"January, 2010" Archive - Page 2

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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New GST rollout date will be known in April 2010

It is official. The much-anticipated Goods and Services Tax (GST), which will replace most of the indirect taxes levied by the Centre and states, will not be introduced from the targeted date of April 1. The Bills pertaining to the introduction of a new law and amendment to the Constitution will not be tabled in the coming Budget session ...

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Posted Under: Income Tax |

Summary of comments made by Department of Revenue on First Discussion Paper on Goods and Service Tax (GST)

Department of Revenue has agreed to most of the recommendations put forward by Empowered committee in FDP on GST relating to harmonious structure of rate, taxation base, exemptions, chargeability, definition of taxable event, taxable person, valuation, classification etc.However, there are certain areas where Department of Revenue has sug...

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Posted Under: Income Tax |

Section 42(1) of the Reserve Bank of India Act, 1934 – Maintenance of CRR

RBI/2009-10/296, Ref: DBOD.No.Ret.BC. 71/12.01.001/2009-10 29/01/2010

On the basis of the current macroeconomic assessment, as set out in the Third Quarter Review of Monetary Policy 2009-10 issued on January 29, 2010, it has been decided to increase the Cash Reserve Ratio (CRR) for Scheduled Commercial Banks by 75 basis points from 5.00 per cent to 5.75 per cent of their net demand and time liabilities (NDT...

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Restructuring of businesses cannot be construed as an exercise for avoiding tax: AAR

In a ruling that will provide great relief to corporates planning to restructure their businesses, the Authority for Advance Ruling (AAR) held that restructuring of businesses cannot be construed as an exercise for avoiding tax in India. AAR, a quasi judicial body for settling tax disputes involving foreign entities, in an order last week...

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Posted Under: Income Tax |

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