"13 January 2010" Archive

Government announced series of new incentives for exporters

Shri Anand Sharma, Union Minister of Commerce and Industry, while addressing the media here today, has announced a series of new incentives for exporters. These are as follows: 1. New Products under Focus Product Scheme (FPS): 1.1 112 new products added under FPS at 8 digit level, eligible for benefits @ 2% of FOB value of exports to all...

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Posted Under: DGFT |

Government committed to converge to IFRS by April, 2011

The core group for convergence of Indian Accounting Standards with International Financial Reporting Standards accepts the Report of Sub-Group 1. Ministry of corporate affairs reiterates commitment to carry out the convergence of Indian accounting standards by April, 2011....

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Posted Under: DGFT |

Amendment in HBP-V1-Additional items-markets for incentives under chapter-3 schemes Table-6

Publi Notice No. 33/2009-14 13/01/2010

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in HBPv1, for benefits on exports made on or after 1.1.2010:...

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Insertion of Para 6.31 in HBP v 1 2009-14

Public Notice No. 32/2009-14 13/01/2010

Insertion of Para 6.31 in HBP v 1 2009-14. In exercise of powers conferred under Para 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures (Vol. 1), 2009-14...

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Custom duty circular amending Notification No.21/2002-Customs, dated the 1st March, 2002 – Effective Rate of Duty

Notification No. 03/2010-Customs 13/01/2010

G.S.R. (E).- -In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance...

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If company constructed structure on shareholders land then rent there from will be taxable in the hand of company

CIT Vs. Monarch Citadel Pvt. Ltd. (Karnataka High Court)

In so far as the rents received from Samsung are concerned., the finding recorded by the Assessing Officer is that, the structure is constructed by the Company itself with its own funds and not that the super structure has been constructed by the shareholders on the land belonging to the Company or a case where the investments...

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Retail Issue of Subordinated Debt for Raising Tier II Capital

RBI/2009-10/287 DBOD.BP.BC.No. 69/21.01.002/2009-10 13/01/2010

Some banks have indicated that they would like to issue subordinated debt to retail investors. With a view to enhancing investor education relating to risk characteristics of regulatory capital instruments, banks issuing subordinated debt to retail investors are advised to adhere to the following conditions:...

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Purchase of Immovable Property in India by Persons of Indian Origin (PIOs) – Amendment of the definition

RBI/2009-10/ 286 A.P. (DIR Series) Circular No.25 13/01/2010

Attention of Authorised Dealer Category-I banks is invited to clause (c) of Regulation 2 of Notification No. FEMA 21/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India), Regulations, 2000, as amended from time to time, in terms of which 'a Person of Indian Origin' means an i...

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Expenditure on consultancy for restructuring of company is allowable deduction u/s 37(1) of Income Tax Act, 1961

CIT Vs. JCT Electronics Ltd. (Punjab & Haryana High Court)

In order to appreciate the controversy few facts may be noticed. The assessee-company is manufacturing colour picture tubes. In respect of the assessment year 2004-05 the assessee company incurred expenditure for the purpose of restructuring. The assessee-company had become a sick unit and in that regard a reference was made to BIFER for ...

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No clear mandate in CA elections of Ahmedabad branch of ICAI

None of the two panels that contested in the election of Ahmedabad branch of Institute of Chartered Accountants of India (ICAI) received clear mandate. Both vibrant-8 panel, representing small and medium CA practitioners, and care panel, representing Ernst & Young, PricewaterhouseCoop ers, Delloitte and KPMG, managed to win four seats eac...

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