"18 January 2010" Archive

Income Tax authorities planning to broaden the tax base

Income Tax authorities are planning to broaden the tax base, seek greater exchange of information under the tax treaties and provide better services to tax payers by 2020 when the direct tax reforms would be firmly in place. The apex direct tax body, Central Board of Direct Taxes (CBDT), has formed seven committees comprising senior reven...

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Posted Under: Income Tax |

RBI notified relaxation in remittance of salary by foreign nationals working in India


These individuals, according to the RBI, may open, hold and maintain a foreign currency account with a bank outside India and receive the whole salary payable to him for the services rendered to the office/branch/subsidiary/joint venture in India of such foreign company, by credit to such account, provided that income-tax chargeable under...

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Posted Under: Income Tax |

Bar councils covered under the purview of Right To Information (RTI) Act

The bar councils are open to public scrutiny under the Right To Information (RTI) Act and should set-up a mechanism to facilitate processing of applications directed to them under the transparency law, the Central Information Commission has held....

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Posted Under: Income Tax |

Duplication of computer software or processing of recordable media on blank CD amounts to ‘manufacture’

Oracle Software India Ltd. (Supreme Court of India)

Supreme Court (SC) [2010-TIOL-04- SC-IT] in the case of Oracle Software India Ltd. (Taxpayer) on the issue of whether the process of converting a blank compact disc (CD) into a recorded CD, by duplicating the master copy of software on it, constitutes 'manufacture' under the Indian Tax Law (ITL) for the purpose of claiming tax holiday...

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Trade circular No. 4T of 2010 on Filing of Audit Report in Form-704 for the periods 2005-06, 2006-07 and 2007-08

Trade Circular No. 4 T of 2010 18/01/2010

As per Section 61 of MVAT Act, 2002 it is mandatory for all eligible dealers to get their books of accounts audited. As per trade circular No. 27 T of 2009 Dated 01.10.2009, any dealer who files Audit Report in Form 704 on or after 1" Oct.2009 for any period shall file the same electronically in the new Form-704....

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Trade Circular No.3T of 2010 on Refund under MVAT

Trade Circular No. 3 T of 2010 18/01/2010

We had issued the above referred Trade Circular on 23.08.07 to formulate a standard procedure for processing of the refund applications. The circular contained certain provisions in Para 9(i) to facilitate issuance of refund amount against a BG worth part of the amount claimed as refund. The said provisions of para 9(i) stand superceded b...

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RBI notification regarding maintenance of CRR/SLR

RBI/2009-10/289 RPCD.CO.RRB.BC.No.48 /03.05.50/2009-10 18/01/2010

It has been observed that the Regional Rural Banks (RRBs) are not following a uniform practice in reckoning their liability in respect of arrangements with correspondent banks (mainly sponsor banks) for remittance facilities. Under the arrangements, there is a transfer of funds by accepting bank to its correspondent bank and it is an obli...

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SEBI circular on Advertisement by mutual funds

Circulars No. SEBI/IMD/CIR No.2/191378 /2010 18/01/2010

It is essential for the investors to be aware that the investments made in mutual funds are subjects to risk and that the scheme related documents should be read before investing. Hence it was mandated that statements appearing in Clauses 10, 13 and 14 of Schedule VI of SEBI (Mutual Funds) Regulations, 1996 on Advertisement Code should ap...

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Personal verification of client’s mandatory requirement for opening share trading account

Circular No. SEBI/MIRSD/Cir.No.02/2010 18/01/2010

The Securities Exchange Board of India (Sebi) has said that 'in-person' verification of clients is a mandatory requirement for opening account by a depository participant (DP). This will hold good for opening trading account by a stock broker and vice versa, if the stock broker and DP is the same entity or if one of them is the holding or...

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