"14 January 2010" Archive

RBI circular on Remittance of Salary – Relaxation

RBI/2009-10/ 288, A.P. (DIR Series) Circular No.26 14/10/2010

employee of a foreign company or a citizen of India employed by a foreign company outside India, and in either case on deputation to the office/ branch/ subsidiary/ joint venture in India of such foreign company, may open, hold and maintain a foreign currency account with a bank outside India and receive the salary payable to him by credi...

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Excise duty circular on Irregular availment of Cenvat credit on certain activities not amounting to manufacture

Circular No. 911/01/2010-Central Excise 14/01/2010

Reference has been received from field formations stating that though certain activities including connectorising, testing, repacking and relabeling of feeder cables, cutting of HR/CR coils into sheets or slitting into strips do not amount to manufacture, such processors are taking Cenvat credit and justifying their Cenvat availment on gr...

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Amendment in chapter 8 of FTP regarding mega power projects

Notification No. 24 (RE 2010/2009-2014) 14/01/2010

Further, supply of goods required for the expansion of existing mega power project as specified in Sl. no 400A of DoR Notification 21/2002- Customs dated 1.3.2002, as amended shall also be eligible for deemed export benefits as mentioned in paragraph 8.3 ( a), (b) and (c) of FTP, whichever is applicable....

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SEBI : (Employees’ Service) (Amendment) Regulations, 2010

Notification No. LAD-NRO/GNi2009-10,128/190983 14/01/2010

section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the Regulations to further amend the Securities and Exchange Board of India (Employees' Service) Regulations, 2001,...

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Income tax department seized Rs 7.5 crore from Weight loss doctor

In one of the largest seizures of cash in an income-tax raid on an individual, the department on Tuesday recovered Rs 7.5 crore from the premises of a reputed nutritionist based in Vile Parle. Nutritionist Sarita Davare is known to have helped several high-profile Bollywood personalities , including Farah Khan, Sonu Niigaam and Hariharan,...

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Posted Under: Fema / RBI |

No element of charity in BCCI conduct: Income Tax Department

No, this isn't an ungrammatical anti-BCCI tirade from a rival cricket organisation. It is, rather, what the income-tax department has to say about the BCCI in its assessment order dated December 30 last year while disallowing tax exemptions for the organisation. The exemptions were earlier being granted on the grounds that promoting crick...

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Posted Under: Fema / RBI |

Bombay High court fined NGO 40 lakh

Taking a strict view of frivolous petitions that flood the courts, the Bombay high court in an unprecedented move has ordered a city-based organisation, the Bhrastachar Nirmoolan Sanghatana , to pay Rs 40 lakh as legal costs after dismissing its public interest litigations against a super-luxury tower on Peddar Road...

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RBI issued guidelines to execute repo in corporate bonds which would be effective from March 1, 2010

Repos in corporate debt securities will be for a minimum period of one day and a maximum period of one year, the RBI said in a release adding that only listed corporate debt securities which are rated ‘AA’ or above by the rating agencies can be used for repo....

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Posted Under: Fema / RBI | ,

Government may introduce bill to amend the Companies Act in the budget session

The government plans to introduce a bill to amend the Companies Act in the budget session of parliament to enable convergence of Indian accounting standards with the International Financial Reporting Standards (IFRS). "The ministry will carry out the exercise for necessary amendments in the Companies Act in the forthcoming budget session ...

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Posted Under: Fema / RBI |

Use of Cash Profit / Sales and Cash Profit / Cost emphasized as an appropriate PLI for use of TNMM

Schefenacker Mother son Ltd Vs. ITO and Schefenacker Mother son Ltd Vs. DCIT [ITAT Delhi]

In the case of Schefenacker Motherson Ltd v. ITO, ITA No. 4459/DEL/07 for AY 2003-04 and schefenacker Motherson Ltd v. DCIT, ITA No.4460/DEL/07 for AY 2004-05, the Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal), held that cash profit on sales “CP/Sales” or cash profit on total cost excluding depreciation “CP/TCdep...

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