"29 January 2010" Archive

Adjustment of Advance FBT with Advance Tax for A.Y. 2010-11

The Central Board of Direct Taxes have decided that any instalment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for Financial Year (FY) 2009-...

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Posted Under: Income Tax |

Aal is well

The phrase aal is well is catching up fast with one and all- thanks to the recent film ‘3 Idiots’ which has made this phrase popular amongst the gen next and other factions of the society. The film, 3 idiots sends the message to the present society of our country –be it student, young citizens or people of our or our parent’s age ...

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Posted Under: Income Tax |

Integrity and Ethics are Basic to Good Governance in Banking

One may govern life in accordance with the revealed truth as one sees it or natural law or a simple precept of not treating others as ends, or in pursuit of the good life of contemplation prized by Aristole . One may believe that morality lies in doing the best one can for oneself and one’s children and giving something back to the soci...

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Posted Under: Income Tax |

Government likely to scrap DEPB scheme

One of the most favoured duty reimbursement schemes among exporters - the Duty Entitlement Passbook (DEPB) scheme - is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which was extended till December 31 in the Foreign Trade Policy 2009-2014, is widely viewed as one ...

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Posted Under: Income Tax |

Mauritius Vice Prime Minister claimed his country is not a tax haven

Dismissing the notion that Mauritius is a tax haven, the island nation's Vice Prime Minister Ramakrishna Sithanen on Tuesday said he has not received any complaints from India about routing investments via his country to evade taxes. However, Sithanen, who is also the finance and economic development minister, promised to cooperate with I...

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Posted Under: Income Tax |

Circular on adjustment of Advance FBT Paid for Assessment Year 2010-11

Circular No. 2/2010-Income Tax 29/01/2010

Circular No. 2/2010-Income Tax The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII H (Sections 115 W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115 WM was inserted to abolish the FBT with effect from Assessment ...

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Clarification regarding filing of Objections before Dispute Resolution Panel (DRP)

F. No. 142/22/2009-TPL (Pt. II) 20/01/2010

A new section 144C was inserted in the Income-tax Act, 1961 vide Finance (No. 2) Act of 2009. Section 144C provides for constitution of a Dispute Resolution Panel (DRP) to decide cases of an eligible assessee as defined in sub-section (15) of section 144C of the Income-tax Act. The Dispute Resolution Panel Rules were notified vide SO No. ...

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RBI hikes CRR by 75 bps, No Change in Reverse Repo Rate and Repo rate

RBI has increased cash reserve ratio by 75 bps to 5.75 Percent , the hike would happen in two stages, the first stage of hike of 50 bps will be effective from February 13 and the next 25 bps from February 27. RBI has not touched the the reverse repo rate which is at 3.25 percent and repo rate which is at 4.75 percent. CRR hike would suck ...

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Posted Under: Income Tax | ,

SEBI circular on Disclosure of investor complaints and arbitration details on Depository website

Circulars No. SEBI/MRD/ OIAE/ Dep/ Cir- 4/2010 29/01/2010

Based on the feedback and inputs received from them transparency in ‘grievance redressal’ is identified as a key area to augment investor protection. It is envisaged that transparency will also improve the general functioning of the market by providing investors the wherewithal to make informed choice....

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CBEC amends tariff value of Brass scrap and poppy seeds

Notification No. 10/2010-Customs (N.T.) 29/01/2010

NOTIFICATION NO 10/2010-CUSTOMS (N.T.) - In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India...

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