"10 May 2010" Archive

IRDA circular on Reporting of Maintenance of Solvency Margin Ratio

circular No. 46/IRDA/F&A/Nov.-07 22/11/2007

Authority vide circular No. 46/IRDA/F&A/Nov.-07 dated 22.11.2007 has made it mandatory for to file quarterly report of solvency margin. The said circular mandates filing of Table II – Available solvency margin and solvency ratio as mentioned in IRDA (Assets, Liabilities and Solvency margin of Insurers) Regulations, 2000....

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IRDA circular on quarterly Submission of Financial Statements

IRDA/F&I/CIR/F&A/075/05/2010 10/05/2010

Authority vide Circular No. IRDA/F&I/CIR/012/01/2010 dated 28.01.2010, has introduced Public Disclosures by Insurers, which is comprehensive and covers all the important aspects of an insurer....

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Review of the policy on foreign direct investment in the manufacture of Cigarettes etc

Press Note No. 2 (2010 Series) 10/05/2010

The present policy of Government of India permits 100% Foreign Direct Investment (FDI) under Government route Le. with prior approval of Foreign Investment Promotion Board (FIPB) in the manufacture of Cigars & Cigarettes, subject to obtaining industrial license under the Industries (Development & Regulation) Act, 1951....

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Notification No. 61/2010-Customs-Rescinds Notification No. 26/2010-Customs, dated the 27th February, 2010-Seeks to provide exemption from Special CVD to Electrical energy, when imported into India

Notification No. 61/2010-Customs 10/05/2010

Notification No. 61 /2010-Customs, entral Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), no. 26/2010-Customs, dated the 27th February, 2010, which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 139(E) ...

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Notification No. 60/2010-Customs- Rescinds Notification No. 25/2010-Customs, dated the 27th February, 2010-Seeks to provide exemption from customs duty on electrical energy other than the supply from SEZ to DTA

Notification No. 60/2010-Customs 10/05/2010

Notification No. 60 /2010-Customs Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), no. 25/2010-Customs, dated the 27th February, 2010, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 138(E) dated the 2...

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Notification No. 59 /2010- Regarding exemption to Raw cotton from customs duty

Notification No. 59/2010-Customs 10/05/2010

exempts Raw cotton falling under Heading No. 16 of the Second Schedule to the Customs Tariff Act, 1975 (51 of 1975), when exported out of India, from so much of the duty of customs leviable thereon which is specified in the said Second Schedule as is in excess of the amount calculated at the rate of Rs 2500 per tonne....

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Profits / losses on futures and options contracts (derivative transactions) would be in the nature of ‘Business Income’: AAR

In re. Royal Bank of Canada (A.A.R No. 816 of 2009)

Recently, the Authority for Advance Rulings (AAR) in the case of Royal Bank of Canada (A.A.R No 816 of 2009) has held that the profits / losses on futures and options contracts (derivative transactions) carried out by Canadian entity would be in the nature of ‘Business Income’. Further since the entity did not have a Permanent Establi...

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UK rules for determining tax residency in the UK Background

The Inland Revenue (now HMRC) in the United Kingdom (UK) in the Gaines-Cooper case has clarified the rules in respect of determining tax residency in the UK. The Decision-The case was not about the residence status of the taxpayers as such, but rather an application for judicial review on the basis HMRC had, in effect, “moved the goalpo...

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Posted Under: Corporate Law |

Employer’s contribution towards overseas social security – not taxable : ITAT Delhi

ACIT Vs Harashima Naoki Tashio (Delhi High Court)

Recently, the Income Tax Appellate Tribunal, New Delhi (ACIT vs Harashima Naoki Tashio, ITA No. 4634/Del/) has held that the employer’s contribution towards the social security in the home country of the employee is not taxable in the hands of the employee as a perquisite....

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Hypothetical tax – Not taxable as salary income

CIT Vs. Dr. Percy Batlivala

The Delhi High Court (CIT Vs. Dr. Percy Batlivala [ ITA No. 13 08/2008]) has held that in respect of the expatriate employee sent on deputation to India, the amount of hypothetical tax representing the difference between the tax liability in the home country of the expatriate and in India should not be added to the salary income of such ...

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