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Archive: 03 March 2010

Posts in 03 March 2010

Taxability of capital gains on transfer of shares of a wholly owned Indian subsidiary by a non resident parent company to a non resident

March 3, 2010 2849 Views 0 comment Print

KSPG Netherlands Holding B.V. (applicant), is a company incorporated in Netherlands on November 6, 2008 with its registered office in Amsterdam. PG India is the private limited company incorporated under the Companies Act, 1956 on October 26, 2006, which was held by Pierburg GmbH until November 2008. During November 2008, Pierburg GmbH

Demarcated space made available in the warehouse by logistics service provider constitutes fixed place of business

March 3, 2010 3802 Views 0 comment Print

Seagate Singapore International Headquarters Pvt. Ltd. (applicant) was engaged in the business of manufacture and sale of Hard Disk Drives (disks). It has been supplying disks to Original Equipment Manufacturers (OEMs) in India. In order to minimize the delays in the procurement of inputs from the applicant, the OEM proposed to put in place a Vendor Managed Inventory (VMI) model. Under the VMI model,

ICAI may disclose the name of auditors guilty in scams

March 3, 2010 522 Views 0 comment Print

In a bid to salvage auditing profession’s credibility following the Satyam fraud, the Institute of Chartered Accountants of India (ICAI) said on Tuesday that it was considering making public the names of auditors found guilty in scams. ICAI is the regulatory body of chartered accountants in India.

Government extends interest subvention of 2 per cent for one more year for exports

March 3, 2010 366 Views 0 comment Print

Earlier, SEZ unit holders and developers had raised concerns regarding continuation of tax benefits like income tax holiday after the Direct Tax Code comes into effect, replacing the existing Income Tax Act. The Minister informed the reporters that the Finance Minister in his Budget speech has said that the government is committed to ensuring continued growth of SEZs to draw investments and boost exports and employment.

Company Law Board – Procedures – Inevitable delay – Indian company law

March 3, 2010 504 Views 0 comment Print

I need not reiterate the fact that Company Law is complicated everywhere in view of its exposure, the interest of the stake holders, plethora of regulations, the stakes and the responsibility of the state or the statutory authorities. As everybody knows, in India, the jurisdiction to decide company disputes substantially rests with the Company Court and the Company Law Board.

Prevention of Money-laundering – Amendment Rules, 2009 – Obligation of banks / Financial institutions

March 3, 2010 651 Views 0 comment Print

RPCD.CO.RF.AML.BC. No.59/07.40.00/2009-10 Some of the salient features of the amendment, relevant to state and central co-operative banks are as under- Clause (ca) inserted in sub-rule (1) of Rule 2 defines non-profit organization. Clause (BA) inserted in sub-rule (1) of Rule 3 requires banks/ financial institutions to maintain proper record of all transactions involving receipts by non-profit organizations of value more than rupees ten lakh or its equivalent in foreign currency. The amended Rule 6 provides that the records referred to in rule 3 should be maintained for a period of ten years from the date of transactions between the client and the banking company/financial institution.

Exemption to ATMs in SEZ from being treated as Offshore Banking Units

March 3, 2010 559 Views 0 comment Print

Section 49 of the Special Economic Zones Act, 2005 – Power to modify provision of this Act or other enactments in relation to Special Economic Zones – Exemption to ATMs in SEZ from being treated as Offshore Banking Units. Notification No. S.O. 527(E), dated 3-3-2010

Service tax on Buying under construction flat

March 3, 2010 16816 Views 0 comment Print

The Budget proposals have thrown up a dampener for the housing industry. Construction services have now been brought under the ambit of the service tax in an unexpected move that would raise cost of apartments that are still under construction.

Service tax on transportation of goods by railways will cost Railway dearly

March 3, 2010 1520 Views 0 comment Print

While the government stands to gain around Rs 1,000 crore from service tax on transportation of goods by railways, freight movement on the rail network may become unattractive in case of the tax being passed on to transporters. In the event of the tax being absorbed by the national transporter, allocations reserved for development purposes would decline by a third in the coming financial year.

Change in direct tax provisions which are expected to benefit us in coming year

March 3, 2010 225 Views 0 comment Print

Tax slabs liberalized :-The most significant and far reaching change proposed is the amendment in the income tax slabs. This move is a definite step towards taking the tax slabs to the proposed Direct taxes code (DTC) to be implemented in next year.

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March 2010