"February, 2010" Archive - Page 20

SEBI : Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement

SEBI/MRD/DoP/SE/Cir-6/2010 (22/02/2010)

Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement...

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No capital gains when partner retires – SC

Commissioner Of Income Tax Vs R. Lingmallu Raghukumar (Supreme Court of India)

Where a partner retires from a partnership and the amount of his share in the net partnership assets after deduction of liabilities and prior charges is determined on taking accounts in the manner prescribed by the relevant provisions of the partnership law there is no element of transfer of interest in the partnership assets by the retir...

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Cheques with alteration/corrections will not be honoured from 01.07.2010

RBI/2009-10/323 DPSS.CO.CHD.No. 1832/ 04.07.05 /2009-10 (22/02/2010)

Prohibiting alterations / corrections on cheques : No changes / corrections should be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee’s name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers. This wo...

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Insurance sector asked for separate limit under section 80C for long-term saving

We would recommend a separate limit for deductions under Section 80C for long-term saving instruments such as life insurance. Currently, the deduction under Section 80C also includes short-term saving instruments such as mutual funds and fixed deposits. Life insurance and pensions are the only segments of financial services that address t...

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Posted Under: SEBI |

After Advance Ruling in Star debate related to TV Tax planning vs tax evasion going on

Last fortnight, the Authority for Advance Rulings (AAR) delivered an important ruling on tax neutrality in relation to cross border mergers. The significance of ruling in the present context is attributable to tax administration’s ongoing stance that business restructuring is motivated for tax avoidance purposes and hence tax neutrality...

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Posted Under: SEBI |

Budget need to clarify on issue of TDS on payment made by TPA to Hospitals

Insurance companies are in a tizzy after the revenue-hungry income tax department asked for tax deduction at source to be imposed on most of the insurance transactions. This included payments made by insurers to foreign reinsurance companies and also payments made on behalf of insurance companies to hospitals in settlement of ‘cashless...

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Posted Under: SEBI |

Amendment of Para 2.63 (iii) of HBP Vol.I regarding RCMC

Public Notice No. 44/2009-14 (22/02/2010)

In case an export product is not covered by any Export Promotion Council/Commodity Board, etc. RCMC in respect thereof is to be obtained from FIEO. Further, in case of multi product exporters, not registered with any EPC, where main line of business is not discernible, the exporter has an option to obtain RCMC from Federation of Indi...

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Standardisation and Enhancement of Security Features in Cheque Forms

RBI/2009-10/323, DPSS.CO.CHD.No. 1832/ 04.07.05 /2009-10 (22/02/2010)

Paper-based cheque clearing continues to be one of the popular modes of initiating payment transactions in the country. During the period April-December 2009, clearing houses in the country have processed on an average around 4.5 million cheques every day. Several measures have been initiated by Reserve Bank of India to ensure that this r...

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Amendment/modification in SION S. No. C-1808

Public Notice No. 43 (RE-2010)/2009-2014 (22/02/2010)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2009-2014, as amended from time to time, amendments/corrections/modification at appropriate places as mentioned in ANNEXURE "A” to this Public Notice are made....

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Amendment in Policy Circular No. 94 dated 16.6.2009-Verification of new IEC

Policy Circular No. 25 /2009-2014 (22/02/2010)

The physical verification shall be carried out by a team of two officials which shall be led by an officer not below the rank of FTDO. However in exceptional circumstances, and with specific orders of the HOO in RA’s a two member team comprising of one FTDO/ Section Head/ LA and one UDC/ Senior LDC may carry out inspection of new IEC n...

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