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, Dr. Gokarn will look after the Monetary Policy Department, Department of Economic Analysis and Policy, Department of Statistics and Information Management, Department of Communication and Deposit Insurance and Credit Guarantee Corporation. Dr. Gokarn will also represent the Reserve Bank at the G-20 Deputies’ forum.
“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 amounts are to be involved for acquiring spectrum, determining its deductibility becomes critical,” the firm said.
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 defined in Press Note 2, still leave scope for indirect foreign control.
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 counterfeits and preventing their re-issue as well as providing good quality genuine bank notes is of paramount importance.
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 Objection Certificate (NOC) from SEBI in accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000. Since these Guidelines have now been rescinded, the NOC will be issued henceforth in accordance with this Circular.
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 were notified and to say that, representations have been received to clarify, whether the status holders other than ‘Star Export House’ are entitled for ‘nil’ BG in terms of sl.No.(c) of the Table appended to para 2.1 of the said circular.
For non filing or late filing of the Audit Report, penalty at the rate of 0.1% of the turnover of sales is also leviable. As explained from beginning, under VAT Act the assessments will be sparing, based on selection criteria. Therefore, to have authentic checking of the returns/tax liability of the dealer, the VAT Audit provision has been introduced. The VAT Audit report in Form 704 is accordingly notified in the MVAT Rules right from 01.04.2005. However, the said Form is now replaced by Notification dated 26.08.2009 under Rule 17A(2) of MVAT Rules,2005 applicable from 01.04.2008. The newly introduced Form will accordingly be applicable from financial year 2008-2009. Some of the important aspects of this Form can be noted as under:
Multinational companies can now look forward to expeditiously settling their tax disputes in India. The Central Board of Direct Taxes on Monday announced the new rules for creation of special dispute resolution panels (DRP) that will allow foreign taxpayers to sort out their tax disputes in a faster and cost effective manner.
I am directed to say that references have been received in this department seeking clarification on the currency in which NFE is to be calculated. The matter has been examined in this department and it is clarified that NFE is to be calculated in rupee terms only.
The services rendered by hospitals to various patients arc primarily medical services and, therefore, provisions of 194J are applicable on payments made by TPAs to hospitals” etc. Further for invoking provisions of 194J, there is no stipulation that the professional services have to be necessarily rendered to the person who makes payment to hospital. Therefore TPAs who are making payment on behalf of insurance companies to hospitals for settlement of medical/insurance claims etc under various schemes including Cashless schemes are liable to deduct tax at source under section 194J on all such payments to hospitals etc.
