appointed as the statutory auditor in 2001.
Premium Punch:- At present, premium payment for a life insurance policy is tax-exempt provided the premium amount is not more than 20 per cent of the sum assured. Similarly, any sum received under a life insurance policy – be it money back at regular intervals, death benefit, maturity benefits, including bonus and loyalty additions – is tax-free.
Please find enclosed Circular DBOD.No.BP.BC.64/21.04.048/2009-10 dated December 1, 2009 on the above subject. In this connection, it is advised that the above guidelines issued to banks, shall mutatis mutandis apply to the select All-India Financial Institutions (AIFIs).
Chief Justice of India K G Balakrishnan’s recent request to Prime Minister Manmohan Singh to protect the judiciary from increasingly ‘‘intrusive’’ queries appears to have triggered an exercise to look for options to effect changes in the RTI Act. Following the CJI’s impassioned letter, which said questions asked by chronic litigants about the judiciary could erode its independence, the government has started looking into possible changesin the RTI Act, highly placed sources said.
A man is known by the company he keeps. But with the implementation of the Companies Bill 2009, a single person will constitute a Company, under the One Person Company (OPC) concept.As a structure for professionals, individual entrepreneurs, SMES and NGOs – the proposed Section 171 extends to Section 25 Companies as well – this is a godsend, as it insulates the shareholders personal assets from liability. But one wonders whether this Bill is the right platform or the timing is opportune. There have been too many writings on the Bill and its various dimensions. It is a critical piece of reform, which will be resisted and opposed by many.
As reported by us earlier The government is planning to comprehensively revise tax treaties with as many as 25 nations, including Switzerland and Mauritius, and re-negotiate with 51 others, to trace black money. The government plans a comprehensive revision of the existing tax treaties with 25 countries, including the Swiss Confederation, Mauritius, Malaysia, Norway and the Netherlands among others.
In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes, with immediate effect, the following amendment to Notification No.38 (RE-2007)/2004-2009, dated 15.10.2007 read with Notification No. 93 (RE-2007)/2004-2009.
The quantity of organic wheat to be exported shall be monitored on a monthly basis both by the Customs Department as well as by DGCI&S, through monthly reports to be sent to the Department of Commerce / DGFT, as well as to the Department of Food & Public Distribution.
