"February, 2010" Archive - Page 50

Quality assessment Scheme: Move to improve the quality of Assessment

The Central Board of Direct Taxes recently framed a scheme for ensuring quality tax assessments by its officers across India. In the preface to the scheme (issued in December 2009), the CBDT has expressed its concerns on the need for improving the general quality of tax assessments conducted by its officers....

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Posted Under: Income Tax |

Big four in race to grab the consultant’s job for the Unique Identification Authority of India’s UID project

The Big Four – KPMG, Deloitte, Ernst and Young and PricewaterhouseCoopers – are in a fray for snapping up the consultant’s job for the Unique Identification Authority of India’s UID project. These four have cleared the first two rounds of evaluation to reach the technical evaluation stage along with three other companies which inc...

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Posted Under: Income Tax |

Notional interest on interest-free loans is assessable under transfer pricing law

Perot Systems TSI Vs. DCIT (ITAT Delhi)

The assessee, an Indian company, advanced interest-free loans to its 100% foreign subsidiaries. The subsidiaries used those funds to make investments in other step-down subsidiaries. On the question whether notional interest on the said loans could be assessed in the hands of the assessee under the transfer pricing provisions of Chapter X...

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No addition can be made or sustained simply on basis of statement recorded at the time of survey/search

DCIT Vs. Premsons (ITAT Mumbai)

In order to make an addition on the basis of surrender during search or survey, it is sine qua non that there should be some other material to co-relate the undisclosed income with such statement....

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Third Quarter Review of RBI Monetary Policy 2009-10

This Policy Review statement should be read and understood together with the detailed review in Macroeconomic and Monetary Developments released yesterday by the Reserve Bank. The statement is organised in four sections. Section I provides an overview of global and domestic macroeconomic developments; Section II sets out the outlook and p...

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Posted Under: Income Tax | ,

Direct tax code lack the focus on development

The tax code comes in the economic background of over 400 million people being below the poverty line; with many areas disturbed due to underdevelopment; sustained policies of inclusive growth having reduced the poverty ratio but not absolute numbers; and a huge lack of infrastructure....

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Posted Under: Income Tax |

Apex court ask government to take action against official for delays in filing appeals for recovery of tax dues

Inordinate delays in filing appeals for recovery of tax dues by the government have often attracted the attention of the apex court. These delays caused by lapses on the part of revenue officials at Centre and states, however, also represent a systemic failure, legal experts say....

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Posted Under: Income Tax |

MNC can now appeal with CIT (A) too in respect of transfer pricing related disputes

This is good news for Multi-national companies (MNCs) operating in India. Over 1,600 such companies, who were asked to pay additional corporate taxes on account of their overseas transactions, now, have the option to appeal before the conventional forum of Commissioner (Appeal) as well as Dispute Resolution Panel (DRP) for redressal of th...

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Posted Under: Income Tax |

RBI circular on Maintenance of Cash Reserve Ratio (CRR) by Scheduled State Co-operative Banks

RBI/2009-10/300, RPCD.CO.RF.BC.No.51/07.02.01/2009-10 (01/02/2010)

RPCD.CO.RF.BC.No.51/07.02.01/2009-10- 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 State Co-operative Banks by 75 basis points from 5.00 per cent to 5.75 per cent...

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RBI circular on Maintenance of Cash Reserve Ratio (CRR) by All Scheduled Primary (Urban) Co-operative Banks

RBI/2009-2010/302, Ref: UBD (PCB).No./2/12.03.000/2009-10 (01/02/2010)

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

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